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Equity Bottom-Up

Spectrum Brands Holdings, Inc / Equity Bottom-Up

<ul>
<li>SPB plans to spin-off its home &amp; personal care (HPC) business into a separate listed company (SpinCo). The parent will retain Global Pet Care and Home &amp; Garden business units.</li>
<li>The separation will allow SPB to allocate capital and resources more efficiently towards higher growth categories.  SPB (ex SpinCo) will be a higher-growth, higher margin business.</li>
<li>HPC business (low-growth and low-margin) has been a drag on the overall valuation of SPB. The spin-off will unlock value as SPB (ex SpinCo) will command higher multiple post spin.</li>
</ul>


SPB plans to spin-off its home &amp; personal care (HPC) business into a separate listed company (SpinCo). The parent will retain Global Pet Care and Home &amp; Garden business units.
The separation will allow SPB to allocate capital and resources more efficiently towards higher growth categories.  SPB (ex SpinCo) will be a higher-growth, higher margin business.
HPC business (low-growth and low-margin) has been a drag on the overall valuation of SPB. The spin-off will unlock value as SPB (ex SpinCo) will command higher multiple post spin.


Spin-Off Analysis: Spectrum Brands Holdings Inc. (SPB) To Spin-Off Home & Personal Care Business