The Scotts Miracle-Gro Co "Scouting Report: What To Expect From F3Q" (Neutral)

研报英文原文证据摘录

The Scotts Miracle-Gro Co "Scouting Report: What To Expect From F3Q" (Neutral)

Global Research

20 July 2026ab

The Scotts Miracle-Gro Co Equities

AmericasScouting Report: What To Expect From F3Q

Household Products, Non-Durable

12-month rating Neutral

Strong Setup, But LT Trajectory Still Uncertain

SMG is scheduled to report F3Q EPS next Wednesday (7/29) before the open. Since the 12m price target US$70.00

company last reported, SMG has moved +13.4% higher on an absolute basis, with our

conversations with investors signaling that sentiment continues to become more

Price (20 Jul 2026) US$70.54

constructive on both the setup for this quarter and the year. In fact, SMG is one of the

best performing stock MTD in our coverage (+3.3%), which is primarily due to the fact RIC: SMG.N BBG: SMG US

that (1) the setup this quarter looks increasingly attractive due to favorable weather/solid

Trading data and key metrics

POS trends, (2) management succession was recently formalized, clearing an overhang

52-wk range US$73.47-52.38

for the stock, and (3) estimates for FY26 look more than achievable at this stage due to

strong top line trends/efforts to drive continued margin expansion. The one point of Market cap. US$4.01b

debate in our view centers around FY27, where the company will have to deal with Shares o/s 56.9m (COM)

potential commodity inflation stemming from urea/other inputs (albeit costs have eased Free float 73%

relative to the Spring, they still remain elevated vs. FY26 levels and have moved up in Avg. daily volume ('000) 275

recent weeks) as well as any shifts in the company's LT targets at the upcoming Investor Avg. daily value (m) US$17.3

Day in NYC. While NT visibility remains strong, with shares trading as expensive relative Common s/h equity (09/26E) US$-0.31b