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ACCO Brands Corporation (ACCO) - Post Call Commentary - Raising PT

Thursday, April 29, 2021

ACCO Brands Corporation (ACCO)
Post Call Commentary

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Light at the End of the Tunnel? Although COVID's grip remains, it is loosening, suggesting 2H21 could be stronger than 1H21. While MEA already is exhibiting strong performance, the key North America business is seeing light at the end of the tunnel. In the key back-to-school market, some 60% of schools are back to in-person learning with another 30% under a hybrid model. And, as students go back to in-person learning, that should open back up the commercial office market.

    PowerA=Powerhouse! PowerA 1Q21 revenue was up 105.6% y-o-y to $62.7 million, driven by strong market growth, product availability, and geographic expansion.  Management is projecting another 17%-41% jump in segment revenue in 2Q21 and increased its estimate for full year revenue growth to 25% from a prior 15%. One potential hiccup could be a lack of product availability in 2H21, suggesting revenue ...




This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 



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