The question is increasingly pertinent in light of its recent results and current market valuation, which has hit a trough whether measured by its operating profit multiple or its dividend yield.

Energizer and Duracell maintain a comfortable duopoly over the North American alkaline battery market, collectively commanding a market share approaching 80%.

Spun off from Edgewell Personal Care and taken public in 2015, Energizer further consolidated its position four years later with the acquisition of Spectrum Brands' battery and portable lighting business.

Over a full decade of listing, this move allowed the company to double its revenue and operating profit. While value creation from this strategic transaction was satisfactory, it left the balance sheet burdened with significant leverage.

Energizer Holdings' net debt now accounts for more than two-thirds of its enterprise value, representing nearly 5x EBITDA.

As the market is no longer as convinced of the business's resilience and defensive qualities as it once was, the stock has recently been penalized by investors - even though there is no immediate refinancing risk.

Contrary to some misconceptions, sales volumes for alkaline batteries continue to show modest growth. However, pricing pressure remains intense due to fierce competition from new entrants, including Amazon, and other private-label brands.

In the latest quarter, Energizer reported a sharp organic decline of 4.3%, though total growth after acquisitions stood at 6.5%. This performance was bolstered by the acquisition of Advanced Power Solutions, which manufactures and distributes batteries in Europe, notably under the Panasonic brand.

Given its vulnerable financial position, the trade-off between deleveraging and external growth initiatives is likely to remain a critical challenge for Energizer.