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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 12.6x - 13.9x | 13.2x |
Selected Fwd EBIT Multiple | 10.5x - 11.7x | 11.1x |
Fair Value | 9.40$ - 11.72$ | 10.56$ |
Upside | 17.9% - 46.9% | 32.4% |
Benchmarks | Ticker | Full Ticker |
Flexsteel Industries, Inc. | FLXS | NasdaqGS:FLXS |
Hooker Furnishings Corporation | HOFT | NasdaqGS:HOFT |
Bassett Furniture Industries, Incorporated | BSET | NasdaqGS:BSET |
La-Z-Boy Incorporated | LZB | NYSE:LZB |
Ethan Allen Interiors Inc. | ETD | NYSE:ETD |
Leggett & Platt, Incorporated | LEG | NYSE:LEG |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
FLXS | HOFT | BSET | LZB | ETD | LEG | ||
NasdaqGS:FLXS | NasdaqGS:HOFT | NasdaqGS:BSET | NYSE:LZB | NYSE:ETD | NYSE:LEG | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | -25.3% | NM- | 4.4% | 8.2% | -14.4% | |
3Y CAGR | -16.4% | -25.3% | NM- | 5.0% | -0.8% | -26.0% | |
Latest Twelve Months | 79.0% | -206.5% | -1216.6% | -3.5% | -27.6% | -31.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 2.1% | 2.9% | 2.0% | 8.2% | 12.1% | 9.0% | |
Prior Fiscal Year | 2.0% | 3.1% | 0.2% | 9.4% | 16.9% | 6.9% | |
Latest Fiscal Year | 4.1% | 2.8% | -2.6% | 7.7% | 12.1% | 5.1% | |
Latest Twelve Months | 5.3% | -3.4% | -2.6% | 7.5% | 11.6% | 5.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.58x | 0.42x | 0.56x | 0.84x | 1.02x | 0.63x | |
EV / LTM EBITDA | 9.3x | -36.8x | 134.4x | 8.5x | 7.3x | 7.7x | |
EV / LTM EBIT | 10.9x | -12.2x | -21.6x | 11.3x | 8.8x | 12.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -21.6x | 8.8x | 11.3x | ||||
Historical EV / LTM EBIT | 11.8x | 13.5x | 19.1x | ||||
Selected EV / LTM EBIT | 12.6x | 13.2x | 13.9x | ||||
(x) LTM EBIT | 226 | 226 | 226 | ||||
(=) Implied Enterprise Value | 2,839 | 2,989 | 3,138 | ||||
(-) Non-shareholder Claims * | (1,699) | (1,699) | (1,699) | ||||
(=) Equity Value | 1,140 | 1,290 | 1,439 | ||||
(/) Shares Outstanding | 134.7 | 134.7 | 134.7 | ||||
Implied Value Range | 8.46 | 9.57 | 10.68 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 8.46 | 9.57 | 10.68 | 7.98 | |||
Upside / (Downside) | 6.1% | 19.9% | 33.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FLXS | HOFT | BSET | LZB | ETD | LEG | |
Enterprise Value | 250 | 162 | 185 | 1,766 | 641 | 2,774 | |
(+) Cash & Short Term Investments | 12 | 20 | 60 | 317 | 139 | 350 | |
(+) Investments & Other | 0 | 0 | 0 | 13 | 45 | 0 | |
(-) Debt | (66) | (72) | (107) | (488) | (126) | (2,049) | |
(-) Other Liabilities | 0 | 0 | 0 | (11) | 0 | (1) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 196 | 110 | 138 | 1,597 | 700 | 1,075 | |
(/) Shares Outstanding | 5.3 | 10.5 | 8.8 | 41.3 | 25.4 | 134.7 | |
Implied Stock Price | 37.16 | 10.45 | 15.71 | 38.68 | 27.53 | 7.98 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 37.16 | 10.45 | 15.71 | 38.68 | 27.53 | 7.98 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |