Consumer Products Update

Primary Mufson Howe Hunter Contacts:

Anthony J. Lopez-Ona Managing Director 215.399.5405 [email protected] Michael J. Mufson Managing Director 215.399.5410 [email protected] Brandon K. Eck Managing Director 215.399.5411 [email protected] Michael J. Howe Managing Director 215.399.5413 [email protected] Joseph M. Manko, Jr. Managing Director 215.399.5402 [email protected]

Consumer Products Update October 2021 The Mufson Howe Hunter Consumer Products Update is designed to update business leaders, investors and industry professionals on current market trends and important developments within the consumer products sector of the economy. This report contains information on select companies in various subsectors within consumer products emphasizing financial performance, stock performance and M&A transactions.

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Mufson Howe Hunter & Company LLC is a middle-market focused investment bank providing M&A, capital raising and financial advisory services. Member SIPC | FINRA

mailto:[email protected]

0

MHH Sectors

Cleaning and Bath Products

Décor

Furniture

Hardware and Outdoor

Household Appliances

Housewares

MHH’s coverage of the Consumer Products Sector spans companies in the following six sub-segments for each

of which our index has been calculated as follows:

The MHH Cleaning and Bath Products Index is currently comprised of Church & Dwight Co., Inc., Colgate-

Palmolive Company, Kimberly-Clark Corporation, McBride plc, Prestige Brands Holdings, Inc., PZ Cussons Plc,

Reckitt Benckiser Group plc, The Clorox Company and The Procter & Gamble Company.

The MMH Décor Index is currently comprised of Armstrong World Industries, Inc., Colefax Group plc, Culp, Inc.,

Fortune Brands Home & Security, Inc., Interface, Inc., Masco Corporation, Mohawk Industries, Inc., RPM

International Inc., The Dixie Group, Inc. and The Sherwin-Williams Company

The MHH Furniture Index is currently comprised of Bassett Furniture Industries, Incorporated, Crown Crafts,

Inc., Flexsteel Industries, Inc., Herman Miller, Inc., HNI Corporation, Hooker Furniture Corporation, Kimball

International, Inc., Leggett & Platt, Incorporated, Steelcase Inc., Tempur Sealy International, Inc. and Unifi, Inc.

The MHH Hardware and Outdoor Index is currently comprised of Central Garden & Pet Company, Einhell

Germany AG, Husqvarna AB (publ), P&F Industries, Inc., Spectrum Brands Holdings, Inc., Techtronic Industries

Company Limited, The Toro Company and WD-40 Company.

The MMH Household Appliance Index is currently comprised of AB Electrolux, De'Longhi S.p.A., Fiskars Oyj,

iRobot Corporation, NACCO Industries, Inc., Stanley Black & Decker, Inc. and Whirlpool Corporation.

The MHH Housewares Index is currently comprised of Churchill China plc, Duni AB (publ), Helen of Troy Limited,

Henkel AG & Co. KGaA, Leifheit AG, Lifetime Brands, Inc., Newell Brands Inc., Portmeirion Group plc, SEB SA and

Tupperware Brands Corporation.

The companies that comprise each Index can change periodically as a result of a variety of reasons, including

mergers, acquisitions, initial public offerings and other transactions; therefore, comparisons to historical time

periods and historical performance for each Index may not entirely correspond and correlate to the Index’s

current performance. In addition, historical performance is not a guarantee or prediction of future results.

The information and statistical data contained herein have been obtained from sources that Mufson Howe

Hunter believes are reliable, but Mufson Howe Hunter makes no representation or warranty as to the accuracy

or completeness of any such information and data and expressly disclaims any and all liability relating to or

resulting from your use of these materials. The information and data contained herein are current and only as

of the date(s) indicated and Mufson Howe Hunter has no intention, obligation or duty to update these materials

after such date(s). These materials do not constitute an offer to sell or the solicitation of an offer to buy any

securities. Copyright © 2021 Mufson Howe Hunter & Company LLC. All rights reserved. The Consumer Products

Update is produced by Mufson Howe Hunter. Mufson Howe Hunter provides a full range of investment banking

services to consumer and retail companies. For more information, visit www.mhhco.com.

TABLE OF CONTENTS

Consumer Products Group Summary ................................................................... 1

Cleaning and Bath Products .................................................................................. 5

Décor .................................................................................................... 9

Furniture .................................................................................................. 13

Hardware and Outdoor ...................................................................................... 17

Household Appliances ........................................................................................ 21

Housewares .................................................................................................. 25

5

Consumer Products Group Summary

1

Public Comp Group Valuation Metrics

($ in millions, except per share data) Market & Capitalization LTM Performance Valuation MarginsEquity Enterprise Price/ Gross

Company Price (1)

Value Value (2)

Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA


The Procter & Gamble Company (NYSE:PG) $139.80 $338,308.7 $361,641.7 $77,138.0 $21,568.0 $5.47 4.69 x 16.8 x 25.5 x 50.5% 27.5%

Colgate-Palmolive Company (NYSE:CL) 79.37 66,949.7 74,306.7 17,081.0 4,629.0 3.20 4.35 x 16.1 x 24.8 x 60.7% 26.0%

Reckitt Benckiser Group plc (LSE:RKT) 78.71 56,223.7 68,923.1 18,893.7 4,466.5 (3.19) 3.65 x 15.4 x NM 58.8% 23.1%

Kimberly-Clark Corporation (NYSE:KMB) 132.44 44,594.8 53,511.8 19,311.0 4,288.0 5.88 2.77 x 12.5 x 22.5 x 32.9% 19.6%

The Clorox Company (NYSE:CLX) 165.61 20,339.1 23,387.1 7,341.0 1,542.0 5.58 3.19 x 15.2 x 29.7 x 43.6% 19.4%

Church & Dwight Co., Inc. (NYSE:CHD) 82.57 20,274.5 22,256.3 5,046.3 1,159.4 3.21 4.41 x 19.2 x 25.7 x 44.1% 22.2%

Prestige Consumer Healthcare Inc. (NYSE:PBH) 56.11 2,808.9 4,225.3 983.2 392.3 3.53 4.30 x 10.8 x 15.9 x 58.9% 34.5%

PZ Cussons Plc (LSE:PZC) 2.75 1,150.4 1,239.2 857.1 121.2 0.12 1.45 x 10.2 x 23.2 x 39.3% 12.7%

McBride plc (LSE:MCB) 0.80 139.3 303.0 942.3 60.2 0.11 0.32 x 5.0 x 7.4 x 34.7% 5.8%

Mean $61,198.8 $67,754.9 $16,399.3 $4,247.4 $2.66 3.24x 13.5x 21.8x 47.1% 21.2%

Median 20,339.1 23,387.1 7,341.0 1,542.0 3.21 3.65x 15.2x 24.0x 44.1% 22.2%

Décor

The Sherwin-Williams Company (NYSE:SHW) $279.73 $72,780.9 $83,276.7 $19,671.3 $4,038.4 $7.30 4.23 x 20.6 x 38.3 x 44.7% 17.5%

Masco Corporation (NYSE:MAS) 55.55 13,729.9 16,311.9 7,992.0 1,292.5 1.99 2.04 x 12.6 x 27.9 x 36.3% 15.4%

Fortune Brands Home & Security, Inc. (NYSE:FBHS) 89.42 12,329.1 14,497.5 7,353.1 1,281.0 5.42 1.97 x 11.3 x 16.5 x 36.4% 17.5%

Mohawk Industries, Inc. (NYSE:MHK) 177.40 12,245.8 13,911.7 10,839.5 2,138.1 14.53 1.28 x 6.5 x 12.2 x 29.5% 17.9%

RPM International Inc. (NYSE:RPM) 77.65 10,072.4 12,554.4 6,150.0 910.8 3.52 2.04 x 13.8 x 22.1 x 38.5% 13.4%

Colfax Corporation (NYSE:CFX) 45.90 6,533.5 8,280.1 3,499.2 602.3 0.79 2.37 x 13.7 x 58.1 x 42.7% 15.8%

Armstrong World Industries, Inc. (NYSE:AWI) 95.47 4,532.5 5,104.6 1,062.8 348.1 3.70 4.80 x 14.7 x 25.8 x 36.3% 24.3%

Interface, Inc. (NasdaqGS:TILE) 15.15 894.7 1,450.8 1,103.6 176.5 0.81 1.31 x 8.2 x 18.6 x 36.5% 13.4%

The Dixie Group, Inc. (NasdaqGM:DXYN) 4.86 75.0 172.0 365.7 26.0 0.12 0.47 x 6.6 x 38.9 x 24.7% 5.7%

Culp, Inc. (NYSE:CULP) 12.88 157.2 129.2 318.3 23.9 0.66 0.41 x 5.4 x 19.5 x 16.5% 6.5%

Mean $13,335.1 $15,568.9 $5,835.6 $1,083.8 $3.88 2.09x 11.3x 27.8x 34.2% 14.7%

Median 8,303.0 10,417.2 4,824.6 756.6 2.75 2.01x 12.0x 23.9x 36.4% 15.6%

Furniture

Tempur Sealy International, Inc. (NYSE:TPX) $46.41 $9,119.4 $11,376.9 $4,628.2 $1,087.8 $2.85 2.46 x 10.5 x 16.3 x 44.2% 20.3%

Leggett & Platt, Incorporated (NYSE:LEG) 44.84 5,977.1 7,943.9 4,810.1 809.2 3.00 1.65 x 9.8 x 15.0 x 21.7% 15.4%

Herman Miller, Inc. (NasdaqGS:MLHR) 37.66 2,853.6 4,497.2 2,628.0 357.0 0.63 1.71 x 12.6 x 59.7 x 37.2% 10.9%

Steelcase Inc. (NYSE:SCS) 12.68 1,438.2 1,798.7 2,576.0 161.1 0.04 0.70 x 11.2 x NM 28.6% 4.0%

HNI Corporation (NYSE:HNI) 36.72 1,611.1 1,756.1 2,143.6 211.7 1.70 0.82 x 8.3 x 21.6 x 36.0% 8.5%

Unifi, Inc. (NYSE:UFI) 21.93 406.1 450.1 722.1 91.9 1.82 0.62 x 4.9 x 12.1 x 14.5% 12.1%

Kimball International, Inc. (NasdaqGS:KBAL) 11.20 412.7 447.6 569.0 34.4 0.20 0.79 x 13.0 x 56.0 x 32.1% 4.6%

