Intrinsic value of La-Z-Boy - LZB

Previous Close

$32.40

  Intrinsic Value

$3.68

stock screener

  Rating & Target

str. sell

-89%

Previous close

$32.40

 
Intrinsic value

$3.68

 
Up/down potential

-89%

 
Rating

str. sell

We calculate the intrinsic value of LZB 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.33
  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
  1,520
  1,550
  1,586
  1,627
  1,673
  1,723
  1,779
  1,840
  1,905
  1,976
  2,052
  2,133
  2,219
  2,311
  2,409
  2,513
  2,623
  2,740
  2,863
  2,994
  3,131
  3,276
  3,429
  3,591
  3,761
  3,940
  4,128
  4,327
  4,535
  4,755
  4,986
Variable operating expenses, $m
 
  1,426
  1,459
  1,496
  1,538
  1,584
  1,635
  1,690
  1,750
  1,815
  1,884
  1,949
  2,028
  2,112
  2,202
  2,297
  2,397
  2,504
  2,617
  2,736
  2,861
  2,994
  3,134
  3,281
  3,437
  3,600
  3,773
  3,954
  4,145
  4,346
  4,557
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
  1,389
  1,426
  1,459
  1,496
  1,538
  1,584
  1,635
  1,690
  1,750
  1,815
  1,884
  1,949
  2,028
  2,112
  2,202
  2,297
  2,397
  2,504
  2,617
  2,736
  2,861
  2,994
  3,134
  3,281
  3,437
  3,600
  3,773
  3,954
  4,145
  4,346
  4,557
Operating income, $m
  131
  124
  127
  131
  135
  139
  144
  149
  155
  161
  167
  184
  191
  199
  207
  216
  226
  236
  247
  258
  270
  282
  295
  309
  324
  339
  356
  373
  391
  409
  429
EBITDA, $m
  160
  158
  162
  166
  170
  176
  181
  187
  194
  201
  209
  217
  226
  236
  246
  256
  267
  279
  292
  305
  319
  334
  350
  366
  383
  402
  421
  441
  462
  485
  508
Interest expense (income), $m
  1
  1
  10
  22
  35
  49
  66
  83
  103
  124
  146
  171
  197
  224
  254
  285
  318
  354
  391
  430
  472
  516
  562
  611
  663
  717
  775
  835
  898
  965
  1,035
Earnings before tax, $m
  131
  123
  117
  109
  100
  90
  78
  66
  52
  37
  21
  13
  -5
  -25
  -46
  -69
  -92
  -118
  -144
  -172
  -202
  -234
  -267
  -302
  -339
  -378
  -419
  -462
  -508
  -556
  -606
Tax expense, $m
  44
  33
  32
  29
  27
  24
  21
  18
  14
  10
  6
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  86
  90
  85
  80
  73
  66
  57
  48
  38
  27
  15
  10
  -5
  -25
  -46
  -69
  -92
  -118
  -144
  -172
  -202
  -234
  -267
  -302
  -339
  -378
  -419
  -462
  -508
  -556
  -606

