Spectrum Brands: A Cheap, Cash-Generative Consumer Play Set to Re-Rate After Oaktree Deal
Spectrum Brands (SPB) trades near $81 and offers a rare combination of high free cash flow ($289.9M last reported), modest leverage (debt/equity ~0.31) and a below-market valuation (P/E ~15, P/B ~1.01). A strategic transaction with Oaktree has introduced a credible path to de-levering and faster execution on growth initiatives. We see a near-term r…