Transferring Coverage of Narrow-Moat Fortune Brands; Increasing Fair Value; Shares Fairly Valued
Upon the transfer of coverage to a new analyst, we have taken a fresh look at Fortune Brands' fundamentals and valuation. We are increasing our fair value estimate to $57 from $50 per share, and we are maintaining our narrow moat rating on the company. The increase in our fair value estimate is driven by our expectation for stronger growth over our 10-year forecast horizon. In particular, we think a strengthening U.S. market, Moen’s growing presence in China, and further plumbing-related acquisi...Fortune Brands Home & Security is a holding company. Through its subsidiaries, the company provides home and security products. The company's segments are: Cabinets, which manufactures cabinetry and vanities, for the kitchen, bath and other parts of the home; Plumbing, which manufactures or assembles and sells faucets, accessories, kitchen sinks and waste disposals; and Doors and Security, which manufactures and sells fiberglass and steel entry door systems, composite decking and railing, and urethane millwork, as well as manufactures, sources and distributes locks, safety and security devices, and electronic security products and fire resistant safes, security containers and commercial cabinets.
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