Hooker Furnishings Corporation (NasdaqGS:HOFT) 26.99 320.1 310.4 630.3 60.1 2.98 0.49 x 5.2 x 9.1 x 21.0% 8.0%

Flexsteel Industries, Inc. (NasdaqGS:FLXS) 30.88 209.9 283.5 511.4 35.2 3.24 0.55 x 8.1 x 9.5 x 19.0% 5.9%

Bassett Furniture Industries, Incorporated (NasdaqGS:BSET) 18.11 176.7 257.8 475.0 75.3 1.97 0.54 x 3.4 x 9.2 x 56.3% 8.9%

Crown Crafts, Inc. (NasdaqCM:CRWS) 7.40 74.2 73.5 81.7 13.0 0.75 0.90 x 5.6 x 9.9 x 29.1% 13.7%

Mean $2,054.5 $2,654.2 $1,797.8 $267.0 $1.74 1.02x 8.4x 21.8x 30.9% 10.2%

Median 412.7 450.1 722.1 91.9 1.82 0.79x 8.3x 13.5x 29.1% 8.9%

(continued on next page)

Enterprise Value/


2

Public Comp Group Valuation Metrics (cont’d.)

($ in millions, except per share data)

Equity Enterprise Price/ Gross

Company Price (1)

Value Value (2)

Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA


Techtronic Industries Company Limited (SEHK:669) $19.92 $36,538.1 $37,494.8 $12,000.0 $1,327.9 $0.54 3.12 x 28.2 x 36.9 x 38.5% 10.3%

The Toro Company (NYSE:TTC) 97.41 10,368.8 10,600.4 3,839.9 652.1 3.87 2.76 x 16.3 x 25.2 x 35.1% 16.2%

Husqvarna AB (publ) (OM:HUSQ B) 12.01 6,879.8 6,911.8 5,201.9 $864.2 $0.71 1.33 x 8.0 x 16.9 x 33.3% 15.7%

Spectrum Brands Holdings, Inc. (NYSE:SPB) 95.67 4,068.5 6,739.9 4,628.1 706.4 4.40 1.46 x 9.5 x 21.7 x 35.9% 14.4%

Central Garden & Pet Company (NasdaqGS:CENT) 48.00 2,673.9 3,496.9 3,240.5 395.5 3.06 1.08 x 8.8 x 15.7 x 29.4% 10.5%

WD-40 Company (NasdaqGS:WDFC) 231.48 3,173.4 3,212.1 488.1 98.6 5.09 6.58 x 32.6 x 45.5 x 54.0% 19.6%

Einhell Germany AG (XTRA:EIN3) 192.40 726.2 800.6 1,005.0 98.9 15.93 0.80 x 8.1 x 12.1 x 36.2% 9.3%

P&F Industries, Inc. (NasdaqGM:PFIN) 6.63 21.1 23.4 51.8 (0.0) 0.10 0.45 x NM 69.7 x 31.2% -1.8%

Mean $8,056.2 $8,660.0 $3,806.9 $517.9 $4.21 2.20x 15.9x 30.5x 36.7% 11.8%

Median 3,620.9 5,118.4 3,540.2 523.8 3.46 1.39x 9.5x 23.5x 35.5% 12.4%

Household & Family Electonics / Appliances

Stanley Black & Decker, Inc. (NYSE:SWK) $175.31 $28,568.9 $32,677.2 $17,168.8 $3,336.6 $11.24 1.90 x 9.8 x 15.6 x 35.7% 19.1%

Whirlpool Corporation (NYSE:WHR) 203.86 12,383.1 15,757.1 21,968.0 3,405.5 31.35 0.72 x 4.6 x 6.5 x 21.5% 14.4%

AB Electrolux (publ) (OM:ELUX B) 23.12 6,646.0 6,648.8 14,192.7 1,575.2 2.35 0.47 x 4.2 x 9.8 x 20.5% 10.5%

De'Longhi S.p.A. (BIT:DLG) 36.02 5,401.2 5,197.7 3,415.3 579.8 2.63 1.52 x 9.0 x 13.7 x 44.6% 16.3%

iRobot Corporation (NasdaqGS:IRBT) 78.50 2,202.0 1,999.3 1,654.4 108.2 2.63 1.21 x 18.5 x 29.8 x 38.7% 5.8%

Fiskars Oyj Abp (HLSE:FSKRS) 22.18 1,807.3 1,985.2 1,410.2 245.6 1.31 1.41 x 8.1 x 17.0 x 42.5% 15.4%

NACCO Industries, Inc. (NYSE:NC) 29.84 213.7 171.2 146.4 50.0 2.53 1.17 x 3.4 x 11.8 x 16.9% -8.5%

Mean $8,174.6 $9,205.2 $8,565.1 $1,328.7 $7.72 1.20x 8.2x 14.9x 31.5% 10.4%

Median 5,401.2 5,197.7 3,415.3 579.8 2.63 1.21x 8.1x 13.7x 35.7% 14.4%

Housewares

Henkel AG & Co. KGaA (XTRA:HEN3) $92.93 $40,334.6 $41,679.2 $23,347.2 $3,692.2 $4.30 1.79 x 11.3 x 21.6 x 46.8% 15.1%

Newell Brands Inc. (NasdaqGS:NWL) 22.14 9,418.4 14,931.4 10,385.0 1,678.5 1.68 1.44 x 8.9 x 13.2 x 32.9% 14.2%

