Intrinsic value of Spectrum Brands Holdings - SPB

Previous Close

$79.60

  Intrinsic Value

$87.67

stock screener

  Rating & Target

hold

+10%

Previous close

$79.60

 
Intrinsic value

$87.67

 
Up/down potential

+10%

 
Rating

hold

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

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 4.7

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,107
  5,225
  5,359
  5,510
  5,677
  5,860
  6,059
  6,276
  6,508
  6,758
  7,025
  7,310
  7,614
  7,937
  8,279
  8,642
  9,026
  9,432
  9,861
  10,314
  10,792
  11,296
  11,828
  12,388
  12,978
  13,598
  14,252
  14,940
  15,663
  16,424
Variable operating expenses, $m
  4,435
  4,529
  4,635
  4,754
  4,887
  5,032
  5,190
  5,361
  5,546
  5,743
  5,566
  5,792
  6,033
  6,288
  6,560
  6,847
  7,151
  7,473
  7,813
  8,172
  8,551
  8,950
  9,372
  9,815
  10,282
  10,774
  11,292
  11,837
  12,411
  13,013
Fixed operating expenses, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Total operating expenses, $m
  4,434
  4,528
  4,634
  4,753
  4,886
  5,031
  5,189
  5,360
  5,545
  5,742
  5,565
  5,791
  6,032
  6,287
  6,559
  6,846
  7,150
  7,472
  7,811
  8,170
  8,549
  8,948
  9,370
  9,813
  10,280
  10,772
  11,290
  11,835
  12,409
  13,011
Operating income, $m
  673
  697
  725
  756
  791
  829
  871
  916
  964
  1,016
  1,460
  1,519
  1,583
  1,650
  1,721
  1,796
  1,876
  1,960
  2,049
  2,143
  2,243
  2,348
  2,458
  2,574
  2,697
  2,826
  2,962
  3,104
  3,255
  3,413
EBITDA, $m
  1,561
  1,596
  1,638
  1,684
  1,735
  1,791
  1,852
  1,918
  1,989
  2,065
  2,147
  2,234
  2,326
  2,425
  2,530
  2,640
  2,758
  2,882
  3,013
  3,151
  3,297
  3,451
  3,614
  3,785
  3,965
  4,154
  4,354
  4,564
  4,785
  5,017
Interest expense (income), $m
  185
  215
  221
  229
  237
  247
  257
  269
  282
  295
  310
  326
  343
  361
  380
  401
  423
  446
  470
  496
  523
  552
  582
  614
  648
  684
  721
  760
  802
  846
  892
Earnings before tax, $m
  458
  476
  496
  519
  544
  572
  602
  634
  669
  706
  1,134
  1,176
  1,221
  1,269
  1,320
  1,373
  1,430
  1,490
  1,554
  1,620
  1,691
  1,765
  1,844
  1,926
  2,013
  2,105
  2,201
  2,303
  2,409
  2,521
Tax expense, $m
  124
  129
  134
  140
  147
  154
  162
  171
  181
  191
  306
  318
  330
  343
  356
  371
  386
  402
  419
  438
  457
  477
  498
  520
  544
  568
  594
  622
  650
  681
Net income, $m
  334
  347
  362
  379
  397
  417
  439
  463
  488
  515
  828
  859
  892
  927
  963
  1,003
  1,044
  1,088
  1,134
  1,183
  1,234
  1,289
  1,346
  1,406
  1,470
  1,537
  1,607
  1,681
  1,759
  1,841

