Intrinsic value of Fortune Brands Home&Security - FBHS

Previous Close

$66.30

  Intrinsic Value

$63.64

stock screener

  Rating & Target

hold

-4%

  Value-price divergence*

+38%

Previous close

$66.30

 
Intrinsic value

$63.64

 
Up/down potential

-4%

 
Rating

hold

 
Value-price divergence*

+38%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FBHS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 10.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.87
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  4,985
  5,244
  5,516
  5,801
  6,099
  6,412
  6,740
  7,084
  7,445
  7,824
  8,221
  8,638
  9,075
  9,534
  10,016
  10,521
  11,052
  11,608
  12,193
  12,806
  13,450
  14,125
  14,835
  15,580
  16,361
  17,182
  18,043
  18,948
  19,898
  20,895
  21,941
Variable operating expenses, $m
 
  3,467
  3,637
  3,816
  4,003
  4,199
  4,404
  4,620
  4,846
  5,083
  5,332
  5,409
  5,683
  5,971
  6,272
  6,589
  6,921
  7,269
  7,635
  8,019
  8,422
  8,846
  9,290
  9,756
  10,246
  10,759
  11,299
  11,865
  12,460
  13,084
  13,740
Fixed operating expenses, $m
 
  1,102
  1,129
  1,158
  1,187
  1,216
  1,247
  1,278
  1,310
  1,343
  1,376
  1,410
  1,446
  1,482
  1,519
  1,557
  1,596
  1,636
  1,677
  1,719
  1,762
  1,806
  1,851
  1,897
  1,944
  1,993
  2,043
  2,094
  2,146
  2,200
  2,255
Total operating expenses, $m
  4,352
  4,569
  4,766
  4,974
  5,190
  5,415
  5,651
  5,898
  6,156
  6,426
  6,708
  6,819
  7,129
  7,453
  7,791
  8,146
  8,517
  8,905
  9,312
  9,738
  10,184
  10,652
  11,141
  11,653
  12,190
  12,752
  13,342
  13,959
  14,606
  15,284
  15,995
Operating income, $m
  633
  675
  749
  827
  910
  997
  1,089
  1,187
  1,290
  1,399
  1,514
  1,818
  1,947
  2,082
  2,225
  2,376
  2,535
  2,703
  2,881
  3,068
  3,266
  3,474
  3,694
  3,927
  4,171
  4,429
  4,702
  4,989
  5,291
  5,610
  5,947
EBITDA, $m
  756
  921
  999
  1,080
  1,166
  1,257
  1,354
  1,455
  1,563
  1,676
  1,796
  1,922
  2,056
  2,196
  2,345
  2,502
  2,668
  2,843
  3,027
  3,222
  3,427
  3,644
  3,873
  4,114
  4,368
  4,636
  4,918
  5,216
  5,530
  5,861
  6,210
Interest expense (income), $m
  44
  50
  55
  60
  66
  72
  78
  84
  91
  98
  105
  113
  121
  129
  138
  148
  158
  168
  179
  190
  202
  214
  228
  241
  256
  271
  287
  304
  321
  340
  359
Earnings before tax, $m
  582
  625
  694
  767
  844
  925
  1,012
  1,103
  1,199
  1,301
  1,408
  1,705
  1,826
  1,952
  2,087
  2,228
  2,378
  2,536
  2,702
  2,878
  3,064
  3,260
  3,467
  3,685
  3,916
  4,159
  4,415
  4,685
  4,970
  5,271
  5,588
Tax expense, $m
  170
  169
  187
  207
  228
  250
  273
  298
  324
  351
  380
  460
  493
  527
  563
  602
  642
  685
  730
  777
  827
  880
  936
  995
  1,057
  1,123
  1,192
  1,265
  1,342
  1,423
  1,509
Net income, $m
  413
  456
  507
  560
  616
  676
  738
  805
  875
  950
  1,028
  1,245
  1,333
  1,425
  1,523
  1,627
  1,736
  1,851
  1,973
  2,101
  2,237
  2,380
  2,531
  2,690
  2,858
  3,036
  3,223
  3,420
  3,628
  3,848
  4,079