SEB SA (ENXTPA:SK) 141.28 7,789.7 10,334.9 9,052.9 1,192.3 10.06 1.14 x 8.7 x 14.0 x 13.3% 12.1%

Helen of Troy Limited (NasdaqGS:HELE) 224.68 5,421.0 5,905.7 2,163.6 314.6 8.67 2.73 x 18.8 x 25.9 x 43.9% 14.1%

Tupperware Brands Corporation (NYSE:TUP) 21.12 1,053.7 1,671.4 1,891.8 426.2 2.53 0.88 x 3.9 x 8.4 x 68.6% 18.4%

Lifetime Brands, Inc. (NasdaqGS:LCUT) 18.19 400.3 726.0 856.2 114.1 1.78 0.85 x 6.4 x 10.2 x 34.9% 10.6%

Duni AB (publ) (OM:DUNI) 11.57 543.7 701.4 536.1 53.3 0.25 1.31 x 13.2 x 47.1 x 18.1% 8.6%

Leifheit Aktiengesellschaft (XTRA:LEI) 40.39 384.2 339.3 352.8 36.9 2.00 0.96 x 9.2 x 20.2 x 44.2% 10.2%

Churchill China plc (AIM:CHH) 13.55 149.3 131.0 57.2 0.3 0.12 2.29 x NM NM 90.4% 0.1%

Portmeirion Group PLC (AIM:PMP) 5.07 69.7 78.8 136.7 13.0 0.26 0.58 x 6.1 x 19.3 x 53.0% 7.6%

Mean $6,556.5 $7,649.9 $4,878.0 $752.1 $3.16 1.40x 9.6x 20.0x 44.6% 11.1%

Median 798.7 1,198.7 1,374.0 214.4 1.89 1.22x 8.9x 19.3x 44.0% 11.3%

NA = Not Available; NM = Not Meaningful; LTM = Latest Twelve Months (1) As of close September 30, 2021

‡ = excluded from Mean and Median calculations (2)

Source: Public Filings, Press Releases and Published Research Reports.

Enterprise value is defined as equity value plus net debt, preferred stock and minority interests. Net Debt includes long

term debt, short term debt, postretirement benefits and unfunded pensions, if applicable, less cash and cash equivalents.

Enterprise Value/

LTM PerformanceMarket & Capitalization Valuation Margins


3

Residential Construction Trend

1) Source: US Census Bureau

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

Oct

20

19

No

v 2

01

9

Dec

20

19

Jan

20

20

Feb

20

20

Mar

20

20

Ap

r 2

02

0

May

20

20

Jun

20

20

Jul 2

02

0

Au

g 2

02

0

Sep

20

20

Oct

20

20

No

v 2

02

0

Dec

20

20

Jan

20

21

Feb

20

21

Mar

20

21

Ap

r 2

02

1

May

20

21

Jun

20

21

Jul 2

02

1

Au

g 2

02

1

Sep

20

21

New Residential Construction (1)

Permits Starts Completions


4

Public Comp Group – Operating Performance vs. EBITDA Multiple Analysis (1)

1) Companies with statistically significant outliers for EBITDA multiples are not included in graphs

16.8x15.4x 15.4x

12.5x

15.2x

19.2x

10.8x 11.2x

5.7x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

EBIT Margin EBITDA Margin Gross Margin EBITDA Multiple

Source: CapitalIQ and MHH

Operating Performance vs. EBITDA Multiple - Cleaning & Bath Products

NY

SE

:PG

NY

SE

:CL

LSE

:RK

T

NY

SE

:KM

B

NY

SE

:CLX

NY

SE

:CH

D

NY

SE

:PB

H

LSE

:PZ

C

LSE

:MC

B

20.6x

12.6x

10.9x

6.0x

13.8x 13.7x14.7x

8.2x6.6x

5.4x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%



Operating Performance vs. EBITDA Multiple - Decor

NY

SE

:SH

W

NY

SE

:MA

S

LSE

:FB

HS

NY

SE

:MH

K

NY

SE

:RP

M

NY

SE

:CF

X

Na

sda

qG

S:T

ILE

NY

SE

:CU

LP

Na

sda

qG

M:D

XY

N

NY

SE

:AW

I

10.5x9.8x

12.6x

8.3x

11.2x

4.9x

13.0x

5.2x

8.1x

3.4x

5.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%



Operating Performance vs. EBITDA Multiple - Furniture

NY

SE

:TP

X

Na

sda

qG

S:M

LHR

NY

SE

:SC

S

NY

SE

:HN

I

Na

sda

qG

S:K

BA

L

NY

SE

:UF

I

Na

sda

qG

S:H

OF

T

NY

SE

:Le

g

Na

sda

qG

S:B

SE

T

Na

sda

qG

M:F

LXS

Na

sda

qC

M:C

RW

S

28.2x

16.3x

8.0x9.5x 8.8x

32.6x

8.1x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%



Operating Performance vs. EBITDA Multiple - Hardware

SE

HK

:66

9

OM

:HU

SQ

B

NY

SE

:SP

B

Na

sda

qG

S:W

DF

C

Na

sda

qG

S:C

EN

T

XT

RA

:EIN

3

NY

SE

:TT

C

9.8x

4.6x4.2x

9.0x 8.1x

18.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%



Operating Performance vs. EBITDA Multiple - Household Appliances

NY

SE

:SW

K

OM

:ELU

X B

BIT

:DLG

Na

sda

qG

S:I

RB

T

HLS

E:F

SK

RS

OM

:WH

R

11.3x

8.9x 8.7x

18.8x

3.9x

13.2x

6.4x

9.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%



Operating Performance vs. EBITDA Multiple - Housewares

XT

RA

:HE

N3

EN

XT

PA

:SK

NY

SE

:TU

P

OM

:DU

NI

XT

RA

:LE

I

NY

SE

:NW

L

Na

sda

qG

S:L

CU

T

Na

sda

qG

S:H

ELE


5

Comparative Index Performance (Three-year and One-year)

