Strong position in the mature, low-growth lawn and garden products industry. Good brand equity: the Scotts, Miracle-Gro, and RoundUp brands have high market shares (50%-70% range). Upside for the small but growing hydroponics segment, depending on U.S. regulatory and social climate. Meaningful customer concentration, limited geographic diversity, and narrow product focus. Exposure to commodity cost volatility, seasonality, and weather fluctuations. Inherent health and environmental risks associated with fertilizer and pesticide products. Good cash flow generation capacity, likely to be used for dividends, share buybacks, and moderate-sized acquisitions. Recent history of shifting financial policies, including fluctuating leverage targets. The outlook on The Scotts Miracle-Gro Co. is stable. S&P Global Ratings forecasts relatively consistent performance but weaker credit ratios over the next
