- ACCO Brands is the world's largest manufacturer and marketer of branded office and school supplies, including staplers, notepads, and binders.
- On initial screen, ACCO Brands appears cheap with a P/E of 8.9x and P/B of 1.0x.
- Value-destructive M&A, a weak position within the industry value chain, and declining demand for office supplies due to technological change makes ACCO Brands unattractive.
- Computed intrinsic value of $4.00 implies the stock is overvalued by 50.2% vs. current price of $6.01.
- No evidence of compelling catalysts or strategic value to improve profitability.