Church & Dwight Co., Inc.

CHD

Consumer DefensiveHousehold & Personal ProductsNYSE

$93.37

Market Cap: $22.12B

Church & Dwight Co., Inc. (CHD) Valuation Summary

Updated May 11, 2026 06:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$45.17 – $222.57	$75.87	-18.7%
Growth Exit 10Y	$49.88 – $228.85	$81.23	-13.0%
EBITDA Exit 5Y	$39.78 – $87.46	$61.62	-34.0%
EBITDA Exit 10Y	$45.47 – $99.71	$68.60	-26.5%
▸ Trading Multiples
P/E	$47.15 – $76.59	$55.14	-40.9%
EV/EBITDA	$45.37 – $67.38	$55.58	-40.5%
EV/Revenue	$11.91 – $61.87	$30.77	-67.0%
▸ PEG
PEG Fair Value	$40.69 – $40.69	$40.69	-56.4%
▸ Earnings Power Value
Earnings Power Value	$36.26 – $59.70	$45.50	-51.3%
▸ Dividend Discount
Dividend Discount	$17.90 – $50.60	$27.47	-70.6%

Valuation History

DCF Analysis

Fair Value

$75.87

Market Price

$93.37

Upside / Downside

-18.7%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Church & Dwight Co., Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -0.9% to 3.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 77, DIO 67). At a 7.1% WACC with mid-year discounting, the terminal value (80% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $75.87 per share, suggesting CHD is overvalued by 18.7% at the current price of $93.37.

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,263
(−) Net Interest	95	98	102	106	110	113
(+) D&A	165	176	177	170	174	178
EBITDA	1,321	1,374	1,418	1,462	1,516	1,554

(−) Tax	230	238	247	257	267	273
(−) CapEx	176	183	189	197	205	210
(−) ΔWC	49	16	17	20	19	20
Free Cash Flow (FCFF)	866	937	965	989	1,025	1,051

Terminal Value						22,950
WACC / Discount Rate	7.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	837	846	814	778	754	16,303

Enterprise Value	20,331
Projection Period	4,028	19.8%
Terminal Value	16,303	80.2%

(−) Current Net Debt	1,796

Equity Value	18,535
(/) Outstanding Shares	244

Fair Price	$75.87

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.1%	$104	$119	$140	$171	$223
6.1%	$79	$88	$99	$114	$134
7.1%	$64	$69	$76	$84	$95
8.1%	$53	$57	$61	$66	$72
9.1%	$45	$48	$51	$54	$58

Current price: $93.37. Green = undervalued, Red = overvalued.

Fair Value

$81.23

Market Price

$93.37

Upside / Downside

-13.0%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Church & Dwight Co., Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -0.9% to 3.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 77, DIO 67). At a 7.1% WACC with mid-year discounting, the terminal value (65% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $81.23 per share, suggesting CHD is fairly valued by 13.0% at the current price of $93.37.

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,286	1,338	1,388	1,437	1,484	1,521
(−) Net Interest	95	98	102	106	110	115	119	124	128	132	136
(+) D&A	165	176	177	170	174	190	198	205	214	222	228
EBITDA	1,321	1,374	1,418	1,462	1,516	1,590	1,654	1,717	1,779	1,838	1,884

(−) Tax	230	238	247	257	267	278	289	300	311	321	329
(−) CapEx	176	183	189	197	205	214	222	231	239	247	253
(−) ΔWC	49	16	17	20	19	22	22	21	20	20	20
Free Cash Flow (FCFF)	866	937	965	989	1,025	1,076	1,121	1,165	1,209	1,251	1,282

Terminal Value											28,001
WACC / Discount Rate	7.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	837	846	814	778	754	739	719	698	676	653	14,129

Enterprise Value	21,641
Projection Period	7,512	34.7%
Terminal Value	14,129	65.3%

(−) Current Net Debt	1,796

Equity Value	19,845
(/) Outstanding Shares	244

Fair Price	$81.23

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.1%	$116	$130	$150	$180	$229
6.1%	$88	$96	$106	$119	$138
7.1%	$71	$76	$81	$88	$97
8.1%	$59	$62	$65	$70	$75
9.1%	$50	$52	$54	$57	$60

Current price: $93.37. Green = undervalued, Red = overvalued.

