HNI Corporation (HNI)

Industry: Business Equipment & Supplies Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0UAI.L	1	IHS Markit Ltd.	37,559	20.29	20.29	6.90	6.44	24.94	9.39
7752.T	2	Ricoh Company, Ltd	16,366	12.19	12.19	5.27	4.64	12.63	13.91
AVY	3	Avery Dennison Cor	8,770	18.04	17.06	11.22	10.30	14.04	13.45
4902.T	4	Konica Minolta, In	6,792	-	-	10.16	10.13	9.87	14.91
6448.T	5	Brother Industries	5,699	11.43	11.08	3.76	3.63	5.34	6.33
603899.SS	6	Shanghai M&G Stati	3,469	19.00	18.54	14.67	14.43	13.44	14.47
SCS	7	Steelcase Inc.	3,259	20.83	22.46	11.47	12.19	11.25	19.79
HNI	8	HNI Corporation	2,593	15.04	12.95	7.24	6.26	9.82	10.11
7984.T	9	Kokuyo Co., Ltd.	2,215	18.55	16.73	7.98	7.40	16.46	10.51
7994.T	10	Okamura Corporatio	2,073	10.35	8.61	6.87	6.15	15.01	8.04
002152.SZ	11	GRG Banking Equipm	1,654	40.59	39.28	24.72	24.04	70.57	24.26
002301.SZ	12	Shenzhen Comix Gro	1,586	89.58	123.26	21.15	30.16	9.93	44.45
ACCO	13	ACCO Brands Corpor	1,544	9.01	10.21	2.74	2.97	3.92	4.67
0327.HK	14	PAX Global Technol	1,530	4.05	3.55	1.83	1.55	1.92	1.64
CATM	15	Cardtronics plc	1,411	90.55	116.26	10.08	10.25	24.76	32.40
ITAB.ST	16	ITAB Shop Concept	1,197	20.00	20.00	7.90	6.30	9.20	10.96

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	18.29	16.90	7.90	6.44	11.25	10.96
Full Range Median Multiple	18.77	17.80	7.98	7.40	12.63	13.45
Industry Multiple	27.46	31.39	9.78	10.04	16.22	15.28
Market Implied Multiple	15.40	13.25	7.38	6.38	10.01	10.31
Company (HNI) Multiple	15.04	12.95	7.24	6.26	9.82	10.11
(*) Net Income / EBITDA / Revenue	142	164	355	410	262	254
Winsorized Enterprise Value	N/A	N/A	2,802	2,642	2,942	2,784
Full Range Median Enterprise Value	N/A	N/A	2,832	3,039	3,304	3,417
(-) Net Debt	439	439	439	439	439	439
Winsorized Equity Value	2,590	2,779	2,363	2,203	2,504	2,345
Full Range Median Equity Value	2,658	2,928	2,393	2,600	2,865	2,978
(/) Shares Outstanding	46	46	46	46	46	46
Winsorized Fair Value	$56.06	$60.15	$51.16	$47.69	$54.19	$50.76
Full Range Median Fair Value	$57.54	$63.38	$51.81	$56.28	$62.01	$64.47
Current Price	$47.19	$47.19	$47.19	$47.19	$47.19	$47.19
Upside / Downside	18.80%	27.47%	8.41%	1.07%	14.84%	7.58%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$39.24	$42.11	$35.81	$33.39	$37.94	$35.54
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy