Spectrum Brands Holdings, Inc.

SPB

Consumer DefensiveHousehold & Personal ProductsNYSE

$78.63

Market Cap: $1.83B

Spectrum Brands Holdings, Inc. (SPB) Valuation Summary

Updated May 11, 2026 10:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$24.64 – $208.42	$50.45	-35.8%
Growth Exit 10Y	$27.07 – $197.55	$51.47	-34.5%
EBITDA Exit 5Y	$8.75 – $50.12	$27.64	-64.8%
EBITDA Exit 10Y	$14.97 – $55.08	$31.93	-59.4%
▸ Trading Multiples
P/E	$31.41 – $108.29	$55.15	-29.9%
EV/EBITDA	$21.48 – $82.30	$38.75	-50.7%
EV/Revenue	$16.57 – $90.78	$45.94	-41.6%
▸ PEG
PEG Fair Value	$99.86 – $99.86	$99.86	+27.0%
▸ Earnings Power Value
Earnings Power Value	$12.11 – $31.05	$19.45	-75.3%
▸ Dividend Discount
Dividend Discount	$26.85 – $71.78	$40.49	-48.5%

Valuation History

DCF Analysis

Fair Value

$50.45

Market Price

$78.63

Upside / Downside

-35.8%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Spectrum Brands Holdings, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 1.1% to 2.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 62, DPO 72, DIO 101). At a 6.7% WACC with mid-year discounting, the terminal value (76% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $50.45 per share, suggesting SPB is overvalued by 35.8% at the current price of $78.63.

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	10	11	11	11	12	12
(−) Net Interest	82	83	84	89	91	93
(+) D&A	50	51	47	45	47	48
EBITDA	142	144	142	145	149	153

(−) Tax	1	1	1	1	1	1
(−) CapEx	48	48	49	51	53	54
(−) ΔWC	-105	9	8	33	17	18
Free Cash Flow (FCFF)	198	86	84	60	78	80

Terminal Value						1,919
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	192	78	72	48	58	1,390

Enterprise Value	1,837
Projection Period	447	24.4%
Terminal Value	1,390	75.6%

(−) Current Net Debt	531

Equity Value	1,307
(/) Outstanding Shares	26

Fair Price	$50.45

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$75	$90	$111	$145	$208
5.7%	$53	$61	$71	$85	$105
6.7%	$40	$45	$50	$58	$67
7.7%	$31	$34	$38	$42	$48
8.7%	$25	$27	$29	$32	$36

Current price: $78.63. Green = undervalued, Red = overvalued.

Fair Value

$51.47

Market Price

$78.63

Upside / Downside

-34.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Spectrum Brands Holdings, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 1.1% to 2.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 62, DPO 72, DIO 101). At a 6.7% WACC with mid-year discounting, the terminal value (60% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $51.47 per share, suggesting SPB is overvalued by 34.5% at the current price of $78.63.

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	10	11	11	11	12	11	11	11	12	12	12
(−) Net Interest	82	83	84	89	91	90	90	91	92	94	96
(+) D&A	50	51	47	45	47	50	51	51	52	52	54
EBITDA	142	144	142	145	149	151	152	153	156	158	162

(−) Tax	1	1	1	1	1	1	1	1	1	1	1
(−) CapEx	48	48	49	51	53	52	52	52	53	54	56
(−) ΔWC	-105	9	8	33	17	-6	-1	5	10	16	16
Free Cash Flow (FCFF)	198	86	84	60	78	104	99	95	91	87	89

Terminal Value											2,136
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	192	78	72	48	58	73	65	58	53	47	1,121

Enterprise Value	1,864
Projection Period	743	39.9%
Terminal Value	1,121	60.1%

(−) Current Net Debt	531

Equity Value	1,333
(/) Outstanding Shares	26

Fair Price	$51.47

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$79	$92	$111	$141	$198
5.7%	$57	$63	$72	$84	$101
6.7%	$43	$47	$51	$57	$65
7.7%	$34	$36	$39	$42	$47
8.7%	$27	$29	$30	$33	$35

Current price: $78.63. Green = undervalued, Red = overvalued.

Fair Value

$27.66

Market Price

$78.63

Upside / Downside

-64.8%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Spectrum Brands Holdings, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 1.1% to 2.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 62, DPO 72, DIO 101). At a 6.7% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 7.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $27.64 per share, suggesting SPB is overvalued by 64.8% at the current price of $78.63.