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
  7,566
  7,740
  7,939
  8,162
  8,410
  8,681
  8,977
  9,297
  9,642
  10,012
  10,408
  10,830
  11,280
  11,758
  12,265
  12,803
  13,372
  13,973
  14,609
  15,280
  15,988
  16,735
  17,523
  18,352
  19,226
  20,146
  21,114
  22,133
  23,205
  24,332
Adjusted assets (=assets-cash), $m
  7,566
  7,740
  7,939
  8,162
  8,410
  8,681
  8,977
  9,297
  9,642
  10,012
  10,408
  10,830
  11,280
  11,758
  12,265
  12,803
  13,372
  13,973
  14,609
  15,280
  15,988
  16,735
  17,523
  18,352
  19,226
  20,146
  21,114
  22,133
  23,205
  24,332
Revenue / Adjusted assets
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
Average production assets, $m
  4,990
  5,104
  5,236
  5,383
  5,546
  5,725
  5,920
  6,131
  6,359
  6,603
  6,864
  7,142
  7,439
  7,754
  8,089
  8,443
  8,818
  9,215
  9,634
  10,077
  10,544
  11,037
  11,556
  12,103
  12,679
  13,286
  13,924
  14,596
  15,303
  16,047
Working capital, $m
  128
  131
  134
  138
  142
  146
  151
  157
  163
  169
  176
  183
  190
  198
  207
  216
  226
  236
  247
  258
  270
  282
  296
  310
  324
  340
  356
  373
  392
  411
Total debt, $m
  3,880
  4,011
  4,160
  4,328
  4,515
  4,719
  4,941
  5,182
  5,441
  5,719
  6,017
  6,335
  6,673
  7,032
  7,414
  7,818
  8,246
  8,698
  9,176
  9,681
  10,214
  10,775
  11,367
  11,991
  12,648
  13,340
  14,068
  14,834
  15,640
  16,488
Total liabilities, $m
  5,690
  5,821
  5,970
  6,138
  6,324
  6,528
  6,751
  6,991
  7,251
  7,529
  7,827
  8,144
  8,482
  8,842
  9,223
  9,628
  10,055
  10,508
  10,986
  11,491
  12,023
  12,585
  13,177
  13,801
  14,458
  15,150
  15,878
  16,644
  17,450
  18,298
Total equity, $m
  1,876
  1,920
  1,969
  2,024
  2,086
  2,153
  2,226
  2,306
  2,391
  2,483
  2,581
  2,686
  2,797
  2,916
  3,042
  3,175
  3,316
  3,465
  3,623
  3,789
  3,965
  4,150
  4,346
  4,551
  4,768
  4,996
  5,236
  5,489
  5,755
  6,034
Total liabilities and equity, $m
  7,566
  7,741
  7,939
  8,162
  8,410
  8,681
  8,977
  9,297
  9,642
  10,012
  10,408
  10,830
  11,279
  11,758
  12,265
  12,803
  13,371
  13,973
  14,609
  15,280
  15,988
  16,735
  17,523
  18,352
  19,226
  20,146
  21,114
  22,133
  23,205
  24,332
Debt-to-equity ratio
  2.070
  2.090
  2.110
  2.140
  2.160
  2.190
  2.220
  2.250
  2.280
  2.300
  2.330
  2.360
  2.390
  2.410
  2.440
  2.460
  2.490
  2.510
  2.530
  2.550
  2.580
  2.600
  2.620
  2.630
  2.650
  2.670
  2.690
  2.700
  2.720
  2.730
Adjusted equity ratio
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248
  0.248

