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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. 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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  1. Haverty Furniture companies, inc. (HVT) Shao-Lun Lu, Ying Jiang, Jiazi Cui Presented: May 1, 2014

  2. Agenda • 1. Company Overview • 2. Relevant Macroeconomic Trends • 3. Industry Structure Analysis • 4. Financial Analysis • 5. Projections/Assumptions • 6. Valuation • 7. Recommendation

  3. 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

  4. Products Bed Room Dining Room Living Room

  5. HVT Distribution System 119 stores serving 80 cities in 16 states with approximately 4.3 million retail square feet. Source: HVT 10k.

  6. Management Infomation Source: Bloomberg

  7. Industry Overview Source: Bloomberg

  8. Industry Overview • U.S. furniture & floor coverings market value Source: MarketLine Industry Profile Furniture & Floor Coverings in the United States

  9. Industry Overview Source: Bloomberg

  10. SWOT Analysis

  11. Porter’s Five forces

  12. Stock Performance Source: Yahoo Finance

  13. 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

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

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

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

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

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

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

  20. Revenue Forecast Source: Havertty Inc. 2013 10-K,

  21. Cost of Capital Source: HavertyInc. 2013 10-K, Bloomberg

  22. Valuation-DCF Source: Haverty Inc. 2013 10-K, Haverty Inc. 2010 10-K

  23. Valuation-DCF

  24. Implied Share Price Current Stock Price: $25.54

  25. Recommendation Watch List

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