Intrinsic value of Leggett&Platt - LEG

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$52.47

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$52.47

 
Intrinsic value

$42.31

 
Up/down potential

-19%

 
Rating

hold

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 7.0

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,750
  3,825
  3,913
  4,014
  4,126
  4,252
  4,389
  4,538
  4,700
  4,874
  5,061
  5,262
  5,475
  5,702
  5,944
  6,201
  6,472
  6,760
  7,064
  7,385
  7,725
  8,083
  8,460
  8,859
  9,278
  9,720
  10,185
  10,674
  11,189
  11,731
  12,301
Variable operating expenses, $m
 
  3,349
  3,424
  3,510
  3,607
  3,714
  3,831
  3,959
  4,097
  4,246
  4,406
  4,498
  4,681
  4,875
  5,082
  5,301
  5,533
  5,779
  6,039
  6,314
  6,604
  6,910
  7,233
  7,573
  7,932
  8,309
  8,707
  9,125
  9,566
  10,029
  10,516
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
  3,349
  3,424
  3,510
  3,607
  3,714
  3,831
  3,959
  4,097
  4,246
  4,406
  4,498
  4,681
  4,875
  5,082
  5,301
  5,533
  5,779
  6,039
  6,314
  6,604
  6,910
  7,233
  7,573
  7,932
  8,309
  8,707
  9,125
  9,566
  10,029
  10,516
Operating income, $m
  522
  476
  489
  503
  520
  538
  558
  579
  603
  628
  655
  763
  794
  827
  862
  900
  939
  981
  1,025
  1,072
  1,121
  1,173
  1,228
  1,285
  1,346
  1,410
  1,478
  1,549
  1,623
  1,702
  1,785
EBITDA, $m
  638
  611
  625
  641
  659
  679
  701
  725
  751
  779
  809
  841
  875
  911
  950
  991
  1,034
  1,080
  1,129
  1,180
  1,234
  1,292
  1,352
  1,416
  1,483
  1,553
  1,627
  1,706
  1,788
  1,875
  1,966
Interest expense (income), $m
  38
  38
  40
  41
  43
  46
  48
  51
  54
  57
  61
  64
  68
  73
  77
  82
  87
  93
  98
  104
  111
  117
  125
  132
  140
  148
  157
  167
  176
  187
  197
Earnings before tax, $m
  487
  438
  449
  462
  476
  492
  509
  528
  549
  571
  595
  699
  726
  755
  785
  818
  852
  888
  927
  967
  1,010
  1,055
  1,103
  1,153
  1,206
  1,262
  1,320
  1,382
  1,447
  1,516
  1,587
Tax expense, $m
  120
  118
  121
  125
  129
  133
  138
  143
  148
  154
  161
  189
  196
  204
  212
  221
  230
  240
  250
  261
  273
  285
  298
  311
  326
  341
  357
  373
  391
  409
  429
Net income, $m
  386
  319
  328
  337
  348
  359
  372
  386
  401
  417
  434
  510
  530
  551
  573
  597
  622
  648
  676
  706
  737
  770
  805
  842
  880
  921
  964
  1,009
  1,056
  1,106
  1,159

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
  2,756
  2,819
  2,892
  2,973
  3,063
  3,162
  3,270
  3,386
  3,512
  3,647
  3,791
  3,945
  4,108
  4,283
  4,467
  4,663
  4,870
  5,089
  5,321
  5,565
  5,823
  6,095
  6,382
  6,684
  7,003
  7,338
  7,690
  8,061
  8,452
  8,862
Adjusted assets (=assets-cash), $m
  2,702
  2,756
  2,819
  2,892
  2,973
  3,063
  3,162
  3,270
  3,386
  3,512
  3,647
  3,791
  3,945
  4,108
  4,283
  4,467
  4,663
  4,870
  5,089
  5,321
  5,565
  5,823
  6,095
  6,382
  6,684
  7,003
  7,338
  7,690
  8,061
  8,452
  8,862
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
  742
  759
  779
  801
  825
  851
  880
  912
  946
  982
  1,021
  1,062
  1,106
  1,153
  1,203
  1,256
  1,311
  1,370
  1,433
  1,499
  1,568
  1,641
  1,719
  1,800
  1,886
  1,976
  2,071
  2,171
  2,276
  2,386
Working capital, $m
  618
  363
  372
  381
  392
  404
  417
  431
  447
  463
  481
  500
  520
  542
  565
  589
  615
  642
  671
  702
  734
  768
  804
  842
  881
  923
  968
  1,014
  1,063
  1,114
  1,169
Total debt, $m
  978
  993
  1,037
  1,087
  1,143
  1,206
  1,274
  1,349
  1,429
  1,516
  1,609
  1,709
  1,816
  1,929
  2,049
  2,177
  2,313
  2,456
  2,608
  2,768
  2,937
  3,116
  3,304
  3,502
  3,712
  3,932
  4,164
  4,408
  4,664
  4,935
  5,219
Total liabilities, $m
  1,893
  1,907
  1,951
  2,001
  2,057
  2,120
  2,188
  2,263
  2,343
  2,430
  2,523
  2,623
  2,730
  2,843
  2,963
  3,091
  3,227
  3,370
  3,522
  3,682
  3,851
  4,030
  4,218
  4,416
  4,626
  4,846
  5,078
  5,322
  5,578
  5,849
  6,133
Total equity, $m
  1,092
  849
  868
  891
  916
  943
  974
  1,007
  1,043
  1,082
  1,123
  1,168
  1,215
  1,265
  1,319
  1,376
  1,436
  1,500
  1,568
  1,639
  1,714
  1,794
  1,877
  1,966
  2,059
  2,157
  2,260
  2,369
  2,483
  2,603
  2,730
Total liabilities and equity, $m
  2,985
  2,756
  2,819
  2,892
  2,973
  3,063
  3,162
  3,270
  3,386
  3,512
  3,646
  3,791
  3,945
  4,108
  4,282
  4,467
  4,663
  4,870
  5,090
  5,321
  5,565
  5,824
  6,095
  6,382
  6,685
  7,003
  7,338
  7,691
  8,061
  8,452
  8,863
Debt-to-equity ratio
  0.896
  1.170
  1.190
  1.220
  1.250
  1.280
  1.310
  1.340
  1.370
  1.400
  1.430
  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
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
  319
  328
  337
  348
  359
  372
  386
  401
  417
  434
  510
  530
  551
  573
  597
  622
  648
  676
  706
  737
  770
  805
  842
  880
  921
  964
  1,009
  1,056
  1,106
  1,159
Depreciation, amort., depletion, $m
  116
  135
  137
  138
  140
  142
  144
  146
  148
  151
  153
  77
  80
  84
  87
  91
  95
  99
  104
  109
  114
  119
  124
  130
  136
  143
  150
  157
  164
  172
  181
Funds from operations, $m
  566
  455
  464
  475
  487
  501
  516
  532
  549
  568
  588
  588
  610
  635
  661
  688
  717
  748
  780
  815
  851
  889
  929
  972
  1,017
  1,064
  1,114
  1,166
  1,221
  1,279
  1,340
Change in working capital, $m
  13
  7
  8
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
Cash from operations, $m
  553
  448
  456
  466
  477
  489
  502
  517
  534
  551
  570
  569
  590
  613
  638
  664
  691
  720
  751
  784
  819
  855
  894
  934
  977
  1,022
  1,069
  1,119
  1,172
  1,227
  1,285
Maintenance CAPEX, $m
  0
  -55
  -56
  -58
  -59
  -61
  -62
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -164
  -172
New CAPEX, $m
  -124
  -14
  -17
  -20
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
Cash from investing activities, $m
  -102
  -69
  -73
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -131
  -137
  -144
  -151
  -158
  -166
  -175
  -183
  -192
  -201
  -211
  -222
  -233
  -245
  -257
  -269
  -283
Free cash flow, $m
  451
  379
  383
  389
  396
  404
  413
  424
  435
  448
  462
  455
  471
  489
  507
  527
  547
  570
  593
  618
  644
  672
  702
  733
  765
  800
  836
  875
  915
  958
  1,002
Issuance/(repayment) of debt, $m
  7
  37
  44
  50
  56
  62
  68
  75
  81
  87
  93
  100
  106
  113
  120
  128
  135
  143
  152
  160
  169
  179
  188
  198
  209
  220
  232
  244
  257
  270
  284
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
  37
  44
  50
  56
  62
  68
  75
  81
  87
  93
  100
  106
  113
  120
  128
  135
  143
  152
  160
  169
  179
  188
  198
  209
  220
  232
  244
  257
  270
  284
Total cash flow (excl. dividends), $m
  206
  416
  427
  439
  452
  466
  482
  498
  516
  535
  555
  555
  578
  602
  627
  654
  683
  713
  745
  778
  813
  851
  890
  931
  974
  1,020
  1,068
  1,119
  1,172
  1,228
  1,287
Retained Cash Flow (-), $m
  -6
  -17
  -20
  -22
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -126
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
 