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

EV/EBITDA Exit Multiple

7.22x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	10	11	11	11	12	12
(−) Net Interest	82	83	84	89	91	93
(+) D&A	50	51	47	45	47	48
EBITDA	142	144	142	145	149	153

(−) Tax	1	1	1	1	1	—
(−) CapEx	48	48	49	51	53	—
(−) ΔWC	-105	9	8	33	17	—
Free Cash Flow (FCF)	198	86	84	60	78	—

Peers' EBITDA Multiple						7.2x
Terminal Value						1,104
WACC / Discount Rate	6.66%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	192	78	72	48	58	799

Enterprise Value	1,247
Projection Period	447	35.9%
Terminal Value	799	64.1%

(−) Current Net Debt	531
Equity Value	716
(÷) Outstanding Shares	26M
Fair Price	$28	-64.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	3.2x	5.2x	7.2x	9.2x	11.2x
4.7%	$13	$22	$31	$41	$50
5.7%	$12	$20	$29	$38	$47
6.7%	$11	$19	$28	$36	$45
7.7%	$10	$18	$26	$34	$42
8.7%	$9	$17	$24	$32	$40

Current price: $78.63. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$31.95

Market Price

$78.63

Upside / Downside

-59.4%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Spectrum Brands Holdings, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 1.1% to 2.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 62, DPO 72, DIO 101). At a 6.7% WACC with mid-year discounting, the terminal value (45% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 7.2x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $31.93 per share, suggesting SPB is overvalued by 59.4% at the current price of $78.63.

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

EV/EBITDA Exit Multiple

7.22x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	10	11	11	11	12	11	11	11	12	12	12
(−) Net Interest	82	83	84	89	91	90	90	91	92	94	96
(+) D&A	50	51	47	45	47	50	51	51	52	52	54
EBITDA	142	144	142	145	149	151	152	153	156	158	162

(−) Tax	1	1	1	1	1	1	1	1	1	1	—
(−) CapEx	48	48	49	51	53	52	52	52	53	54	—
(−) ΔWC	-105	9	8	33	17	-6	-1	5	10	16	—
Free Cash Flow (FCF)	198	86	84	60	78	104	99	95	91	87	—

Peers' EBITDA Multiple											7.2x
Terminal Value											1,172
WACC / Discount Rate	6.66%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	192	78	72	48	58	73	65	58	53	47	615

Enterprise Value	1,358
Projection Period	743	54.7%
Terminal Value	615	45.3%

(−) Current Net Debt	531
Equity Value	827
(÷) Outstanding Shares	26M
Fair Price	$32	-59.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	3.2x	5.2x	7.2x	9.2x	11.2x
4.7%	$23	$31	$39	$47	$55
5.7%	$21	$28	$35	$43	$50
6.7%	$19	$25	$32	$39	$45
7.7%	$17	$23	$29	$35	$41
8.7%	$15	$20	$26	$31	$37

Current price: $78.63. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$55.15

Market Price

$78.63

Upside / Downside

-29.9%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Spectrum Brands Holdings, Inc. (SPB) has a fair value of $55.15 based on 6 comparable companies in the Household & Personal Products industry.

P/E Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Spectrum Brands Holdings, Inc.SPB	2,037	20.4x	14.8x
Ingles Markets, IncorporatedIMKTA	1,645	19.7x	18.4x
Dole plcDOLE	1,416	28.1x	12.2x
Universal CorporationUVV	1,340	14.2x	2.3x
Phoenix Education Partners, IncPXED	1,097	8.1x	8.4x
Edgewell Personal Care CompanyEPC	979	40.1x	7.1x
Vital Farms, Inc.VITL	426	6.6x	8.5x
Industry Median		17.0x	8.5x
(*) Profit after tax		100	137
Equity Value		1,694	1,163
(/) Outstanding shares		26	26
Fair Price		$65	$45

Selected Fair Value (avg of trailing + forward)

$55.15

-29.9%

Fair Value

$38.75

Market Price

$78.63

Upside / Downside

-50.7%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Spectrum Brands Holdings, Inc. (SPB) has a fair value of $38.75 based on 7 comparable companies in the Household & Personal Products industry.