Last Three Years

Last Twelve Months

Source: CapitalIQ

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

9/28

/18

12/2

8/18

3/28

/19

6/28

/19

9/28

/19

12/2

8/19

3/28

/20

6/28

/20

9/28

/20

12/2

8/20

3/28

/21

6/28

/21

9/28

/21

MHH Cleaning & Bath Index S&P 500 NASDAQ Composite Index

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

9/30

/20

12/3

1/20

3/31

/21

6/30

/21

9/30

/21

MHH Cleaning & Bath Index S&P 500 NASDAQ Composite Index


6

Valuation Trend

Enterprise Value/LTM Revenue

Enterprise Value/LTM EBITDA

Source: CapitalIQ

3.70x 3.78x 3.89x

3.35x 3.28x3.53x 3.57x

3.67x

3.49x3.68x

3.98x 3.99x4.41x 4.28x

3.91x 3.89x 3.96x

0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21

Quarterly Median EV/ REV 1 Yr. Moving Average

15.6x 15.0x 14.6x

12.7x 12.6x13.8x 13.2x

15.2x14.0x

13.9x14.6x 14.1x

16.1x

17.2x

15.9x14.5x 13.7x

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21

Qtrly Median EV / LTM EBITDA 1 Yr. EV/EBITDA Moving Avg Qtrly Median LTM EBITDA Margin


7

Valuation and Operating Performance Matrices Graphs adjusted to eliminate statistical outliers.

NYSE:PGNYSE:CLLSE:RKT

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

-5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0%

EBIT

DA

Mu

ltip

le

3-Yr Revenue CAGRSource: CapitalIQ and MHH

3-Yr Revenue CAGR vs. EBITDA Multiple

NYSE:PGNYSE:CL

LSE:RKT

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

EBIT

DA

Mu

ltip

le

3-Yr EBITDA CAGR


3-Yr EBITDA CAGR vs. EBITDA Multiple

NYSE:PG

NYSE:CL

LSE:RKT

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBHLSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

EBIT

DA

Mu

ltip

le

LTM EBITDA MarginSource: CapitalIQ and MHH

EBITDA Margin vs. EBITDA Multiple

NYSE:PG

NYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBHLSE:PZC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

(60.0) (10.0) 40.0 90.0 140.0

EBIT

DA

Mu

ltip

le

Cash Conversion Cycle (Days)Source: CapitalIQ and MHH CCC = DIO + DRO + DPO

Cash Conversion Cycle vs. EBITDA Multiple

NYSE:PG

NYSE:CL

LSE:RKT

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBHLSE:PZC

LSE:MCB

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

Inve

nto

ry T

urn

ove

r R

atio


EBITDA Margin vs. Inventory Turn Ratio

NYSE:PG

NYSE:CLLSE:RKT

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBHLSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 10.0% 20.0% 30.0% 40.0%

EBIT

DA

Mu

ltip

le

LTM Free Cash Flow Margin

FCF Margin = (EBITDA - Capex) / RevSource: CapitalIQ and MHH

Free Cash Flow Margin vs. EBITDA Multiple


8

Valuation and Operating Performance Matrices (cont.)

Graphs adjusted to eliminate statistical outliers

NYSE:PG

NYSE:CL

LSE:RKT

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

EBIT

DA

Mu

ltip

le

Capital Intensity Ratio

Source: CapitalIQ and MHH Capital Intensity = (NWC - Cash + PP&E) / Revenue

Capital Intensity vs. EBITDA Multiple

NYSE:PG

NYSE:CL

LSE:RKT

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le

Return on AssetsSource: CapitalIQ and MHH

Return on Assets vs. EBITDA Multiple

Selected M&A Transactions: 09/01/21 - 09/30/21

No Selected Transactions for the Month of September

Selected News Announcements

The Clorox Company (NYSE:CLX) declared a quarterly cash dividend payable November 10, 2021

Kimberly-Clark Corporation (NYSE:KMB) has appointed Deirdre Mahlan and Jaime Ramirez to its Board of Directors

Colgate-Palmolive Company (NYSE:CL) declared a quarterly cash dividend payable November 15, 2021

The Procter & Gamble Company (NYSE:PG) has appointed Carolyn Tastad to the position of CEO of its Global Health Care Business

