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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.2x - 10.1x | 9.6x |
| Selected Fwd EBIT Multiple | 8.3x - 9.2x | 8.8x |
| Fair Value | $30.94 - $34.63 | $32.79 |
| Upside | -20.8% - -11.4% | -16.1% |
| Benchmarks | Ticker | Full Ticker |
| Bassett Furniture Industries, Incorporated | BSET | NasdaqGS:BSET |
| Leggett & Platt, Incorporated | LEG | NYSE:LEG |
| Hooker Furnishings Corporation | HOFT | NasdaqGS:HOFT |
| Flexsteel Industries, Inc. | FLXS | NasdaqGS:FLXS |
| Ethan Allen Interiors Inc. | ETD | NYSE:ETD |
| La-Z-Boy Incorporated | LZB | NYSE:LZB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BSET | LEG | HOFT | FLXS | ETD | LZB | ||
| NasdaqGS:BSET | NYSE:LEG | NasdaqGS:HOFT | NasdaqGS:FLXS | NYSE:ETD | NYSE:LZB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -14.4% | -25.3% | NM- | 8.2% | 4.4% | |
| 3Y CAGR | NM- | -26.0% | -25.3% | -16.4% | -0.8% | 5.0% | |
| Latest Twelve Months | -1216.6% | -31.1% | -206.5% | 79.0% | -27.6% | -3.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.0% | 9.0% | 2.9% | 2.1% | 12.1% | 8.2% | |
| Prior Fiscal Year | 0.2% | 6.9% | 3.1% | 2.0% | 16.9% | 9.4% | |
| Latest Fiscal Year | -2.6% | 5.1% | 2.8% | 4.1% | 12.1% | 7.7% | |
| Latest Twelve Months | -2.6% | 5.1% | -3.4% | 5.3% | 11.6% | 7.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.55x | 0.63x | 0.40x | 0.57x | 1.03x | 0.85x | |
| EV / LTM EBITDA | 131.4x | 7.7x | -35.8x | 9.1x | 7.3x | 8.6x | |
| EV / LTM EBIT | -21.2x | 12.3x | -11.9x | 10.7x | 8.9x | 11.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -21.2x | 8.9x | 12.3x | ||||
| Historical EV / LTM EBIT | 5.6x | 9.2x | 16.5x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.6x | 10.1x | ||||
| (x) LTM EBIT | 157 | 157 | 157 | ||||
| (=) Implied Enterprise Value | 1,435 | 1,510 | 1,586 | ||||
| (-) Non-shareholder Claims * | (169) | (169) | (169) | ||||
| (=) Equity Value | 1,265 | 1,341 | 1,416 | ||||
| (/) Shares Outstanding | 41.3 | 41.3 | 41.3 | ||||
| Implied Value Range | 30.64 | 32.47 | 34.30 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.64 | 32.47 | 34.30 | 39.09 | |||
| Upside / (Downside) | -21.6% | -16.9% | -12.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSET | LEG | HOFT | FLXS | ETD | LZB | |
| Enterprise Value | 181 | 2,765 | 158 | 246 | 646 | 1,783 | |
| (+) Cash & Short Term Investments | 60 | 350 | 20 | 12 | 139 | 317 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 45 | 13 | |
| (-) Debt | (107) | (2,049) | (72) | (66) | (126) | (488) | |
| (-) Other Liabilities | 0 | (1) | 0 | 0 | 0 | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 134 | 1,066 | 106 | 192 | 704 | 1,614 | |
| (/) Shares Outstanding | 8.8 | 134.7 | 10.5 | 5.3 | 25.4 | 41.3 | |
| Implied Stock Price | 15.25 | 7.91 | 10.04 | 36.51 | 27.70 | 39.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.25 | 7.91 | 10.04 | 36.51 | 27.70 | 39.09 | |
| 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 | |