Fair Value

$61.64

Market Price

$93.37

Upside / Downside

-34.0%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Church & Dwight Co., Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -0.9% to 3.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 77, DIO 67). At a 7.1% WACC with mid-year discounting, the terminal value (76% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $61.62 per share, suggesting CHD is overvalued by 34.0% at the current price of $93.37.

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

EV/EBITDA Exit Multiple

11.62x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,263
(−) Net Interest	95	98	102	106	110	113
(+) D&A	165	176	177	170	174	178
EBITDA	1,321	1,374	1,418	1,462	1,516	1,554

(−) Tax	230	238	247	257	267	—
(−) CapEx	176	183	189	197	205	—
(−) ΔWC	49	16	17	20	19	—
Free Cash Flow (FCF)	866	937	965	989	1,025	—

Peers' EBITDA Multiple						11.6x
Terminal Value						18,058
WACC / Discount Rate	7.08%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	837	846	814	778	754	12,828

Enterprise Value	16,856
Projection Period	4,028	23.9%
Terminal Value	12,828	76.1%

(−) Current Net Debt	1,796
Equity Value	15,060
(÷) Outstanding Shares	244M
Fair Price	$62	-34.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.6x	9.6x	11.6x	13.6x	15.6x
5.1%	$48	$58	$68	$78	$87
6.1%	$46	$55	$65	$74	$83
7.1%	$44	$53	$62	$71	$80
8.1%	$42	$50	$59	$67	$76
9.1%	$40	$48	$56	$64	$73

Current price: $93.37. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$68.62

Market Price

$93.37

Upside / Downside

-26.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Church & Dwight Co., Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -0.9% to 3.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 77, DIO 67). At a 7.1% WACC with mid-year discounting, the terminal value (60% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $68.60 per share, suggesting CHD is overvalued by 26.5% at the current price of $93.37.

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

EV/EBITDA Exit Multiple

11.62x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,286	1,338	1,388	1,437	1,484	1,521
(−) Net Interest	95	98	102	106	110	115	119	124	128	132	136
(+) D&A	165	176	177	170	174	190	198	205	214	222	228
EBITDA	1,321	1,374	1,418	1,462	1,516	1,590	1,654	1,717	1,779	1,838	1,884

(−) Tax	230	238	247	257	267	278	289	300	311	321	—
(−) CapEx	176	183	189	197	205	214	222	231	239	247	—
(−) ΔWC	49	16	17	20	19	22	22	21	20	20	—
Free Cash Flow (FCF)	866	937	965	989	1,025	1,076	1,121	1,165	1,209	1,251	—

Peers' EBITDA Multiple											11.6x
Terminal Value											21,893
WACC / Discount Rate	7.08%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	837	846	814	778	754	739	719	698	676	653	11,048

Enterprise Value	18,560
Projection Period	7,512	40.5%
Terminal Value	11,048	59.5%

(−) Current Net Debt	1,796
Equity Value	16,764
(÷) Outstanding Shares	244M
Fair Price	$69	-26.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.6x	9.6x	11.6x	13.6x	15.6x
5.1%	$62	$72	$81	$90	$100
6.1%	$57	$66	$74	$83	$92
7.1%	$53	$61	$69	$76	$84
8.1%	$49	$56	$63	$70	$77
9.1%	$45	$52	$58	$65	$71

Current price: $93.37. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$55.14

Market Price

$93.37

Upside / Downside

-40.9%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Church & Dwight Co., Inc. (CHD) has a fair value of $55.14 based on 10 comparable companies in the Household & Personal Products industry.

