Intrinsic value of Spectrum Brands Holdings - SPB

Previous Close

$121.30

  Intrinsic Value

$93.49

stock screener

  Rating & Target

sell

-23%

Previous close

$121.30

 
Intrinsic value

$93.49

 
Up/down potential

-23%

 
Rating

sell

We calculate the intrinsic value of SPB 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.65
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  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
Revenue, $m
  5,007
  5,297
  5,600
  5,917
  6,247
  6,592
  6,953
  7,330
  7,725
  8,138
  8,570
  9,022
  9,496
  9,992
  10,512
  11,057
  11,628
  12,227
  12,854
  13,512
  14,202
  14,926
  15,686
  16,482
  17,318
  18,195
  19,115
  20,081
  21,095
  22,158
  23,274
Variable operating expenses, $m
 
  4,594
  4,841
  5,100
  5,370
  5,652
  5,947
  6,255
  6,578
  6,915
  7,269
  7,376
  7,763
  8,169
  8,594
  9,040
  9,506
  9,996
  10,509
  11,047
  11,611
  12,203
  12,824
  13,475
  14,159
  14,876
  15,628
  16,417
  17,246
  18,115
  19,028
Fixed operating expenses, $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
Total operating expenses, $m
  4,446
  4,594
  4,841
  5,100
  5,370
  5,652
  5,947
  6,255
  6,578
  6,915
  7,269
  7,376
  7,763
  8,169
  8,594
  9,040
  9,506
  9,996
  10,509
  11,047
  11,611
  12,203
  12,824
  13,475
  14,159
  14,876
  15,628
  16,417
  17,246
  18,115
  19,028
Operating income, $m
  561
  704
  759
  817
  877
  940
  1,006
  1,075
  1,147
  1,222
  1,301
  1,646
  1,732
  1,823
  1,918
  2,017
  2,121
  2,231
  2,345
  2,465
  2,591
  2,723
  2,862
  3,007
  3,160
  3,320
  3,488
  3,664
  3,849
  4,043
  4,246
EBITDA, $m
  760
  1,081
  1,142
  1,207
  1,274
  1,345
  1,418
  1,495
  1,576
  1,660
  1,748
  1,840
  1,937
  2,038
  2,144
  2,255
  2,372
  2,494
  2,622
  2,756
  2,897
  3,045
  3,200
  3,362
  3,533
  3,712
  3,899
  4,096
  4,303
  4,520
  4,748
Interest expense (income), $m
  185
  190
  207
  223
  241
  259
  278
  298
  319
  341
  364
  388
  413
  439
  467
  496
  526
  558
  591
  626
  662
  700
  740
  782
  827
  873
  922
  973
  1,026
  1,082
  1,141
Earnings before tax, $m
  345
  514
  553
  593
  636
  681
  728
  776
  827
  881
  937
  1,258
  1,319
  1,384
  1,451
  1,522
  1,596
  1,673
  1,754
  1,840
  1,929
  2,023
  2,121
  2,225
  2,333
  2,447
  2,566
  2,691
  2,822
  2,960
  3,105
Tax expense, $m
  48
  139
  149
  160
  172
  184
  196
  210
  223
  238
  253
  340
  356
  374
  392
  411
  431
  452
  474
  497
  521
  546
  573
  601
  630
  661
  693
  727
  762
  799
  838
Net income, $m
  296
  375
  403
  433
  464
  497
  531
  567
  604
  643
  684
  918
  963
  1,010
  1,059
  1,111
  1,165
  1,221
  1,281
  1,343
  1,408
  1,477
  1,549
  1,624
  1,703
  1,786
  1,873
  1,965
  2,060
  2,161
  2,267

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  168
  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
  7,420
  7,677
  8,117
  8,575
  9,054
  9,554
  10,077
  10,623
  11,195
  11,794
  12,420
  13,075
  13,762
  14,481
  15,235
  16,024
  16,852
  17,720
  18,629
  19,583
  20,583
  21,633
  22,733
  23,888
  25,099
  26,370
  27,704
  29,103
  30,572
  32,113
  33,731
Adjusted assets (=assets-cash), $m
  7,252
  7,677
  8,117
  8,575
  9,054
  9,554
  10,077
  10,623
  11,195
  11,794
  12,420
  13,075
  13,762
  14,481
  15,235
  16,024
  16,852
  17,720
  18,629
  19,583
  20,583
  21,633
  22,733
  23,888
  25,099
  26,370
  27,704
  29,103
  30,572
  32,113
  33,731
Revenue / Adjusted assets
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
Average production assets, $m
  3,020
  3,194
  3,377
  3,568
  3,767
  3,975
  4,193
  4,420
  4,658
  4,907
  5,168
  5,440
  5,726
  6,025
  6,339
  6,667
  7,012
  7,373
  7,751
  8,148
  8,564
  9,001
  9,459
  9,939
  10,443
  10,972
  11,527
  12,109
  12,720
  13,361
  14,034
Working capital, $m
  494
  381
  403
  426
  450
  475
  501
  528
  556
  586
  617
  650
  684
  719
  757
  796
  837
  880
  925
  973
  1,023
  1,075
  1,129
  1,187
  1,247
  1,310
  1,376
  1,446
  1,519
  1,595
  1,676
Total debt, $m
  3,841
  4,132
  4,468
  4,819
  5,185
  5,568
  5,968
  6,386
  6,823
  7,281
  7,760
  8,262
  8,787
  9,337
  9,914
  10,518
  11,151
  11,814
  12,510
  13,240
  14,005
  14,808
  15,650
  16,533
  17,460
  18,432
  19,452
  20,523
  21,646
  22,826
  24,063
Total liabilities, $m
  5,582
  5,873
  6,209
  6,560
  6,926
  7,309
  7,709
  8,127
  8,564
  9,022
  9,501
  10,003
  10,528
  11,078
  11,655
  12,259
  12,892
  13,555
  14,251
  14,981
  15,746
  16,549
  17,391
  18,274
  19,201
  20,173
  21,193
  22,264
  23,387
  24,567
  25,804
Total equity, $m
  1,838
  1,804
  1,907
  2,015
  2,128
  2,245
  2,368
  2,497
  2,631
  2,771
  2,919
  3,073
  3,234
  3,403
  3,580
  3,766
  3,960
  4,164
  4,378
  4,602
  4,837
  5,084
  5,342
  5,614
  5,898
  6,197
  6,510
  6,839
  7,184
  7,547
  7,927
Total liabilities and equity, $m
  7,420
  7,677
  8,116
  8,575
  9,054
  9,554
  10,077
  10,624
  11,195
  11,793
  12,420
  13,076
  13,762
  14,481
  15,235
  16,025
  16,852
  17,719
  18,629
  19,583
  20,583
  21,633
  22,733
  23,888
  25,099
  26,370
  27,703
  29,103
  30,571
  32,114
  33,731
Debt-to-equity ratio
  2.090
  2.290
  2.340
  2.390
  2.440
  2.480
  2.520
  2.560
  2.590
  2.630
  2.660
  2.690
  2.720
  2.740
  2.770
  2.790
  2.820
  2.840
  2.860
  2.880
  2.900
  2.910
  2.930
  2.950
  2.960
  2.970
  2.990
  3.000
  3.010
  3.020
  3.040
Adjusted equity ratio
  0.230
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  296
  375
  403
  433
  464
  497
  531
  567
  604
  643
  684
  918
  963
  1,010
  1,059
  1,111
  1,165
  1,221
  1,281
  1,343
  1,408
  1,477
  1,549
  1,624
  1,703
  1,786
  1,873
  1,965
  2,060
  2,161
  2,267
Depreciation, amort., depletion, $m
  199
  377
  383
  390
  397
  405
  412
  420
  429
  438
  447
  194
  204
  215
  226
  238
  250
  263
  277
  291
  306
  321
  338
  355
  373
  392
  412
  432
  454
  477
  501
Funds from operations, $m
  752
  752
  787
  823
  862
  902
  943
  987
  1,033
  1,081
  1,131
  1,113
  1,168
  1,225
  1,286
  1,349
  1,415
  1,485
  1,558
  1,634
  1,714
  1,798
  1,886
  1,979
  2,076
  2,178
  2,285
  2,397
  2,515
  2,638
  2,768
Change in working capital, $m
  87
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  70
  73
  77
  80
Cash from operations, $m
  665
  731
  765
  800
  838
  877
  917
  960
  1,005
  1,051
  1,100
  1,080
  1,134
  1,190
  1,248
  1,310
  1,374
  1,442
  1,512
  1,587
  1,664
  1,746
  1,832
  1,922
  2,016
  2,115
  2,219
  2,327
  2,442
  2,562
  2,688
Maintenance CAPEX, $m
  0
  -108
  -114
  -121
  -127
  -135
  -142
  -150
  -158
  -166
  -175
  -185
  -194
  -204
  -215
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -321
  -338
  -355
  -373
  -392
  -412
  -432
  -454
  -477
New CAPEX, $m
  -115
  -175
  -183
  -191
  -199
  -208
  -218
  -227
  -238
  -249
  -261
  -273
  -286
  -299
  -314
  -329
  -344
  -361
  -378
  -397
  -416
  -437
  -458
  -480
  -504
  -529
  -555
  -582
  -611
  -641
  -673
Cash from investing activities, $m
  -417
  -283
  -297
  -312
  -326
  -343
  -360
  -377
  -396
  -415
  -436
  -458
  -480
  -503
  -529
  -555
  -582
  -611
  -641
  -674
  -707
  -743
  -779
  -818
  -859
  -902
  -947
  -994
  -1,043
  -1,095
  -1,150
Free cash flow, $m
  248
  448
  468
  489
  511
  534
  558
  583
  609
  636
  664
  623
  654
  686
  719
  755
  792
  830
  871
  913
  957
  1,004
  1,052
  1,103
  1,157
  1,213
  1,272
  1,333
  1,398
  1,466
  1,537
Issuance/(repayment) of debt, $m
  33
  328
  336
  351
  366
  383
  400
  418
  437
  458
  479
  502
  525
  550
  576
  604
  633
  664
  696
  730
  765
  803
  842
  883
  927
  972
  1,020
  1,071
  1,124
  1,179
  1,238
Issuance/(repurchase) of shares, $m
  -253
  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  
  -263
  328
  336
  351
  366
  383
  400
  418
  437
  458
  479
  502
  525
  550
  576
  604
  633
  664
  696
  730
  765
  803
  842
  883
  927
  972
  1,020
  1,071
  1,124
  1,179
  1,238
Total cash flow (excl. dividends), $m
  -11
  776
  804
  840
  877
  917
  958
  1,001
  1,046
  1,094
  1,143
  1,124
  1,179
  1,236
  1,296
  1,359
  1,425
  1,494
  1,566
  1,643
  1,723
  1,806
  1,894
  1,987
  2,084
  2,185
  2,292
  2,404
  2,522
  2,645
  2,775
Retained Cash Flow (-), $m
  -38
  -97
  -103
  -108
  -113
  -118
  -123
  -128
  -134
  -141
  -147
  -154
  -161
  -169
  -177
  -186
  -194
  -204
  -214
  -224
  -235
  -247
  -259
  -271
  -285
  -299
  -313
  -329
  -345
  -362
  -380
Prev. year cash balance distribution, $m
 
  131
  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
 
  810
  701
  732
  765
  799
  835
  873
  912
  953
  996
  970
  1,017
  1,067
  1,119
  1,173
  1,230
  1,290
  1,353
  1,418
  1,487
  1,560
  1,636
  1,715
  1,799
  1,887
  1,979
  2,075
  2,177
  2,283
  2,395
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  738
  577
  540
  500
  458
  415
  371
  328
  285
  245
  193
  161
  132
  107
  84
  65
  49
  36
  26
  19
  13
  8
  5
  3
  2
  1
  1
  0
  0
  0
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

Spectrum Brands Holdings, Inc. (SB Holdings) is a diversified global consumer products company. The Company manufactures, markets and/or distributes its products in approximately 160 countries in the North America (NA); Europe, the Middle East and Africa (EMEA); Latin America (LATAM), and Asia-Pacific (APAC) regions. It has five segments: Global Batteries & Appliances (GBA), Global Pet Supplies (PET), Home and Garden (H&G), Hardware & Home Improvement (HHI) and Global Auto Care (GAC). The Company's GBA segment includes product categories, such as consumer batteries, small appliances and personal care. The Company's HHI segment includes product categories, such as lockset, plumbing and hardware. The Company's PET segment's product categories include aquatics, companion animal and pet food. The Company's H&G segment's product categories include controls, household and repellents. The Company's GAC segment's product categories include appearance, performance and A/C recharge.

FINANCIAL RATIOS  of  Spectrum Brands Holdings (SPB)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 1.4
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 12.7
Growth Rates
Sales Growth Rate -0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate 9.5%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 207%
Total Debt to Equity 209%
Interest Coverage 3
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 16.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 37.2%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 11.2%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 13.9%
Eff/ Tax Rate - 3 Yr. Avg. 15.6%
Payout Ratio 32.4%

SPB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPB stock intrinsic value calculation we used $5007 million for the last fiscal year's total revenue generated by Spectrum Brands Holdings. The default revenue input number comes from 2017 income statement of Spectrum Brands Holdings. 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 SPB stock valuation model: a) initial revenue growth rate of 5.8% 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 9.7%, whose default value for SPB is calculated based on our internal credit rating of Spectrum Brands Holdings, 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 Spectrum Brands Holdings.
    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 SPB stock the variable cost ratio is equal to 87%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SPB 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 5% for Spectrum Brands Holdings.

Corporate tax rate of 27% is the nominal tax rate for Spectrum Brands Holdings. 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 SPB 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 SPB are equal to 60.3%.

Life of production assets of 28 years is the average useful life of capital assets used in Spectrum Brands Holdings 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 SPB is equal to 7.2%. 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 - $1838 million for Spectrum Brands Holdings - 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 57.384 million for Spectrum Brands Holdings 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 Spectrum Brands Holdings at the current share price and the inputted number of shares is $7.0 billion.

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COMPANY NEWS

▶ Company News For Jan 17, 2018   [Jan-17-18 10:15AM  Zacks]
▶ What Happened in the Stock Market Today   [Jan-16-18 05:17PM  Motley Fool]
▶ Stock Gains Vanish As Small Caps Reverse Lower   [01:40PM  Investor's Business Daily]
▶ Energizer spends $2 billion to add Rayovac brand   [08:01AM  Associated Press]
▶ Kwikset Reinforces Legacy and Leadership at CES 2018   [Jan-09-18 06:00AM  PR Newswire]
▶ Spectrum Brands misses 4Q profit forecasts   [06:49AM  Associated Press]
▶ Kwikset Smart Lock Solutions Work With Amazon Key   [Oct-25-17 11:59AM  PR Newswire]
▶ Spectrum Brands misses Street 3Q forecasts   [Jul-27-17 05:58PM  Associated Press]
Financial statements of SPB
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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