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Multiples BSET ETH FBN HVT LZB RH STLY TPX WSM Teuer
Enterprise Value/Sales 0.4x 0.9x 0.1x 0.5x 0.5x 2.4x 0.3x 1.7x 1.0x
Enterprise Value/Adjusted net income 4.3x 10.7x NMF 21.5x 7.3x NMF 0.9x 20.3x 15.1x
Enterprise Value/Cash flow assets NMF 23.0x NMF 20.3x 9.1x NMF 1.3x 26.6x 30.6x
Equity/Net income 5.8x 11.5x NMF 24.3x 9.0x NMF 2.2x 17.6x 16.7x
Parameters
Number of shares 9,945
317,799
Exhibit 1-A: Bassett Furniture Industries Inc (BSET)
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
-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
12/31/2009 12/31/2008
1224.4 1744.5
986.2
322.8
20.7
0.0
65.8
5.3
-176.5
-67.8
-108.7
-171.1
-65.7
-105.4
12/31/2009
83.9
184.5
226.1
9.3
503.7
134.4
87.6
32.4
254.4
758.1
83.8
75.9
0.0
17.0
0.0
176.8
78.0
240.6
262.8
758.1
-29.8%
19.5%
-8.9%
15.1%
22.9%
8.5%
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
12/31/2009 12/31/2008
588.3 691.1
282.8
292.2
19.3
0.0
-1.4
0.8
-5.4
-1.2
-4.2
-4.6
-1.0
-3.6
12/31/2009
44.5
15.3
93.3
15.2
168.3
176.4
0.0
16.2
192.6
360.9
19.1
30.2
0.0
0.4
21.8
71.4
6.8
38.1
244.6
360.9
-14.9%
51.9%
-0.7%
2.6%
33.0%
6.8%
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
4/25/2009 4/25/2008
1226.7 1450.9
887.9
408.7
24.1
0.0
-2.6
5.6
-97.0
24.3
-121.3
-91.4
22.9
-114.4
4/25/2009
36.1
147.9
140.2
23.7
347.8
150.2
3.1
51.4
204.8
552.5
41.6
75.7
0.0
8.7
0.0
126.0
52.1
68.6
305.7
552.5
-15.5%
27.6%
-9.9%
12.1%
15.8%
4.7%
Exhibit 1-F: Restoration Hardware Holdings Inc (RH)
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
12/31/2009 12/31/2008
160.5 226.5
158.7
20.7
6.0
0.0
-9.5
3.7
-19.1
-7.4
-11.7
-15.4
-5.9
-9.5
12/31/2009
41.8
22.2
37.2
8.3
109.6
31.4
9.1
0.5
40.9
150.5
11.6
9.2
0.0
1.4
0.0
22.3
26.4
8.9
92.9
150.4
-29.2%
1.1%
-7.3%
13.8%
23.5%
7.3%
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
12/31/2009 12/31/2008
831.2 927.8
437.5
208.6
40.2
0.0
-0.4
17.3
128.0
43.0
85.0
145.4
48.9
96.5
12/31/2009
14.0
105.6
57.7
31.7
209.0
172.5
258.1
3.8
434.4
643.4
47.8
81.5
0.0
0.0
7.3
136.5
297.5
37.1
172.3
643.4
-10.4%
47.4%
10.2%
12.7%
13.2%
10.9%
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
1/31/2010 1/31/2009
3102.7 3364.7
1999.5
797.1
151.8
0.0
32.7
1.4
120.3
42.8
77.5
121.7
43.3
78.3
1/31/2010
513.9
44.2
466.1
155.9
1180.2
829.0
0.0
69.9
899.0
2079.2
188.2
107.7
0.0
1.6
265.9
563.5
8.7
295.4
1211.6
2079.2
-7.8%
35.6%
2.5%
1.4%
23.3%
9.4%
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
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%
Teuer Furniture Pro Forma Cash Flow from Assets
2012 2013 2014 2015 2016 2017 2018
Sales 148,218 164,987 181,865 199,509 217,418 231,340 242,103
- Costs -112,132 -125,505 -138,395 -151,457 -163,729 -171,532 -176,526
- Taxes -14,434 -15,793 -17,388 -19,221 -21,476 -23,923 -26,231
Net incom 21,651 23,689 26,082 28,831 32,214 35,885 39,346
- Capital -2,229 -2,367 -3,325 -4,114 -761 -322 -616
+ Depreci 1,450 1,084 1,373 1,959 2,631 2,559 2,178
- Increas -8,365 -7,257 -7,521 -7,568 -7,062 -5,283 -4,078
Cash Flow 12,508 15,150 16,608 19,109 27,022 32,839 36,829
Terminal Value 443,234
Parameters:
Asset disco 12.1%
Long term 3.5%
Shareholde 187 ownership n finan section in case
Shares out 9,945 footnote 11 or exh 10
Growth Rates:
Sales 11.3% 10.2% 9.7% 9.0% 6.4% 4.7%
Net income 9.4% 10.1% 10.5% 11.7% 11.4% 9.6%
Cash flow from assets 21.1% 9.6% 15.1% 41.4% 21.5% 12.2%
Implied g
Implied Implied Implied
2013 multiple growth Price 2018
P/s 1.926665 1.105124 7% 31.96325 1.98289
P/E 14.68149 10.83255 5.50% 34.97195 12.20103
P/FCFE 25.41352 12.03488 7.80% 38.71 13.03488
3.5% 17.8%
7.80% average of six years and 3.5 to perpetuity