We note the weighted-average private-label market share in CHD’s categories has been stable for years at around 12%. The company has benefited from acquisitions and management plans to continue acquiring strong brands as they emerge. It’s also grown online sales, with those sales representing 24% of revenue in 2025, up from over 21% in 2024, and 20% in 2023. We like the company’s long history of raising the dividend; it has increased annually at an average of 4% over the past five years. We think this focus on the power brands could lead to market share gains and support management’s target of 8% annual EPS growth. On a technical basis, the shares had been in a bullish pattern of higher highs and higher lows that dates to the end of December 2025. However, the shares fell sharply following news of the war in Iran.