EV/EBITDA Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Spectrum Brands Holdings, Inc.SPB	2,037	11.9x	11.8x
Newell Brands Inc.NWL	1,929	22.3x	22.2x
Ingles Markets, IncorporatedIMKTA	1,645	7.2x	8.7x
Dole plcDOLE	1,416	6.3x	7.0x
Universal CorporationUVV	1,340	7.3x	1.3x
Phoenix Education Partners, IncPXED	1,097	5.1x	5.1x
Edgewell Personal Care CompanyEPC	979	12.4x	12.1x
Vital Farms, Inc.VITL	426	4.1x	5.1x
Industry Median		7.2x	7.0x
(*) EBITDA		215	218
= Enterprise Value		1,553	1,516
(-) Net Debt		531	531
Equity Value		1,022	985
(/) Outstanding shares		26	26
Fair Price		$39	$38

Selected Fair Value (avg of trailing + forward)

$38.75

-50.7%

Fair Value

$45.94

Market Price

$78.63

Upside / Downside

-41.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Spectrum Brands Holdings, Inc. (SPB) has a fair value of $45.94 based on 8 comparable companies in the Household & Personal Products industry.

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Spectrum Brands Holdings, Inc.SPB	2,037	0.9x	0.9x
Newell Brands Inc.NWL	1,929	1.0x	1.0x
Ingles Markets, IncorporatedIMKTA	1,645	0.3x	0.4x
Dole plcDOLE	1,416	0.3x	0.3x
Universal CorporationUVV	1,340	0.7x	0.1x
Phoenix Education Partners, IncPXED	1,097	1.0x	1.0x
Edgewell Personal Care CompanyEPC	979	1.0x	1.0x
Coursera, Inc.COUR	979	0.3x	0.3x
Vital Farms, Inc.VITL	426	0.6x	0.7x
Industry Median		0.7x	0.6x
(*) Revenue		2,809	2,840
= Enterprise Value		1,838	1,603
(-) Net Debt		531	531
Equity Value		1,308	1,072
(/) Outstanding shares		26	26
Fair Price		$50	$41

Selected Fair Value (avg of trailing + forward)

$45.94

-41.6%

PEG Fair Value

Fair Value

$99.86

Market Price

$78.63

Upside / Downside

+27.0%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 18.9% plus 2.6% dividend yield, the company has a fair value of $99.86 based on NTM EPS (FY2026) of $5.30. The current PEG ratio is 0.79.

PEG Ratio

0.79Undervalued

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 14.8 ÷ (16.2% + 2.6%) = 0.79

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	16.2%
Dividend Yield	+2.6%
Adjusted Growth (clamped 8–25%)	18.9%
Fair P/E	18.9x
NTM EPS (FY2026)	$5.30
Fair Value	$99.86

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.86	—	—
FY2026E	$5.30	+37.2%	6
FY2027E	$5.38	+1.6%	6
FY2028E	$6.06	+12.7%	3

3Y Forward EPS CAGR: 16.2%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$189.6M	$4.39	—
FY2022	$71.6M	$1.75	-60.1%
FY2023	$1.8B	$45.65	+2508.6%
FY2024	$124.8M	$4.09	-91.0%
FY2025	$99.9M	$3.86	-5.6%

4Y Historical EPS CAGR: -3.2%

Earnings Power Value

Fair Value

$19.45

Market Price

$78.63

Upside / Downside

-75.3%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.7% and normalized earnings of $68.9M, the company has a fair value of $19.45 per share. The EPV range is $12.11 – $31.05 based on WACC sensitivity (5.2% – 8.2%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	69	69	69
(/) WACC	8.2%	6.7%	5.2%
Enterprise Value	844	1,034	1,335
(-) Net debt	531	531	531
Equity Value	314	504	804
(/) Outstanding shares	26	26	26
Fair Price	$12.11	$19.45	$31.05

Dividend Discount Model

Fair Value

$40.49

Market Price

$78.63

Upside / Downside

-48.5%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.8% and projected dividend growth of 5.0%, the fair value is $40.49 per share. The DDM range is $26.85 – $71.78 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.86

Dividend Yield

2.63%

Payout Ratio

48.2%

Dividend Coverage

2.07x

FCF Payout Ratio29.1%

DPS CAGR (4Y)3.0%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.86	48.2%	+12.2%
2024	$1.66	40.5%	-1.5%
2023	$1.68	3.7%	+0.4%
2022	$1.68	95.8%	+1.3%
2021	$1.66	37.7%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.95	5.0%	0.9281	$1.81
2027	$2.05	5.0%	0.8613	$1.77
2028	$2.15	5.0%	0.7994	$1.72
2029	$2.26	5.0%	0.7419	$1.68
2030	$2.37	5.0%	0.6885	$1.63
Terminal Value	$2.43 DPS	2.5%		$31.88

