More from TD... $15.50 target implies a total return of 40%In our view, SPB has significantly front-loaded its 2026 growth strategy with ~ $805mm or ~42% of the planned $1.9bn of acquisitions already completed. Looking forward, we anticipate that the cadence of acquisitions will moderate, with integration a key priority. Based on our estimates, we forecast that SPB can now execute on the remainder of its 2026 goal to double the U.S. business from internally generated cash flows
SPB has access to ~$339mm of capacity on its revolver, bringing total liquidity to ~$368mm.