Décor

9


Last Three Years

Last Twelve Months

Source: CapitalIQ

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

9/28

/18

12/2

8/18

3/28

/19

6/28

/19

9/28

/19

12/2

8/19

3/28

/20

6/28

/20

9/28

/20

12/2

8/20

3/28

/21

6/28

/21

9/28

/21

MHH Comp Group Décor Index S&P 500 NASDAQ Composite Index

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

9/30

/20

12/3

1/20

3/31

/21

6/30

/21

9/30

/21

MHH Comp Group Décor Index S&P 500 NASDAQ Composite Index

Décor

10

Valuation Trend



Source: CapitalIQ

1.97x 1.95x 2.00x1.76x 1.78x 1.77x

1.39x

1.69x 1.86x 1.89x2.11x

1.41x

1.77x

2.15x2.26x

2.41x2.26x

0.00x

1.00x

2.00x

3.00x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


11.9x12.4x

12.9x

11.5x11.2x

12.3x

9.6x

11.4x

12.5x12.5x 12.3x

8.2x

10.6x10.6x 11.5x

13.2x 12.4x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


Décor

11


NYSE:SHW

NYSE:MAS

NYSE:FBHS

NYSE:MHK

NYSE:RPMNYSE:CFX

NYSE:AWI

NasdaqGS:TILE

NasdaqGM:DXYN

NYSE:CULP

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

-10.0% -7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5%

EBIT

DA

Mu

ltip

le



NYSE:SHW

NYSE:MAS

NYSE:FBHSNYSE:MHK

NYSE:RPM

NYSE:CFXNYSE:AWI

NasdaqGS:TILENasdaqGM:DXYN

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBIT

DA

Mu

ltip

le

3-Yr EBITDA CAGR



NYSE:SHW

NYSE:MAS

NYSE:FBHS

NYSE:MHK

NYSE:RPMNYSE:CFX

NasdaqGS:TILE

NasdaqGM:DXYN

NYSE:CULP

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBIT

DA

Mu

ltip

le



NYSE:SHW

NYSE:MAS

NYSE:FBHS

NYSE:MHK

NYSE:RPM

NYSE:CFXNYSE:AWI

NasdaqGS:TILE

NasdaqGM:DXYNNYSE:CULP

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

- 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

EBIT

DA

Mu

ltip

le



NYSE:SHWNYSE:MAS

NYSE:FBHS

NYSE:MHKNYSE:RPM

NYSE:CFX

NYSE:AWI


NYSE:CULP

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

Inve

nto

ry T

urn

ove

r R

atio



NYSE:SHW

NYSE:MAS

NYSE:FBHS

NYSE:MHK

NYSE:RPM

NYSE:CFX

NYSE:AWI


NYSE:CULP

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

EBIT

DA

Mu

ltip

le




Décor

12

Valuation and Operating Performance Matrices (cont.) Graphs adjusted to eliminate statistical outliers.

NYSE:SHW

NYSE:MAS

NYSE:FBHS

NYSE:MHK

NYSE:RPMNYSE:CFX NYSE:AWI


NYSE:CULP

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

EBIT

DA

Mu

ltip

le




NYSE:SHW

NYSE:MASNYSE:FBHS

NYSE:MHK

NYSE:RPMNYSE:CFXNYSE:AWI

NasdaqGS:TILE

NasdaqGM:DXYN NYSE:CULP

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBIT

DA

Mu

ltip

le




Announced Target Target Description Acquirer Value

09/28/21 Specialty Polymers, Inc. Offers emulsion polymers for the painting and coatings industry

The Sherwin-Williams Company (NYSE:SHW)

ND

ND – Not disclosed. Transaction values in millions.


Culp, Inc. (NYSE:CULP) has appointed John A. Baugh, Kimberly B. Gatling, and Jonathan L. Kelly to its Board of Directors

Fortune Brands Home & Security, Inc. (NYSE:FBHS) declared a quarterly cash dividend payable December 15, 2021

Culp, Inc. (NYSE:CULP) declared a quarterly cash dividend payable October 18, 2021

Décor

13


Last Three Years

Last Twelve Months

Source: CapitalIQ

-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

9/28

/18

12/2

8/18

3/28

/19

6/28

/19

9/28

/19

12/2

8/19

3/28

/20

6/28

/20

9/28

/20

12/2

8/20

3/28

/21

6/28

/21

9/28

/21

MHH Furniture Index S&P 500 NASDAQ Composite Index

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

9/30

/20

12/3

1/20

3/31

/21

6/30

/21

9/30

/21

MHH Furniture Index S&P 500 NASDAQ Composite Index

Furniture

Décor

14

Valuation Trend



Source: CapitalIQ

0.93x 0.93x 0.90x0.84x

0.87x 0.85x

0.74x0.66x 0.72x

0.79x0.83x

0.47x0.57x

0.69x

0.77x

0.93x0.89x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


8.7x9.3x 9.5x

8.2x 8.5x

9.8x

7.7x6.9x

8.2x 8.3x7.8x

5.1x5.8x

7.1x 7.4x

8.9x9.1x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


Furniture

Décor

15


NYSE:LEG

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

-10.0% -7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5%

EBIT

DA

Mu

ltip

le



NYSE:TPX

NYSE:LEG

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%

EBIT

DA

Mu

ltip

le

3-Yr EBITDA CAGR



NYSE:LEG

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le



NYSE:TPX

NYSE:LEG

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFTNasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

(50.0) - 50.0 100.0 150.0 200.0

EBIT

DA

Mu

ltip

le



NYSE:TPX

NYSE:LEG

NasdaqGS:MLHR

NYSE:HNINYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Inve

nto

ry T

urn

ove

r R

atio



NYSE:TPXNYSE:LEG

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBIT

DA

Mu

ltip

le




Furniture

Décor

16





Flexsteel Industries, Inc. (NasdaqGS:FLXS) declared a quarterly cash dividend payable October 4, 2021

Hooker Furnishings Corporation (NasdaqGS:HOFT) declared a quarterly cash dividend payable September 30, 2021

NYSE:TPXNYSE:LEG

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBIT

DA

Mu

ltip

le




NYSE:TPX

NYSE:LEG

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFTNasdaqGS:FLXS

NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBIT

DA

Mu

ltip

le



Furniture


17

Furniture


Last Three Years

Last Twelve Months

Source: CapitalIQ

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

9/28

/18

12/2

8/18

3/28

/19

6/28

/19

9/28

/19

12/2

8/19

3/28

/20

6/28

/20

9/28

/20

12/2

8/20

3/28

/21

6/28

/21

9/28

/21

MHH Hardware & Outdoor Index S&P 500 NASDAQ Composite Index

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

9/30

/20

12/3

1/20

3/31

/21

6/30

/21

9/30

/21

MHH Hardware & Outdoor Index S&P 500 NASDAQ Composite Index



18

Furniture

Valuation Trend



Source: CapitalIQ

1.56x 1.59x1.66x

1.52x 1.48x 1.52x

1.25x

1.47x

1.36x1.21x

1.29x

0.95x

1.32x1.43x

1.52x 1.58x1.48x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

2.00x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


14.3x

16.2x16.8x

14.1x 14.1x

12.7x11.4x

12.7x11.5x

9.8x 9.7x9.1x

13.0x 12.2x11.7x 11.6x

9.9x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21




19

Furniture


SEHK:669

NYSE:TTC

OM:HUSQ B

NYSE:SPBNasdaqGS:CENT

NasdaqGS:WDFC

XTRA:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0%

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:TTC

OM:HUSQ B

NYSE:SPB

NasdaqGS:CENT

NasdaqGS:WDFC

XTRA:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBIT

DA

Mu

ltip

le

3-Yr EBITDA CAGR



SEHK:669

NYSE:TTC

OM:HUSQ BNYSE:SPB

NasdaqGS:CENT

NasdaqGS:WDFC

XTRA:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:TTC

OM:HUSQ B


NasdaqGS:WDFC

XTRA:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0 60.0 80.0 100.0 120.0 140.0 160.0

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:TTC

OM:HUSQ B


NasdaqGS:WDFC

XTRA:EIN3

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

5.0% 10.0% 15.0% 20.0% 25.0%

Inve

nto

ry T

urn

ove

r R

atio



SEHK:669

NYSE:TTC

OM:HUSQ B


NasdaqGS:WDFC

XTRA:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le






20

Furniture


SEHK:669

NYSE:TTC

OM:HUSQ BNYSE:SPB NasdaqGS:CENT

NasdaqGS:WDFC

XTRA:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

EBIT

DA

Mu

ltip

le




SEHK:669

NYSE:TTC

OM:HUSQ BNYSE:SPB

NasdaqGS:CENT

NasdaqGS:WDFC

XTRA:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le





08/11/21 Hardware and Home Improvement Business of Spectrum Brands Holdings, Inc.

Comprises hardware and home improvement manufacturing business unit

ASSA ABLOY AB (publ) (OM:ASSA B)

$4,300.0



The Toro Company (NYSE:TTC) declared a quarterly cash dividend payable October 21, 2021



21

Furniture


Last Three Years

Last Twelve Months

Source: CapitalIQ

-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

9/28

/18

12/2

8/18

3/28

/19

6/28

/19

9/28

/19

12/2

8/19

3/28

/20

6/28

/20

9/28

/20

12/2

8/20

3/28

/21

6/28

/21

9/28

/21

MHH Household Appliances Index S&P 500 NASDAQ Composite Index

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

9/30

/20

12/3

1/20

3/31

/21

6/30

/21

9/30

/21

MHH Household Appliances Index S&P 500 NASDAQ Composite Index



22

Furniture

Valuation Trend



Source: CapitalIQ

1.74x

1.14x

1.98x

1.76x1.63x

1.72x

1.38x1.43x

1.28x 1.19x 1.16x

0.83x

1.11x1.18x

1.35x1.24x

1.41x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


13.9x13.1x 12.7x

10.6x10.3x

9.8x

8.1x

9.6x8.1x 8.3x

10.2x

6.7x

11.2x9.7x

9.9x8.8x

8.7x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21



Appliances

Appliances


23

Furniture


NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

HLSE:FSKRS

NasdaqGS:IRBT

NYSE:NC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

-5.0% 0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

HLSE:FSKRS

NYSE:NC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

-2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

EBIT

DA

Mu

ltip

le

3-Yr EBITDA CAGR



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

HLSE:FSKRS

NasdaqGS:IRBT

NYSE:NC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 10.0% 20.0% 30.0% 40.0%