PV of Projected Dividends$8.61

PV of Terminal Value$31.88

Fair Value per Share$40.49

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	3.0%	4.0%	5.0%	6.0%	7.0%
5.8%	$60	$63	$66	$69	$72
6.8%	$46	$48	$50	$52	$55
7.8%	$37	$39	$40	$42	$44
8.8%	$31	$33	$34	$35	$37
9.8%	$27	$28	$29	$30	$32

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Spectrum Brands Holdings, Inc. (SPB) Valuation Summary

Updated May 11, 2026 10:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$24.64 – $208.42	$50.45	-35.8%
Growth Exit 10Y	$27.07 – $197.55	$51.47	-34.5%
EBITDA Exit 5Y	$8.75 – $50.12	$27.64	-64.8%
EBITDA Exit 10Y	$14.97 – $55.08	$31.93	-59.4%
▸ Trading Multiples
P/E	$31.41 – $108.29	$55.15	-29.9%
EV/EBITDA	$21.48 – $82.30	$38.75	-50.7%
EV/Revenue	$16.57 – $90.78	$45.94	-41.6%
▸ PEG
PEG Fair Value	$99.86 – $99.86	$99.86	+27.0%
▸ Earnings Power Value
Earnings Power Value	$12.11 – $31.05	$19.45	-75.3%
▸ Dividend Discount
Dividend Discount	$26.85 – $71.78	$40.49	-48.5%

Valuation History

DCF Analysis

Fair Value

$50.45

Market Price

$78.63

Upside / Downside

-35.8%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	10	11	11	11	12	12
(−) Net Interest	82	83	84	89	91	93
(+) D&A	50	51	47	45	47	48
EBITDA	142	144	142	145	149	153

(−) Tax	1	1	1	1	1	1
(−) CapEx	48	48	49	51	53	54
(−) ΔWC	-105	9	8	33	17	18
Free Cash Flow (FCFF)	198	86	84	60	78	80

Terminal Value						1,919
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	192	78	72	48	58	1,390

Enterprise Value	1,837
Projection Period	447	24.4%
Terminal Value	1,390	75.6%

(−) Current Net Debt	531

Equity Value	1,307
(/) Outstanding Shares	26

Fair Price	$50.45

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$75	$90	$111	$145	$208
5.7%	$53	$61	$71	$85	$105
6.7%	$40	$45	$50	$58	$67
7.7%	$31	$34	$38	$42	$48
8.7%	$25	$27	$29	$32	$36

Current price: $78.63. Green = undervalued, Red = overvalued.

Fair Value

$51.47

Market Price

$78.63

Upside / Downside

-34.5%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	10	11	11	11	12	11	11	11	12	12	12
(−) Net Interest	82	83	84	89	91	90	90	91	92	94	96
(+) D&A	50	51	47	45	47	50	51	51	52	52	54
EBITDA	142	144	142	145	149	151	152	153	156	158	162

(−) Tax	1	1	1	1	1	1	1	1	1	1	1
(−) CapEx	48	48	49	51	53	52	52	52	53	54	56
(−) ΔWC	-105	9	8	33	17	-6	-1	5	10	16	16
Free Cash Flow (FCFF)	198	86	84	60	78	104	99	95	91	87	89

Terminal Value											2,136
WACC / Discount Rate	6.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	192	78	72	48	58	73	65	58	53	47	1,121

Enterprise Value	1,864
Projection Period	743	39.9%
Terminal Value	1,121	60.1%

(−) Current Net Debt	531

Equity Value	1,333
(/) Outstanding Shares	26

Fair Price	$51.47

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.7%	$79	$92	$111	$141	$198
5.7%	$57	$63	$72	$84	$101
6.7%	$43	$47	$51	$57	$65
7.7%	$34	$36	$39	$42	$47
8.7%	$27	$29	$30	$33	$35

Current price: $78.63. Green = undervalued, Red = overvalued.

Fair Value

$27.66

Market Price

$78.63

Upside / Downside

-64.8%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Spectrum Brands Holdings, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 1.1% to 2.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 62, DPO 72, DIO 101). At a 6.7% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 7.2x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $27.64 per share, suggesting SPB is overvalued by 64.8% at the current price of $78.63.

