Consumer Products Update - Constant Contactfiles.constantcontact.com/07e77b89001/5aaa4ada-b202-4646...Cleaning and Bath Products Index is currently comprised of Church & Dwight Co.,

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Consumer Products Update March 2018 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.

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., OMNOVA

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

Greenbank plc.

The MHH Furniture Index is currently comprised of Albany International Corp., Bassett Furniture Industries,

Incorporated, Crown Crafts, Inc., CSS Industries, Inc., Flexsteel Industries, Inc., Herman Miller, Inc., HNI

Corporation, Hooker Furniture Corporation, Kimball International, Inc., Knoll, 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, HRG Group, Inc., 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 BHS Tabletop AG, Churchill China plc, Duni AB (publ),

Helen of Troy Limited, Henkel AG & Co. KGaA, Leifheit AG, Libbey Inc., 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 © 2018 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 ................................................................... 3

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

Décor .................................................................................................. 10

Furniture .................................................................................................. 14

Hardware and Outdoor ...................................................................................... 19

Household Appliances ........................................................................................ 23

Housewares .................................................................................................. 27

5

Consumer Products Group Summary

1

Public Comp Group Valuation Metrics

Consumer Products

Comparable Company Analysis

($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins

Equity Enterprise Price/ Gross

Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA


The Procter & Gamble Company (NYSE:PG) $78.52 $197,949.2 $218,519.2 $65,732.0 $17,841.0 $3.75 3.32 x 12.2 x 20.9 x 51.0% 27.1%

Reckitt Benckiser Group plc (LSE:RB.) 79.69 56,115.7 70,680.8 15,559.9 4,296.8 6.42 4.54 x 16.4 x 12.4 x 61.1% 27.6%

Colgate-Palmolive Company (NYSE:CL) 68.97 60,371.3 65,705.3 15,454.0 4,397.0 2.28 4.25 x 14.9 x 30.3 x 60.5% 28.4%

Kimberly-Clark Corporation (NYSE:KMB) 110.92 38,829.2 45,952.2 18,259.0 4,114.0 6.40 2.52 x 11.2 x 17.3 x 35.9% 22.0%

The Clorox Company (NYSE:CLX) 129.08 16,703.5 18,497.5 6,040.0 1,266.0 6.07 3.06 x 14.6 x 21.3 x 44.4% 20.6%

Church & Dwight Co., Inc. (NYSE:CHD) 49.19 12,008.6 14,104.0 3,776.2 908.1 2.90 3.73 x 15.5 x 17.0 x 45.8% 23.8%

Prestige Brands Holdings, Inc. (NYSE:PBH) 33.80 1,792.7 3,800.6 1,025.9 345.7 7.29 3.70 x 11.0 x 4.6 x 55.8% 33.7%

PZ Cussons Plc (LSE:PZC) 3.90 1,629.9 1,930.0 1,102.7 178.4 0.21 1.75 x 10.8 x 18.3 x 37.4% 15.8%

McBride plc (LSE:MCB) 2.15 392.9 559.7 963.7 59.5 (0.02) 0.58 x 9.4 x NM 34.5% 6.2%

Mean $42,865.9 $48,861.0 $14,212.6 $3,711.8 $3.92 3.05x 12.9x 17.8x 47.4% 22.8%

Median 16,703.5 18,497.5 6,040.0 1,266.0 3.75 3.32x 12.2x 17.8x 45.8% 23.8%

Décor

The Sherwin-Williams Company (NYSE:SHW) $401.58 $37,592.2 $47,908.6 $14,983.8 $2,451.5 $19.11 3.20 x 19.5 x 21.0 x 45.6% 16.4%

Mohawk Industries, Inc. (NYSE:MHK) 239.88 17,853.2 20,569.2 9,491.3 1,863.1 12.98 2.17 x 11.0 x 18.5 x 32.1% 19.6%

Masco Corporation (NYSE:MAS) 41.12 12,886.7 14,905.7 7,644.0 1,297.0 1.66 1.95 x 11.5 x 24.8 x 34.2% 17.0%

Fortune Brands Home & Security, Inc. (NYSE:FBHS) 60.66 8,978.8 10,165.0 5,283.3 851.6 3.05 1.92 x 11.9 x 19.9 x 36.7% 16.1%

RPM International Inc. (NYSE:RPM) 49.77 6,652.6 8,544.5 5,176.2 673.4 2.57 1.65 x 12.7 x 19.3 x 42.8% 13.0%

Colfax Corporation (NYSE:CFX) 31.79 3,920.6 4,796.9 3,300.2 425.9 (0.59) 1.45 x 11.3 x NM 31.2% 12.9%

Armstrong World Industries, Inc. (NYSE:AWI) 60.30 3,202.2 3,892.6 893.6 322.1 4.08 4.36 x 12.1 x 14.8 x 36.6% 28.5%

