Download - Teuer Furniture B Case solution
-
7/25/2019 Teuer Furniture B Case solution
1/43
Group 4 , Section B
Name Roll No.
Vishwas 342
Shorya Chaplot 344
Shubham Gupta 346
Tushar Johri 354
-
7/25/2019 Teuer Furniture B Case solution
2/43
These spreadsheet exhibits relate to the case Teuer Furniture (B): Multiples Valuation, Case
2014 by the Kello !chool o" a$ae%e$t at &orth'ester$ ($i)ersity. This case 'as prep*ro"essor itchell +. *eterse$. Teer -r$itre is a "ictio$al co%pa$y 'hose pro"ile 'as creadata "ro% real i$dstry leaders. Cases are de)eloped solely as the basis "or class discssio$.$ot i$te$ded to ser)e as e$dorse%e$ts, sorces o" pri%ary data, or illstratio$s o" e""ecti)e o%a$ae%e$t. To order copies or reest per%issio$ to reprodce %aterials, call /00477/700 otside the ($ited !tates or Ca$ada5 or e%ail cstser)6hbsp.har)ard.ed. &o papblicatio$ %ay be reprodced, stored i$ a retrie)al syste%, sed i$ a spreadsheet, or tra$s"or% or by a$y %ea$selectro$ic, %echa$ical, photocopyi$, recordi$, or other'ise'ithoper%issio$ o" Kello Case *blishi$.
-
7/25/2019 Teuer Furniture B Case solution
3/43
KEL790.
ared byed based o$Cases arei$e""ecti)e 3or 17rt o" thisitted i$ a$yt the
-
7/25/2019 Teuer Furniture B Case solution
4/43
Exhibit 1-A: Bassett Furniture Industries Inc (BSET)
Income Statement 12/31/212 12/31/211
8e)e$e 29.7 2.2
Cost o" oods sold 12/.4 12.
!elli$, e$eral, a$d ad%i$istrati)e 14./ 122.0
epreciatio$ 0.0 0.0
8: 0.0 0.0
;ther expe$ses 3i$co%e5 .2 4./
-
7/25/2019 Teuer Furniture B Case solution
5/43
Cash "lo' to assets 2.2
!toc@ price 14.2
Co%%o$ shares otsta$di$ 10.9
ar@et )ale o" eity 14.7
E$terprise )ale 112.2
atios and Summar$ 'ata
!ales ro'th .A 7.A
>ross pro"it %ari$ 2.4A 0.4A
&et pro"it %ari$ 9.9A 21.9A
+8Bsales ./A ./A
! 4.1A .9A
+*BC>! 17.A 1.0A
&et i$)est%e$t 2/.
u"ti*"es
+sset priceBCash "lo' assets &-
+sset priceB+d=sted $et i$co%e 4.x
+sset priceB!ales 0.4x
Eity priceB&et i$co%e ./x
-
7/25/2019 Teuer Furniture B Case solution
6/43
12/31/21 12/31/2+ 12/31/2,
2. 22.7 2//.
122. 129.9
110./ 10./
0.0 0.0
0.0 0.0
4.9 21.
0./ 2.0
2.2 24.
0.2 1./
2.0 22.7
.0 22.
0. 1.7
2.7 20.9
12/31/21 12/31/2+
11.1 2.2
1. 4.
41./ .4
7.0 1.
91. 104.
4. 0.
1.1 14.9
44. 4.1
10./ 111.7
197. 21.2
24.9 14.7
17.4 17.2
0.0 0.0
9. 4.4
10.1 7.0
1./ 4.
4. 2.0
24.9 0.7
10. 110.
197. 21.2
-
7/25/2019 Teuer Furniture B Case solution
7/43
1.1A 19.A
47.9A 44.2A
0./A 9./A
1.4A 14.9A
4.1A 2.7A
20.A 11.A
-
7/25/2019 Teuer Furniture B Case solution
8/43
Firms Market Cap
assett -r$itre
-
7/25/2019 Teuer Furniture B Case solution
9/43
Exhibit 1-B: Ethan A""en Interiors Inc (ET)
Income Statement ./3/212 ./3/211
8e)e$e 729.4 79.0
Cost o" oods sold 9.1 29.