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  159
  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
  889
  907
  928
  951
  978
  1,008
  1,040
  1,076
  1,114
  1,155
  1,200
  1,247
  1,298
  1,352
  1,409
  1,470
  1,534
  1,602
  1,674
  1,751
  1,831
  1,916
  2,005
  2,100
  2,199
  2,304
  2,414
  2,530
  2,652
  2,781
  2,916
Adjusted assets (=assets-cash), $m
  730
  907
  928
  951
  978
  1,008
  1,040
  1,076
  1,114
  1,155
  1,200
  1,247
  1,298
  1,352
  1,409
  1,470
  1,534
  1,602
  1,674
  1,751
  1,831
  1,916
  2,005
  2,100
  2,199
  2,304
  2,414
  2,530
  2,652
  2,781
  2,916
Revenue / Adjusted assets
  2.082
  1.709
  1.709
  1.711
  1.711
  1.709
  1.711
  1.710
  1.710
  1.711
  1.710
  1.711
  1.710
  1.709
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
Average production assets, $m
  184
  245
  251
  257
  264
  272
  281
  291
  301
  312
  324
  337
  351
  365
  381
  397
  415
  433
  452
  473
  495
  518
  542
  567
  594
  622
  652
  684
  717
  751
  788
Working capital, $m
  318
  126
  128
  132
  135
  140
  144
  149
  154
  160
  166
  173
  180
  187
  195
  204
  212
  222
  232
  242
  254
  265
  278
  291
  305
  319
  334
  350
  367
  385
  404
Total debt, $m
  1
  6
  13
  21
  30
  40
  51
  63
  76
  90
  105
  121
  138
  156
  175
  195
  217
  240
  264
  290
  317
  345
  375
  407
  441
  476
  513
  552
  593
  636
  681
Total liabilities, $m
  299
  305
  312
  320
  329
  339
  350
  361
  374
  388
  403
  419
  436
  454
  473
  494
  515
  538
  563
  588
  615
  644
  674
  706
  739
  774
  811
  850
  891
  934
  980
Total equity, $m
  590
  602
  616
  632
  649
  669
  691
  714
  740
  767
  797
  828
  862
  898
  936
  976
  1,019
  1,064
  1,112
  1,162
  1,216
  1,272
  1,332
  1,394
  1,460
  1,530
  1,603
  1,680
  1,761
  1,846
  1,936
Total liabilities and equity, $m
  889
  907
  928
  952
  978
  1,008
  1,041
  1,075
  1,114
  1,155
  1,200
  1,247
  1,298
  1,352
  1,409
  1,470
  1,534
  1,602
  1,675
  1,750
  1,831
  1,916
  2,006
  2,100
  2,199
  2,304
  2,414
  2,530
  2,652
  2,780
  2,916
Debt-to-equity ratio
  0.002
  0.010
  0.020
  0.030
  0.050
  0.060
  0.070
  0.090
  0.100
  0.120
  0.130
  0.150
  0.160
  0.170
  0.190
  0.200
  0.210
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
Adjusted equity ratio
  0.590
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  90
  85
  80
  73
  66
  57
  48
  38
  27
  15
  10
  -5
  -25
  -46
  -69
  -92
  -118
  -144
  -172
  -202
  -234
  -267
  -302
  -339
  -378
  -419
  -462
  -508
  -556
  -606
Depreciation, amort., depletion, $m
  29
  34
  34
  35
  36
  37
  37
  38
  39
  41
  42
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
Funds from operations, $m
  170
  124
  120
  115
  109
  102
  95
  86
  77
  68
  57
  43
  30
  11
  -8
  -29
  -51
  -74
  -99
  -125
  -153
  -182
  -213
  -245
  -280
  -316
  -354
  -394
  -436
  -480
  -527
Change in working capital, $m
  24
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
Cash from operations, $m
  146
  121
  117
  111
  105
  98
  90
  81
  72
  62
  51
  37
  23
  4
  -16
  -37
  -60
  -84
  -109
  -136
  -164
  -194
  -225
  -258
  -293
  -330
  -369
  -410
  -453
  -498
  -546
Maintenance CAPEX, $m
  0
  -24
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
New CAPEX, $m
  -20
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
Cash from investing activities, $m
  -65
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -66
  -69
  -72
  -76
  -79
  -84
  -87
  -92
  -96
  -101
  -107
  -112
Free cash flow, $m
  81
  92
  87
  80
  72
  64
  54
  44
  33
  21
  8
  -9
  -25
  -46
  -68
  -92
  -117
  -144
  -172
  -202
  -233
  -266
  -301
  -338
  -377
  -418
  -461
  -507
  -554
  -605
  -658
Issuance/(repayment) of debt, $m
  0
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
Issuance/(repurchase) of shares, $m
  -31
  0
  0
  0
  0
  0
  0
  0
  0
  0
  14
  22
  39
  61
  84
  109
  135
  163
  192
  223
  256
  290
  326
  365
  405
  448
  492
  539
  589
  641
  696
Cash from financing (excl. dividends), $m  
  -31
  6
  7
  8
  9
  10
  11
  12
  13
  14
  29
  38
  56
  79
  103
  129
  157
  186
  216
  249
  283
  319
  356
  397
  438
  483
  529
  578
  630
  684
  741
Total cash flow (excl. dividends), $m
  51
  98
  94
  88
  81
  73
  65
  56
  46
  35
  37
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  65
  68
  72
  75
  79
  84
Retained Cash Flow (-), $m
  -43
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -39
  -61
  -84
  -109
  -135
  -163
  -192
  -223
  -256
  -290
  -326
  -365
  -405
  -448
  -492
  -539
  -589
  -641
  -696
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  9
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
Cash available for distribution, $m
 
  86
  80
  72
  63
  54
  43
  32
  20
  7
  7
  -2
  -8
  -28
  -49
  -71
  -95
  -121
  -148
  -176
  -206
  -238
  -271
  -306
  -344
  -383
  -424
  -468
  -513
  -561
  -612
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
 
  82
  73
  63
  52
  42
  31
  22
  13
  4
  4
  -1
  -3
  -11
  -16
  -21
  -24
  -26
  -27
  -27
  -26
  -25
  -22
  -20
  -17
  -15
  -12
  -10
  -8
  -6
  -5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.3
  98.3
  96.6
  94.1
  91.0
  87.2
  82.9
  78.3
  73.4
  68.3
  63.1
  58.0
  52.9
  48.0
  43.3
  38.9
  34.8
  30.9
  27.3
  24.1
  21.1

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes and retails upholstery furniture products. The Company also imports, distributes and retails accessories and casegoods (wood) furniture products. The Company's segments include the Upholstery segment, the Casegoods segment and the Retail segment. The Company is the producer of reclining chairs and manufacturer/distributor of residential furniture in the United States. The Company sells its products, primarily in the United States and Canada, as well as internationally, to furniture retailers and directly to consumers through stores that it owns and operates. The Company has a network of approximately 340 La-Z-Boy Furniture Galleries stores and over 560 Comfort Studio locations. The Company owns approximately 120 of the La-Z-Boy Furniture Galleries stores. The Company's other brands include England, Kincaid, American Drew and Hammary.

