Pershing Square Capital Management's Presentation on Fortune Brands (포춘브랜드 분석 자료)

소개

미국 유명 activist 헤지펀드 운용사인 Pershing Square Capital Management사의 Fortune Brands 분석 자료입니다. 포춘브랜드는 타이틀리스 등을 소유하고 있던 기업으로 휠라코리아에 2011년 매각됨

목차

1. Disclaimer
2. Fortune Brands Home & Security
3. Snapshot of FBHS
4. Investment Highlights
5. Plumbing
6. Kitchen & Bath Cabinets
7. Security and Storage
8. Windows and Doors
9. FBHS: Margins Significantly Depressed
10. Segments: A Tale of Two Cities
11. Restructured the Business in the Downturn
12. But Kept Enough Capacity for a Recovery
13. What If Capacity Were Reduced Further
14. Secular Winner: Growing in the Downturn
15. Strong Balance Sheet Allows for Flexibility
16. Long-term Housing Market Drivers
17. Historical Housing Starts: 1965 to Present
18. We are in Year Five of the Housing Recession
19. What a Housing Recovery Might Look Like
20. Repair/Remodel Market Overview
21. Housing Market Summary
22. Upside Case: Housing Recovery
23. Downside: What if there is No Housing Recovery
24. Current Trading Multiples
25. Valuing FBHS in a Recovery
26. Stock Price at Various Levels of Recovery
27. Conclusion

본문내용

The analyses and conclusions of Pershing Square Capital Management, L.P. ("Pershing Square") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential information in the possession of the companies discussed in this presentation that could lead these companies to disagree with Pershing Square’s conclusions. This presentation and the information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities. All investments involve risk, including the loss of principal.
The analyses provided may include certain statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Pershing Square disclaims any liability with respect thereto. Actual results may vary materially from the estimates and projected results contained herein.

참고자료

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