P/E Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Church & Dwight Co., Inc.CHD	22,810	30.9x	24.9x
Kenvue Inc.KVUE	33,771	23.1x	14.9x
Constellation Brands, Inc.STZ	25,869	15.6x	12.9x
Dollar General CorporationDG	24,949	16.5x	15.6x
Fomento Económico Mexicano, S.A.B. de C.V.FMX	24,424	4.9x	—
Bunge Global S.A.BG	24,241	25.4x	13.4x
Tyson Foods, Inc.TSN	24,187	50.0x	23.6x
Coca-Cola FEMSA, S.A.B. de C.V.KOF	22,221	18.6x	—
Dollar Tree, Inc.DLTR	18,593	15.9x	14.0x
Somnigroup International IncSGI	14,865	38.4x	21.9x
The Clorox CompanyCLX	11,144	14.1x	16.4x
Industry Median		17.6x	15.3x
(*) Profit after tax		737	916
Equity Value		12,959	13,984
(/) Outstanding shares		244	244
Fair Price		$53	$57

Selected Fair Value (avg of trailing + forward)

$55.14

-40.9%

Fair Value

$55.58

Market Price

$93.37

Upside / Downside

-40.5%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Church & Dwight Co., Inc. (CHD) has a fair value of $55.58 based on 10 comparable companies in the Household & Personal Products industry.

EV/EBITDA Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Church & Dwight Co., Inc.CHD	22,810	18.9x	19.1x
Kenvue Inc.KVUE	33,771	14.0x	13.6x
Constellation Brands, Inc.STZ	25,869	11.1x	11.1x
Dollar General CorporationDG	24,949	12.2x	11.7x
Fomento Económico Mexicano, S.A.B. de C.V.FMX	24,424	5.5x	—
Bunge Global S.A.BG	24,241	22.7x	30.2x
Tyson Foods, Inc.TSN	24,187	12.3x	12.6x
Coca-Cola FEMSA, S.A.B. de C.V.KOF	22,221	8.9x	—
Dollar Tree, Inc.DLTR	18,593	10.0x	9.4x
Somnigroup International IncSGI	14,865	22.1x	20.8x
The Clorox CompanyCLX	11,144	9.9x	10.5x
Industry Median		11.6x	12.2x
(*) EBITDA		1,300	1,288
= Enterprise Value		15,094	15,652
(-) Net Debt		1,796	1,796
Equity Value		13,298	13,856
(/) Outstanding shares		244	244
Fair Price		$54	$57

Selected Fair Value (avg of trailing + forward)

$55.58

-40.5%

Fair Value

$30.77

Market Price

$93.37

Upside / Downside

-67.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Church & Dwight Co., Inc. (CHD) has a fair value of $30.77 based on 10 comparable companies in the Household & Personal Products industry.

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Church & Dwight Co., Inc.CHD	22,810	4.0x	4.0x
Kenvue Inc.KVUE	33,771	2.7x	2.6x
Constellation Brands, Inc.STZ	25,869	4.0x	4.0x
Dollar General CorporationDG	24,949	0.9x	0.9x
Fomento Económico Mexicano, S.A.B. de C.V.FMX	24,424	0.8x	—
Bunge Global S.A.BG	24,241	0.6x	0.8x
Tyson Foods, Inc.TSN	24,187	0.6x	0.6x
Coca-Cola FEMSA, S.A.B. de C.V.KOF	22,221	1.7x	—
Dollar Tree, Inc.DLTR	18,593	1.2x	1.1x
Somnigroup International IncSGI	14,865	3.1x	2.9x
The Clorox CompanyCLX	11,144	2.0x	2.1x
Industry Median		1.4x	1.6x
(*) Revenue		6,203	6,147
= Enterprise Value		8,900	9,724
(-) Net Debt		1,796	1,796
Equity Value		7,104	7,928
(/) Outstanding shares		244	244
Fair Price		$29	$32

Selected Fair Value (avg of trailing + forward)

$30.77

-67.0%

PEG Fair Value

Fair Value

$40.69

Market Price

$93.37

Upside / Downside

-56.4%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 10.8% plus 1.3% dividend yield, the company has a fair value of $40.69 based on NTM EPS (FY2026) of $3.75. The current PEG ratio is 2.29.

PEG Ratio

2.29Expensive

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 24.9 ÷ (9.6% + 1.3%) = 2.29

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	9.6%
Dividend Yield	+1.3%
Adjusted Growth (clamped 8–25%)	10.8%
Fair P/E	10.8x
NTM EPS (FY2026)	$3.75
Fair Value	$40.69

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.02	—	—
FY2026E	$3.75	+24.2%	14
FY2027E	$4.01	+6.9%	14
FY2028E	$4.29	+6.9%	10
FY2029E	$4.55	+6.1%	5
FY2030E	$4.77	+4.7%	5

5Y Forward EPS CAGR: 9.6%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$827.5M	$3.32	—
FY2022	$413.9M	$1.68	-49.4%
FY2023	$755.6M	$3.05	+81.5%
FY2024	$585.3M	$2.37	-22.3%
FY2025	$736.8M	$3.02	+27.4%

4Y Historical EPS CAGR: -2.3%

Earnings Power Value

Fair Value

$45.50

Market Price

$93.37

Upside / Downside

-51.3%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 7.1% and normalized earnings of $913.9M, the company has a fair value of $45.50 per share. The EPV range is $36.26 – $59.70 based on WACC sensitivity (5.6% – 8.6%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	914	914	914
(/) WACC	8.6%	7.1%	5.6%
Enterprise Value	10,653	12,911	16,382
(-) Net debt	1,796	1,796	1,796
Equity Value	8,857	11,115	14,586
(/) Outstanding shares	244	244	244
Fair Price	$36.26	$45.50	$59.70

Dividend Discount Model

Fair Value

$27.47

Market Price

$93.37

Upside / Downside

-70.6%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.5% and projected dividend growth of 5.3%, the fair value is $27.47 per share. The DDM range is $17.90 – $50.60 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.18

Dividend Yield

1.30%

Payout Ratio

39.0%

Dividend Coverage

2.57x

FCF Payout Ratio26.3%

DPS CAGR (4Y)4.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.18	39.0%	+4.8%
2024	$1.12	47.3%	+4.2%
2023	$1.08	35.3%	+4.0%
2022	$1.04	61.6%	+4.4%
2021	$0.99	29.9%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.24	5.3%	0.9306	$1.15
2027	$1.30	5.3%	0.8661	$1.13
2028	$1.37	5.3%	0.8060	$1.11
2029	$1.44	5.3%	0.7501	$1.08
2030	$1.52	5.3%	0.6981	$1.06
Terminal Value	$1.56 DPS	2.5%		$21.94

PV of Projected Dividends$5.53

PV of Terminal Value$21.94

Fair Value per Share$27.47

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	3.3%	4.3%	5.3%	6.3%	7.3%
5.5%	$42	$44	$46	$48	$51
6.5%	$32	$33	$34	$36	$38
7.5%	$25	$26	$27	$29	$30
8.5%	$21	$22	$23	$24	$25
9.5%	$18	$19	$19	$20	$21

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Church & Dwight Co., Inc. (CHD) Valuation Summary

Updated May 11, 2026 06:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$45.17 – $222.57	$75.87	-18.7%
Growth Exit 10Y	$49.88 – $228.85	$81.23	-13.0%
EBITDA Exit 5Y	$39.78 – $87.46	$61.62	-34.0%
EBITDA Exit 10Y	$45.47 – $99.71	$68.60	-26.5%
▸ Trading Multiples
P/E	$47.15 – $76.59	$55.14	-40.9%
EV/EBITDA	$45.37 – $67.38	$55.58	-40.5%
EV/Revenue	$11.91 – $61.87	$30.77	-67.0%
▸ PEG
PEG Fair Value	$40.69 – $40.69	$40.69	-56.4%
▸ Earnings Power Value
Earnings Power Value	$36.26 – $59.70	$45.50	-51.3%
▸ Dividend Discount
Dividend Discount	$17.90 – $50.60	$27.47	-70.6%

Valuation History

DCF Analysis

Fair Value

$75.87

Market Price

$93.37

Upside / Downside

-18.7%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,263
(−) Net Interest	95	98	102	106	110	113
(+) D&A	165	176	177	170	174	178
EBITDA	1,321	1,374	1,418	1,462	1,516	1,554

(−) Tax	230	238	247	257	267	273
(−) CapEx	176	183	189	197	205	210
(−) ΔWC	49	16	17	20	19	20
Free Cash Flow (FCFF)	866	937	965	989	1,025	1,051

Terminal Value						22,950
WACC / Discount Rate	7.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	837	846	814	778	754	16,303

Enterprise Value	20,331
Projection Period	4,028	19.8%
Terminal Value	16,303	80.2%

(−) Current Net Debt	1,796

Equity Value	18,535
(/) Outstanding Shares	244

Fair Price	$75.87

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.1%	$104	$119	$140	$171	$223
6.1%	$79	$88	$99	$114	$134
7.1%	$64	$69	$76	$84	$95
8.1%	$53	$57	$61	$66	$72
9.1%	$45	$48	$51	$54	$58

Current price: $93.37. Green = undervalued, Red = overvalued.

Fair Value

$81.23

Market Price

$93.37

Upside / Downside

-13.0%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,286	1,338	1,388	1,437	1,484	1,521
(−) Net Interest	95	98	102	106	110	115	119	124	128	132	136
(+) D&A	165	176	177	170	174	190	198	205	214	222	228
EBITDA	1,321	1,374	1,418	1,462	1,516	1,590	1,654	1,717	1,779	1,838	1,884

(−) Tax	230	238	247	257	267	278	289	300	311	321	329
(−) CapEx	176	183	189	197	205	214	222	231	239	247	253
(−) ΔWC	49	16	17	20	19	22	22	21	20	20	20
Free Cash Flow (FCFF)	866	937	965	989	1,025	1,076	1,121	1,165	1,209	1,251	1,282

Terminal Value											28,001
WACC / Discount Rate	7.1%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	837	846	814	778	754	739	719	698	676	653	14,129

Enterprise Value	21,641
Projection Period	7,512	34.7%
Terminal Value	14,129	65.3%

(−) Current Net Debt	1,796

Equity Value	19,845
(/) Outstanding Shares	244

Fair Price	$81.23

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.1%	$116	$130	$150	$180	$229
6.1%	$88	$96	$106	$119	$138
7.1%	$71	$76	$81	$88	$97
8.1%	$59	$62	$65	$70	$75
9.1%	$50	$52	$54	$57	$60

Current price: $93.37. Green = undervalued, Red = overvalued.

Fair Value

$61.64

Market Price

$93.37

Upside / Downside

-34.0%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Church & Dwight Co., Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -0.9% to 3.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 77, DIO 67). At a 7.1% WACC with mid-year discounting, the terminal value (76% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $61.62 per share, suggesting CHD is overvalued by 34.0% at the current price of $93.37.

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

EV/EBITDA Exit Multiple

11.62x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,263
(−) Net Interest	95	98	102	106	110	113
(+) D&A	165	176	177	170	174	178
EBITDA	1,321	1,374	1,418	1,462	1,516	1,554

(−) Tax	230	238	247	257	267	—
(−) CapEx	176	183	189	197	205	—
(−) ΔWC	49	16	17	20	19	—
Free Cash Flow (FCF)	866	937	965	989	1,025	—

Peers' EBITDA Multiple						11.6x
Terminal Value						18,058
WACC / Discount Rate	7.08%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	837	846	814	778	754	12,828

Enterprise Value	16,856
Projection Period	4,028	23.9%
Terminal Value	12,828	76.1%

(−) Current Net Debt	1,796
Equity Value	15,060
(÷) Outstanding Shares	244M
Fair Price	$62	-34.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.6x	9.6x	11.6x	13.6x	15.6x
5.1%	$48	$58	$68	$78	$87
6.1%	$46	$55	$65	$74	$83
7.1%	$44	$53	$62	$71	$80
8.1%	$42	$50	$59	$67	$76
9.1%	$40	$48	$56	$64	$73

Current price: $93.37. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$68.62

Market Price

$93.37

Upside / Downside

-26.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Church & Dwight Co., Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -0.9% to 3.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 32, DPO 77, DIO 67). At a 7.1% WACC with mid-year discounting, the terminal value (60% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $68.60 per share, suggesting CHD is overvalued by 26.5% at the current price of $93.37.

