Intrinsic value of Leggett&Platt - LEG

Previous Close

$46.34

  Intrinsic Value

$44.80

stock screener

  Rating & Target

hold

-3%

Previous close

$46.34

 
Intrinsic value

$44.80

 
Up/down potential

-3%

 
Rating

hold

We calculate the intrinsic value of LEG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.26
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  3,750
  3,866
  3,993
  4,132
  4,281
  4,442
  4,614
  4,798
  4,994
  5,203
  5,425
  5,660
  5,910
  6,173
  6,452
  6,747
  7,058
  7,386
  7,732
  8,096
  8,480
  8,885
  9,311
  9,759
  10,230
  10,726
  11,248
  11,796
  12,373
  12,980
  13,617
Variable operating expenses, $m
 
  3,384
  3,493
  3,611
  3,739
  3,876
  4,024
  4,181
  4,349
  4,527
  4,717
  4,839
  5,052
  5,278
  5,516
  5,768
  6,034
  6,314
  6,610
  6,922
  7,250
  7,596
  7,960
  8,343
  8,746
  9,170
  9,616
  10,085
  10,578
  11,096
  11,641
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,228
  3,384
  3,493
  3,611
  3,739
  3,876
  4,024
  4,181
  4,349
  4,527
  4,717
  4,839
  5,052
  5,278
  5,516
  5,768
  6,034
  6,314
  6,610
  6,922
  7,250
  7,596
  7,960
  8,343
  8,746
  9,170
  9,616
  10,085
  10,578
  11,096
  11,641
Operating income, $m
  522
  482
  500
  520
  542
  565
  590
  617
  646
  676
  708
  821
  857
  896
  936
  979
  1,024
  1,072
  1,122
  1,175
  1,230
  1,289
  1,351
  1,416
  1,484
  1,556
  1,632
  1,712
  1,795
  1,883
  1,976
EBITDA, $m
  638
  618
  638
  660
  684
  710
  737
  767
  798
  831
  867
  904
  944
  986
  1,031
  1,078
  1,128
  1,180
  1,235
  1,294
  1,355
  1,420
  1,488
  1,559
  1,635
  1,714
  1,797
  1,885
  1,977
  2,074
  2,176
Interest expense (income), $m
  38
  38
  41
  43
  46
  49
  52
  55
  59
  63
  67
  72
  76
  81
  87
  92
  98
  104
  111
  118
  125
  133
  141
  149
  158
  167
  177
  188
  199
  210
  222
Earnings before tax, $m
  487
  444
  460
  477
  496
  517
  538
  562
  586
  613
  641
  750
  781
  814
  850
  887
  926
  967
  1,011
  1,057
  1,106
  1,157
  1,210
  1,267
  1,326
  1,389
  1,455
  1,524
  1,597
  1,673
  1,753
Tax expense, $m
  120
  120
  124
  129
  134
  139
  145
  152
  158
  165
  173
  202
  211
  220
  229
  239
  250
  261
  273
  285
  298
  312
  327
  342
  358
  375
  393
  411
  431
  452
  473
Net income, $m
  386
  324
  336
  348
  362
  377
  393
  410
  428
  447
  468
  547
  570
  595
  620
  647
  676
  706
  738
  772
  807
  844
  883
  925
  968
  1,014
  1,062
  1,112
  1,166
  1,221
  1,280

