Professional Documents
Culture Documents
Financial Data
Cash flow to assets -2.2
Stock price 14.2
Common shares outstanding 10.9
Market value of equity 154.7
Enterprise value 112.2
Multiples
Asset price/Cash flow assets NMF
Asset price/Adjusted net income 4.3x
Asset price/Sales 0.4x
Equity price/Net income 5.8x
12/31/2009 12/31/2008
232.7 288.3
129.9
103.8
0.0
0.0
21.6
2.0
-24.5
-1.8
-22.7
-22.5
-1.7
-20.9
12/31/2009
23.2
34.6
33.4
13.3
104.5
50.6
14.9
46.1
111.7
216.2
14.7
17.2
0.0
4.4
7.0
43.3
32.0
30.7
110.3
216.2
-19.3%
44.2%
-9.8%
14.9%
25.7%
11.3%
Exhibit 1-B: Ethan Allen Interiors Inc (ETH)
Financial Data
Cash flow to assets 27.7
Stock price 19.9
Common shares outstanding 28.8
Market value of equity 573.1
Enterprise value 638.9
Multiples
Asset price/Cash flow assets 23.0x
Asset price/Adjusted net income 10.7x
Asset price/Sales 0.9x
Equity price/Net income 11.5x
Exhibit 1-C: Furniture Brands International Inc (FBN)
Financial Data
Cash flow to assets -5.8
Stock price 7.4
Common shares outstanding 8.0
Market value of equity 59.7
Enterprise value 152.8
Multiples
Asset Price/Cash flow assets NMF
Asset price/Adjusted net income NMF
Asset Price/Sales 0.1x
Equity Price/Net income NMF
12/31/2008
1744.5
Exhibit 1-D: Haverty Furniture Companies Inc (HVT)
Financial Data
Cash flow to assets 16.2
Stock price 16.3
Common shares outstanding 22.3
Market value of equity 362.9
Enterprise value 328.7
Multiples
Asset Price/Cash flow assets 20.3x
Asset price/Adjusted net income 21.5x
Asset Price/Sales 0.5x
Equity Price/Net income 24.3x
12/31/2008
691.1
Exhibit 1-E: La-Z-Boy Incorporated (LZB)
Financial Data
Cash flow to assets 72.5
Stock price 15.3
Common shares outstanding 52.2
Market value of equity 801.4
Enterprise value 658.8
Multiples
Asset price/Cash flow assets 9.1x
Asset price/Adjusted net income 7.3x
Asset price/Sales 0.5x
Equity price/Net income 9.0x
4/25/2008
1450.9
Exhibit 1-F: Restoration Hardware Holdings Inc (RN)
Financial Data
Cash flow to assets -173.8
Stock price 70.3
Common shares outstanding 38.9
Market value of equity 2735.5
Enterprise value 2814.2
Multiples
Asset Price/Cash flow assets NMF
Asset price/Adjusted net income NMF
Asset Price/Sales 2.4x
Equity Price/Net income NMF
1/30/2010 1/30/2010
625.7 288.3
423.1
238.9
0.0
0.0
-10.5
3.2
-29.0
-0.4
-28.6
-25.8
-0.4
-25.5
1/30/2010
13.2
4.5
149.0
18.8
185.5
62.2
182.3
1.5
246.0
431.5
47.0
37.8
0.0
1.9
30.5
117.2
57.4
35.8
221.1
431.5
117.0%
32.4%
-4.6%
0.7%
35.2%
11.1%
Exhibit 1-G: Stanley Furniture Company (STLY)
Financial Data
Cash flow to assets 22.7
Stock price 4.5
Common shares outstanding 14.6
Market value of equity 65.6
Enterprise value 29.6
Multiples
Asset price/Cash flow assets 1.3x
Asset price/Adjusted net income 0.9x
Asset price/Sales 0.3x
Equity price/Net income 2.2x
12/31/2008
226.5
Exhibit 1-H: Tempur Sealy International Inc (TPX)
Financial Data
Cash flow to assets 88.5
Stock price 31.5
Common shares outstanding 59.7
Market value of equity 1880.0
Enterprise value 2350.7
Multiples
Asset price/Cash flow assets 26.6x
Asset price/Adjusted net income 20.3x
Asset price/Sales 1.7x
Equity price/Net income 17.6x
12/31/2008
927.8
Exhibit 1-I: Williams-Sonoma Inc (WSM)
Financial Data
Cash flow to assets 126.0
Stock price 43.8
Common shares outstanding 97.7
Market value of equity 4277.6
Enterprise value 3858.6
Multiples
Asset price/Cash flow assets 30.6x
Asset price/Adjusted net income 15.1x
Asset price/Sales 1.0x
Equity price/Net income 16.7x
1/31/2009
3364.7
Exhibit 2: Teuer Furniture
Financial Data
Cash flow to assets 12.5
Stock price
Common shares outstanding 9.9
Market value of equity 0.0
Enterprise value 0.0
Multiples
Asset Price/Cash flow assets 0.0x
Asset price/Adjusted net income 0.0x
Asset Price/Sales 0.0x
Equity Price/Net income 0.0x
12/31/2009 12/31/2008
90.7 79.2
47.3
29.6
2.2
0.0
5.4
0.0
6.2
0.5
5.6
6.2
0.5
5.6
12/31/2009
0.0
29.1
24.9
0.0
53.9
5.1
0.0
0.0
5.1
59.0
8.3
1.2
0.0
0.0
0.0
9.5
0.0
0.0
49.6
59.0
14.5%
47.8%
6.2%
32.0%
52.6%
17.5%
Exhibit: Comparable Firm Characteristics
Firm Characteristic BSET ETH FBN HVT LZB RN STLY TPX WSM Teuer
Exhibit: Multiples of Comparable Firms
Multiples BSET ETH FBN HVT LZB RN STLY TPX WSM Teuer
Asset price/Cash flow assets NMF 23 NMF 20.3 9.1 NMF 1.3 20.6 30.6
Asset price/Adjusted net income 4.3x 10.7 NMF 21.5 7.3 NMF 0.9 20.3 15.1
Asset price/Sales 0.4x 0.9 0.1 0.5 0.5 2.3 0.3 1.7 1
Equity price/Net income 5.8x 11.5 NMF 24.3 9 NMF 2.2 17.6 16.7