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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Prestige Brands Holdings, Inc / Equity Bottom-Up

<div><ul><li>PBH reported 2QFY26 adjusted EPS of $1.07 versus $1.09 in 2QFY25, above our $0.97 estimate, which was also FactSet consensus.</li><li>Sales in the quarter declined 3.4% Y/Y to $274.1MM, above our $256.9MM estimate, as well as consensus of $257.1MM.</li><li>Management previously expected sales in the range of $256-259MM, so sales exceeded management’s original expectations as well. </li></ul></div>

PBH reported 2QFY26 adjusted EPS of $1.07 versus $1.09 in 2QFY25, above our $0.97 estimate, which was also FactSet consensus.Sales in the quarter declined 3.4% Y/Y to $274.1MM, above our $256.9MM estimate, as well as consensus of $257.1MM.Management previously expected sales in the range of $256-259MM, so sales exceeded management’s original expectations as well. 

PBH: Demand Pull-Forward Drives 2QFY26 Upside; Raising EPS Estimates Due to Strong Free Cash Flow

<ul><li>PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.</li><li>This is also below management’s expected range of $0.98-1.00 given in May.</li><li>Sales in the quarter decreased 6.6% to $249.5MM, below our $267.2MM estimate and consensus of $260.8MM, as well as management’s expected range of $258-260MM.</li></ul>

PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.This is also below management’s expected range of $0.98-1.00 given in May.Sales in the quarter decreased 6.6% to $249.5MM, below our $267.2MM estimate and consensus of $260.8MM, as well as management’s expected range of $258-260MM.

Prestige Consumer Healthcare, Inc: 1QFY26 Results Light on Clear Eyes Supply Constraints

<ul><li>We are initiating coverage of Prestige Consumer Healthcare, Inc. (PBH), a leading provider of over-the-counter (OTC) health and personal care products.</li><li>Our initial FY25 EPS estimate is $4.50, up 6.7% from $4.21 in FY24.</li><li>This is in line with consensus of $4.50 and management guidance of $4.50. Our FY26 EPS estimate is $4.80 (up 6.9%) and slightly above consensus of $4.79.</li></ul>

We are initiating coverage of Prestige Consumer Healthcare, Inc. (PBH), a leading provider of over-the-counter (OTC) health and personal care products.Our initial FY25 EPS estimate is $4.50, up 6.7% from $4.21 in FY24.This is in line with consensus of $4.50 and management guidance of $4.50. Our FY26 EPS estimate is $4.80 (up 6.9%) and slightly above consensus of $4.79.

Prestige Consumer Healthcare, Inc. - Initiating Coverage

United States

Prestige Brands Holdings, Inc. distributes over-the-counter healthcare and household cleaning products to retail stores in the United States, Canada and other international markets.  The Company distributes oral, eye and skin care; cough, cold, allergy and sinus; and household cleansers, sponges, scrubbers and cleaning pads.

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Prestige Brands Holdings, Inc (PBH US)

PBH: Demand Pull-Forward Drives 2QFY26 Upside; Raising EPS Estimates Due to Strong Free Cash Flow

PBH reported 2QFY26 adjusted EPS of $1.07 versus $1.09 in 2QFY25, above our $0.97 estimate, which was also FactSet consensus.

Water Tower Research

Prestige Consumer Healthcare, Inc: 1QFY26 Results Light on Clear Eyes Supply Constraints

PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.

Water Tower Research

Prestige Consumer Healthcare, Inc. - Initiating Coverage

We are initiating coverage of Prestige Consumer Healthcare, Inc. (PBH), a leading provider of over-the-counter (OTC) health and personal care...

Water Tower Research

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