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

EV/EBITDA Exit Multiple

7.22x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	10	11	11	11	12	12
(−) Net Interest	82	83	84	89	91	93
(+) D&A	50	51	47	45	47	48
EBITDA	142	144	142	145	149	153

(−) Tax	1	1	1	1	1	—
(−) CapEx	48	48	49	51	53	—
(−) ΔWC	-105	9	8	33	17	—
Free Cash Flow (FCF)	198	86	84	60	78	—

Peers' EBITDA Multiple						7.2x
Terminal Value						1,104
WACC / Discount Rate	6.66%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	192	78	72	48	58	799

Enterprise Value	1,247
Projection Period	447	35.9%
Terminal Value	799	64.1%

(−) Current Net Debt	531
Equity Value	716
(÷) Outstanding Shares	26M
Fair Price	$28	-64.8%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	3.2x	5.2x	7.2x	9.2x	11.2x
4.7%	$13	$22	$31	$41	$50
5.7%	$12	$20	$29	$38	$47
6.7%	$11	$19	$28	$36	$45
7.7%	$10	$18	$26	$34	$42
8.7%	$9	$17	$24	$32	$40

Current price: $78.63. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$31.95

Market Price

$78.63

Upside / Downside

-59.4%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Spectrum Brands Holdings, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 1.1% to 2.2% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 62, DPO 72, DIO 101). At a 6.7% WACC with mid-year discounting, the terminal value (45% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 7.2x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $31.93 per share, suggesting SPB is overvalued by 59.4% at the current price of $78.63.

FCFF Present Value Calculation

WACC

6.66%

3% – 20%

EV/EBITDA Exit Multiple

7.22x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	10	11	11	11	12	11	11	11	12	12	12
(−) Net Interest	82	83	84	89	91	90	90	91	92	94	96
(+) D&A	50	51	47	45	47	50	51	51	52	52	54
EBITDA	142	144	142	145	149	151	152	153	156	158	162

(−) Tax	1	1	1	1	1	1	1	1	1	1	—
(−) CapEx	48	48	49	51	53	52	52	52	53	54	—
(−) ΔWC	-105	9	8	33	17	-6	-1	5	10	16	—
Free Cash Flow (FCF)	198	86	84	60	78	104	99	95	91	87	—

Peers' EBITDA Multiple											7.2x
Terminal Value											1,172
WACC / Discount Rate	6.66%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	192	78	72	48	58	73	65	58	53	47	615

Enterprise Value	1,358
Projection Period	743	54.7%
Terminal Value	615	45.3%

(−) Current Net Debt	531
Equity Value	827
(÷) Outstanding Shares	26M
Fair Price	$32	-59.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	3.2x	5.2x	7.2x	9.2x	11.2x
4.7%	$23	$31	$39	$47	$55
5.7%	$21	$28	$35	$43	$50
6.7%	$19	$25	$32	$39	$45
7.7%	$17	$23	$29	$35	$41
8.7%	$15	$20	$26	$31	$37

Current price: $78.63. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$55.15

Market Price

$78.63

Upside / Downside

-29.9%

Verdict

Overvalued

P/E Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Spectrum Brands Holdings, Inc.SPB	2,037	20.4x	14.8x
Ingles Markets, IncorporatedIMKTA	1,645	19.7x	18.4x
Dole plcDOLE	1,416	28.1x	12.2x
Universal CorporationUVV	1,340	14.2x	2.3x
Phoenix Education Partners, IncPXED	1,097	8.1x	8.4x
Edgewell Personal Care CompanyEPC	979	40.1x	7.1x
Vital Farms, Inc.VITL	426	6.6x	8.5x
Industry Median		17.0x	8.5x
(*) Profit after tax		100	137
Equity Value		1,694	1,163
(/) Outstanding shares		26	26
Fair Price		$65	$45

Selected Fair Value (avg of trailing + forward)

$55.15

-29.9%

Fair Value

$38.75

Market Price

$78.63

Upside / Downside

-50.7%

Verdict

Overvalued

EV/EBITDA Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Spectrum Brands Holdings, Inc.SPB	2,037	11.9x	11.8x
Newell Brands Inc.NWL	1,929	22.3x	22.2x
Ingles Markets, IncorporatedIMKTA	1,645	7.2x	8.7x
Dole plcDOLE	1,416	6.3x	7.0x
Universal CorporationUVV	1,340	7.3x	1.3x
Phoenix Education Partners, IncPXED	1,097	5.1x	5.1x
Edgewell Personal Care CompanyEPC	979	12.4x	12.1x
Vital Farms, Inc.VITL	426	4.1x	5.1x
Industry Median		7.2x	7.0x
(*) EBITDA		215	218
= Enterprise Value		1,553	1,516
(-) Net Debt		531	531
Equity Value		1,022	985
(/) Outstanding shares		26	26
Fair Price		$39	$38

