Intrinsic value of Fortune Brands Home&Security - FBHS

Previous Close

$54.93

  Intrinsic Value

$66.03

stock screener

  Rating & Target

buy

+20%

Previous close

$54.93

 
Intrinsic value

$66.03

 
Up/down potential

+20%

 
Rating

buy

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 2017), $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 8.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  5,600
  5,930
  6,275
  6,634
  7,010
  7,402
  7,811
  8,239
  8,686
  9,154
  9,644
  10,156
  10,693
  11,255
  11,843
  12,460
  13,106
  13,783
  14,493
  15,237
  16,017
  16,836
  17,694
  18,594
  19,539
  20,530
  21,570
  22,661
  23,806
  25,007
Variable operating expenses, $m
  4,417
  4,659
  4,912
  5,176
  5,451
  5,739
  6,039
  6,353
  6,682
  7,025
  7,077
  7,453
  7,847
  8,259
  8,691
  9,143
  9,617
  10,114
  10,635
  11,181
  11,754
  12,354
  12,984
  13,645
  14,338
  15,065
  15,828
  16,629
  17,469
  18,351
Fixed operating expenses, $m
  420
  429
  439
  448
  458
  468
  479
  489
  500
  511
  522
  534
  545
  557
  570
  582
  595
  608
  621
  635
  649
  663
  678
  693
  708
  724
  740
  756
  773
  790
Total operating expenses, $m
  4,837
  5,088
  5,351
  5,624
  5,909
  6,207
  6,518
  6,842
  7,182
  7,536
  7,599
  7,987
  8,392
  8,816
  9,261
  9,725
  10,212
  10,722
  11,256
  11,816
  12,403
  13,017
  13,662
  14,338
  15,046
  15,789
  16,568
  17,385
  18,242
  19,141
Operating income, $m
  763
  842
  924
  1,010
  1,100
  1,194
  1,293
  1,397
  1,505
  1,618
  2,045
  2,170
  2,301
  2,438
  2,583
  2,734
  2,894
  3,061
  3,236
  3,421
  3,614
  3,818
  4,032
  4,257
  4,493
  4,741
  5,002
  5,276
  5,564
  5,867
EBITDA, $m
  1,464
  1,566
  1,672
  1,783
  1,900
  2,021
  2,149
  2,282
  2,422
  2,568
  2,722
  2,883
  3,052
  3,229
  3,414
  3,609
  3,814
  4,028
  4,254
  4,490
  4,739
  5,000
  5,274
  5,562
  5,865
  6,182
  6,516
  6,867
  7,235
  7,623
Interest expense (income), $m
  44
  81
  91
  101
  111
  121
  133
  144
  156
  169
  182
  196
  211
  226
  242
  259
  276
  295
  314
  334
  355
  377
  400
  425
  450
  477
  505
  535
  565
  598
  632
Earnings before tax, $m
  682
  751
  824
  899
  979
  1,062
  1,149
  1,240
  1,336
  1,436
  1,849
  1,959
  2,075
  2,196
  2,324
  2,458
  2,599
  2,747
  2,902
  3,066
  3,237
  3,418
  3,607
  3,806
  4,016
  4,236
  4,467
  4,711
  4,966
  5,235
Tax expense, $m
  184
  203
  222
  243
  264
  287
  310
  335
  361
  388
  499
  529
  560
  593
  627
  664
  702
  742
  784
  828
  874
  923
  974
  1,028
  1,084
  1,144
  1,206
  1,272
  1,341
  1,413
Net income, $m
  498
  548
  601
  657
  715
  775
  839
  905
  975
  1,048
  1,349
  1,430
  1,515
  1,603
  1,697
  1,794
  1,897
  2,005
  2,119
  2,238
  2,363
  2,495
  2,633
  2,779
  2,932
  3,092
  3,261
  3,439
  3,625
  3,822

