Intrinsic value of Herman Miller - MLHR

Previous Close

$31.65

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$31.65

 
Intrinsic value

$81.14

 
Up/down potential

+156%

 
Rating

str. buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of MLHR 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 1.9

 

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, %
  5.74
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  2,265
  2,394
  2,529
  2,670
  2,817
  2,971
  3,131
  3,300
  3,476
  3,660
  3,853
  4,055
  4,266
  4,488
  4,721
  4,964
  5,220
  5,487
  5,768
  6,063
  6,371
  6,695
  7,035
  7,392
  7,766
  8,159
  8,571
  9,003
  9,457
  9,933
  10,433
Variable operating expenses, $m
 
  1,440
  1,519
  1,602
  1,688
  1,779
  1,873
  1,972
  2,076
  2,184
  2,298
  2,386
  2,511
  2,641
  2,778
  2,922
  3,072
  3,229
  3,395
  3,568
  3,750
  3,940
  4,141
  4,350
  4,571
  4,802
  5,044
  5,299
  5,566
  5,846
  6,140
Fixed operating expenses, $m
 
  725
  743
  761
  780
  800
  820
  840
  861
  883
  905
  928
  951
  975
  999
  1,024
  1,050
  1,076
  1,103
  1,130
  1,159
  1,187
  1,217
  1,248
  1,279
  1,311
  1,344
  1,377
  1,412
  1,447
  1,483
Total operating expenses, $m
  2,053
  2,165
  2,262
  2,363
  2,468
  2,579
  2,693
  2,812
  2,937
  3,067
  3,203
  3,314
  3,462
  3,616
  3,777
  3,946
  4,122
  4,305
  4,498
  4,698
  4,909
  5,127
  5,358
  5,598
  5,850
  6,113
  6,388
  6,676
  6,978
  7,293
  7,623
Operating income, $m
  212
  230
  267
  307
  348
  392
  438
  487
  538
  592
  650
  741
  805
  872
  943
  1,019
  1,098
  1,182
  1,271
  1,364
  1,463
  1,567
  1,678
  1,794
  1,917
  2,046
  2,183
  2,327
  2,480
  2,640
  2,810
EBITDA, $m
  212
  303
  343
  384
  428
  475
  524
  576
  630
  688
  748
  813
  880
  952
  1,027
  1,107
  1,191
  1,279
  1,373
  1,472
  1,576
  1,686
  1,802
  1,925
  2,054
  2,191
  2,335
  2,487
  2,647
  2,816
  2,995
Interest expense (income), $m
  13
  11
  13
  16
  18
  20
  23
  25
  28
  31
  34
  37
  40
  43
  47
  51
  55
  59
  63
  67
  72
  77
  82
  88
  93
  99
  106
  112
  119
  126
  134
Earnings before tax, $m
  197
  219
  254
  291
  330
  372
  415
  462
  510
  562
  616
  704
  765
  829
  897
  968
  1,044
  1,123
  1,208
  1,297
  1,391
  1,490
  1,595
  1,706
  1,823
  1,947
  2,077
  2,215
  2,361
  2,514
  2,676
Tax expense, $m
  60
  59
  69
  79
  89
  100
  112
  125
  138
  152
  166
  190
  206
  224
  242
  261
  282
  303
  326
  350
  376
  402
  431
  461
  492
  526
  561
  598
  637
  679
  723
Net income, $m
  137
  160
  185
  212
  241
  271
  303
  337
  373
  410
  450
  514
  558
  605
  654
  707
  762
  820
  882
  947
  1,015
  1,088
  1,165
  1,246
  1,331
  1,421
  1,517
  1,617
  1,723
  1,835
  1,953