Selected Fair Value (avg of trailing + forward)

$38.75

-50.7%

Fair Value

$45.94

Market Price

$78.63

Upside / Downside

-41.6%

Verdict

Overvalued

EV/Revenue Valuation — Household & Personal Products

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Spectrum Brands Holdings, Inc.SPB	2,037	0.9x	0.9x
Newell Brands Inc.NWL	1,929	1.0x	1.0x
Ingles Markets, IncorporatedIMKTA	1,645	0.3x	0.4x
Dole plcDOLE	1,416	0.3x	0.3x
Universal CorporationUVV	1,340	0.7x	0.1x
Phoenix Education Partners, IncPXED	1,097	1.0x	1.0x
Edgewell Personal Care CompanyEPC	979	1.0x	1.0x
Coursera, Inc.COUR	979	0.3x	0.3x
Vital Farms, Inc.VITL	426	0.6x	0.7x
Industry Median		0.7x	0.6x
(*) Revenue		2,809	2,840
= Enterprise Value		1,838	1,603
(-) Net Debt		531	531
Equity Value		1,308	1,072
(/) Outstanding shares		26	26
Fair Price		$50	$41

Selected Fair Value (avg of trailing + forward)

$45.94

-41.6%

PEG Fair Value

Fair Value

$99.86

Market Price

$78.63

Upside / Downside

+27.0%

Verdict

Undervalued

PEG Ratio

0.79Undervalued

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 14.8 ÷ (16.2% + 2.6%) = 0.79

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	16.2%
Dividend Yield	+2.6%
Adjusted Growth (clamped 8–25%)	18.9%
Fair P/E	18.9x
NTM EPS (FY2026)	$5.30
Fair Value	$99.86

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$3.86	—	—
FY2026E	$5.30	+37.2%	6
FY2027E	$5.38	+1.6%	6
FY2028E	$6.06	+12.7%	3

3Y Forward EPS CAGR: 16.2%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$189.6M	$4.39	—
FY2022	$71.6M	$1.75	-60.1%
FY2023	$1.8B	$45.65	+2508.6%
FY2024	$124.8M	$4.09	-91.0%
FY2025	$99.9M	$3.86	-5.6%

4Y Historical EPS CAGR: -3.2%

Earnings Power Value

Fair Value

$19.45

Market Price

$78.63

Upside / Downside

-75.3%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	69	69	69
(/) WACC	8.2%	6.7%	5.2%
Enterprise Value	844	1,034	1,335
(-) Net debt	531	531	531
Equity Value	314	504	804
(/) Outstanding shares	26	26	26
Fair Price	$12.11	$19.45	$31.05

Dividend Discount Model

Fair Value

$40.49

Market Price

$78.63

Upside / Downside

-48.5%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.86

Dividend Yield

2.63%

Payout Ratio

48.2%

Dividend Coverage

2.07x

FCF Payout Ratio29.1%

DPS CAGR (4Y)3.0%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.86	48.2%	+12.2%
2024	$1.66	40.5%	-1.5%
2023	$1.68	3.7%	+0.4%
2022	$1.68	95.8%	+1.3%
2021	$1.66	37.7%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.95	5.0%	0.9281	$1.81
2027	$2.05	5.0%	0.8613	$1.77
2028	$2.15	5.0%	0.7994	$1.72
2029	$2.26	5.0%	0.7419	$1.68
2030	$2.37	5.0%	0.6885	$1.63
Terminal Value	$2.43 DPS	2.5%		$31.88

PV of Projected Dividends$8.61

PV of Terminal Value$31.88

Fair Value per Share$40.49

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	3.0%	4.0%	5.0%	6.0%	7.0%
5.8%	$60	$63	$66	$69	$72
6.8%	$46	$48	$50	$52	$55
7.8%	$37	$39	$40	$42	$44
8.8%	$31	$33	$34	$35	$37
9.8%	$27	$28	$29	$30	$32