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  5,839
  6,184
  6,543
  6,918
  7,309
  7,718
  8,145
  8,591
  9,058
  9,546
  10,056
  10,591
  11,150
  11,736
  12,349
  12,992
  13,666
  14,372
  15,112
  15,888
  16,702
  17,555
  18,451
  19,389
  20,374
  21,408
  22,492
  23,630
  24,823
  26,076
Adjusted assets (=assets-cash), $m
  5,839
  6,184
  6,543
  6,918
  7,309
  7,718
  8,145
  8,591
  9,058
  9,546
  10,056
  10,591
  11,150
  11,736
  12,349
  12,992
  13,666
  14,372
  15,112
  15,888
  16,702
  17,555
  18,451
  19,389
  20,374
  21,408
  22,492
  23,630
  24,823
  26,076
Revenue / Adjusted assets
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
  0.959
Average production assets, $m
  3,931
  4,163
  4,405
  4,657
  4,921
  5,196
  5,483
  5,784
  6,098
  6,426
  6,770
  7,130
  7,506
  7,901
  8,314
  8,747
  9,200
  9,676
  10,174
  10,696
  11,244
  11,819
  12,421
  13,053
  13,716
  14,412
  15,142
  15,908
  16,712
  17,555
Working capital, $m
  162
  172
  182
  192
  203
  215
  227
  239
  252
  265
  280
  295
  310
  326
  343
  361
  380
  400
  420
  442
  465
  488
  513
  539
  567
  595
  626
  657
  690
  725
Total debt, $m
  1,679
  1,861
  2,051
  2,249
  2,456
  2,671
  2,897
  3,132
  3,379
  3,636
  3,906
  4,188
  4,483
  4,793
  5,117
  5,456
  5,812
  6,185
  6,576
  6,985
  7,415
  7,865
  8,338
  8,834
  9,354
  9,899
  10,472
  11,073
  11,703
  12,364
Total liabilities, $m
  3,083
  3,265
  3,455
  3,653
  3,859
  4,075
  4,301
  4,536
  4,782
  5,040
  5,310
  5,592
  5,887
  6,197
  6,521
  6,860
  7,216
  7,588
  7,979
  8,389
  8,819
  9,269
  9,742
  10,238
  10,758
  11,303
  11,876
  12,476
  13,107
  13,768
Total equity, $m
  2,756
  2,919
  3,088
  3,265
  3,450
  3,643
  3,844
  4,055
  4,275
  4,506
  4,747
  4,999
  5,263
  5,539
  5,829
  6,132
  6,450
  6,784
  7,133
  7,499
  7,883
  8,286
  8,709
  9,152
  9,617
  10,104
  10,616
  11,153
  11,717
  12,308
Total liabilities and equity, $m
  5,839
  6,184
  6,543
  6,918
  7,309
  7,718
  8,145
  8,591
  9,057
  9,546
  10,057
  10,591
  11,150
  11,736
  12,350
  12,992
  13,666
  14,372
  15,112
  15,888
  16,702
  17,555
  18,451
  19,390
  20,375
  21,407
  22,492
  23,629
  24,824
  26,076
Debt-to-equity ratio
  0.610
  0.640
  0.660
  0.690
  0.710
  0.730
  0.750
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
  1.000
  1.000
Adjusted equity ratio
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  498
  548
  601
  657
  715
  775
  839
  905
  975
  1,048
  1,349
  1,430
  1,515
  1,603
  1,697
  1,794
  1,897
  2,005
  2,119
  2,238
  2,363
  2,495
  2,633
  2,779
  2,932
  3,092
  3,261
  3,439
  3,625
  3,822
Depreciation, amort., depletion, $m
  701
  724
  748
  773
  799
  827
  856
  886
  917
  950
  677
  713
  751
  790
  831
  875
  920
  968
  1,017
  1,070
  1,124
  1,182
  1,242
  1,305
  1,372
  1,441
  1,514
  1,591
  1,671
  1,756
Funds from operations, $m
  1,198
  1,272
  1,349
  1,430
  1,514
  1,602
  1,694
  1,791
  1,892
  1,998
  2,026
  2,143
  2,265
  2,393
  2,528
  2,669
  2,817
  2,973
  3,136
  3,308
  3,488
  3,677
  3,875
  4,084
  4,303
  4,533
  4,775
  5,030
  5,297
  5,577
Change in working capital, $m
  9
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
Cash from operations, $m
  1,189
  1,263
  1,339
  1,419
  1,503
  1,591
  1,683
  1,779
  1,879
  1,985
  2,012
  2,128
  2,250
  2,377
  2,511
  2,651
  2,799
  2,953
  3,116
  3,286
  3,465
  3,653
  3,850
  4,058
  4,276
  4,505
  4,745
  4,998
  5,263
  5,542
Maintenance CAPEX, $m
  -371
  -393
  -416
  -441
  -466
  -492
  -520
  -548
  -578
  -610
  -643
  -677
  -713
  -751
  -790
  -831
  -875
  -920
  -968
  -1,017
  -1,070
  -1,124
  -1,182
  -1,242
  -1,305
  -1,372
  -1,441
  -1,514
  -1,591
  -1,671
New CAPEX, $m
  -222
  -232
  -242
  -252
  -263
  -275
  -287
  -300
  -314
  -329
  -344
  -360
  -377
  -394
  -413
  -433
  -454
  -475
  -498
  -522
  -548
  -575
  -603
  -632
  -663
  -696
  -730
  -766
  -804
  -843
Cash from investing activities, $m
  -593
  -625
  -658
  -693
  -729
  -767
  -807
