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Fortune Brands Home & Security Inc FBHS Stock Quote

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Fortune Brands to Acquire Hardware and Lock Brands From Assa Abloy; MasterBrand to Spin Off Dec. 14

Analyst Note

| Brian Bernard, CFA, CPA |

Fortune Brands will make two significant changes to its product portfolio this year and next. First, the firm plans to spin off its $3.3 billion (our 2022 sales estimate) cabinets business on Dec. 14. While Fortune Brands’ cabinets business (to be named MasterBrand) is the largest cabinets manufacturer in the United States (we estimate 15%-20% market share), we think it’s a no-moat business because, in our view, limited product differentiation makes it difficult for industry players to achieve consistent economic profits. The cabinets business generates below-consolidated average operating margin and return on invested capital, so Fortune Brands will report stronger profit margins and ROIC after the spinoff.

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Key Statistics FBHS

Company Profile FBHS

Business Description

Fortune Brands Home & Security is a leading home and security products company that operates three segments. The company’s $2.9 billion (fiscal 2021) cabinets segment, which will be spun off in early 2023, sells cabinets and vanities under the MasterBrand family of brands. The $2.8 billion plumbing segment, led by the Moen brand, sells faucets, showers, and other plumbing fixtures. The $2.0 billion outdoors and security segment sells entry doors under the Therma-Tru brand name, Fiberon-branded patio decking, and locks and other security devices under the Master Lock and SentrySafe brand names.

520 Lake Cook Road
Deerfield, IL, 60015-5611
T +1 847 484-4400
Industry Building Products & Equipment
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 28,056

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