Spectrum Brands Holdings: Strategic Decisions and Stock Performance Indicate Potential for Recovery, Upgraded to BuySPB reported mixed Q1 2025 results with sales broadly in line, with a big beat in H&G and sizable miss in GPC, and adjusted EPS and EBITDA beating consensus by 11% and 16%, respectively. The company also reaffirmed its guidance. While the quarter and guide were nothing to write home about, they also weren't the disaster that the stock’s recent performance suggests (-20% vs. the last two months). Almost a year ago today we downgraded the stock, believing the company would need to demonstrate meaningful and consistent top line growth for the multiple to expand further. Since then, organic sales have increased by an average of 3%, which is plenty good at a 7x consensus 2025E EV/EBITDA multiple, and our 2025E adjusted EBITDA and EPS estimates have increased +15% and +44%, respectively — the latter of which juiced by significant share buyback activity.