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Haverty Furniture companies, inc. (HVT). Shao- Lun Lu, Ying Jiang, Jiazi Cui Presented: May 1, 2014. Agenda. 1. Company Overview 2. Relevant Macroeconomic Trends 3. Industry Structure Analysis 4. Financial Analysis 5. Projections/Assumptions 6. Valuation 7. Recommendation.

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Haverty Furniture companies, inc. (HVT)

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Haverty furniture companies inc hvt

Haverty Furniture companies, inc. (HVT)

Shao-Lun Lu,

Ying Jiang,

Jiazi Cui

Presented: May 1, 2014


Agenda

Agenda

  • 1. Company Overview

  • 2. Relevant Macroeconomic Trends

  • 3. Industry Structure Analysis

  • 4. Financial Analysis

  • 5. Projections/Assumptions

  • 6. Valuation

  • 7. Recommendation


Company overview

Company Overview

  • Incorporated in Atlanta in 1885.

  • 3266 employees.

  • Market Cap : 750 million.

  • Business: residential furniture and accessories.

  • Customers: college educated women in middle to upper-middle income households.

  • Positioning: fashion and middle to upper-middle price ranges.

  • Channel: retail store and internet.

  • Marketing:

  • - Internet and Social Media.

  • - Bright inspiration (2010-2015).

Source: HVT 10-K report & FOURTH QUARTER AND YEAR 2013 report


Products

Products

Bed Room

Dining Room

Living Room


Hvt distribution system

HVT Distribution System

119 stores serving 80 cities in 16 states with approximately 4.3 million retail square feet.

Source: HVT 10k.


Management infomation

Management Infomation

Source: Bloomberg


Industry overview

Industry Overview

Source: Bloomberg


Industry overview1

Industry Overview

  • U.S. furniture & floor coverings market value

Source: MarketLine Industry Profile Furniture & Floor Coverings in the United States


Haverty furniture companies inc hvt

Industry Overview

Source: Bloomberg


Haverty furniture companies inc hvt

SWOT Analysis


Porter s five forces

Porter’s Five forces


Stock performance

Stock Performance

Source: Yahoo Finance


Financial analysis

Financial Analysis

  • Revenue Growth Rate keep growing

  • Sales for 2011 were virtually flat with 2010

  • FY 2012, the number of stores increased

Source: HAVERTY FURNITURE COMPANIES, INC.2013 10-K,. 2012 10-k, 2011 10-k2010 10-K, 2009 10-lBloomberg


Financial analysis1

Financial Analysis

Source: HAVERTY FURNITURE COMPANIES, INC.2013 10-K,. 2012 10-k, 2011 10-k2010 10-K, 2009 10-lBloomberg


Financial analysis2

Financial Analysis

Source: HAVERTY FURNITURE COMPANIES, INC.2013 10-K,. 2012 10-k, 2011 10-k2010 10-K, 2009 10-lBloomberg


Financial analysis3

Financial Analysis

Source: HAVERTY FURNITURE COMPANIES, INC.2013 10-K,. 2012 10-k, 2011 10-k2010 10-K, 2009 10-lBloomberg


Comparable

Comparable

Source: HAVERTY FURNITURE COMPANIES, INC.2013 10-K,.. Bloomberg


Comparable1

Comparable

Source: HAVERTY FURNITURE COMPANIES, INC.2013 10-K,. 2012 10-k, 2011 10-k2010 10-K, 2009 10-lBloomberg


Comparable2

Comparable

Source: HAVERTY FURNITURE COMPANIES, INC.2013 10-K,. 2012 10-k, 2011 10-k2010 10-K, 2009 10-lBloomberg


Revenue forecast

Revenue Forecast

Source: Havertty Inc. 2013 10-K,


Cost of capital

Cost of Capital

Source: HavertyInc. 2013 10-K, Bloomberg


Valuation dcf

Valuation-DCF

Source: Haverty Inc. 2013 10-K, Haverty Inc. 2010 10-K


Valuation dcf1

Valuation-DCF


Implied share price

Implied Share Price

Current Stock Price: $25.54


Recommendation

Recommendation

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