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  252
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  5,129
  5,131
  5,397
  5,676
  5,968
  6,274
  6,595
  6,932
  7,285
  7,656
  8,044
  8,452
  8,880
  9,329
  9,800
  10,295
  10,814
  11,359
  11,930
  12,530
  13,160
  13,821
  14,516
  15,244
  16,009
  16,812
  17,655
  18,540
  19,469
  20,445
  21,469
Adjusted assets (=assets-cash), $m
  4,877
  5,131
  5,397
  5,676
  5,968
  6,274
  6,595
  6,932
  7,285
  7,656
  8,044
  8,452
  8,880
  9,329
  9,800
  10,295
  10,814
  11,359
  11,930
  12,530
  13,160
  13,821
  14,516
  15,244
  16,009
  16,812
  17,655
  18,540
  19,469
  20,445
  21,469
Revenue / Adjusted assets
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
  1.022
Average production assets, $m
  1,698
  1,788
  1,881
  1,978
  2,080
  2,187
  2,298
  2,416
  2,539
  2,668
  2,803
  2,946
  3,095
  3,251
  3,415
  3,588
  3,769
  3,958
  4,158
  4,367
  4,586
  4,817
  5,059
  5,313
  5,579
  5,859
  6,153
  6,461
  6,785
  7,125
  7,482
Working capital, $m
  602
  367
  386
  406
  427
  449
  472
  496
  521
  548
  575
  605
  635
  667
  701
  736
  774
  813
  853
  896
  941
  989
  1,038
  1,091
  1,145
  1,203
  1,263
  1,326
  1,393
  1,463
  1,536
Total debt, $m
  1,431
  1,573
  1,724
  1,882
  2,048
  2,221
  2,403
  2,594
  2,795
  3,005
  3,225
  3,456
  3,699
  3,954
  4,221
  4,501
  4,795
  5,104
  5,428
  5,769
  6,126
  6,501
  6,894
  7,307
  7,741
  8,196
  8,674
  9,176
  9,703
  10,256
  10,837
Total liabilities, $m
  2,767
  2,909
  3,060
  3,218
  3,384
  3,557
  3,739
  3,930
  4,131
  4,341
  4,561
  4,792
  5,035
  5,290
  5,557
  5,837
  6,131
  6,440
  6,764
  7,105
  7,462
  7,837
  8,230
  8,643
  9,077
  9,532
  10,010
  10,512
  11,039
  11,592
  12,173
Total equity, $m
  2,362
  2,222
  2,337
  2,458
  2,584
  2,717
  2,856
  3,002
  3,154
  3,315
  3,483
  3,660
  3,845
  4,040
  4,244
  4,458
  4,682
  4,918
  5,166
  5,426
  5,698
  5,985
  6,285
  6,601
  6,932
  7,280
  7,645
  8,028
  8,430
  8,853
  9,296
Total liabilities and equity, $m
  5,129
  5,131
  5,397
  5,676
  5,968
  6,274
  6,595
  6,932
  7,285
  7,656
  8,044
  8,452
  8,880
  9,330
  9,801
  10,295
  10,813
  11,358
  11,930
  12,531
  13,160
  13,822
  14,515
  15,244
  16,009
  16,812
  17,655
  18,540
  19,469
  20,445
  21,469
Debt-to-equity ratio
  0.606
  0.710
  0.740
  0.770
  0.790
  0.820
  0.840
  0.860
  0.890
  0.910
  0.930
  0.940
  0.960
  0.980
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.130
  1.140
  1.150
  1.160
  1.170
Adjusted equity ratio
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433
  0.433

