Intrinsic value of La-Z-Boy - LZB

Previous Close

$32.40

  Intrinsic Value

$14.23

stock screener

  Rating & Target

str. sell

-56%

  Value-price divergence*

-38%

Previous close

$32.40

 
Intrinsic value

$14.23

 
Up/down potential

-56%

 
Rating

str. sell

 
Value-price divergence*

-38%

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

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

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 1.6

 

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, %
  7.02
  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
  1,525
  1,556
  1,591
  1,632
  1,678
  1,729
  1,785
  1,846
  1,911
  1,982
  2,058
  2,140
  2,227
  2,319
  2,417
  2,522
  2,632
  2,749
  2,873
  3,003
  3,141
  3,287
  3,441
  3,602
  3,773
  3,953
  4,142
  4,341
  4,550
  4,771
  5,002
Variable operating expenses, $m
 
  1,260
  1,289
  1,322
  1,359
  1,400
  1,445
  1,494
  1,547
  1,605
  1,666
  1,728
  1,798
  1,873
  1,952
  2,036
  2,126
  2,220
  2,320
  2,425
  2,537
  2,655
  2,779
  2,909
  3,047
  3,192
  3,345
  3,506
  3,675
  3,853
  4,040
Fixed operating expenses, $m
 
  176
  181
  185
  190
  195
  199
  204
  210
  215
  220
  226
  231
  237
  243
  249
  255
  262
  268
  275
  282
  289
  296
  304
  311
  319
  327
  335
  343
  352
  361
Total operating expenses, $m
  1,403
  1,436
  1,470
  1,507
  1,549
  1,595
  1,644
  1,698
  1,757
  1,820
  1,886
  1,954
  2,029
  2,110
  2,195
  2,285
  2,381
  2,482
  2,588
  2,700
  2,819
  2,944
  3,075
  3,213
  3,358
  3,511
  3,672
  3,841
  4,018
  4,205
  4,401
Operating income, $m
  122
  119
  122
  125
  129
  134
  140
  147
  155
  163
  172
  186
  197
  209
  222
  236
  251
  267
  285
  303
  323
  344
  366
  390
  415
  442
  470
  500
  532
  566
  602
EBITDA, $m
  149
  141
  144
  148
  153
  158
  165
  172
  181
  190
  200
  211
  223
  236
  251
  266
  282
  300
  318
  338
  360
  382
  407
  432
  459
  488
  519
  551
  586
  622
  661
Interest expense (income), $m
  1
  1
  6
  12
  18
  26
  35
  44
  54
  65
  76
  89
  103
  117
  132
  149
  166
  184
  204
  224
  246
  269
  293
  318
  345
  373
  403
  434
  467
  502
  539
Earnings before tax, $m
  125
  118
  116
  113
  111
  108
  106
  103
  101
  98
  96
  97
  95
  92
  90
  88
  85
  83
  81
  79
  77
  75
  73
  72
  70
  68
  67
  66
  65
  64
  63
Tax expense, $m
  44
  32
  31
  31
  30
  29
  29
  28
  27
  27
  26
  26
  26
  25
  24
  24
  23
  22
  22
  21
  21
  20
  20
  19
  19
  18
  18
  18
  18
  17
  17
Net income, $m
  79
  86
  85
  83
  81
  79
  77
  75
  74
  72
  70
  71
  69
  67
  66
  64
  62
  61
  59
  58
  56
  55
  53
  52
  51
  50
  49
  48
  47
  47
  46

