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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Selected Fwd Revenue Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | $30.60 - $34.26 | $32.43 |
| Upside | -20.9% - -11.4% | -16.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ethan Allen Interiors Inc. | ETD | NYSE:ETD |
| Bassett Furniture Industries, Incorporated | BSET | NasdaqGS:BSET |
| Flexsteel Industries, Inc. | FLXS | NasdaqGS:FLXS |
| Leggett & Platt, Incorporated | LEG | NYSE:LEG |
| Hooker Furnishings Corporation | HOFT | NasdaqGS:HOFT |
| La-Z-Boy Incorporated | LZB | NYSE:LZB |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ETD | BSET | FLXS | LEG | HOFT | LZB | |||
| NYSE:ETD | NasdaqGS:BSET | NasdaqGS:FLXS | NYSE:LEG | NasdaqGS:HOFT | NYSE:LZB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -2.8% | -6.1% | -1.4% | -1.6% | -8.7% | 3.2% | ||
| 3Y CAGR | -1.9% | -8.5% | -4.8% | -4.7% | -7.1% | 5.7% | ||
| Latest Twelve Months | -11.1% | -15.4% | 7.7% | -7.2% | -16.7% | 1.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 12.1% | 2.0% | 2.1% | 9.0% | 2.9% | 8.2% | ||
| Prior Fiscal Year | 16.9% | 0.2% | 2.0% | 6.9% | 3.1% | 9.4% | ||
| Latest Fiscal Year | 12.1% | -2.6% | 4.1% | 5.1% | 2.8% | 7.7% | ||
| Latest Twelve Months | 11.6% | -2.6% | 5.3% | 5.1% | -3.4% | 7.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.02x | 0.56x | 0.58x | 0.63x | 0.42x | 0.84x | ||
| EV / LTM EBIT | 8.8x | -21.6x | 10.9x | 12.3x | -12.2x | 11.3x | ||
| Price / LTM Sales | 1.12x | 0.42x | 0.45x | 0.25x | 0.28x | 0.76x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.42x | 0.58x | 1.02x | |||||
| Historical EV / LTM Revenue | 0.55x | 0.68x | 1.26x | |||||
| Selected EV / LTM Revenue | 0.69x | 0.72x | 0.76x | |||||
| (x) LTM Revenue | 2,092 | 2,092 | 2,092 | |||||
| (=) Implied Enterprise Value | 1,440 | 1,516 | 1,591 | |||||
| (-) Non-shareholder Claims * | (169) | (169) | (169) | |||||
| (=) Equity Value | 1,270 | 1,346 | 1,422 | |||||
| (/) Shares Outstanding | 41.3 | 41.3 | 41.3 | |||||
| Implied Value Range | 30.77 | 32.60 | 34.44 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 30.77 | 32.60 | 34.44 | 38.68 | ||||
| Upside / (Downside) | -20.5% | -15.7% | -11.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ETD | BSET | FLXS | LEG | HOFT | LZB | |
| Enterprise Value | 641 | 185 | 250 | 2,774 | 162 | 1,766 | |
| (+) Cash & Short Term Investments | 139 | 60 | 12 | 350 | 20 | 317 | |
| (+) Investments & Other | 45 | 0 | 0 | 0 | 0 | 13 | |
| (-) Debt | (126) | (107) | (66) | (2,049) | (72) | (488) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | 0 | (11) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 700 | 138 | 196 | 1,075 | 110 | 1,597 | |
| (/) Shares Outstanding | 25.4 | 8.8 | 5.3 | 134.7 | 10.5 | 41.3 | |
| Implied Stock Price | 27.53 | 15.71 | 37.16 | 7.98 | 10.45 | 38.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.53 | 15.71 | 37.16 | 7.98 | 10.45 | 38.68 | |
| 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 | |