Patrick Industries, Inc. (PATK)

Industry: Furnishings, Fixtures & Appliances 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
ARCLK.IS	8	Arçelik Anonim Si	10,841	-	-	5.69	3.62	20.77	24.19
TPX	9	Tempur Sealy Inter	6,816	38.36	36.63	16.80	15.21	11.20	17.79
HWDN.L	10	Howden Joinery Gro	6,291	9.19	8.07	5.23	3.34	10.42	6.44
SN	11	SharkNinja, Inc.	6,085	24.29	24.29	15.82	15.82	13.61	18.63
1999.HK	12	Man Wah Holdings L	4,597	5.67	4.72	3.37	2.52	3.71	3.31
000521.SZ	13	Changhong Meiling	4,433	11.16	11.16	9.98	8.00	77.49	11.24
LEG	14	Leggett & Platt, I	4,173	5.49	5.52	4.91	5.06	9.31	11.08
PATK	15	Patrick Industries	3,873	27.91	25.66	15.32	14.19	18.39	16.88
MLKN	16	MillerKnoll, Inc.	3,764	-	-	15.04	13.44	14.52	35.00
VCP.L	17	Victoria PLC	3,406	-	-	16.30	11.10	-	-
021240.KS	18	COWAY Co., Ltd.	3,261	12.27	11.16	4.76	4.16	9.26	9.20
002032.SZ	19	Zhejiang Supor Co.	3,238	17.47	16.73	15.60	14.64	19.53	13.89
5947.T	20	Rinnai Corporation	2,986	17.04	16.08	5.88	5.55	9.47	7.33
603816.SS	21	Jason Furniture (H	2,795	15.34	14.61	9.46	8.52	9.19	10.92
MBC	22	MasterBrand, Inc.	2,758	20.61	20.61	9.53	9.53	15.83	12.77
603486.SS	23	Ecovacs Robotics C	2,724	38.05	26.62	34.15	25.96	36.58	23.86

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.81	12.89	9.46	8.00	10.81	11.16
Full Range Median Multiple	16.19	15.35	9.53	8.52	12.41	12.00
Industry Multiple	17.91	16.35	11.50	9.76	18.63	14.69
Market Implied Multiple	34.58	31.79	17.84	16.53	21.42	19.66
Company (PATK) Multiple	27.91	25.66	15.32	14.19	18.39	16.88
(*) Net Income / EBITDA / Revenue	121	131	318	344	265	289
Winsorized Enterprise Value	N/A	N/A	3,010	2,747	2,866	3,223
Full Range Median Enterprise Value	N/A	N/A	3,032	2,926	3,290	3,467
(-) Net Debt	1,512	1,512	1,512	1,512	1,512	1,512
Winsorized Equity Value	1,664	1,689	1,498	1,235	1,354	1,712
Full Range Median Equity Value	1,952	2,012	1,520	1,415	1,778	1,955
(/) Shares Outstanding	33	33	33	33	33	33
Winsorized Fair Value	$51.17	$51.94	$46.06	$37.98	$41.65	$52.64
Full Range Median Fair Value	$60.01	$61.86	$46.75	$43.50	$54.68	$60.12
Current Price	$128.15	$128.15	$128.15	$128.15	$128.15	$128.15
Upside / Downside	-60.07%	-59.47%	-64.06%	-70.36%	-67.50%	-58.93%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$35.82	$36.36	$32.24	$26.59	$29.15	$36.85
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy