DDM Analysis: SPB

Valuation Snapshot

Stable Growth	$23.39 - $32.81	$28.07
Multi-Stage	$48.29 - $53.13	$50.67
Blended Fair Value	$39.37
Current Price	$53.00
Upside	-25.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-8.51%	3.58%	1.86	1.95	2.57	2.65	2.76	2.90	3.30	0.86	0.00	0.00
YoY Growth	-	-	-4.74%	-23.91%	-3.06%	-4.06%	-4.92%	-12.05%	281.70%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	3.51%	2.33%	3.22%	4.35%	2.71%	5.08%	5.18%	2.05%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	99.90
(-) Cash Dividends Paid (M)	48.20
(=) Cash Retained (M)	51.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.98	12.49	7.49
Cash Retained (M)	51.70	51.70	51.70
(-) Cash Required (M)	-19.98	-12.49	-7.49
(=) Excess Retained (M)	31.72	39.21	44.21
(/) Shares Outstanding (M)	25.90	25.90	25.90
(=) Excess Retained per Share	1.22	1.51	1.71
LTM Dividend per Share	1.86	1.86	1.86
(+) Excess Retained per Share	1.22	1.51	1.71
(=) Adjusted Dividend	3.09	3.38	3.57
WACC / Discount Rate	8.11%	8.11%	8.11%
Growth Rate	-4.49%	-3.49%	-2.49%
Fair Value	$23.39	$28.07	$32.81
Upside / Downside	-55.87%	-47.03%	-38.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	99.90	96.41	93.05	89.80	86.67	83.65	86.16
Payout Ratio	48.25%	56.60%	64.95%	73.30%	81.65%	90.00%	92.50%
Projected Dividends (M)	48.20	54.57	60.44	65.83	70.77	75.28	79.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.11%	8.11%	8.11%
Growth Rate	-4.49%	-3.49%	-2.49%
Year 1 PV (M)	49.95	50.47	51.00
Year 2 PV (M)	50.64	51.71	52.78
Year 3 PV (M)	50.49	52.09	53.73
Year 4 PV (M)	49.68	51.80	53.98
Year 5 PV (M)	48.38	50.97	53.66
PV of Terminal Value (M)	1,001.65	1,055.20	1,111.01
Equity Value (M)	1,250.80	1,312.23	1,376.16
Shares Outstanding (M)	25.90	25.90	25.90
Fair Value	$48.29	$50.67	$53.13
Upside / Downside	-8.88%	-4.40%	0.25%

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Spectrum Brands Holdings, Inc. (SPB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener