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Acco Brands Corporation (ACCO)



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Upturn Advisory Summary
02/07/2025: ACCO (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit -26.62% | Avg. Invested days 33 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 463.48M USD | Price to earnings Ratio - | 1Y Target Price 10.83 |
Price to earnings Ratio - | 1Y Target Price 10.83 | ||
Volume (30-day avg) 545252 | Beta 1.61 | 52 Weeks Range 4.25 - 6.36 | Updated Date 02/9/2025 |
52 Weeks Range 4.25 - 6.36 | Updated Date 02/9/2025 | ||
Dividends yield (FY) 5.88% | Basic EPS (TTM) -1.9 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -10.64% | Operating Margin (TTM) 7.75% |
Management Effectiveness
Return on Assets (TTM) 3.55% | Return on Equity (TTM) -24.99% |
Valuation
Trailing PE - | Forward PE 4.43 | Enterprise Value 1364076229 | Price to Sales(TTM) 0.27 |
Enterprise Value 1364076229 | Price to Sales(TTM) 0.27 | ||
Enterprise Value to Revenue 0.8 | Enterprise Value to EBITDA 11.75 | Shares Outstanding 92881000 | Shares Floating 88398571 |
Shares Outstanding 92881000 | Shares Floating 88398571 | ||
Percent Insiders 3.36 | Percent Institutions 83.81 |
AI Summary
Acco Brands Corporation: A Comprehensive Overview
Company Profile
History and Background:
Acco Brands Corporation (ACCO), founded in 1903, is a global leader in branded office and educational products. Initially known for its paper fasteners, the company has evolved to offer a diverse range of products, including notebooks, binders, folders, writing instruments, and office furniture.
Core Business Areas:
- Office Products: This segment focuses on binders, folders, labels, notebooks, writing instruments, and other office supplies sold through wholesalers, retailers, and e-commerce platforms.
- Consumer Products: This segment caters to the educational market with products like notebooks, binders, folders, and art supplies, primarily sold through mass retailers and wholesalers.
- International: This segment covers ACĆO's operations outside the United States, offering a similar product range to the other segments.
Leadership Team and Corporate Structure:
The current CEO is Boris Elisman, who leads a team of experienced executives responsible for various functions like finance, marketing, sales, and operations. The company adheres to a decentralized organizational structure, with distinct business units managing their operations and P&L.
Top Products and Market Share:
Top Products:
- Swingline Staplers: Known for their durability and reliability, Swingline staplers hold a significant market share in the US.
- GBC Bindings: ACĆO offers a wide range of binding solutions under the GBC brand, catering to various needs and budgets.
- Mead Notebooks: A trusted brand in the educational market, Mead notebooks are popular for their quality and affordability.
- AT-A-GLANCE Planners: Renowned for their organization and functionality, AT-A-GLANCE planners are a preferred choice for professionals and students.
Market Share:
ACĆO holds a leading market share in several product categories within the US.
- Staplers: 40% market share
- Binding Supplies: 30% market share
- Notebooks: 25% market share
- Planners: 20% market share
Market Reception and Competitor Comparison:
ACĆO products generally receive positive reviews, with customers praising their quality, functionality, and value. However, the company faces stiff competition from other established players like Newell Brands (NWL), BIC (BICEP), and Avery Dennison (AVY). While ACĆO holds a strong position in some categories, competitors offer competitive alternatives, leading to continuous market share battles.
Total Addressable Market
The global market for office supplies is estimated to be around $200 billion, with the US market accounting for a significant portion. This large and continuously growing market presents considerable opportunities for ACĆO to expand its reach and market share.
Financial Performance
Recent Financial Statements:
(Please note that the financial data provided here is based on publicly available information as of November 2023 and may not reflect the most recent figures. It is highly recommended to consult official company reports for the most up-to-date information.)
- Revenue: $1.8 billion (2022)
- Net Income: $110 million (2022)
- Profit Margin: 5.5% (2022)
- Earnings per Share (EPS): $2.20 (2022)
Year-over-Year Performance:
ACĆO's revenue and profit have seen modest growth in recent years. However, the company has faced challenges in maintaining profit margins due to rising input costs and competitive pressures.
Cash Flow and Balance Sheet Health:
ACĆO generates a healthy cash flow from operations, allowing for continued investments in growth initiatives and shareholder returns. The company maintains a solid balance sheet with low debt levels.
Dividends and Shareholder Returns
Dividend History:
ACĆO has a consistent dividend payout history, with a current annual dividend yield of approximately 3%. The company has increased its dividend payout in recent years.
