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Ethan Allen

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sorley
17 diapositives · 410 Views · Aug 16, 2014

Ethan Allen. Jon Dickey April 28, 2005. History. Founded in 1932 by Theodore Baumritter and Nathan Ancell Sold under the Allen name for the first time in 1937 Incorporated in 1989 to sell furniture through the countries largest network of home furnishing retail stores. Industry.

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Ethan Allen
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  1. Ethan Allen Jon Dickey April 28, 2005

  2. History • Founded in 1932 by Theodore Baumritter and Nathan Ancell • Sold under the Allen name for the first time in 1937 • Incorporated in 1989 to sell furniture through the countries largest network of home furnishing retail stores

  3. Industry • Furniture Industry • Competitors • Furniture International (FBN) • La-Z-Boy (LZB)

  4. Corporate Information • Operate in two segments • Retail • 46% of revenue • Wholesale • 54% of revenue • 6,600 employees • More than 300 stores based mostly in the U.S

  5. Our Position • Acquired on 10/22/1999 • Paid $33.00/share • 700 shares • Cost basis of $23,100 • Our Position • Currently trading at $30.60 a share • Worth $21,400 • A loss of $1,680

  6. ETH Market Cap: 1.08 B P/E (ttm): 14.19 EPS (ttm): 2.14 Revenue: 937.1 M Revenue Growth: 5.3% ROE: 17.42% Profit Margin (ttm): 8.4% Stock Price: $30.60 Industry Avg Market Cap: 478.43 M P/E (ttm): 20.52 EPS (ttm): .69 Revenue: 557.64 M Revenue Growth: 5.7% Key Statistics

  7. Recent ETH Developments • Ethan Allen has missed earnings and posted lower profits in each of the past two quarters • During that time, ETH stock has fallen by almost 25% • Since last earnings call, increased share repurchase capabilities to 2 million shares

  8. Recent Industry Developments • Furniture Brands also posted poor earnings in their most recent quarter • Domestic Furniture sales are down as a whole • The industry appears to be struggling due to a drop in the housing market • A very cyclical industry

  9. ETH last 5 years

  10. ETH vs. The Market

  11. ETH vs. LZB

  12. ETH vs. FBN

  13. Future Projections • DCF- Stock Price of $21.57 • View Excel

  14. Options • Buy More • Just a few months ago, the stock was very profitable • Stock repurchase plan could be a signal that the company is actually undervalued • Hold • Assuming that ETH will rebound from this downward cycle and the industry will regain profitability

  15. Options • Sell • ETH has shown very little profitability during its time in the portfolio and has underachieved greatly in recent months

  16. Recommendation • Sell all 700 shares of ETH at the market • Poor Earnings- the company is not making money right now • DCF shows little future growth

  17. Questions?