Cautious Outlook on Energizer Holdings Amid Macroeconomic Pressures and High LeverageWeight: We remain EW ENR here despite depressed valuation, given macro pressure on topline is likely to linger with ENR's semi-discretionary portfolio, and low visibility with an assumed ramp-up in EPS to 12% growth from FQ2-Q4 in ENR FY26, exacerbated by high leverage of 5.1x L TM net debt/EBITDA. We reduce our adjusted EBITDA estimates by -7%/-8% in FY26/27, respectively, and cut our price target to $22 from $28 with lower estimates and lower peer group multiples. FQ4 EPS of $1.05 missed the $1.12 consensus, with OSG of -2.2%, below the -0.8% consensus, impacted by softer consumer spend, and a -310 bp GM miss, driving -6.7% gross profit downside. This led to a -4.2% EBITDA miss and -5.9% EPS miss vs consensus, even with a $0.04 cent EPS benefit vs consensus from lower taxes. ENR also repurchased 1.7% of shares in Q4 at an average stock price of $22.49.