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  128
  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
  800
  686
  701
  719
  740
  762
  787
  813
  842
  874
  907
  943
  981
  1,022
  1,065
  1,111
  1,160
  1,212
  1,266
  1,324
  1,384
  1,449
  1,516
  1,588
  1,663
  1,742
  1,825
  1,913
  2,005
  2,103
  2,205
Adjusted assets (=assets-cash), $m
  672
  686
  701
  719
  740
  762
  787
  813
  842
  874
  907
  943
  981
  1,022
  1,065
  1,111
  1,160
  1,212
  1,266
  1,324
  1,384
  1,449
  1,516
  1,588
  1,663
  1,742
  1,825
  1,913
  2,005
  2,103
  2,205
Revenue / Adjusted assets
  2.269
  2.268
  2.270
  2.270
  2.268
  2.269
  2.268
  2.271
  2.270
  2.268
  2.269
  2.269
  2.270
  2.269
  2.269
  2.270
  2.269
  2.268
  2.269
  2.268
  2.270
  2.268
  2.270
  2.268
  2.269
  2.269
  2.270
  2.269
  2.269
  2.269
  2.268
Average production assets, $m
  180
  184
  188
  193
  198
  204
  211
  218
  226
  234
  243
  252
  263
  274
  285
  298
  311
  324
  339
  354
  371
  388
  406
  425
  445
  466
  489
  512
  537
  563
  590
Working capital, $m
  325
  201
  205
  211
  216
  223
  230
  238
  247
  256
  266
  276
  287
  299
  312
  325
  340
  355
  371
  387
  405
  424
  444
  465
  487
  510
  534
  560
  587
  615
  645
Total debt, $m
  1
  6
  12
  18
  26
  35
  44
  54
  65
  76
  89
  103
  117
  132
  149
  166
  184
  204
  224
  246
  269
  293
  318
  345
  373
  403
  434
  467
  502
  539
  577
Total liabilities, $m
  253
  258
  264
  270
  278
  287
  296
  306
  317
  328
  341
  355
  369
  384
  401
  418
  436
  456
  476
  498
  521
  545
  570
  597
  625
  655
  686
  719
  754
  791
  829
Total equity, $m
  547
  428
  438
  449
  461
  475
  491
  508
  526
  545
  566
  588
  612
  638
  665
  693
  724
  756
  790
  826
  864
  904
  946
  991
  1,038
  1,087
  1,139
  1,194
  1,251
  1,312
  1,376
Total liabilities and equity, $m
  800
  686
  702
  719
  739
  762
  787
  814
  843
  873
  907
  943
  981
  1,022
  1,066
  1,111
  1,160
  1,212
  1,266
  1,324
  1,385
  1,449
  1,516
  1,588
  1,663
  1,742
  1,825
  1,913
  2,005
  2,103
  2,205
Debt-to-equity ratio
  0.002
  0.010
  0.030
  0.040
  0.060
  0.070
  0.090
  0.110
  0.120
  0.140
  0.160
  0.170
  0.190
  0.210
  0.220
  0.240
  0.250
  0.270
  0.280
  0.300
  0.310
  0.320
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
Adjusted equity ratio
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  86
  85
  83
  81
  79
  77
  75
  74
  72
  70
  71
  69
  67
  66
  64
  62
  61
  59
  58
  56
  55
  53
  52
  51
  50
  49
  48
  47
  47
  46
Depreciation, amort., depletion, $m
  27
  22
  22
  23
  24
  24
  25
  25
  26
  27
  28
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Funds from operations, $m
  111
  108
  107
  106
  104
  103
  102
  101
  100
  99
  98
  96
  95
  95
  94
  94
  93
  93
  93
  93
  93
  94
  94
  95
  96
  97
  98
  99
  101
  103
  105
Change in working capital, $m
  -1
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
Cash from operations, $m
  112
  104
  103
  101
  99
  97
  95
  93
  91
  90
  88
  86
  84
  83
  81
  80
  79
  78
  77
  76
  75
  75
  74
  74
  74
  73
  73
  74
  74
  75
  75
Maintenance CAPEX, $m
  0
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
New CAPEX, $m
  -25
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
Cash from investing activities, $m
  -37
  -22
  -22
  -24
  -24
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -83
Free cash flow, $m
  75
  83
  80
  77
  74
  71
  68
  65
  62
  59
  56
  52
  49
  46
  42
  39
  36
  33
  30
  27
  24
  21
  17
  14
  11
  8
  5
  1
  -2
  -5
  -8
Issuance/(repayment) of debt, $m
  -1
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  38
Issuance/(repurchase) of shares, $m
  -42
  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
  3
  7
  10
  14
  18
Cash from financing (excl. dividends), $m  
  -43
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  34
  40
  45
  51
  56
Total cash flow (excl. dividends), $m
  32
  88
  86
  84
  81
  79
  77
  75
  73
  70
  68
  65
  63
  61
  59
  57
  55
  53
  51
  49
  47
  45
  43
  41
  39
  38
  39
  41
  43
  45
  48
Retained Cash Flow (-), $m
  -23
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
Prev. year cash balance distribution, $m
 
  128
  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
 
  207
  76
  72
  69
  65
  62
  58
  55
  51
  47
  43
  39
  35
  32
  28
  24
  20
  17
  13
  9
  5
  1
  -4
  -8
  -12
  -13
  -14
  -15
  -15
  -16
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
 
  198
  70
  63
  57
  51
  45
  39
  34
  29
  25
  20
  17
  13
  11
  8
  6
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
  99.9
  99.7
  99.4
  99.0
  98.6

