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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 2,4x - 2,6x | 2,5x |
Selected Fwd Revenue Multiple | 1,5x - 1,6x | 1,5x |
Fair Value | 36,52$ - 42,55$ | 39,54$ |
Upside | -37,4% - -27,1% | -32,2% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Flexsteel Industries, Inc. | FLXS | NasdaqGS:FLXS |
Hooker Furnishings Corporation | HOFT | NasdaqGS:HOFT |
Leggett & Platt, Incorporated | LEG | NYSE:LEG |
La-Z-Boy Incorporated | LZB | NYSE:LZB |
Bassett Furniture Industries, Incorporated | BSET | NasdaqGS:BSET |
Somnigroup International Inc. | SGI | NYSE:SGI |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
FLXS | HOFT | LEG | LZB | BSET | SGI | |||
NasdaqGS:FLXS | NasdaqGS:HOFT | NYSE:LEG | NYSE:LZB | NasdaqGS:BSET | NYSE:SGI | |||
Historical Revenue Growth | ||||||||
5Y CAGR | -1.4% | -8.7% | -1.6% | 3.2% | -6.1% | 9.7% | ||
3Y CAGR | -4.8% | -7.1% | -4.7% | 5.7% | -8.5% | 0.0% | ||
Latest Twelve Months | 7.7% | -16.7% | -7.2% | 1.8% | -15.4% | 0.1% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 2.1% | 2.9% | 9.0% | 8.2% | 2.0% | 13.9% | ||
Prior Fiscal Year | 2.0% | 3.1% | 6.9% | 9.4% | 0.2% | 11.9% | ||
Latest Fiscal Year | 4.1% | 2.8% | 5.1% | 7.7% | -2.6% | 12.5% | ||
Latest Twelve Months | 5.3% | -3.4% | 5.1% | 7.5% | -2.6% | 12.5% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.58x | 0.42x | 0.63x | 0.84x | 0.56x | 3.35x | ||
EV / LTM EBIT | 10.9x | -12.2x | 12.3x | 11.3x | -21.6x | 26.9x | ||
Price / LTM Sales | 0.45x | 0.28x | 0.25x | 0.76x | 0.42x | 2.47x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.42x | 0.58x | 0.84x | |||||
Historical EV / LTM Revenue | 1.79x | 2.42x | 3.35x | |||||
Selected EV / LTM Revenue | 2.38x | 2.51x | 2.64x | |||||
(x) LTM Revenue | 4,931 | 4,931 | 4,931 | |||||
(=) Implied Enterprise Value | 11,758 | 12,377 | 12,995 | |||||
(-) Non-shareholder Claims * | (4,340) | (4,340) | (4,340) | |||||
(=) Equity Value | 7,418 | 8,037 | 8,656 | |||||
(/) Shares Outstanding | 208.5 | 208.5 | 208.5 | |||||
Implied Value Range | 35.57 | 38.54 | 41.51 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 35.57 | 38.54 | 41.51 | 58.34 | ||||
Upside / (Downside) | -39.0% | -33.9% | -28.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FLXS | HOFT | LEG | LZB | BSET | SGI | |
Enterprise Value | 250 | 162 | 2,774 | 1,766 | 185 | 16,505 | |
(+) Cash & Short Term Investments | 12 | 20 | 350 | 317 | 60 | 117 | |
(+) Investments & Other | 0 | 0 | 0 | 13 | 0 | 21 | |
(-) Debt | (66) | (72) | (2,049) | (488) | (107) | (4,469) | |
(-) Other Liabilities | 0 | 0 | (1) | (11) | 0 | (9) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 196 | 110 | 1,075 | 1,597 | 138 | 12,165 | |
(/) Shares Outstanding | 5.3 | 10.5 | 134.7 | 41.3 | 8.8 | 208.5 | |
Implied Stock Price | 37.16 | 10.45 | 7.98 | 38.68 | 15.71 | 58.34 | |
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 | 7.98 | 38.68 | 15.71 | 58.34 | |
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 |