Interface, Inc. (NasdaqGS:TILE) 24.20 1,436.0 1,578.9 996.4 147.4 0.86 1.58 x 10.7 x 28.2 x 38.7% 14.8%

OMNOVA Solutions Inc. (NYSE:OMN) 10.10 452.6 718.6 783.1 81.9 (1.98) 0.92 x 8.8 x NM 25.6% 10.5%

Culp, Inc. (NYSE:CULP) 27.80 346.1 304.0 322.9 36.2 1.14 0.94 x 8.4 x 24.4 x 20.8% 11.3%

The Dixie Group, Inc. (NasdaqGM:DXYN) 3.10 48.7 184.2 412.5 17.6 (0.59) 0.45 x 10.4 x NM 24.5% 4.3%

Walker Greenbank plc (AIM:WGB) 1.99 140.8 147.6 138.1 14.3 0.09 1.07 x 10.3 x 23.2 x 59.9% 10.3%

Mean $7,792.5 $9,476.3 $4,118.8 $681.8 $3.53 1.80x 11.6x 21.6x 35.7% 14.6%

Median 3,561.4 4,344.8 2,148.3 374.0 1.40 1.62x 11.2x 21.0x 35.4% 13.9%

Furniture

Leggett & Platt, Incorporated (NYSE:LEG) $43.46 $5,732.2 $6,458.4 $3,943.8 $559.6 $2.14 1.64 x 11.5 x 20.3 x 22.0% 14.2%

Tempur Sealy International, Inc. (NYSE:TPX) 49.43 2,685.3 4,398.7 2,754.4 395.6 2.77 1.60 x 11.1 x 17.8 x 41.8% 13.8%

Albany International Corp. (NYSE:AIN) 63.65 2,049.5 2,385.2 863.7 160.8 1.03 2.76 x 14.8 x 61.8 x 34.6% 18.6%

Herman Miller, Inc. (NasdaqGS:MLHR) 35.90 2,142.2 2,240.3 2,340.4 265.4 2.15 0.96 x 8.4 x 16.7 x 37.0% 11.2%

HNI Corporation (NYSE:HNI) 36.98 1,599.3 1,851.0 2,175.9 192.6 2.00 0.85 x 9.6 x 18.5 x 37.3% 8.9%

Steelcase Inc. (NYSE:SCS) 13.65 1,585.3 1,597.2 3,055.5 221.9 0.68 0.52 x 7.2 x 20.2 x 32.9% 7.3%

Knoll, Inc. (NYSE:KNL) 21.27 1,033.6 1,222.7 1,132.9 135.1 1.63 1.08 x 9.0 x 13.0 x 36.6% 11.9%

Unifi, Inc. (NYSE:UFI) 35.00 640.4 724.5 663.9 68.2 2.14 1.09 x 10.6 x 16.4 x 14.2% 9.2%

Kimball International, Inc. (NasdaqGS:KBAL) 16.43 615.9 536.5 668.2 70.2 0.96 0.80 x 7.6 x 17.1 x 33.3% 10.5%

Hooker Furniture Corporation (NasdaqGS:HOFT) 37.35 438.7 461.5 619.0 54.2 2.64 0.75 x 8.5 x 14.2 x 21.9% 8.7%

Bassett Furniture Industries, Incorporated (NasdaqGS:BSET) 32.20 346.6 273.3 452.5 40.8 1.70 0.60 x 6.7 x 18.9 x 60.8% 9.0%

Flexsteel Industries, Inc. (NasdaqGS:FLXS) 38.86 305.1 267.6 487.4 42.2 3.29 0.55 x 6.3 x 11.8 x 22.3% 8.7%

CSS Industries, Inc. (NYSE:CSS) 18.41 167.9 186.6 339.0 17.5 (0.36) 0.55 x 10.7 x NM 29.3% 5.2%

Crown Crafts, Inc. (NasdaqCM:CRWS) 6.50 65.6 67.8 64.9 9.0 0.34 1.04 x 7.6 x 19.3 x 29.4% 13.8%

Mean $1,386.3 $1,619.4 $1,397.3 $159.5 $1.65 1.06x 9.3x 20.5x 32.4% 10.8%

Median 837.0 973.6 766.0 102.7 1.85 0.90x 8.8x 17.8x 33.1% 9.9%

(continued on next page)

Enterprise Value/


2

($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins

Equity Enterprise Price/ Gross

Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA


Techtronic Industries Company Limited (SEHK:669) $6.27 $11,509.7 $11,425.3 $6,063.6 $622.8 $0.26 1.88 x 18.3 x 24.5 x 36.7% 10.3%

Spectrum Brands Holdings, Inc. (NYSE:SPB) 98.71 5,463.6 9,314.7 5,051.6 $855.4 $6.89 1.84 x 10.9 x 14.3 x 37.5% 16.9%

HRG Group, Inc. (NYSE:HRG) 15.79 3,184.8 8,167.4 5,052.7 $823.6 $0.16 1.62 x 9.9 x NM 37.6% 16.3%

The Toro Company (NYSE:TTC) 63.57 6,739.7 6,835.4 2,537.6 $435.1 $2.21 2.69 x 15.7 x 28.7 x 36.7% 16.8%

Husqvarna AB (publ) (OM:HUSQ B) 10.73 6,126.2 6,879.6 4,812.6 $623.7 $0.56 1.43 x 11.0 x 19.0 x 31.6% 13.0%

Central Garden & Pet Company (NasdaqGS:CENT) 38.63 2,004.2 2,412.2 2,077.0 $204.0 $1.87 1.16 x 11.8 x 20.7 x 31.0% 9.9%

WD-40 Company (NasdaqGS:WDFC) 124.70 1,742.6 1,777.1 388.9 $83.6 $3.80 4.57 x 21.3 x 32.8 x 55.8% 21.5%

Einhell Germany AG (DB:EIN3) 114.77 433.2 495.9 635.6 $45.6 $5.52 0.78 x 10.9 x 20.8 x 34.1% 7.2%

P&F Industries, Inc. (NasdaqGM:PFIN) 7.34 26.5 27.7 56.9 $1.8 ($0.04) 0.49 x 15.4 x NM 35.0% 3.2%

Mean $4,136.7 $5,259.5 $2,964.1 $410.6 $2.36 1.83x 13.9x 23.0x 37.3% 12.8%

Median 3,184.8 6,835.4 2,537.6 435.1 1.87 1.62x 11.8x 20.8x 36.7% 13.0%

Household & Family Electonics / Appliances

Stanley Black & Decker, Inc. (NYSE:SWK) $159.19 $24,533.0 $28,535.7 $12,747.2 $2,077.1 $8.04 2.24 x 13.7 x 19.8 x 37.8% 16.3%

Whirlpool Corporation (NYSE:WHR) 162.43 11,482.6 16,434.6 21,253.0 2,042.0 4.70 0.77 x 8.0 x 34.6 x 16.9% 9.6%

AB Electrolux (publ) (OM:ELUX B) 33.06 9,501.0 9,241.6 14,911.5 1,266.1 2.43 0.62 x 7.3 x 13.6 x 20.9% 8.5%

De'Longhi S.p.A. (BIT:DLG) 28.30 4,231.3 3,940.3 2,368.9 371.6 0.00 1.66 x 10.6 x NM 24.6% 15.7%

iRobot Corporation (NasdaqGS:IRBT) 67.95 1,898.9 1,733.0 883.9 96.6 1.77 1.96 x 17.9 x 38.4 x 50.4% 10.9%

Fiskars Oyj Abp (HLSE:FSKRS) 27.78 2,269.8 1,788.6 1,423.5 146.5 2.45 1.26 x 12.2 x 11.4 x 43.2% 10.3%

NACCO Industries, Inc. (NYSE:NC) 41.20 285.6 242.2 104.8 41.1 4.14 2.31 x 5.9 x 10.0 x 16.1% -20.5%

Mean $7,743.2 $8,845.1 $7,670.4 $863.0 $3.36 1.55x 10.8x 21.3x 30.0% 7.3%

Median 4,231.3 3,940.3 2,368.9 371.6 2.45 1.66x 10.6x 16.7x 24.6% 10.3%

Housewares

Henkel AG & Co. KGaA (XTRA:HEN3) $133.46 $57,956.8 $61,811.3 $24,050.2 $4,645.8 $6.96 2.57 x 13.3 x 19.2 x 47.3% 19.3%

Newell Brands Inc. (NYSE:NWL) 25.69 12,464.8 22,568.1 14,742.2 2,055.8 5.63 1.53 x 11.0 x 4.6 x 34.5% 13.9%

SEB SA (ENXTPA:SK) 205.01 10,170.7 12,650.2 7,786.5 900.8 9.01 1.62 x 14.0 x 22.8 x 10.4% 11.6%

Tupperware Brands Corporation (NYSE:TUP) 49.05 2,507.3 3,101.3 2,255.8 407.6 (5.22) 1.37 x 7.6 x NM 67.2% 18.1%

Helen of Troy Limited (NasdaqGS:HELE) 90.05 2,428.5 2,833.4 1,567.8 227.8 0.73 1.81 x 12.4 x NM 44.1% 14.5%

Duni AB (publ) (OM:DUNI) 14.12 663.5 750.0 542.5 77.2 0.85 1.38 x 9.7 x 16.5 x 28.5% 14.2%

Libbey Inc. (AMEX:LBY) 6.27 138.1 498.0 785.2 74.1 (4.24) 0.63 x 6.7 x NM 19.3% 9.4%

Lifetime Brands, Inc. (NasdaqGS:LCUT) 13.95 285.8 373.1 579.5 34.4 0.14 0.64 x 10.8 x NM 37.1% 5.9%