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

HLSE:FSKRS

NasdaqGS:IRBT

NYSE:NC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

- 50.0 100.0 150.0 200.0

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLGHLSE:FSKRS

NasdaqGS:IRBT NYSE:NC

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

Inve

nto

ry T

urn

ove

r R

atio



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

HLSE:FSKRS

NasdaqGS:IRBT

NYSE:NC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le






24

Furniture


NYSE:SWK

NYSE:WHR

BIT:DLG

HLSE:FSKRS

NasdaqGS:IRBT

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

EBIT

DA

Mu

ltip

le




NYSE:SWK

NYSE:WHROM:ELUX B

BIT:DLG

HLSE:FSKRS

NasdaqGS:IRBT

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

EBIT

DA

Mu

ltip

le





09/27/21 Elica PB India Private Limited

Offers household appliances repairs services Whirlpool of India Limited (BSE:500238)

$57.5

09/13/2021 Excel Industries Inc. Manufactures and distributes outdoor commercial and residential turf power equipment solutions

Stanley Black & Decker, Inc. (NYSE:SWK)

$375.0



No Selected News for the Month of September


Housewares

25


Last Three Years

Last Twelve Months

Source: CapitalIQ

-60.00%

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

9/28

/18

12/2

8/18

3/28

/19

6/28

/19

9/28

/19

12/2

8/19

3/28

/20

6/28

/20

9/28

/20

12/2

8/20

3/28

/21

6/28

/21

9/28

/21

MHH Comp Group Housewares Index S&P 500 NASDAQ Composite Index

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

9/30

/20

12/3

1/20

3/31

/21

6/30

/21

9/30

/21

MHH Comp Group Housewares Index S&P 500 NASDAQ Composite Index

Housewares

26

Valuation Trend



Source: CapitalIQ

1.88x1.74x

1.68x

1.45x 1.40x 1.44x

1.17x

1.29x 1.38x1.27x

1.38x

0.96x

1.27x 1.28x

1.47x1.39x

1.54x

0.00x

0.50x

1.00x

1.50x

2.00x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


11.6x12.1x

11.6x

10.5x 10.8x 11.3x

9.8x10.4x

9.4x 9.4x10.1x

7.8x

8.9x

11.0x

13.2x 13.3x 12.5x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

Q3

'19

Q4

'19

Q1

'20

Q2

'20

Q3

'20

Q4

'20

Q1

'21

Q2

'21


Housewares

27


XTRA:HEN3

NasdaqGS:NWL

ENXTPA:SK

NYSE:TUP

OM:DUNI

NasdaqGS:LCUT

XTRA:LEI

AIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le



XTRA:HEN3

NasdaqGS:NWL

ENXTPA:SK

NYSE:TUP

OM:DUNI

XTRA:LEIAIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

-40.0% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0%

EBIT

DA

Mu

ltip

le

3-Yr EBITDA CAGR



XTRA:HEN3

NasdaqGS:NWL

ENXTPA:SK

NasdaqGS:HELEOM:DUNI

NasdaqGS:LCUT

XTRA:LEIAIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

8.0% 10.0% 12.0% 14.0% 16.0% 18.0%

EBIT

DA

Mu

ltip

le



XTRA:HEN3

NasdaqGS:NWLENXTPA:SK

NYSE:TUP

OM:DUNI

NasdaqGS:LCUT

XTRA:LEI

AIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

- 50.0 100.0 150.0 200.0

EBIT

DA

Mu

ltip

le



XTRA:HEN3

NasdaqGS:NWL

ENXTPA:SK

NasdaqGS:HELE

NYSE:TUP

OM:DUNI

NasdaqGS:LCUT

XTRA:LEI

AIM:PMP

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

5.0% 10.0% 15.0% 20.0% 25.0%

Inve

nto

ry T

urn

ove

r R

atio



XTRA:HEN3

NasdaqGS:NWL

ENXTPA:SK

NasdaqGS:HELE

OM:DUNI

NasdaqGS:LCUT

XTRA:LEIAIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBIT

DA

Mu

ltip

le




Housewares

28


XTRA:HEN3

NasdaqGS:NWL

ENXTPA:SK

NYSE:TUP

OM:DUNI

NasdaqGS:LCUT

XTRA:LEIAIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBIT

DA

Mu

ltip

le




XTRA:HEN3

NasdaqGS:NWL ENXTPA:SK

OM:DUNI

NasdaqGS:LCUT

XTRA:LEIAIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

EBIT

DA

Mu

ltip

le






No Selected News for the Month of September

Housewares

29

Mufson Howe Hunter is an independent investment bank for middle-market companies. We focus on selling

businesses, buy-outs, acquisitions and raising capital. Unique to the middle market, our senior bankers have

extensive corporate finance experience and deep knowledge of the capital markets.

Mufson Howe Hunter & Company LLC

1717 Arch Street

39th Floor

Philadelphia, PA 19103

215.399.5400

Visit us at:

www.mhhco.com

Broker dealer services provided by our wholly-owned subsidiary, Mufson Howe Hunter & Partners LLC, a member

of FINRA and SIPC

Mergers & Acquisitions • Advise buyers and sellers (public and private companies)

• Sale of businesses, strategic acquisitions, management buy-outs and industry build-ups

Raise Capital • Equity (control and non-control)

• Mezzanine financing

• Senior and junior debt

• Typically raise capital from banks, finance companies, private investment funds and private

equity groups

Financial Advisory Services • Analysis of business strategies and options

• Fairness opinions

• Valuations

Consumer Products Update

Documents

Transcript of Consumer Products Update