!elli$, e$eral, a$d ad%i$istrati)e 22.0 29.7
epreciatio$ 1/. 20./
8: 0.0 0.0
;ther expe$ses 3i$co%e5 0.0 0.0
-
7/25/2019 Teuer Furniture B Case solution
10/43
Exhibit 1-: Furniture Brands Internationa" Inc (FB0)
Income Statement 12/2+/212 12/31/211
8e)e$e 1072. 1107.7
Cost o" oods sold /27. /7.1
!elli$, e$eral, a$d ad%i$istrati)e 22./ 270.9
epreciatio$ 1/.9 21.9
8: 0.0 0.0
;ther expe$ses 3i$co%e5 1. 20./
-
7/25/2019 Teuer Furniture B Case solution
11/43
Co%%o$ shares otsta$di$ /.0
ar@et )ale o" eity 9.7
E$terprise )ale 12./
atios and Summar$ 'ata
!ales ro'th .2A 4.A
>ross pro"it %ari$ 22./A 24.4A
&et pro"it %ari$ 4.4A .9A
+8Bsales 11.7A 9.7A
! 29.A 27.A
+*BC>! 1.7A 10.2A
&et i$)est%e$t 3.05
u"ti*"es
+sset *riceBCash "lo' assets &-
+sset priceB+d=sted $et i$co%e &-
+sset *riceB!ales 0.1x
Eity *riceB&et i$co%e &-
-
7/25/2019 Teuer Furniture B Case solution
12/43
12/31/21 12/31/2+ 12/31/2,
119.9 1224.4 1744.
/79.2 9/.2
2/.2 22./
2.9 20.7
0.0 0.0
1. ./
.2 .
47.9 17.
/.9 7./
9.0 10/.7
44./ 171.1
/. .7
.4 10.4
12/31/21 12/31/2+
2.0 /.9
114. 1/4.
249.7 22.1
11.2 9.
427.4 0.7
124.9 14.4
/. /7.
7. 2.4
249.0 24.4
7.4 7/.1
79.9 /./
1.2 7.9
0.0 0.0
0.0 17.0
0.0 0.0
141.1 17./
77.0 7/.0
19/./ 240.
29. 22./
7.4 7/.1
-
7/25/2019 Teuer Furniture B Case solution
13/43
.A 29./A
24.2A 19.A
.4A /.9A
9.9A 1.1A
2/.4A 22.9A
9.1A /.A
-
7/25/2019 Teuer Furniture B Case solution
14/43
Exhibit 1-': aert$ Furniture om*anies Inc (T)
Income Statement 12/31/212 12/31/211
8e)e$e 70.4 21.4
Cost o" oods sold 1/.0 00.2
!elli$, e$eral, a$d ad%i$istrati)e 09. 297./
epreciatio$ 19.4 1/.2
8: 0.0 0.0
;ther expe$ses 3i$co%e5 0./ 0.2
-
7/25/2019 Teuer Furniture B Case solution
15/43
Co%%o$ shares otsta$di$ 22.
ar@et )ale o" eity 2.9
E$terprise )ale 2/.7
atios and Summar$ 'ata
!ales ro'th 7.9A 0.2A
>ross pro"it %ari$ 2.A 1.7A
&et pro"it %ari$ 2.2A 2.A
+8Bsales 1.4A 1./A
! 0.A 1.2A
+*BC>! /.9A 7.1A
&et i$)est%e$t 30.95
u"ti*"es
+sset *riceBCash "lo' assets 20.x
+sset priceB+d=sted $et i$co%e 21.x
+sset *riceB!ales 0.x
Eity *riceB&et i$co%e 24.x
-
7/25/2019 Teuer Furniture B Case solution
16/43
12/31/21 12/31/2+ 12/31/2,
20. //. 91.1
01. 2/2./
29.4 292.2
1.9 19.
0.0 0.0
.0 1.4
0./ 0./
/.7 .4
0.2 1.2
/.4 4.2
9. 4.
0. 1.0
9.2 .
12/31/21 12/31/2+
/.1 44.
1./ 1.
91.9 9.
1.2 1.2
17.9 1/.
17. 17.4
0.0 0.0
17.7 1.2
19.2 192.
70.2 0.9
1/.1 19.1
1.4 0.2
0.0 0.0
0. 0.4
20. 21./
70. 71.4
/. ./
7.9 /.1
2.2 244.
70.2 0.9
-
7/25/2019 Teuer Furniture B Case solution
17/43
.A 14.9A
1.4A 1.9A
1.4A 0.7A
2.2A 2.A
0.A .0A
.0A ./A
-
7/25/2019 Teuer Furniture B Case solution
18/43
Exhibit 1-E: &a--Bo$ Incor*orated (&B)
Income Statement 4/2,/212 4/3/211
8e)e$e 121.7 11/7.1
Cost o" oods sold /1./ /2./
!elli$, e$eral, a$d ad%i$istrati)e 0.7 299.7
epreciatio$ 2. 24.