Leifheit Aktiengesellschaft (DB:LEI) 36.14 343.7 281.6 277.8 27.7 1.45 1.01 x 10.2 x 24.9 x 46.2% 10.0%

Portmeirion Group plc (AIM:PMP) 13.66 146.2 144.1 114.6 15.2 0.88 1.26 x 9.5 x 15.6 x 10.7% 13.0%

Churchill China plc (AIM:CHH) 14.00 153.5 140.1 68.7 11.6 0.68 2.04 x 12.1 x 20.5 x 82.7% 16.6%

BHS tabletop AG (DB:HUL) 0.00 0.0 (1.5) 138.1 11.8 1.04 -0.01 x NM 0.0 x 72.6% 8.6%

Mean $7,271.6 $8,762.5 $4,409.1 $707.5 $1.49 1.32x 10.7x 15.5x 41.7% 12.9%

Median 503.6 624.0 682.3 75.6 0.86 1.38x 10.8x 17.8x 40.6% 13.5%

NA = Not Available; NM = Not Meaningful; LTM = Latest Twelve Months (1) As of close February 28, 2018

‡ = 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/


3

Residential Construction Trend

1) Source: US Census Bureau

500600700800900

1,0001,1001,2001,3001,4001,500

Mar

20

16

Ap

r 2

01

6

May

20

16

Jun

20

16

Jul 2

01

6

Au

g 2

01

6

Sep

20

16

Oct

20

16

No

v 2

01

6

Dec

20

16

Jan

20

17

Feb

20

17

Mar

20

17

Ap

r 2

01

7

May

20

17

Jun

20

17

Jul 2

01

7

Au

g 2

01

7

Sep

20

17

Oct

20

17

No

v 2

01

7

Dec

20

17

Jan

20

18

Feb

20

18

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

2) Exclude NC because of significant one time gain from a sale of division

12.2x

16.4x

14.9x

11.2x

14.6x15.5x

11.0x10.8x 9.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

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:P

G

LSE

:RB

NY

SE:C

L

NY

SE:K

MB

NY

SE:C

LX

NY

SE:C

HD

NY

SE:P

BH

LSE

:PZC

LSE

:MC

B

19.5x

11.0x11.5x

11.9x12.7x

11.3x12.1x 10.7x

8.8x

8.4x10.4x

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%



Nas

daq

GM

: DX

YN

AIM

: WG

B

NYS

E: O

MN

Nas

daq

GS:

TILE

Operating Performance vs. EBITDA Multiple - Decor

NYS

E: S

HW

NYS

E: M

HK

NYS

E: M

AS

NYS

E: F

BH

S

NYS

E: R

PM

NYS

E: C

FX

NYS

E: A

WI

11.5x

11.1x

14.8x

8.3x9.6x

7.2x

9.0x

10.6x

7.6x

8.5x

6.7x 6.3x

10.7x

7.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%



Nas

daq

GM

:KB

AL

Nas

daq

GS:

BSE

T

NYS

E:U

FI

Nas

daq

GM

:KB

AL

Nas

daq

GS:

FLX

S

Nas

daq

GS:

FLX

S

Nas

daq

CM

:CR

WS

Operating Performance vs. EBITDA Multiple - Furniture

NYS

E: L

EG

NYS

E: T

PX

Nas

daq

GS:

MLH

R

NYS

E: A

IN

NYS

E: H

NI

NYS

E: S

CS

NYS

E: K

NL

18.3x

10.9x9.9x

15.7x

11.7x11.8x

21.3x

10.9x

15.4x

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%



DB

:EIN

3

Nas

daq

GS:

CEN

T

Operating Performance vs. EBITDA Multiple - Hardware

OM

: HU

SQ B

SEH

K:6

69

NYS

E: H

RG

NYS

E: T

TC

Nas

daq

GS:

WD

FC

Nas

daq

GM

:PFI

N

NYS

E:H

RG

13.7x

8.0x7.3x

10.6x

17.9x

12.2x

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%



Operating Performance vs. EBITDA Multiple - Household Appliances(2)

OM

:ELU

X B

NYS

E: S

WK

OM

: WH

R

BIT

: DLG

Nas

daq

GS:

IRB0

T

HLS

E: F

SKR

S

13.3x

11.0x

14.0x

7.6x

12.4x

9.7x6.7x

10.8x

10.2x9.7x

12.1x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%



AIM

:CH

H

AIM

: PM

P

DB

: LEI

Nas

daq

GS:

LCU

r

Operating Performance vs. EBITDA Multiple - Housewares

DB

: HEN

3

NYS

E: N

WL

ENX

TPA

: SK

OM

: DU

NI

NYS

E: T

UP

Nas

daq

GS:

HEL

E

NYS

E: A

WI


5

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

Last Three Years

Last Twelve Months

Source: CapitalIQ

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%2

/28

/15

4/3

0/1

5

6/3

0/1

5

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Cleaning and Bath Products Index S&P 500 NASDAQ Composite Index

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Cleaning and Bath Products Index S&P 500 NASDAQ Composite Index


6

Valuation Trend Enterprise Value/LTM Revenue

Enterprise Value/LTM EBITDA

Source: CapitalIQ

3.01x 3.06x 3.02x 3.10x3.42x

3.21x 3.16x 3.05x

3.44x3.61x 3.74x 3.82x

3.49x3.79x 3.70x 3.78x 3.89x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

4.50x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Quarterly Median EV/ REV 1 Yr. Moving Average

12.7x11.8x

13.1x 13.1x

14.6x 14.2x13.6x 13.9x 14.4x 14.3x

15.6x14.8x

14.2x 14.3x15.6x

14.7x 14.4x

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

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

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


7

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

NYSE:PG

LSE:RB.

NYSE:CL

NYSE:KMB

NYSE:CLXNYSE:CHD

LSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

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

EBIT

DA

Mu

ltip

le

3-Yr Revenue CAGRSource: CapitalIQ and MHH

3-Yr Revenue CAGR vs. EBITDA Multiple

NYSE:PG

LSE:RB.

NYSE:CL

NYSE:KMB

NYSE:CLXNYSE: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

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

EBIT

DA

Mu

ltip

le

3-YR EBITDA CAGR


3-Yr EBITDA CAGR vs. EBITDA Multiple

NYSE:PG

LSE:RB.

NYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

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

EBIT

DA

Mu

ltip

le

LTM EBITDA MarginSource: CapitalIQ and MHH

EBITDA Margin vs. EBITDA Multiple

NYSE:PGNYSE:CL

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

(40.0) (20.0) - 20.0 40.0 60.0 80.0 100.0

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

LSE:RB. NYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZC

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

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


EBITDA Margin vs. Inventory Turn Ratio

NYSE:PG

LSE:RB.

NYSE:CL

NYSE:KMB

NYSE:CLXNYSE: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

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

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

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

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

EBIT

DA

Mu

ltip

le

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

Capital Intensity vs. EBITDA Multiple

NYSE:PG

LSE:RB.

NYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

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: 2/1/18 - 2/28/18

Announced Target Target Description Acquirer Value

2/6/18 Snowberry New

Zealand Ltd.

Manufactures skin care products The Procter & Gamble Company

(NYSE:PG)

ND

ND – Not disclosed. Transaction values in millions.

Selected News Announcements

Church & Dwight Co., Inc (NYSE:CHD) announced a quarterly dividend payable March 1, 2018. McBride plc (LSE:MCB) announced a dividend payable in May 2018. The Procter & Gamble Company (NYSE: PG) announced the appointment of Joseph Jimenez and Nelson Peltz to the company’s Board of Directors effective March 1, 2018. The Clorox Company (NYSE: CLX) announced a quarterly dividend payable May 11, 2018.

Décor

9


Last Three Years

Last Twelve Months

Source: CapitalIQ

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%2

/28

/15

4/3

0/1

5

6/3

0/1

5

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

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

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

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

Décor

10

Valuation Trend

Enterprise Value/LTM Revenue


Source: CapitalIQ

1.57x 1.59x 1.55x 1.54x 1.53x1.62x

1.70x1.55x 1.51x 1.56x

1.46x

1.64x 1.69x1.80x 1.77x 1.72x 1.73x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

1.80x

2.00x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


14.0x13.5x

12.9x12.1x

12.8x13.5x 13.6x

12.4x11.7x 11.9x

11.1x 11.6x 11.2x

13.6x

12.0x 12.2x12.8x

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

16.0x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

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

Décor

11


NYSE:MHK

NYSE:MAS

NYSE:FBHSNYSE:RPM

NYSE:CULP

NasdaqGM:DXYN

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.00% 2.00% 4.00% 6.00% 8.00% 10.00%