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  282
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,984
  2,785
  2,877
  2,977
  3,084
  3,200
  3,324
  3,457
  3,598
  3,749
  3,909
  4,078
  4,258
  4,448
  4,649
  4,861
  5,085
  5,321
  5,570
  5,833
  6,110
  6,401
  6,708
  7,031
  7,370
  7,728
  8,104
  8,499
  8,914
  9,351
  9,810
Adjusted assets (=assets-cash), $m
  2,702
  2,785
  2,877
  2,977
  3,084
  3,200
  3,324
  3,457
  3,598
  3,749
  3,909
  4,078
  4,258
  4,448
  4,649
  4,861
  5,085
  5,321
  5,570
  5,833
  6,110
  6,401
  6,708
  7,031
  7,370
  7,728
  8,104
  8,499
  8,914
  9,351
  9,810
Revenue / Adjusted assets
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
  1.388
Average production assets, $m
  729
  750
  775
  802
  831
  862
  895
  931
  969
  1,009
  1,052
  1,098
  1,146
  1,198
  1,252
  1,309
  1,369
  1,433
  1,500
  1,571
  1,645
  1,724
  1,806
  1,893
  1,985
  2,081
  2,182
  2,289
  2,400
  2,518
  2,642
Working capital, $m
  618
  367
  379
  393
  407
  422
  438
  456
  474
  494
  515
  538
  561
  586
  613
  641
  670
  702
  735
  769
  806
  844
  885
  927
  972
  1,019
  1,069
  1,121
  1,175
  1,233
  1,294
Total debt, $m
  978
  1,014
  1,077
  1,146
  1,220
  1,300
  1,386
  1,478
  1,576
  1,680
  1,791
  1,908
  2,032
  2,164
  2,303
  2,450
  2,605
  2,768
  2,941
  3,122
  3,314
  3,516
  3,728
  3,951
  4,186
  4,434
  4,694
  4,967
  5,255
  5,557
  5,875
Total liabilities, $m
  1,893
  1,928
  1,991
  2,060
  2,134
  2,214
  2,300
  2,392
  2,490
  2,594
  2,705
  2,822
  2,946
  3,078
  3,217
  3,364
  3,519
  3,682
  3,855
  4,036
  4,228
  4,430
  4,642
  4,865
  5,100
  5,348
  5,608
  5,881
  6,169
  6,471
  6,789
Total equity, $m
  1,092
  858
  886
  917
  950
  986
  1,024
  1,065
  1,108
  1,155
  1,204
  1,256
  1,311
  1,370
  1,432
  1,497
  1,566
  1,639
  1,716
  1,797
  1,882
  1,972
  2,066
  2,165
  2,270
  2,380
  2,496
  2,618
  2,746
  2,880
  3,022
Total liabilities and equity, $m
  2,985
  2,786
  2,877
  2,977
  3,084
  3,200
  3,324
  3,457
  3,598
  3,749
  3,909
  4,078
  4,257
  4,448
  4,649
  4,861
  5,085
  5,321
  5,571
  5,833
  6,110
  6,402
  6,708
  7,030
  7,370
  7,728
  8,104
  8,499
  8,915
  9,351
  9,811
Debt-to-equity ratio
  0.896
  1.180
  1.220
  1.250
  1.280
  1.320
  1.350
  1.390
  1.420
  1.460
  1.490
  1.520
  1.550
  1.580
  1.610
  1.640
  1.660
  1.690
  1.710
  1.740
  1.760
  1.780
  1.800
  1.820
  1.840
  1.860
  1.880
  1.900
  1.910
  1.930
  1.940
Adjusted equity ratio
  0.306
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  386
  324
  336
  348
  362
  377
  393
  410
  428
  447
  468
  547
  570
  595
  620
  647
  676
  706
  738
  772
  807
  844
  883
  925
  968
  1,014
  1,062
  1,112
  1,166
  1,221
  1,280
Depreciation, amort., depletion, $m
  116
  136
  138
  140
  142
  144
  147
  150
  153
  156
  159
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  143
  150
  158
  165
  173
  182
  191
  200
Funds from operations, $m
  566
  460
  473
  488
  504
  521
  540
  560
  581
  603
  627
  630
  657
  685
  715
  747
  780
  815
  852
  891
  932
  975
  1,020
  1,068
  1,119
  1,171
  1,227
  1,286
  1,347
  1,412
  1,480
Change in working capital, $m
  13
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
Cash from operations, $m
  553
  449
  461
  475
  490
  506
  524
  542
  562
  583
  606
  608
  633
  660
  689
  719
  750
  784
  819
  856
  895
  936
  980
  1,026
  1,074
  1,124
  1,178
  1,234
  1,293
  1,354
  1,420
Maintenance CAPEX, $m
  0
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -158
  -165
  -173
  -182
  -191
New CAPEX, $m
  -124
  -22
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -78
  -83
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
Cash from investing activities, $m
  -102
  -77
  -82
  -86
  -90
  -94
  -98
  -104
  -109
  -114
  -119
  -126
  -131
  -138
  -145
  -152
  -159
  -168
  -176
  -185
  -194
  -203
  -214
  -224
  -234
  -246
  -259
  -271
  -285
  -300
  -315
Free cash flow, $m
  451
  372
  380
  390
  400
  412
  425
  439
  453
  469
  486
  483
  502
  522
  544
  567
  591
  616
  643
  672
  702
  733
  767
  802
  839
  878
  919
  962
  1,007
  1,055
  1,105
Issuance/(repayment) of debt, $m
  7
  58
  63
  69
  74
  80
  86
  92
  98
  104
  111
  117
  124
  132
  139
  147
  155
  164
  172
  182
  191
  202
  212
  223
  235
  247
  260
  274
  288
  302
  318
Issuance/(repurchase) of shares, $m
  -193
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -225
  58
  63
  69
  74
  80
  86
  92
  98
  104
  111
  117
  124
  132
  139
  147
  155
  164
  172
  182
  191
  202
  212
  223
  235
  247
  260
  274
  288
  302
  318
Total cash flow (excl. dividends), $m
  206
  430
  443
  459
  475
  492
  511
  530
  551
  573
  597
  600
  626
  654
  683
  713
  746
  780
  816
  853
  893
  935
  979
  1,025
  1,074
  1,125
  1,179
  1,235
  1,295
  1,357
  1,423
Retained Cash Flow (-), $m
  -6
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -135
  -141
Prev. year cash balance distribution, $m
 