FINANCIAL RATIOS  of  La-Z-Boy (LZB)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 1
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 12.5
Growth Rates
Sales Growth Rate -0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate -10.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0.2%
Total Debt to Equity 0.2%
Interest Coverage 132
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 14.4%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 14.5%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 39.9%
Gross Margin - 3 Yr. Avg. 37.8%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 33.6%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 24.4%

LZB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LZB stock intrinsic value calculation we used $1520 million for the last fiscal year's total revenue generated by La-Z-Boy. The default revenue input number comes from 2017 income statement of La-Z-Boy. 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 LZB 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 LZB is calculated based on our internal credit rating of La-Z-Boy, 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 La-Z-Boy.
    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 LZB stock the variable cost ratio is equal to 92%.

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 LZB 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 162.8% for La-Z-Boy.

Corporate tax rate of 27% is the nominal tax rate for La-Z-Boy. 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 LZB stock is equal to 0.6%.

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 LZB are equal to 15.8%.

Life of production assets of 10 years is the average useful life of capital assets used in La-Z-Boy 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 LZB is equal to 8.1%. 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 - $590 million for La-Z-Boy - 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 49 million for La-Z-Boy 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 La-Z-Boy at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ La-Z-Boy aims at millennials with Joybird acquisition   [Jul-16-18 05:02PM  MarketWatch]
▶ Free Research Report as La-Z-Boy's EPS Surged 26%   [Jul-11-18 07:15AM  ACCESSWIRE]
▶ Furniture Stock Outlook: Out of the Woods Soon?   [Jun-29-18 03:20PM  Zacks]
▶ Estimating The Fair Value Of La-Z-Boy Incorporated (NYSE:LZB)   [Jun-22-18 07:40AM  Simply Wall St.]
▶ After-hours buzz: WBA, SBUX & more   [Jun-19-18 06:10PM  CNBC]
▶ La-Z-Boy: Fiscal 4Q Earnings Snapshot   [04:41PM  Associated Press]
▶ La-Z-Boy Announces Appointment of New CFO   [May-24-18 04:15PM  GlobeNewswire]
▶ La-Z-Boy Declares Quarterly Dividend   [May-01-18 04:15PM  GlobeNewswire]
▶ La-Z-Boy distribution on the move to Bowie with a full-building lease   [Apr-17-18 12:00PM  American City Business Journals]
▶ Portfolio Protection: Look At These 3 Stocks   [Mar-26-18 04:05PM  Simply Wall St.]
▶ [$$] La-Z-Boy Shares Ready to Incline   [Mar-23-18 08:00PM  Barrons.com]
▶ La-Z-Boy Declares Quarterly Dividend   [Feb-23-18 04:15PM  GlobeNewswire]
▶ Stocks to open mixed, gun debate continues on Capitol Hill   [Feb-22-18 08:37AM  Yahoo Finance]
▶ La-Z-Boy tops 3Q revenue forecasts   [Feb-20-18 05:46PM  Associated Press]
▶ La-Z-Boy Q3 Earnings Preview   [10:11AM  Benzinga]
▶ La-Z-Boy to Invest in New Tazewell, TN Manufacturing Campus   [Feb-16-18 08:30AM  GlobeNewswire]
▶ Top Ranked Value Stocks to Buy for February 9th   [Feb-09-18 06:13AM  Zacks]
▶ La-Z-Boy Shows Rising Relative Strength; Still Shy Of Key Threshold   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to La-Z-Boy, Inc. : December 8, 2017   [Dec-08-17 01:10PM  Capital Cube]
▶ La-Z-Boy Reaches 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ La-Z-Boy tops Street 2Q forecasts   [Nov-29-17 04:41PM  Associated Press]
▶ La-Z-Boy dealer to spend $8M to relocate S.C. distribution center to Riverwalk   [Nov-09-17 02:25PM  American City Business Journals]
▶ ETFs with exposure to La-Z-Boy, Inc. : October 13, 2017   [Oct-13-17 11:02AM  Capital Cube]
▶ La-Z-Boy CFO Louis Riccio Jr. to retire   [08:51AM  MarketWatch]
▶ La-Z-Boy CFO Announces Retirement   [08:45AM  GlobeNewswire]
▶ New Strong Sell Stocks for September 22nd   [Sep-22-17 08:57AM  Zacks]
▶ New Strong Sell Stocks for September 7th   [Sep-07-17 10:02AM  Zacks]
▶ ETFs with exposure to La-Z-Boy, Inc. : August 31, 2017   [Aug-31-17 07:16PM  Capital Cube]
▶ La-Z-Boy Declares Quarterly Dividend   [Aug-29-17 04:15PM  GlobeNewswire]
▶ Risk Reward With La-Z-Boy   [Aug-25-17 02:04PM  GuruFocus.com]
▶ Why Shares of La-Z-Boy Inc. Plunged Today   [01:26PM  Motley Fool]
▶ La-Z-Boy, Lowe's Slide on Earnings Misses   [01:09PM  GuruFocus.com]
Financial statements of LZB
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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