8: 0.0 0.0
;ther expe$ses 3i$co%e5 1/. 2.1
-
7/25/2019 Teuer Furniture B Case solution
19/43
Co%%o$ shares otsta$di$ 2.2
ar@et )ale o" eity /01.4
E$terprise )ale /./
atios and Summar$ 'ata
!ales ro'th ./A 0.7A
>ross pro"it %ari$ 0./A 29./A
&et pro"it %ari$ 7.2A 1.A
+8Bsales 1.A 1.A
! 1.9A 1.A
+*BC>! .A .9A
&et i$)est%e$t 1/.2
u"ti*"es
+sset priceBCash "lo' assets 9.1x
+sset priceB+d=sted $et i$co%e 7.x
+sset priceB!ales 0.x
Eity priceB&et i$co%e 9.0x
-
7/25/2019 Teuer Furniture B Case solution
20/43
4/24/21 4/25/2+ 4/25/2,
1179.2 122.7 140.9
/04. //7.9
07. 40/.7
2.2 24.1
0.0 0.0
./ 2.
.0 .
44.7 97.0
12.7 24.
2.1 121.
47.7 91.4
1. 22.9
4.2 114.4
4/24/21 4/25/2+
10/.4 .1
1.0 147.9
12. 140.2
21.2 2.7
427.1 47./
1/.9 10.2
.1 .1
/./ 1.4
1/0.7 204./
07./ 2.
4.7 41.
1.7 7.7
0.0 0.0
1.1 /.7
9./ 0.0
147. 12.0
4.9 2.1
7.7 /.
9./ 0.7
07./ 2.
-
7/25/2019 Teuer Furniture B Case solution
21/43
.9A 1.A
1./A 27.A
2.7A 9.9A
14.0A 12.1A
1.A 1./A
./A 4.7A
-
7/25/2019 Teuer Furniture B Case solution
22/43
Exhibit 1-F: estoration ard6are o"din7s Inc (0)
Income Statement 2/2/213 1/2,/212
8e)e$e 119.0 9/.1
Cost o" oods sold 7. 01.7
!elli$, e$eral, a$d ad%i$istrati)e 90.4 27.9
epreciatio$ 0.0 0.0
8: 0.0 0.0
;ther expe$ses 3i$co%e5 11.1 1.
-
7/25/2019 Teuer Furniture B Case solution
23/43
Cash "lo' to assets 17./
!toc@ price 70.
Co%%o$ shares otsta$di$ /.9
ar@et )ale o" eity 27.
E$terprise )ale 2/14.2
atios and Summar$ 'ata
!ales ro'th 24.A 24.0A
>ross pro"it %ari$ 3re)e$eC>!5B8e)e$e .A 7.2A
$et pro"it %ari$ 3$et pro"itBre)e$e5 1.1A 2.2A
+8Bsales 1.4A 1.2A
! 4.7A 40.9A
+*BC>! 10./A 7.9A
&et i$)est%e$t 11.9
u"ti*"es
+sset *riceBCash "lo' assets &-
+sset priceB+d=sted $et i$co%e &-
+sset *riceB!ales 2.4x
Eity *riceB&et i$co%e &-
-
7/25/2019 Teuer Furniture B Case solution
24/43
1/2+/211 1/3/21 1/3/21
772./ 2.7 2//.
499.0 42.1
274./ 2/.9
0.0 0.0
0.0 0.0
2.1 10.
.2 .2
.4 29.0
0.7 0.4
7.1 2/.
.2 2./
0.4 0.4
. 2.
1/2+/211 1/3/21
1.4 1.2
4. 4.
20.4 149.0
20.4 1/./
244. 1/.
7. 2.2
17/. 1/2.
2. 1.
27.4 24.0
02.0 41.
1.4 47.0
9. 7./
0.0 0.0
2.4 1.9
. 0.
129.7 117.2
111./ 7.4
44. ./
21./ 221.1
02.0 41.
-
7/25/2019 Teuer Furniture B Case solution
25/43
2.A 117.0A
.4A 2.4A
0.9A 4.A
0.A 0.7A
41.4A .2A
10.A 11.1A
-
7/25/2019 Teuer Furniture B Case solution
26/43
Exhibit 1-8: Stan"e$ Furniture om*an$ (ST&9)
Income Statement 12/31/212 12/31/211
8e)e$e 9/. 104.