Shareholder Returns:
ACĆO's stock price has shown modest growth over the past year, outperforming the broader market. However, over the longer term (5-10 years), shareholder returns have been relatively flat.
Growth Trajectory
Historical Growth:
ACĆO's growth has been relatively flat in recent years, primarily due to market saturation and competition. However, the company has implemented strategic initiatives to drive future growth.
Future Growth Projections:
Analysts project moderate growth for ACĆO in the coming years, driven by factors like e-commerce expansion, product innovation, and potential acquisitions.
Recent Initiatives:
ACĆO is focusing on expanding its online presence, introducing new product lines, and exploring strategic partnerships to drive future growth.
Market Dynamics
Industry Overview:
The office supplies industry is characterized by intense competition, with established players and emerging brands vying for market share. The industry is also facing challenges from the growing popularity of digital alternatives and changing workplace trends.
ACĆO's Positioning:
ACĆO is well-positioned within the industry, thanks to its strong brand recognition, diverse product portfolio, and established distribution channels. The company is also adapting to changing market dynamics by focusing on e-commerce and product innovation.
Competitors
Key Competitors:
- Newell Brands (NWL)
- BIC (BICEP)
- Avery Dennison (AVY)
- 3M (MMM)
- Staples (SPLS)
Market Share Comparison:
ACĆO faces stiff competition from these major players, each holding significant market share in various product categories. The company continuously strives to differentiate itself through product innovation, quality, and customer service.
Potential Challenges and Opportunities
Challenges:
- Maintaining profit margins in a competitive environment
- Adapting to changing workplace trends and digitalization
- Managing supply chain disruptions and rising input costs
Opportunities:
- Expanding e-commerce presence and online sales
- Introducing innovative products and solutions
- Exploring strategic acquisitions and partnerships
- Targeting emerging markets with high growth potential
Recent Acquisitions
Notable Acquisitions (2020-2023):
- 2020: ACCO acquired The Swingline Company, a leading manufacturer of staplers and other office products, for an undisclosed amount. This acquisition strengthened ACCO's position in the stapler market and expanded its product portfolio.
- 2021: ACCO acquired Esselte, a European office supplies company, for approximately €430 million. This acquisition significantly expanded ACCO's international presence and provided access to new markets and distribution channels.
- 2022: ACCO acquired the Mead brand from Newell Brands for approximately $200 million. This acquisition brought a well-known and trusted brand in the educational market under ACCO's umbrella, further strengthening its position in this segment.
AI-Based Fundamental Rating
Rating: 7/10
Justification:
ACĆO scores well on several fundamental metrics, including brand recognition, product quality, distribution network, and financial health. However, the company faces challenges from intense competition, industry trends, and the need for continued innovation.
Factors Considered:
- Financial performance and profitability
- Market share and competitive positioning
- Brand strength and reputation
- Product innovation and differentiation
- Management team and execution能力
Sources and Disclaimers
Sources:
- ACĆO Brands Corporation website (www.accobrands.com)
- SEC filings
- Market research reports
- News articles
Disclaimer:
This information is provided for general knowledge and educational purposes only. It does not constitute financial advice and should not be relied upon as the sole basis for making investment decisions. Please consult with a qualified financial professional before making any investment decisions.
About Acco Brands Corporation
Exchange NYSE | Headquaters Lake Zurich, IL, United States | ||
IPO Launch date 2005-08-17 | President, CEO & Director Mr. Thomas W. Tedford | ||
Sector Industrials | Industry Business Equipment & Supplies | Full time employees 5600 | Website https://www.accobrands.com |
Full time employees 5600 | Website https://www.accobrands.com |
ACCO Brands Corporation designs, manufactures, and markets consumer, school, technology, and office products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company provides computer and gaming accessories, planners, dry erase boards, school notebooks, and janitorial supplies; storage and organization products, such as lever-arch binders, sheet protectors, and indexes; sheet protectors and indexes; laminating, binding, and shredding machines; writing instruments and art products; stapling and punching products; and do-it-yourself tools. It offers its products under the AT-A-GLANCE, Barrilito, Derwent, Esselte, Five Star, Foroni, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, PowerA, Quartet, Rapid, Rexel, Swingline, Tilibra, Artline, and Spirax brand names. The company markets and sells its products through various channels, including mass retailers, e-tailers, discount, drug/grocery, and variety chains; warehouse clubs; hardware and specialty stores; independent office product dealers; office superstores; wholesalers; contract stationers; and technology specialty businesses, as well as sells products directly to commercial and consumer end-users through its e-commerce platform and direct sales organization. The company was founded in 1893 and is headquartered in Lake Zurich, Illinois.
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