FCFF Present Value Calculation

WACC

7.08%

3% – 20%

EV/EBITDA Exit Multiple

11.62x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,061	1,099	1,140	1,187	1,233	1,286	1,338	1,388	1,437	1,484	1,521
(−) Net Interest	95	98	102	106	110	115	119	124	128	132	136
(+) D&A	165	176	177	170	174	190	198	205	214	222	228
EBITDA	1,321	1,374	1,418	1,462	1,516	1,590	1,654	1,717	1,779	1,838	1,884

(−) Tax	230	238	247	257	267	278	289	300	311	321	—
(−) CapEx	176	183	189	197	205	214	222	231	239	247	—
(−) ΔWC	49	16	17	20	19	22	22	21	20	20	—
Free Cash Flow (FCF)	866	937	965	989	1,025	1,076	1,121	1,165	1,209	1,251	—

Peers' EBITDA Multiple											11.6x
Terminal Value											21,893
WACC / Discount Rate	7.08%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	837	846	814	778	754	739	719	698	676	653	11,048

Enterprise Value	18,560
Projection Period	7,512	40.5%
Terminal Value	11,048	59.5%

(−) Current Net Debt	1,796
Equity Value	16,764
(÷) Outstanding Shares	244M
Fair Price	$69	-26.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.6x	9.6x	11.6x	13.6x	15.6x
5.1%	$62	$72	$81	$90	$100
6.1%	$57	$66	$74	$83	$92
7.1%	$53	$61	$69	$76	$84
8.1%	$49	$56	$63	$70	$77
9.1%	$45	$52	$58	$65	$71

Current price: $93.37. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$55.14

Market Price

$93.37

Upside / Downside

-40.9%

Verdict

Overvalued

P/E Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Church & Dwight Co., Inc.CHD	22,810	30.9x	24.9x
Kenvue Inc.KVUE	33,771	23.1x	14.9x
Constellation Brands, Inc.STZ	25,869	15.6x	12.9x
Dollar General CorporationDG	24,949	16.5x	15.6x
Fomento Económico Mexicano, S.A.B. de C.V.FMX	24,424	4.9x	—
Bunge Global S.A.BG	24,241	25.4x	13.4x
Tyson Foods, Inc.TSN	24,187	50.0x	23.6x
Coca-Cola FEMSA, S.A.B. de C.V.KOF	22,221	18.6x	—
Dollar Tree, Inc.DLTR	18,593	15.9x	14.0x
Somnigroup International IncSGI	14,865	38.4x	21.9x
The Clorox CompanyCLX	11,144	14.1x	16.4x
Industry Median		17.6x	15.3x
(*) Profit after tax		737	916
Equity Value		12,959	13,984
(/) Outstanding shares		244	244
Fair Price		$53	$57

Selected Fair Value (avg of trailing + forward)

$55.14

-40.9%

Fair Value

$55.58

Market Price

$93.37

Upside / Downside

-40.5%

Verdict

Overvalued

EV/EBITDA Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Church & Dwight Co., Inc.CHD	22,810	18.9x	19.1x
Kenvue Inc.KVUE	33,771	14.0x	13.6x
Constellation Brands, Inc.STZ	25,869	11.1x	11.1x
Dollar General CorporationDG	24,949	12.2x	11.7x
Fomento Económico Mexicano, S.A.B. de C.V.FMX	24,424	5.5x	—
Bunge Global S.A.BG	24,241	22.7x	30.2x
Tyson Foods, Inc.TSN	24,187	12.3x	12.6x
Coca-Cola FEMSA, S.A.B. de C.V.KOF	22,221	8.9x	—
Dollar Tree, Inc.DLTR	18,593	10.0x	9.4x
Somnigroup International IncSGI	14,865	22.1x	20.8x
The Clorox CompanyCLX	11,144	9.9x	10.5x
Industry Median		11.6x	12.2x
(*) EBITDA		1,300	1,288
= Enterprise Value		15,094	15,652
(-) Net Debt		1,796	1,796
Equity Value		13,298	13,856
(/) Outstanding shares		244	244
Fair Price		$54	$57

Selected Fair Value (avg of trailing + forward)