EBIT

DA

Mu

ltip

le

3-YR Revenue CAGR Source: CapitalIQ and MHH FCF Margin = (EBITDA - Capex) / Rev


NYSE:MHK

NYSE:MAS

NYSE:FBHS

NYSE:RPMNYSE:AWI

NasdaqGS:TILE

NYSE:OMN

NYSE:CULPNasdaqGM:DXYN

AIM:WGB

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

3-YR EBITDA CAGR


NYSE:MHK

NYSE:MAS

NYSE:FBHSNYSE:RPM NYSE:CFX

NasdaqGS:TILE

NYSE:OMNNYSE:CULP

AIM:WGB

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



NYSE:MHK

NYSE:MASNYSE:FBHS

NYSE:RPM

NYSE:CFX

NYSE:AWI

NasdaqGS:TILE

NYSE:OMN

NYSE:CULP

NasdaqGM:DXYN

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

- 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

EB

ITD

A M

ult

iple



NYSE:SHW

NYSE:MHK

NYSE:MAS

NYSE:FBHS

NYSE:RPM

NYSE:CFX

NasdaqGS:TILE

NYSE:OMN

NYSE:CULP

AIM:WGB

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

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

Inve

nto

ry T

urn

ove

r R

atio



NYSE:MHK

NYSE:MAS

NYSE:FBHSNYSE:RPM

NYSE:CFXNasdaqGS:TILE

NYSE:OMNNYSE:CULP

AIM:WGB

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%

EB

ITD

A M

ult

iple




Décor

12

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

NYSE:MHKNYSE:MAS

NYSE:FBHSNYSE:RPMNYSE:CFX

NYSE:AWI

NasdaqGS:TILE

NYSE:OMN

NYSE:CULP

NasdaqGM:DXYN

AIM:WGB

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% 70.0% 80.0%

EBIT

DA

Mu

ltip

le



NYSE:MHK

NYSE:FBHSNYSE:RPMNYSE:AWI

NasdaqGS:TILE

NYSE:OMNNYSE:CULP

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.00% 2.00% 4.00% 6.00% 8.00% 10.00%

EBIT

DA

Mu

ltip

le





2/1/18 Sanquhar Tire

Services Limited

Manufactures and commissions carpet tiles Shaw Industries Group, Inc ND

2/9/18 TJR Coating Inc. Develops and manufactures wood care,

restoration and coating protection systems

2618249 Ontario Group ND



Colefax Group plc (AIM:CFX) announced the commencement of a share buyback program of up to 15% of total outstanding shares.

Culp, Inc. (NYSE: CULP) announced a quarterly dividend payable April 16, 2018.

Interface, Inc. (NasdaqGS:TILE) announced a quarterly dividend payable March 23, 2018. The Sherwin-Williams Company (NYSE:SHW) announced a quarterly dividend payable March 9, 2018.

Furniture

13


Last Three Years

Last Twelve Months

Source: CapitalIQ

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%2

/28

/15

4/3

0/1

5

6/3

0/1

5

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Furniture 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%

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

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

Furniture

14

Valuation Trend



Source: CapitalIQ

0.89x

0.79x

0.89x0.82x

0.91x 0.92x 0.93x0.87x 0.88x 0.87x 0.90x 0.86x

0.96x0.91x 0.90x

0.97x0.93x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


8.9x 9.1x 8.9x8.6x 8.6x

9.2x 9.4x

8.1x 8.1x 7.9x 7.9x 8.2x

9.8x

8.5x 8.6x9.1x

9.6x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


Furniture

15


NYSE:TPX

NasdaqGS:MLHRNYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:FLXS

NYSE:CSS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

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

EBIT

DA

Mu

ltip

le



NYSE:TPX

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:BSET

NasdaqGS:FLXS

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

-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:LEG

NYSE:TPX

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:BSET

NasdaqGS:FLXS

NYSE:CSS

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le



NYSE:LEG

NYSE:TPXNYSE:AIN

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:KNL NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:BSET

NasdaqGS:FLXS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

(20.0) - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

EB

ITD

A M

ult

iple



NYSE:LEG

NYSE:TPX


NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:BSET

NasdaqGS:FLXS

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

0.0% 5.0% 10.0% 15.0%

Inve

nto

ry T

urn

ove

r R

atio



NYSE:LEG

NYSE:TPX

NYSE:AIN

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:KNLNYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:BSET

NasdaqGS:FLXS

NYSE:CSS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

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

EBIT

DA

Mu

ltip

le




Furniture

16


NYSE:LEGNYSE:TPX

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:BSET NasdaqGS:FLXS

NYSE:CSSNasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

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

EB

ITD

A M

ult

iple



NYSE:LEGNYSE:TPX


NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:HOFT

NasdaqGS:BSET NasdaqGS:FLXS

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

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

EBIT

DA

Mu

ltip

le





2/1/18 Veksø-Taulov

A/S

Designs, manufactures and markets

architectural and functional street and

park furniture

Hitsa-Hejls A/S ND

2/12/18 Zedbed Inc. Manufactures eco-friendly foam

mattresses

Owen & Company Limited ND

2/12/18 Tvilum Aps Designs, manufactures and sells ready to

assemble furniture

Viking Trading ApS ND

2/12/18 hali gmbh Manufactures and supplies office furniture BGO Holding GmbH ND

2/28/18 interlübke Lübke

GmbH & Co. KG

Manufactures home furniture in Germany MB Mittelständische

Beteiligungsgesellschaft mbH;

Schramm Holding GmbH

ND


Furniture

17


Albany International Corp. (NYSE:AIN) announced a quarterly dividend payable April 6, 2018.

Albany International Corp. (NYSE:AIN) appointed Olivier Jarrault as President and CEO to succeed Dr. Joseph G. Morone, effective March 2, 2018.