La-Z-Boy Incorporated manufactures, markets, imports, exports, distributes, and retails upholstery furniture products, accessories, and casegoods furniture products in the United States, Canada, and internationally. The company also produces reclining chairs; and manufactures and distributes residential furniture in the United States. It operates through Upholstery, Casegoods, and Retail segments. The Upholstery segment manufactures or imports upholstered furniture, such as recliners and motion furniture, sofas, loveseats, chairs, sectionals, modulars, ottomans, and sleeper sofas. This segment sells its products directly to La-Z-Boy Furniture Galleries stores, operators of Comfort Studios and England custom comfort center locations, dealers, and other independent retailers. The Casegoods segment manufactures, imports, markets, and distributes casegoods furniture, including bedroom sets, dining room sets, entertainment centers and occasional pieces, and upholstered furniture. This segment sells its products to dealers, La-Z-Boy Furniture Galleries stores, and other independent retailers under the American Drew, Hammary, and Kincaid brand names. The Retail segment sells upholstered furniture, casegoods, and other accessories to the end consumer through its retail network. La-Z-Boy Incorporated sells its products through a network of 338 La-Z-Boy Furniture Galleries stores and 559 Comfort Studio locations, as well as in-store programs for its Kincaid and England operating units. The company was formerly known as La-Z-Boy Chair Company and changed its name to La-Z-Boy Incorporated in 1996. La-Z-Boy Incorporated was founded in 1927 and is based in Monroe, Michigan.

FINANCIAL RATIOS  of  La-Z-Boy (LZB)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -64.3%
Cap. Spend. - 3 Yr. Gr. Rate -0.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0.2%
Total Debt to Equity 0.2%
Interest Coverage 126
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital 14.7%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 14.8%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 38.2%
Gross Margin - 3 Yr. Avg. 36%
EBITDA Margin 10%
EBITDA Margin - 3 Yr. Avg. 9.2%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 5.2%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 35.2%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 22.8%

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 $1525 million for the last fiscal year's total revenue generated by La-Z-Boy. The default revenue input number comes from 2016 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 81%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $172 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 100% 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%.

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 11.8%.

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 12.9%. 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 - $547 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 48.816 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

▶ What's Going On With RH?   [Jul-17-17 01:03PM  Barrons.com]
▶ Nasdaq Retakes Key Support; Lay-Z-Boy Gets Active   [Jul-10-17 12:06PM  Investor's Business Daily]
▶ Why La-Z-Boy Incorporated Stock Jumped 22.6% in June   [Jul-03-17 08:22PM  Motley Fool]
▶ ETFs with exposure to La-Z-Boy, Inc. : June 26, 2017   [Jun-26-17 04:23PM  Capital Cube]
▶ Company News for June 22, 2017   [10:57AM  Zacks]
▶ Story Stocks from Briefing.com   [11:46AM  Briefing.com]
▶ La-Z-Boy tops Street 4Q forecasts   [Jun-20-17 09:36PM  Associated Press]
▶ ETFs with exposure to La-Z-Boy, Inc. : June 15, 2017   [Jun-15-17 02:30PM  Capital Cube]
▶ La-Z-Boy, Inc. Value Analysis (NYSE:LZB) : June 14, 2017   [Jun-14-17 02:11PM  Capital Cube]
▶ David B. Behen Joins La-Z-Boy as Chief Information Officer   [Jun-12-17 04:15PM  GlobeNewswire]
▶ 3 Value Stocks You Probably Haven't Considered   [Jun-08-17 08:06PM  Motley Fool]
▶ La-Z-Boy Announces Organizational Changes   [May-18-17 04:15PM  GlobeNewswire]
▶ La-Z-Boy Declares Quarterly Dividend   [May-09-17 04:15PM  GlobeNewswire]
▶ La-Z-Boy, Inc. Value Analysis (NYSE:LZB) : April 21, 2017   [Apr-21-17 03:38PM  Capital Cube]
▶ La-Z-Boy Announces Resignation of Mark S. Bacon Sr.   [Apr-13-17 04:58PM  GlobeNewswire]
▶ ETFs with exposure to La-Z-Boy, Inc. : April 7, 2017   [Apr-07-17 05:01PM  Capital Cube]
▶ Retailers Face Cost Squeeze with Rising Rates   [Mar-23-17 06:09PM  Investopedia]
▶ La-Z-Boy's Rating Cut by Stifel   [07:49AM  TheStreet.com]
▶ Morning Movers: Toll Brothers, TJX Rise   [09:13AM  Barrons.com]
▶ Morning Movers: Toll Brothers, TJX Rise   [09:13AM  at Barrons.com]
▶ La-Z-Boy beats 3Q profit forecasts   [Feb-21-17 05:08PM  Associated Press]
▶ La-Z-Boy to Invest in Dayton, TN Manufacturing Campus   [Feb-02-17 04:15PM  GlobeNewswire]
▶ What Hedge Funds Think about Euronav NV Ordinary Shares (EURN)?   [Dec-10-16 05:15PM  at Insider Monkey]
▶ La-Z-Boy Lifts Its Dividend 10% Higher   [Dec-01-16 05:10PM  at Investopedia]
▶ [$$] La-Z-Boy Lowers Expectations for Current Quarter   [Oct-20-16 08:17PM  at The Wall Street Journal]
Stock chart of LZB Financial statements of LZB Annual reports 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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