Cost o" oods sold /.9 92.2
!elli$, e$eral, a$d ad%i$istrati)e 1. 17.
epreciatio$ 1./ 1.
8: 0.0 0.0
;ther expe$ses 3i$co%e5 9.0 4.1
-
7/25/2019 Teuer Furniture B Case solution
27/43
Co%%o$ shares otsta$di$ 14.
ar@et )ale o" eity .
E$terprise )ale 29.
atios and Summar$ 'ata
!ales ro'th ./A 2.A
>ross pro"it %ari$ 12.9A 11.9A
&et pro"it %ari$ 0./A 4./A
+8Bsales 10.2A 9./A
! 40./A .7A
+*BC>! 10.1A 10./A
&et i$)est%e$t 10.0
u"ti*"es
+sset priceBCash "lo' assets 1.x
+sset priceB+d=sted $et i$co%e 0.9x
+sset priceB!ales 0.x
Eity priceB&et i$co%e 2.2x
-
7/25/2019 Teuer Furniture B Case solution
28/43
12/31/21 12/31/2+ 12/31/2,
17.0 10. 22.
1.1 1/.7
11.2 20.7
9.4 .0
0.0 0.0
7. 9.
. .7
47./ 19.1
4.0 7.4
4./ 11.7
44.2 1.4
.7 .9
40. 9.
12/31/21 12/31/2+
2. 41./
1./ 22.2
2.7 7.2
.9 /.
72.0 109.
1.0 1.4
0.0 9.1
0.4 0.
1.4 40.9
//.4 10.
9.1 11.
7.7 9.2
0.0 0.0
2.4 1.4
0.0 0.0
19.2 22.
0.0 2.4
7.4 /.9
1./ 92.9
//.4 10.4
-
7/25/2019 Teuer Furniture B Case solution
29/43
14.A 29.2A
11./A 1.1A
2.0A 7.A
10.1A 1./A
1./A 2.A
.0A 7.A
-
7/25/2019 Teuer Furniture B Case solution
30/43
Exhibit 1-: Tem*ur Sea"$ Internationa" Inc (T;)
Income Statement 12/31/212 12/31/211
8e)e$e 1402.9 1417.9
Cost o" oods sold //. 74./
!elli$, e$eral, a$d ad%i$istrati)e 40/.7 41.7
epreciatio$ 42.0 1.0
8: 1. 9.9
;ther expe$ses 3i$co%e5 0. 0.2
-
7/25/2019 Teuer Furniture B Case solution
31/43
Co%%o$ shares otsta$di$ 9.7
ar@et )ale o" eity 1//0.0
E$terprise )ale 20.7
atios and Summar$ 'ata
!ales ro'th 1.1A 2/.A
>ross pro"it %ari$ 0.9A 2.4A
&et pro"it %ari$ 7.A 1.A
+8Bsales 9.A 10.0A
! 1.A 1.A
+*BC>! 12.A 10.4A
&et i$)est%e$t 27.1
u"ti*"es
+sset priceBCash "lo' assets 2.x
+sset priceB+d=sted $et i$co%e 20.x
+sset priceB!ales 1.7x
Eity priceB&et i$co%e 17.x
-
7/25/2019 Teuer Furniture B Case solution
32/43
12/31/21 12/31/2+ 12/31/2,
110.4 /1.2 927./
0.0 47.
2/.1 20/.
44.0 40.2
7.4 0.0
0. 0.4
14. 17.
20.9 12/.0
7.7 4.0
17.2 /.0
24.4 14.4
7/.4 4/.9
17.0 9.
12/31/21 12/31/2+
. 14.0
11. 10.
9.9 7.7
2.4 1.7
271. 209.0
19./ 172.
2/1.2 2/.1
. ./
444. 44.4
71.0 4.4
4/. 47./
0. /1.
0.0 0.0
0.0 0.0
7.7 7.
14.2 1.
407.0 297.
.7 7.1
12.0 172.
71.0 4.4
-
7/25/2019 Teuer Furniture B Case solution
33/43
.0A 10.4A
0.2A 47.4A
14.2A 10.2A
10.A 12.7A
12.7A 1.2A
/./A 10.9A
-
7/25/2019 Teuer Furniture B Case solution
34/43
Exhibit 1-I:
-
7/25/2019 Teuer Furniture B Case solution
35/43
Co%%o$ shares otsta$di$ 97.7
ar@et )ale o" eity 4277.