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  334
  347
  362
  379
  397
  417
  439
  463
  488
  515
  828
  859
  892
  927
  963
  1,003
  1,044
  1,088
  1,134
  1,183
  1,234
  1,289
  1,346
  1,406
  1,470
  1,537
  1,607
  1,681
  1,759
  1,841
Depreciation, amort., depletion, $m
  888
  899
  912
  927
  944
  961
  981
  1,002
  1,025
  1,049
  686
  714
  744
  775
  809
  844
  882
  921
  963
  1,008
  1,054
  1,104
  1,156
  1,210
  1,268
  1,329
  1,392
  1,460
  1,530
  1,605
Funds from operations, $m
  1,222
  1,247
  1,275
  1,306
  1,341
  1,379
  1,420
  1,465
  1,513
  1,564
  1,514
  1,573
  1,636
  1,702
  1,772
  1,847
  1,926
  2,009
  2,098
  2,191
  2,289
  2,392
  2,502
  2,617
  2,738
  2,865
  2,999
  3,140
  3,289
  3,445
Change in working capital, $m
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
Cash from operations, $m
  1,220
  1,244
  1,272
  1,302
  1,337
  1,374
  1,415
  1,459
  1,507
  1,558
  1,508
  1,566
  1,628
  1,694
  1,764
  1,838
  1,916
  1,999
  2,087
  2,179
  2,277
  2,380
  2,488
  2,603
  2,723
  2,850
  2,983
  3,123
  3,271
  3,426
Maintenance CAPEX, $m
  -489
  -499
  -510
  -524
  -538
  -555
  -573
  -592
  -613
  -636
  -660
  -686
  -714
  -744
  -775
  -809
  -844
  -882
  -921
  -963
  -1,008
  -1,054
  -1,104
  -1,156
  -1,210
  -1,268
  -1,329
  -1,392
  -1,460
  -1,530
New CAPEX, $m
  -97
  -115
  -131
  -147
  -163
  -179
  -195
  -211
  -227
  -244
  -261
  -279
  -297
  -315
  -334
  -354
  -375
  -397
  -419
  -443
  -467
  -493
  -519
  -547
  -576
  -607
  -639
  -672
  -707
  -744
Cash from investing activities, $m
  -586
  -614
  -641
  -671
  -701
  -734
  -768
  -803
  -840
  -880
  -921
  -965
  -1,011
  -1,059
  -1,109
  -1,163
  -1,219
  -1,279
  -1,340
  -1,406
  -1,475
  -1,547
  -1,623
  -1,703
  -1,786
  -1,875
  -1,968
  -2,064
  -2,167
  -2,274
Free cash flow, $m
  633
  630
  630
  632
  635
  641
  648
  656
  666
  678
  586
  601
  617
  635
  654
  675
  697
  721
  746
  773
  802
  833
  865
  900
  936
  975
  1,016
  1,059
  1,104
  1,152
Issuance/(repayment) of debt, $m
  108
  131
  150
  168
  186
  204
  222
  241
  259
  278
  298
  318
  338
  359
  381
  404
  428
  452
  478
  505
  533
  562
  592
  624
  657
  692
  728
  766
  806
  848
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  
  108
  131
  150
  168
  186
  204
  222
  241
  259
  278
  298
  318
  338
  359
  381
  404
  428
  452
  478
  505
  533
  562
  592
  624
  657
  692
  728
  766
  806
  848
Total cash flow (excl. dividends), $m
  741
  761
  779
  800
  821
  845
  870
  897
  926
  956
  884
  919
  955
  994
  1,035
  1,079
  1,125
  1,173
  1,224
  1,278
  1,335
  1,394
  1,457
  1,524
  1,593
  1,667
  1,744
  1,825
  1,910
  2,000
Retained Cash Flow (-), $m
  -38
  -43
  -49
  -55
  -61
  -67
  -73
  -79
  -86
  -92
  -98
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -166
  -176
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -280
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
  55
  56
  57
  59
  61
  62
  64
  67
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  150
  157
  164
  172
Cash available for distribution, $m
  703
  718
  730
  744
  760
  777
  797
  818
  840
  865
  786
  814
  844
  876
  910
  945
  984
  1,024
  1,066
  1,112
  1,159
  1,209
  1,262
  1,318
  1,377
  1,439
  1,504
  1,572
  1,645
  1,721
Discount rate, %
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
  645
  599
  550
  501
  452
  405
  359
  315
  273
  234
  175
  146
  120
  98
  78
  61
  47
  35
  26
  18
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
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

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 15.5
Price to Sales 0.9
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 8.3
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 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 9%, 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 $-1 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 5.7% 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 1.1%.

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 97.7%.

Life of production assets of 10 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 2.5%. 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 59 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 $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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SWK Stanley Black& 134.51 302.99  str.buy
NC NACCO Industri 33.35 6.25  str.sell
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SMG Scotts Miracle 83.59 66.28  sell
FBHS Fortune Brands 55.13 66.03  hold

COMPANY NEWS

▶ Spectrum Brands shareholders approve merger; deal closes Friday   [02:15PM  American City Business Journals]
▶ Shining New Light on Aquarium Interactivity   [May-29-18 12:08PM  PR Newswire]
▶ 7 Stocks to Buy That Lost 10% in April   [11:13AM  InvestorPlace]
▶ Why Spectrum Brands Holdings Inc. Stock Tumbled Today   [Apr-26-18 11:43AM  Motley Fool]
▶ Spectrum Brands: Fiscal 2Q Earnings Snapshot   [07:07AM  Associated Press]
▶ Is It Time To Buy Spectrum Brands Holdings Inc (NYSE:SPB)?   [Apr-20-18 03:46PM  Simply Wall St.]
▶ Edited Transcript of SPB presentation 7-Mar-17 1:05pm GMT   [Apr-10-18 10:59AM  Thomson Reuters StreetEvents]
▶ Energizer Deal's Antitrust Approval Shocks Investors   [Apr-02-18 02:26PM  Bloomberg]
▶ Why Spectrum Brands Holdings, Inc. Stock Popped Today   [Mar-29-18 06:44PM  Motley Fool]
▶ [$$] Spectrum Brands to Combine With Majority Shareholder HRG   [Feb-26-18 07:32PM  The Wall Street Journal]
▶ Spectrum Brands merging with majority shareholder, HRG Group   [11:14AM  American City Business Journals]
▶ Spectrum Brands combining with HRG in $10B deal   [10:56AM  Associated Press]
▶ Spectrum Brands tops Street 1Q forecasts   [Feb-08-18 08:31AM  Associated Press]
▶ Spectrum Brands in talks with majority shareholder on potential strategic transaction   [Jan-19-18 12:10PM  American City Business Journals]
▶ 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]
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