  260
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  664
  415
  428
  442
  457
  472
  490
  508
  527
  547
  548
  571
  595
  621
  648
  677
  707
  739
  773
  808
  845
  885
  926
  969
  1,015
  1,063
  1,114
  1,167
  1,223
  1,282
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  636
  380
  372
  364
  354
  343
  331
  317
  303
  287
  260
  244
  226
  208
  190
  172
  154
  136
  119
  103
  87
  73
  61
  49
  39
  31
  24
  18
  13
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Leggett & Platt, Incorporated is a manufacturer that conceives, designs and produces a range of engineered components and products found in homes, offices and automobiles. The Company operates in four segments: Residential Furnishings, Commercial Products, Industrial Materials and Specialized Products. Its brands include ComfortCore, Mira-Coil, VertiCoil, Quantum, Nanocoil, Lura-Flex and Active Support Technology, which includes mattress innersprings; Semi-Flex, which includes box spring components and foundations; Spuhl, which includes mattress innerspring manufacturing machines; Wall Hugger, which includes recliner chair mechanisms; Super Sagless, which includes motion and sofa sleeper mechanisms; No-Sag, which includes wire forms used in seating; LPSense, which includes capacitive sensing; Hanes, which includes fabric materials; Schukra, Pullmaflex and Flex-O-Lator, which includes automotive seating products, and Gribetz and Porter, which includes quilting and sewing machines.

FINANCIAL RATIOS  of  Leggett&Platt (LEG)

Valuation Ratios
P/E Ratio 16
Price to Sales 1.6
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 14.4
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.4%
Cap. Spend. - 3 Yr. Gr. Rate 8.9%
Financial Strength
Quick Ratio 13
Current Ratio 0.1
LT Debt to Equity 87.5%
Total Debt to Equity 89.6%
Interest Coverage 14
Management Effectiveness
Return On Assets 13.9%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 18.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 35.4%
Return On Equity - 3 Yr. Avg. 24.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 24%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 17.1%
EBITDA Margin - 3 Yr. Avg. 14.9%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 13%
Pre-Tax Margin - 3 Yr. Avg. 10.8%
Net Profit Margin 10.3%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 24.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.2%
Payout Ratio 45.9%

LEG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LEG stock intrinsic value calculation we used $3750 million for the last fiscal year's total revenue generated by Leggett&Platt. The default revenue input number comes from 2016 income statement of Leggett&Platt. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LEG stock valuation model: a) initial revenue growth rate of 3.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for LEG is calculated based on our internal credit rating of Leggett&Platt, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Leggett&Platt.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LEG stock the variable cost ratio is equal to 87.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for LEG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Leggett&Platt.

Corporate tax rate of 27% is the nominal tax rate for Leggett&Platt. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LEG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LEG are equal to 19.4%.

Life of production assets of 13.2 years is the average useful life of capital assets used in Leggett&Platt operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LEG is equal to 9.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1092 million for Leggett&Platt - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 132.257 million for Leggett&Platt is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Leggett&Platt at the current share price and the inputted number of shares is $6.1 billion.

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COMPANY NEWS

▶ November Top Dividend Stock   [08:02AM  Simply Wall St.]
▶ Leggett & Platt Announces Quarterly Dividend Of $.36   [Nov-07-17 11:16AM  PR Newswire]
▶ Stock Market News For Oct 27, 2017   [Oct-27-17 10:13AM  Zacks]
▶ Legget & Platt matches Street 3Q forecasts   [Oct-26-17 04:49PM  Associated Press]
▶ Leggett & Platt Announces 3Q 2017 Earnings Call   [Oct-13-17 09:02AM  GlobeNewswire]
▶ [$$] Leggett & Platt Stock at an Entry Point   [Sep-15-17 12:55PM  Barrons.com]
▶ Leggett & Platt Announces Quarterly Dividend Of $.36   [Aug-03-17 08:52AM  PR Newswire]
▶ Legget & Platt misses Street 2Q forecasts   [Jul-27-17 10:36PM  Associated Press]
▶ The 2 Best Dividend Stocks in Home Goods   [Jun-08-17 04:57PM  Motley Fool]
▶ Stock Market News for April 28, 2017   [Apr-28-17 10:04AM  Zacks]
▶ Legget & Platt beats 1Q profit forecasts   [Apr-27-17 04:51PM  Associated Press]
▶ Leggett & Platt Announces 1Q 2017 Earnings Call   [Apr-13-17 09:02AM  GlobeNewswire]
▶ Leggett & Platt Announces Quarterly Dividend Of $.34   [Feb-21-17 11:36AM  PR Newswire]
Financial statements of LEG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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