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  413
  456
  507
  560
  616
  676
  738
  805
  875
  950
  1,028
  1,245
  1,333
  1,425
  1,523
  1,627
  1,736
  1,851
  1,973
  2,101
  2,237
  2,380
  2,531
  2,690
  2,858
  3,036
  3,223
  3,420
  3,628
  3,848
  4,079
Depreciation, amort., depletion, $m
  123
  246
  250
  253
  257
  260
  264
  268
  273
  277
  282
  104
  109
  114
  120
  126
  133
  139
  146
  154
  161
  170
  178
  187
  196
  206
  217
  228
  239
  251
  263
Funds from operations, $m
  753
  703
  756
  813
  873
  936
  1,003
  1,073
  1,148
  1,227
  1,310
  1,349
  1,442
  1,540
  1,643
  1,753
  1,868
  1,990
  2,119
  2,255
  2,398
  2,549
  2,709
  2,877
  3,055
  3,242
  3,439
  3,648
  3,867
  4,098
  4,342
Change in working capital, $m
  102
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  70
  73
Cash from operations, $m
  651
  684
  737
  793
  852
  914
  980
  1,049
  1,123
  1,200
  1,282
  1,320
  1,411
  1,508
  1,610
  1,717
  1,831
  1,951
  2,078
  2,212
  2,353
  2,502
  2,659
  2,825
  3,000
  3,185
  3,379
  3,584
  3,801
  4,029
  4,269
Maintenance CAPEX, $m
  0
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -154
  -161
  -170
  -178
  -187
  -196
  -206
  -217
  -228
  -239
  -251
New CAPEX, $m
  -149
  -91
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -230
  -242
  -254
  -267
  -280
  -294
  -308
  -324
  -340
  -357
Cash from investing activities, $m
  -385
  -151
  -156
  -163
  -172
  -180
  -189
  -198
  -208
  -218
  -229
  -241
  -253
  -265
  -278
  -292
  -307
  -323
  -338
  -355
  -374
  -391
  -412
  -432
  -454
  -476
  -500
  -525
  -552
  -579
  -608
Free cash flow, $m
  266
  534
  582
  630
  680
  734
  791
  851
  915
  982
  1,053
  1,079
  1,158
  1,242
  1,331
  1,425
  1,524
  1,629
  1,739
  1,856
  1,980
  2,110
  2,248
  2,393
  2,546
  2,708
  2,879
  3,059
  3,249
  3,450
  3,661
Issuance/(repayment) of debt, $m
  -806
  142
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  243
  255
  267
  280
  294
  309
  324
  340
  357
  375
  394
  413
  434
  455
  478
  502
  527
  553
  581
Issuance/(repurchase) of shares, $m
  -409
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -152
  142
  151
  158
  166
  174
  182
  191
  200
  210
  220
  231
  243
  255
  267
  280
  294
  309
  324
  340
  357
  375
  394
  413
  434
  455
  478
  502
  527
  553
  581
Total cash flow (excl. dividends), $m
  111
  676
  732
  788
  846
  908
  973
  1,042
  1,115
  1,192
  1,273
  1,310
  1,401
  1,497
  1,598
  1,705
  1,818
  1,938
  2,064
  2,197
  2,337
  2,485
  2,641
  2,806
  2,980
  3,164
  3,357
  3,561
  3,776
  4,003
  4,242
Retained Cash Flow (-), $m
  89
  -112
  -115
  -121
  -126
  -133
  -139
  -146
  -153
  -160
  -168
  -177
  -185
  -194
  -204
  -214
  -225
  -236
  -248
  -260
  -273
  -286
  -301
  -315
  -331
  -348
  -365
  -383
  -402
  -422
  -443
Prev. year cash balance distribution, $m
 
  252
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  816
  617
  667
  719
  775
  834
  896
  962
  1,032
  1,105
  1,133
  1,216
  1,302
  1,394
  1,491
  1,594
  1,702
  1,816
  1,937
  2,064
  2,199
  2,341
  2,491
  2,649
  2,816
  2,992
  3,178
  3,374
  3,581
  3,799
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  777
  556
  566
  572
  574
  571
  564
  553
  536
  516
  471
  446
  417
  386
  352
  318
  283
  248
  215
  183
  153
  126
  102
  81
  63
  48
  35
  26
  18
  12
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Fortune Brands Home & Security, Inc. is a holding company. The Company operates through four segments. The Cabinets segment includes custom, semi-custom and stock cabinetry for the kitchen, bath and other parts of the home under brand names, including Aristokraft, Mid-Continent, Diamond, Kitchen Classics, Kitchen Craft, Schrock, Omega, Homecrest, Thomasville, StarMark and Ultracraft. The Plumbing segment manufactures or assembles and sells faucets, bath furnishings, accessories and kitchen sinks and waste disposals under the Moen, Riobel, ROHL, Perrin & Rowe, and Waste King brands. The Doors segment includes residential fiberglass and steel entry door systems under the Therma-Tru brand name and urethane millwork product lines under the Fypon brand name. The Security segment includes locks, safety and security devices and electronic security products under the Master Lock brand name and fire resistant safes, security containers and commercial cabinets under the SentrySafe brand name.