Crown Crafts, Inc. (NasdaqCM: CRWS) announced a quarterly dividend payable April 6, 2018.

CSS Industries, Inc. (NYSE: CSS) announced a quarterly dividend payable March 15, 2018.

HNI Corporation (NYSE: HNI) announced a quarterly dividend payable March 5, 2018.

Kimball International, Inc. (NasdaqGS: KBAL) announced a quarterly dividend payable April 13, 2018.

Kroll, Inc. (NYSE: KNL) announced a quarterly dividend payable March 30, 2018.

Leggett & Platt (NYSE: LEG) announced a quarterly dividend payable April 13, 2018.


18


Last Three Years

Last Twelve Months

Source: CapitalIQ

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%2

/28

/15

4/3

0/1

5

6/3

0/1

5

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Hardware and Outdoor Index S&P 500 NASDAQ Composite Index

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Hardware and Outdoor Index S&P 500 NASDAQ Composite Index


19

Valuation Trend



Source: CapitalIQ

1.34x1.22x

1.36x1.25x

1.35x 1.33x 1.31x1.41x

1.54x 1.47x 1.52x1.41x

1.27x1.40x

1.53x

1.76x

2.01x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


12.6x11.6x

12.6x11.7x 11.6x 11.4x 11.9x 11.8x 11.5x

13.2x 12.9x12.3x

11.2x

13.5x 13.7x 14.1x

12.3x

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

16.0x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17



20


SEHK:669

NYSE:SPBNYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

NasdaqGS:WDFC

DB:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0% 2.5% 5.0% 7.5% 10.0%

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:SPBNYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

NasdaqGS:WDFC

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

-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:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ BNasdaqGS:CENT

NasdaqGS:WDFC

DB:EIN3

NasdaqGM:PFIN

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



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

NasdaqGS:WDFC

DB:EIN3

NasdaqGM:PFIN

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

- 50.0 100.0 150.0 200.0 250.0

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT NasdaqGS:WDFC

DB:EIN3

NasdaqGM:PFIN

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

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

Inve

nto

ry T

urn

ove

r R

atio



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

NasdaqGS:WDFC

DB:EIN3

NasdaqGM:PFIN

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le





21




2/1/18 Light Compaction & Concrete Equipment Business of Atlas Copco AB

Represents the light compaction and concrete product business lines

Husqvarna AB (OM:HUSQ B) ND

2/9/18 The Fletcher-

Terry Company

Manufactures and designs roll-up doors and

building components

Capital Partners, Inc. ND

2/26/18 Spectrum Brands

Holdings, Inc

(NYSE: SPB)

Manufactures, markets and distributes

branded consumer products

HRG Group, Inc. (NYSE:HRG) $4,791.9

2/26/18 Chamberlain

Security

Manufactures security components to

protect the contents of safes, filing cabinets

and ATMs

Broco Rankin ND

SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

NasdaqGS:WDFC

DB:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

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

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

NasdaqGS:WDFC

DB:EIN3

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le




22

2/28/18 American Building

Supply, Inc.

Operates as a manufacturer and wholesale

distributor of door, millwork and hardware

products for residential and commercial

applications

ELD-WEN Holding, Inc.

(NYSE:JELD)

ND



Husqvarna AB (OM: HUSQ B) has completed a fixed-income offering in the amount of $112 million.

P&F Industries, Inc. (NasdaqGS: PFIN) announced a quarterly dividend payable March 2, 2018.

Household Appliance

23


Last Three Years

Last Twelve Months

Source: CapitalIQ

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%2

/28

/15

4/3

0/1

5

6/3

0/1

5

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Household & Family Electonics / 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%

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Household & Family Electonics / Appliances Index S&P 500 NASDAQ Composite Index

Household Appliance

24

Valuation Trend



Source: CapitalIQ

1.23x

1.50x 1.51x1.37x 1.42x

1.06x

1.28x

1.03x

1.43x

1.04x 0.98x1.05x

1.78x

1.08x1.21x

1.10x

1.28x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

1.80x

2.00x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


8.6x

10.3x 10.1x10.7x

11.4x10.6x 10.9x

9.9x10.9x

9.8x 9.7x10.2x

11.1x

12.3x13.1x 12.7x 12.8x

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

14.0x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


Household Appliance

25


NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

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

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

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


NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

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



NYSE:SWK

NYSE:WHR

OM:ELUX BBIT:DLG

NasdaqGS:IRBT HLSE:FSKRS

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:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

0.0% 5.0% 10.0% 15.0% 20.0%

Inve

nto

ry T

urn

ove

r R

atio



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

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% 25.0% 30.0%

EBIT

DA

Mu

ltip

le



Household Appliance

26

Valuation and Operating Performance Matrices (cont.)

Graphs adjusted to eliminate statistical outliers.