$55.58

-40.5%

Fair Value

$30.77

Market Price

$93.37

Upside / Downside

-67.0%

Verdict

Overvalued

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Church & Dwight Co., Inc.CHD	22,810	4.0x	4.0x
Kenvue Inc.KVUE	33,771	2.7x	2.6x
Constellation Brands, Inc.STZ	25,869	4.0x	4.0x
Dollar General CorporationDG	24,949	0.9x	0.9x
Fomento Económico Mexicano, S.A.B. de C.V.FMX	24,424	0.8x	—
Bunge Global S.A.BG	24,241	0.6x	0.8x
Tyson Foods, Inc.TSN	24,187	0.6x	0.6x
Coca-Cola FEMSA, S.A.B. de C.V.KOF	22,221	1.7x	—
Dollar Tree, Inc.DLTR	18,593	1.2x	1.1x
Somnigroup International IncSGI	14,865	3.1x	2.9x
The Clorox CompanyCLX	11,144	2.0x	2.1x
Industry Median		1.4x	1.6x
(*) Revenue		6,203	6,147
= Enterprise Value		8,900	9,724
(-) Net Debt		1,796	1,796
Equity Value		7,104	7,928
(/) Outstanding shares		244	244
Fair Price		$29	$32

Selected Fair Value (avg of trailing + forward)

$30.77

-67.0%

PEG Fair Value

Fair Value

$40.69

Market Price

$93.37

Upside / Downside

-56.4%

Verdict

Overvalued

PEG Ratio

2.29Expensive

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 24.9 ÷ (9.6% + 1.3%) = 2.29

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	9.6%
Dividend Yield	+1.3%
Adjusted Growth (clamped 8–25%)	10.8%
Fair P/E	10.8x
NTM EPS (FY2026)	$3.75
Fair Value	$40.69

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.02	—	—
FY2026E	$3.75	+24.2%	14
FY2027E	$4.01	+6.9%	14
FY2028E	$4.29	+6.9%	10
FY2029E	$4.55	+6.1%	5
FY2030E	$4.77	+4.7%	5

5Y Forward EPS CAGR: 9.6%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$827.5M	$3.32	—
FY2022	$413.9M	$1.68	-49.4%
FY2023	$755.6M	$3.05	+81.5%
FY2024	$585.3M	$2.37	-22.3%
FY2025	$736.8M	$3.02	+27.4%

4Y Historical EPS CAGR: -2.3%

Earnings Power Value

Fair Value

$45.50

Market Price

$93.37

Upside / Downside

-51.3%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	914	914	914
(/) WACC	8.6%	7.1%	5.6%
Enterprise Value	10,653	12,911	16,382
(-) Net debt	1,796	1,796	1,796
Equity Value	8,857	11,115	14,586
(/) Outstanding shares	244	244	244
Fair Price	$36.26	$45.50	$59.70

Dividend Discount Model

Fair Value

$27.47

Market Price

$93.37

Upside / Downside

-70.6%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.18

Dividend Yield

1.30%

Payout Ratio

39.0%

Dividend Coverage

2.57x

FCF Payout Ratio26.3%

DPS CAGR (4Y)4.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.18	39.0%	+4.8%
2024	$1.12	47.3%	+4.2%
2023	$1.08	35.3%	+4.0%
2022	$1.04	61.6%	+4.4%
2021	$0.99	29.9%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.24	5.3%	0.9306	$1.15
2027	$1.30	5.3%	0.8661	$1.13
2028	$1.37	5.3%	0.8060	$1.11
2029	$1.44	5.3%	0.7501	$1.08
2030	$1.52	5.3%	0.6981	$1.06
Terminal Value	$1.56 DPS	2.5%		$21.94

PV of Projected Dividends$5.53

PV of Terminal Value$21.94

Fair Value per Share$27.47

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	3.3%	4.3%	5.3%	6.3%	7.3%
5.5%	$42	$44	$46	$48	$51
6.5%	$32	$33	$34	$36	$38
7.5%	$25	$26	$27	$29	$30
8.5%	$21	$22	$23	$24	$25
9.5%	$18	$19	$19	$20	$21