FINANCIAL RATIOS  of  Fortune Brands Home&Security (FBHS)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 2
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 20.3
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.5%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 60.6%
Total Debt to Equity 60.6%
Interest Coverage 14
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 17.2%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 36.4%
Gross Margin - 3 Yr. Avg. 35%
EBITDA Margin 15%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin 12.7%
Oper. Margin - 3 Yr. Avg. 11.2%
Pre-Tax Margin 11.7%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 29.2%
Eff/ Tax Rate - 3 Yr. Avg. 30.9%
Payout Ratio 23.7%

FBHS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FBHS stock intrinsic value calculation we used $4985 million for the last fiscal year's total revenue generated by Fortune Brands Home&Security. The default revenue input number comes from 2016 income statement of Fortune Brands Home&Security. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our FBHS stock valuation model: a) initial revenue growth rate of 5.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, whose default value for FBHS is calculated based on our internal credit rating of Fortune Brands Home&Security, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Fortune Brands Home&Security.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of FBHS stock the variable cost ratio is equal to 66.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1075 million in the base year in the intrinsic value calculation for FBHS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Fortune Brands Home&Security.

Corporate tax rate of 27% is the nominal tax rate for Fortune Brands Home&Security. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the FBHS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for FBHS are equal to 34.1%.

Life of production assets of 28.4 years is the average useful life of capital assets used in Fortune Brands Home&Security operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for FBHS is equal to 7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2362 million for Fortune Brands Home&Security - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 153.809 million for Fortune Brands Home&Security is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Fortune Brands Home&Security at the current share price and the inputted number of shares is $10.2 billion.

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COMPANY NEWS

▶ Fortune Brands Declares Quarterly Dividend   [Sep-26-17 04:05PM  Business Wire]
▶ Yahoo Finance Live: Midday Movers - Aug 28th, 2017   [09:40AM  Yahoo Finance Video]
▶ Fortune Brands Home & Security posts 2Q profit   [Aug-02-17 09:35PM  Associated Press]
▶ Updating Your Kitchen or Bathroom?   [Jul-26-17 02:15PM  PR Newswire]
▶ Fortune Brands Declares Quarterly Dividend   [Jul-24-17 08:00AM  Business Wire]
▶ Fortune Brands Home & Security Is Poised for a Breakout   [Jun-27-17 10:54AM  TheStreet.com]
▶ Fortune Brands Declares Quarterly Dividend   [May-01-17 05:50PM  Business Wire]
▶ Fortune Brands Home & Security posts 1Q profit   [Apr-26-17 04:26PM  Associated Press]
▶ Indexes Higher As Retail Leads; 2 Lesser-Known Stocks Hit Buy Points   [Apr-06-17 01:27PM  Investor's Business Daily]
▶ Therma-Tru Previews New Products   [Feb-08-17 12:25PM  Business Wire]
▶ Mastering The Art Of Multitasking   [08:57AM  PR Newswire]
▶ What Makes Americans Steam at the Stovetop?   [Dec-22-16 09:15AM  Marketwired]
▶ How Do You Know When You're an Adult?   [Dec-20-16 09:15AM  Marketwired]
▶ Fortune Brands Increases Quarterly Dividend by 13 Percent   [Dec-13-16 04:05PM  Business Wire]
▶ Is Fortune Brands Home & Security Inc (FBHS) A Good Stock To Buy?   [Dec-09-16 06:04PM  at Insider Monkey]
Financial statements of FBHS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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