Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Equity Bottom-Up

Spectrum Brands Holdings, Inc / Equity Bottom-Up

Spectrum Brands Holdings, Inc. is a global and diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents.

<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

Thematic (Sector/Industry)

<ul>
<li>Total public EV charging stations (incl. temporary unavailable locations) were 70,222 as of June 30, 2024. Compared to the end of FY23, it is an increase of 8.6%.</li>
<li>Total EVSE charging ports (including the temporary unavailable ports) were188,025, up nearly 11.7% compared to the end of 2023 and up 1.8% over May 2024.</li>
<li>California has the highest number of EV charging stations in the country. It accounts for a 25% share of public EV charging stations and 26% of public EV charging ports.</li>
</ul>


Total public EV charging stations (incl. temporary unavailable locations) were 70,222 as of June 30, 2024. Compared to the end of FY23, it is an increase of 8.6%.
Total EVSE charging ports (including the temporary unavailable ports) were188,025, up nearly 11.7% compared to the end of 2023 and up 1.8% over May 2024.
California has the highest number of EV charging stations in the country. It accounts for a 25% share of public EV charging stations and 26% of public EV charging ports.


US EV Charging Infrastructure Tracker: Update – June 2024

Jericho Energy Ventures  / Equity Bottom-Up

Jericho Energy Ventures Inc. is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture, and new energy systems. Jericho Energy Ventures operates worldwide.

<ul>
<li>JEV announced plans to separate its Hydrogen Platform into a separate public company (SpinCo), potentially via a spin-off . The parent will retain the oil &amp; gas business.</li>
<li>The spin-off makes sense given the lack of synergy between the businesses. The transaction provides each business with access to equity and debt capital markets to fund their growth strategies.</li>
<li>We anticipate the spin-off to be  value accretive for shareholders. We expect re-rating as the green energy business will receive higher multiple compared to the hydrocarbon assets.</li>
</ul>


JEV announced plans to separate its Hydrogen Platform into a separate public company (SpinCo), potentially via a spin-off . The parent will retain the oil &amp; gas business.
The spin-off makes sense given the lack of synergy between the businesses. The transaction provides each business with access to equity and debt capital markets to fund their growth strategies.
We anticipate the spin-off to be  value accretive for shareholders. We expect re-rating as the green energy business will receive higher multiple compared to the hydrocarbon assets.


Spin-Off Analysis - Jericho Energy Ventures Inc. (TSXV: JEV; OTC Pink: JROOF)

<ul>
<li>Total public EV charging stations (incl. temporary unavailable locations) were 69,157 as of May 30, 2024. Compared to the end of FY23, it is an increase of 7.0%.</li>
<li>Total EVSE charging ports (including the temporary unavailable ports) were184,771, up nearly 9.7% compared to the end of 2023 and up 1.2% over April 2024.</li>
<li>Compared to China, US still lags far behing in terms of EV infrastructure. China had 2.7 million EV charging stations at the end of 2023.</li>
</ul>


Total public EV charging stations (incl. temporary unavailable locations) were 69,157 as of May 30, 2024. Compared to the end of FY23, it is an increase of 7.0%.
Total EVSE charging ports (including the temporary unavailable ports) were184,771, up nearly 9.7% compared to the end of 2023 and up 1.2% over April 2024.
Compared to China, US still lags far behing in terms of EV infrastructure. China had 2.7 million EV charging stations at the end of 2023.


US EV Charging Infrastructure Tracker: Update – May 2024

<ul>
<li>EV charging ports have been growing faster than any other fueling category and now account for around 88% of all alternative fueling stations.</li>
<li>There are a total of 68,077 public and private EV charging station locations in the US as of 30 April 2024.</li>
<li>Total EVSE charging ports were182,632, up 8.4% vs. 2023. In terms of providers, ChargePoint Network has the highest charging ports accounting for 36% of the total ports in the US.</li>
</ul>


EV charging ports have been growing faster than any other fueling category and now account for around 88% of all alternative fueling stations.
There are a total of 68,077 public and private EV charging station locations in the US as of 30 April 2024.
Total EVSE charging ports were182,632, up 8.4% vs. 2023. In terms of providers, ChargePoint Network has the highest charging ports accounting for 36% of the total ports in the US.


US EV Charging Infrastructure Tracker - April 2024

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