AB Electrolux (OM: ELUX B) announced a semi-annual dividend payable April 12, 2018 and October 12,

2018.

Fiskar Oyj Abp (HLSE: FSKRS) announced a semi-annual dividend payable March 23, 2018.

iRobot Corporation (NasdaqGS: IRBT) announced a share repurchase program of up to $50 million.

NACCO Industries Inc. (NYSE:NC) announced a share repurchase program of up to $25 million.

NACCO Industries Inc. (NYSE:NC) announced a quarterly dividend payable March 15, 2018.

Stanley Black & Decker (NYSE:SWK) announced a quarterly dividend payable March 20, 2018.

Whirlpool Corporation (NYSE: WHR) announced a quarterly dividend payable March 15, 2018.

NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

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% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0%

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

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%

EBIT

DA

Mu

ltip

le



Selected M&A Transactions: 2/1/18 – 2/28/18

No House Appliances Selected Transactions for the month of February.

Housewares

27


Last Three Years

Last Twelve Months

Source: CapitalIQ

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%2

/28

/15

4/3

0/1

5

6/3

0/1

5

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

MHH Comp Group Housewares 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%

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

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

Housewares

28

Valuation Trend



Source: CapitalIQ

1.28x1.40x

1.46x1.41x 1.39x

1.50x1.58x

1.34x

1.53x 1.50x

1.65x 1.65x 1.64x 1.60x

1.41x 1.41x

1.60x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

1.80x

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


8.7x 8.8x9.2x

10.1x 9.8x10.3x 10.0x 9.9x

10.4x 10.1x 9.9x

10.8x 11.0x 10.7x 11.0x 10.8x10.1x

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

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17


Housewares

29


XTRA:HEN3

NYSE:TUP

NasdaqGS:HELE

OM:DUNI

AMEX:LBY

NasdaqGS:LCUT

DB:LEI AIM:PMP

AIM:CHH

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

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

EBIT

DA

Mu

ltip

le



XTRA:HEN3NasdaqGS:HELE

OM:DUNI

NasdaqGS:LCUTDB:LEI

AIM:PMP

AIM:CHH

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%

EBIT

DA

Mu

ltip

le

3-YR EBITDA CAGRSource: CapitalIQ and MHH


XTRA:HEN3NYSE:NWL

ENXTPA:SK

NYSE:TUP

NasdaqGS:HELE

OM:DUNI

AMEX:LBY

NasdaqGS:LCUT

DB:LEI

AIM:PMP

AIM:CHH

0.0x

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



ENXTPA:SK

NYSE:TUP

OM:DUNI AMEX:LBY

DB:LEI

AIM:PMP

AIM:CHH

8.4x

8.6x

8.8x

9.0x

9.2x

9.4x

9.6x

9.8x

10.0x

- 20.0 40.0 60.0 80.0 100.0 120.0

EBIT

DA

Mu

ltip

le



XTRA:HEN3

NYSE:NWL

ENXTPA:SK

NYSE:TUP

NasdaqGS:HELE

OM:DUNI

AMEX:LBY

NasdaqGS:LCUTDB:LEI

AIM:PMP

AIM:CHHDB:HUL

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

0.0% 5.0% 10.0% 15.0% 20.0%

Inve

nto

ry T

urn

ove

r R

atio



XTRA:HEN3NYSE:NWLENXTPA:SK

NYSE:TUP

NasdaqGS:HELE

OM:DUNIAMEX:LBY

NasdaqGS:LCUT

DB:LEI

AIM:PMP

AIM:CHH

0.0x

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




Housewares

30




2/9/18 Biopac (UK) Ltd Develops and manufactures disposable packaging for food and beverage industry

Duni AB (OM:DUNI) $3.6

Transaction values in millions.


Libbey Inc. (AMEX:LBY) announced a quarterly dividend payable March 13, 2018.

Newell Brands (NYSE: NWL) announced a quarterly dividend payable March 15, 2018.

Newell Brands (NYSE: NWL) announced the appointment of two independent directors, James R. Craigie

and Debra A. Crew, effective immediately.

Tupperware Brands Corporation (NYSE:TUP) announced the appointment of Patricia (Tricia) Stitzel as

President and CEO, effective May 9, 2018.

XTRA:HEN3

NYSE:NWL

ENXTPA:SK

NYSE:TUP

NasdaqGS:HELE

OM:DUNI

AMEX:LBY

NasdaqGS:LCUT

DB:LEI

AIM:PMP

AIM:CHH

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

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

EBIT

DA

Mu

ltip

le



XTRA:HEN3NYSE:NWL

ENXTPA:SKNasdaqGS:HELE

OM:DUNI

AMEX:LBY

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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 - Constant Contactfiles.constantcontact.com/07e77b89001/5aaa4ada-b202-4646...Cleaning and Bath Products Index is currently comprised of Church & Dwight Co.,

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