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PJ Kurzweil on Spectrum Brands SPB
Yet Another Value Podcast
Is Your Base Case Worth Three Point One Billion?
The company has net cash on the balance sheet, which you do not find can stable consumer brands with. Private equity would love to lever them up. They said, hay, our longtorn target, it's two or two and a half times that leverage. I think you can get there real quickly by taking 400 million dollars of ebadod, 300 million, whatever number you want to say, bring it to 600 times two. That buys you 20 % of the company, right? So you could just do a big tender right off the bat. You could jsget real aggressive with an a s r. But that the math works, and it creates a really interesting out year free cash
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