E$terprise )ale //.
atios and Summar$ 'ata
!ales ro'th /.7A .2A
>ross pro"it %ari$ 9.4A 9.2A
&et pro"it %ari$ .4A .4A
+8Bsales 1.A 1.2A
! 2.1A 24.A
+*BC>! 10.A 9.7A
&et i$)est%e$t 10.
u"ti*"es
+sset priceBCash "lo' assets 0.x
+sset priceB+d=sted $et i$co%e 1.1x
+sset priceB!ales 1.0x
Eity priceB&et i$co%e 1.7x
-
7/25/2019 Teuer Furniture B Case solution
36/43
1/3/211 1/31/21 1/31/2+
04.2 102.7 4.7
210. 1999.
///. 797.1
144. 11./
0.0 0.0
17. 2.7
0.4 1.4
2.1 120.
122./ 42./
200.2 77.
2.4 121.7
12.0 4.
200.4 7/.
1/3/211 1/31/21
2/.4 1.9
41. 44.2
1.4 4.1
14. 1.9
147. 11/0.2
70. /29.0
0.0 0.0
. 9.9
7/4.2 /99.0
211.7 2079.2
22/.0 1//.2
122.4 107.7
0.0 0.0
1. 1.
29./ 2.9
11.7 .
7.1 /.7
24.1 29.4
12/.9 1211.
211.7 2079.2
-
7/25/2019 Teuer Furniture B Case solution
37/43
12.9A 7./A
9.2A .A
.7A 2.A
1.2A 1.4A
24.1A 2.A
10.7A 9.4A
-
7/25/2019 Teuer Furniture B Case solution
38/43
Exhibit 2: Teuer Furniture
Income Statement 12/31/212 12/31/211
8e)e$e 14/.2 14.1
Cost o" oods sold 2.0 .
!elli$, e$eral, a$d ad%i$istrati)e 41. .7
epreciatio$ 1. 1./
8: 0.0 0.0
;ther expe$ses 3i$co%e5 7.4 .7
-
7/25/2019 Teuer Furniture B Case solution
39/43
Cash "lo' to assets 12.
!toc@ price
Co%%o$ shares otsta$di$ 9.9
ar@et )ale o" eity 0.0
E$terprise )ale 0.0
atios and Summar$ 'ata
!ales ro'th 10.A 20.A
>ross pro"it %ari$ /.2A /.A
&et pro"it %ari$ 14.A 14.9A
+8Bsales 2.A 1.A
! ./A 2.7A
+*BC>! 1/.A 1/.0A
&et i$)est%e$t 9.1
u"ti*"es
+sset *riceBCash "lo' assets 0.0x
+sset priceB+d=sted $et i$co%e 0.0x
+sset *riceB!ales 0.0x
Eity *riceB&et i$co%e 0.0x
-
7/25/2019 Teuer Furniture B Case solution
40/43
12/31/21 12/31/2+ 12/31/2,
111. 90.7 79.2
49.1 47.
2. 29.
2.0 2.2
0.0 0.0
. .4
0.0 0.0
22.2 .2
/.9 0.
1. .
22.2 .2
/.9 0.
1. .
12/31/21 12/31/2+
0.0 0.0
. 29.1
2./ 24.9
0.0 0.0
.4 .9
./ .1
0.0 0.0
0.0 0.0
./ .1
7. 9.0
9.1 /.
1.4 1.2
0.0 0.0
0.0 0.0
0.0 0.0
10. 9.
0.0 0.0
0.0 0.0
./ 49.
7. 9.0
-
7/25/2019 Teuer Furniture B Case solution
41/43
22.9A 14.A
.0A 47./A
12.0A .2A
2.9A 2.0A
4.A 2.A
1/.A 17.A
-
7/25/2019 Teuer Furniture B Case solution
42/43
Exhibit: Comparable Firm Characteristics
-ir% Characteristic !ET ETD -& DT L
si$ess a$"actri$ Ges Ges Ges &o G
>eoraphical *rese$ce (!+
-
7/25/2019 Teuer Furniture B Case solution
43/43
Exhibit: Multiples of Comparable Firms
u"ti*"es BSET ET FB0 T &B 0 ST&9
+sset priceBCash "lo' assets 20.2 &-
+sset priceB+d=sted $et i$co%e 21.47 &-
+sset priceB!ales 0.49 2.
Teer -r$itre
C-+ 12.1
+d=sted &et