  660
  407
  416
  427
  439
  451
  465
  480
  496
  514
  511
  531
  552
  574
  598
  623
  649
  677
  707
  738
  771
  806
  843
  881
  922
  965
  1,010
  1,058
  1,108
  1,160
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
 
  632
  373
  362
  352
  340
  328
  314
  300
  285
  269
  243
  226
  210
  193
  175
  158
  141
  125
  109
  94
  80
  67
  55
  45
  36
  28
  22
  16
  12
  9
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 designs and produces various engineered components and products worldwide. The company operates through four segments: Residential Furnishings, Commercial Products, Industrial Materials, and Specialized Products. The Residential Furnishings segment offers innersprings, wire forms, and machines to shape wire; steel mechanisms and hardware, and springs and seat suspensions; and structural fabrics, carpet cushions, and geo components. It serves manufacturers of finished bedding and upholstered furniture; retailers and distributors of carpet cushions; and contractors, landscapers, road construction companies, and government agencies using geo components. The Commercial Products segment provides molded plywood components, bases, columns, back rests, casters, and frames for office chairs and control devices; private-label finished furniture; beds and bed frames; and adjustable beds. It serves office furniture manufacturers; and mattress and furniture retailers. The Industrial Materials segment offers drawn wires, fabricated wire products, and steel rods. It serves bedding producers, mechanical spring manufacturers, and wire distributors. The Specialized Products segment provides mechanical and pneumatic lumbar support and massage systems, seat suspension systems, motors and actuators, and control cables; titanium, nickel, and stainless steel tubing, formed tube, and tube sub-assemblies; quilting machines, and industrial sewing/finishing machines; and van interiors. It serves automobile seating manufacturers and OEMs; aerospace suppliers; bedding manufacturers; and telecommunication, cable, home service, and delivery companies. The company sells its products through sales representatives and distributors. Leggett & Platt, Incorporated was founded in 1883 and is based in Carthage, Missouri.

FINANCIAL RATIOS  of  Leggett&Platt (LEG)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 1.9
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 12.7
Price to Free Cash Flow 16.3
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 2% 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 132.75 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 $7.0 billion.


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COMPANY NEWS

▶ 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]
▶ Leggett & Platt Announces 4Q 2016 Earnings Call   [Jan-17-17 09:35AM  GlobeNewswire]
▶ 4 Must-Have Dividend-Growth Stocks For 2017   [Dec-17-16 09:23AM  at Forbes]
▶ Is Leggett & Platt, Inc. (LEG) A Good Stock To Buy?   [Nov-29-16 12:56PM  at Insider Monkey]
▶ Leggett & Platt Reports 3Q EPS of $.67   [04:07PM  PR Newswire]
▶ Leggett & Platt Announces 3Q 2016 Earnings Call   [Oct-14-16 09:23AM  GlobeNewswire]
▶ Leggett & Platt Announces 2Q 2016 Earnings Call   [Jul-15-16 09:01AM  GlobeNewswire]
▶ 5 Accelerating Dividends With 100% Upside   [Jul-13-16 10:37AM  at Forbes]
Stock chart of LEG 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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