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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.4x - 12.5x | 11.9x |
| Selected Fwd EBITDA Multiple | 7.7x - 8.5x | 8.1x |
| Fair Value | $18.66 - $21.33 | $19.99 |
| Upside | -4.8% - 8.9% | 2.1% |
| Benchmarks | Ticker | Full Ticker |
| The Dixie Group, Inc. | DXYN | OTCPK:DXYN |
| Lifetime Brands, Inc. | LCUT | NasdaqGS:LCUT |
| Flexsteel Industries, Inc. | FLXS | NasdaqGS:FLXS |
| Hooker Furnishings Corporation | HOFT | NasdaqGS:HOFT |
| La-Z-Boy Incorporated | LZB | NYSE:LZB |
| The Lovesac Company | LOVE | NasdaqGM:LOVE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DXYN | LCUT | FLXS | HOFT | LZB | LOVE | ||
| OTCPK:DXYN | NasdaqGS:LCUT | NasdaqGS:FLXS | NasdaqGS:HOFT | NYSE:LZB | NasdaqGM:LOVE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -31.3% | -1.2% | 41.0% | -18.7% | 5.5% | NM- | |
| 3Y CAGR | -51.4% | -16.4% | -15.1% | -15.9% | 6.8% | -16.3% | |
| Latest Twelve Months | -73.8% | -4.0% | 58.1% | -121.5% | 0.0% | -33.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.8% | 8.5% | 3.3% | 4.3% | 10.2% | 5.5% | |
| Prior Fiscal Year | 2.7% | 7.8% | 3.1% | 4.5% | 11.1% | 6.1% | |
| Latest Fiscal Year | 0.7% | 7.5% | 5.0% | 4.8% | 10.1% | 4.2% | |
| Latest Twelve Months | 0.7% | 7.5% | 6.3% | -1.1% | 9.9% | 4.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.44x | 0.49x | 0.52x | 0.35x | 0.82x | 0.57x | |
| EV / LTM EBITDA | 59.2x | 6.5x | 8.4x | -30.6x | 8.3x | 13.7x | |
| EV / LTM EBIT | -25.2x | 11.4x | 9.8x | -10.2x | 10.9x | 28.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -30.6x | 8.3x | 59.2x | ||||
| Historical EV / LTM EBITDA | 12.7x | 15.6x | 156.9x | ||||
| Selected EV / LTM EBITDA | 11.4x | 11.9x | 12.5x | ||||
| (x) LTM EBITDA | 28 | 28 | 28 | ||||
| (=) Implied Enterprise Value | 322 | 339 | 356 | ||||
| (-) Non-shareholder Claims * | (99) | (99) | (99) | ||||
| (=) Equity Value | 223 | 240 | 256 | ||||
| (/) Shares Outstanding | 14.8 | 14.8 | 14.8 | ||||
| Implied Value Range | 15.05 | 16.19 | 17.34 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.05 | 16.19 | 17.34 | 19.59 | |||
| Upside / (Downside) | -23.2% | -17.3% | -11.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DXYN | LCUT | FLXS | HOFT | LZB | LOVE | |
| Enterprise Value | 114 | 331 | 220 | 132 | 1,725 | 389 | |
| (+) Cash & Short Term Investments | 0 | 3 | 12 | 20 | 317 | 84 | |
| (+) Investments & Other | 1 | 0 | 0 | 0 | 13 | 0 | |
| (-) Debt | (108) | (250) | (66) | (72) | (488) | (183) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (11) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7 | 84 | 166 | 80 | 1,555 | 290 | |
| (/) Shares Outstanding | 14.4 | 22.2 | 5.3 | 10.5 | 41.3 | 14.8 | |
| Implied Stock Price | 0.48 | 3.81 | 31.45 | 7.57 | 37.67 | 19.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.48 | 3.81 | 31.45 | 7.57 | 37.67 | 19.59 | |
| 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 | |