  -848
  -892
  -939
  -987
  -1,037
  -1,090
  -1,145
  -1,203
  -1,264
  -1,329
  -1,395
  -1,466
  -1,539
  -1,618
  -1,699
  -1,785
  -1,874
  -1,968
  -2,068
  -2,171
  -2,280
  -2,395
  -2,514
Free cash flow, $m
  596
  637
  681
  726
  774
  824
  876
  930
  987
  1,046
  1,026
  1,091
  1,160
  1,232
  1,308
  1,387
  1,470
  1,558
  1,650
  1,746
  1,848
  1,954
  2,066
  2,184
  2,307
  2,437
  2,574
  2,718
  2,869
  3,028
Issuance/(repayment) of debt, $m
  172
  182
  190
  198
  207
  216
  225
  236
  246
  258
  270
  282
  295
  309
  324
  339
  356
  373
  391
  410
  430
  451
  473
  496
  520
  546
  572
  601
  630
  662
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  172
  182
  190
  198
  207
  216
  225
  236
  246
  258
  270
  282
  295
  309
  324
  339
  356
  373
  391
  410
  430
  451
  473
  496
  520
  546
  572
  601
  630
  662
Total cash flow (excl. dividends), $m
  768
  819
  871
  924
  981
  1,039
  1,101
  1,166
  1,233
  1,304
  1,295
  1,374
  1,455
  1,541
  1,632
  1,726
  1,826
  1,931
  2,040
  2,156
  2,277
  2,405
  2,539
  2,679
  2,827
  2,983
  3,147
  3,318
  3,499
  3,689
Retained Cash Flow (-), $m
  -156
  -163
  -170
  -177
  -185
  -193
  -202
  -211
  -220
  -230
  -241
  -252
  -264
  -277
  -290
  -303
  -318
  -333
  -349
  -366
  -384
  -403
  -422
  -443
  -465
  -488
  -512
  -537
  -563
  -591
Prev. year cash balance distribution, $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 flow adjustment, $m
  42
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
  135
  142
  149
  156
  164
  173
  181
  190
Cash available for distribution, $m
  611
  657
  701
  747
  796
  846
  899
  955
  1,013
  1,074
  1,054
  1,121
  1,191
  1,265
  1,342
  1,423
  1,508
  1,597
  1,691
  1,790
  1,893
  2,002
  2,116
  2,236
  2,363
  2,495
  2,635
  2,782
  2,936
  3,098
Discount rate, %
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
  585
  598
  604
  607
  606
  601
  592
  578
  561
  539
  476
  452
  425
  395
  363
  330
  296
  263
  230
  198
  169
  141
  116
  94
  74
  58
  44
  33
  24
  17
Current shareholders' claim on cash, %
  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 20.4
Price to Sales 1.7
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 16.8
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 $5283 million for the last fiscal year's total revenue generated by Fortune Brands Home&Security. The default revenue input number comes from 2017 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 6% 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 4.6%, 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 79.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $411 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 5.4% 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 0.8%.

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 70.2%.

Life of production assets of 10 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 2.9%. 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 - $2600 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 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 $8.4 billion.

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COMPANY NEWS

▶ Fortune Brands Home & Security: 2Q Earnings Snapshot   [Jul-26-18 04:16PM  Associated Press]
▶ Havas Chicago taps into profundity in new Moen ad   [Jul-18-18 02:15PM  American City Business Journals]
▶ Fortune Brands Home & Security: 1Q Earnings Snapshot   [Apr-26-18 04:35PM  Associated Press]
▶ Fortune Brands Home & Security posts 4Q profit   [Feb-01-18 04:27PM  Associated Press]
▶ Fortune Brands Hme & Sec Earns RS Rating Upgrade   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Fortune Brands Hme & Sec   [03:00AM  Investor's Business Daily]
▶ Be Cautious Trading Fortune Brands Home & Security   [Nov-15-17 03:08PM  TheStreet.com]
▶ Fortune Brands Home & Security posts 3Q profit   [Oct-25-17 04:31PM  Associated Press]
▶ Fortune Brands Declares Quarterly Dividend   [Sep-26-17 04:05PM  Business Wire]
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