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  92
  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
  1,235
  1,208
  1,276
  1,347
  1,421
  1,499
  1,580
  1,665
  1,754
  1,847
  1,944
  2,046
  2,153
  2,264
  2,382
  2,505
  2,633
  2,769
  2,910
  3,059
  3,215
  3,378
  3,550
  3,730
  3,918
  4,116
  4,324
  4,542
  4,771
  5,012
  5,264
Adjusted assets (=assets-cash), $m
  1,143
  1,208
  1,276
  1,347
  1,421
  1,499
  1,580
  1,665
  1,754
  1,847
  1,944
  2,046
  2,153
  2,264
  2,382
  2,505
  2,633
  2,769
  2,910
  3,059
  3,215
  3,378
  3,550
  3,730
  3,918
  4,116
  4,324
  4,542
  4,771
  5,012
  5,264
Revenue / Adjusted assets
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.981
  1.982
  1.982
  1.982
  1.983
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
  1.982
Average production assets, $m
  402
  424
  448
  473
  499
  526
  554
  584
  615
  648
  682
  718
  755
  794
  836
  879
  924
  971
  1,021
  1,073
  1,128
  1,185
  1,245
  1,308
  1,375
  1,444
  1,517
  1,594
  1,674
  1,758
  1,847
Working capital, $m
  91
  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 debt, $m
  222
  262
  305
  349
  395
  443
  494
  546
  602
  660
  720
  784
  850
  920
  992
  1,069
  1,149
  1,233
  1,321
  1,414
  1,511
  1,612
  1,719
  1,831
  1,948
  2,071
  2,201
  2,336
  2,479
  2,628
  2,785
Total liabilities, $m
  711
  751
  794
  838
  884
  932
  983
  1,035
  1,091
  1,149
  1,209
  1,273
  1,339
  1,409
  1,481
  1,558
  1,638
  1,722
  1,810
  1,903
  2,000
  2,101
  2,208
  2,320
  2,437
  2,560
  2,690
  2,825
  2,968
  3,117
  3,274
Total equity, $m
  524
  457
  482
  509
  537
  567
  597
  629
  663
  698
  735
  773
  814
  856
  900
  947
  995
  1,047
  1,100
  1,156
  1,215
  1,277
  1,342
  1,410
  1,481
  1,556
  1,635
  1,717
  1,804
  1,894
  1,990
Total liabilities and equity, $m
  1,235
  1,208
  1,276
  1,347
  1,421
  1,499
  1,580
  1,664
  1,754
  1,847
  1,944
  2,046
  2,153
  2,265
  2,381
  2,505
  2,633
  2,769
  2,910
  3,059
  3,215
  3,378
  3,550
  3,730
  3,918
  4,116
  4,325
  4,542
  4,772
  5,011
  5,264
Debt-to-equity ratio
  0.424
  0.570
  0.630
  0.690
  0.740
  0.780
  0.830
  0.870
  0.910
  0.940
  0.980
  1.010
  1.040
  1.070
  1.100
  1.130
  1.150
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
  1.330
  1.350
  1.360
  1.370
  1.390
  1.400
Adjusted equity ratio
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  137
  160
  185
  212
  241
  271
  303
  337
  373
  410
  450
  514
  558
  605
  654
  707
  762
  820
  882
  947
  1,015
  1,088
  1,165
  1,246
  1,331
  1,421
  1,517
  1,617
  1,723
  1,835
  1,953
Depreciation, amort., depletion, $m
  0
  73
  75
  78
  80
  83
  86
  89
  92
  95
  99
  72
  76
  79
  84
  88
  92
  97
  102
  107
  113
  119
  125
  131
  137
  144
  152
  159
  167
  176
  185
Funds from operations, $m
  283
  232
  261
  290
  321
  354
  389
  426
  465
  505
  548
  586
  634
  684
  738
  795
  854
  917
  984
  1,054
  1,128
  1,207
  1,289
  1,376
  1,469
  1,566
  1,668
  1,776
  1,891
  2,011
  2,138
Change in working capital, $m
  73
  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 operations, $m
  210
  246
  261
  290
  321
  354
  389
  426
  465
  505
  548
  586
  634
  684
  738
  795
  854
  917
  984
  1,054
  1,128
  1,207
  1,289
  1,376
  1,469
  1,566
  1,668
  1,776
  1,891
  2,011
  2,138
Maintenance CAPEX, $m
  0
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -79
  -84
  -88
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -137
  -144
  -152
  -159
  -167
  -176
New CAPEX, $m
  -85
  -22
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -88
Cash from investing activities, $m
  -81
  -62
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -95
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -139
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -206
  -217
  -229
  -239
  -251
  -264
Free cash flow, $m
  129
  184
  194
  221
  248
  277
  308
  341
  375
  411
  450
  482
  525
  570
  617
  668
  721
  777
  837
  900
  966
  1,036
  1,111
  1,189
  1,271
  1,359
  1,451
  1,548
  1,651
  1,759
  1,874
Issuance/(repayment) of debt, $m
  -68
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
Issuance/(repurchase) of shares, $m
  -5
  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  
  -72
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
  102
  107
  112
  117
  123
  129
  136
  142
  149
  157
Total cash flow (excl. dividends), $m
  56
  225
  237
  265
  294
  326
  359
  393
  430
  469
  510
  545
  591
  639
  690
  744
  801
  862
  925
  992
  1,063
  1,138
  1,217
  1,301
  1,389
  1,482
  1,580
  1,684
  1,793
  1,909
  2,031
Retained Cash Flow (-), $m
  -104
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -87
  -91
  -95
Prev. year cash balance distribution, $m
 
  92
  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
 
  292
  211
  238
  266
  296
  328
  361
  397
  434
  473
  507
  551
  597
  646
  698
  753
  810
  872
  936
  1,004
  1,076
  1,152
  1,233
  1,318
  1,407
  1,502
  1,601
  1,707
  1,818
  1,935
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
 
  280
  193
  207
  219
  230
  238
  244
  248
  249
  248
  241
  235
  227
  217
  205
  191
  176
  161
  144
  128
  111
  96
  81
  67
  55
  44
  34
  26
  20
  15
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

Herman Miller, Inc. engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements, textiles, home furnishings, and related services in the United States and internationally. It provides modular systems under the Canvas Office Landscape, Locale, Metaform Portfolio, Public Office Landscape, Action Office, Layout Studio, Arras, Ethospace, and Resolve names; seating products under the Embody, Aeron, Mirra2, Setu, Sayl, Celle, Equa, and Ergon names; and storage products under the Meridian and Tu names. The company also offers wooden casegoods under the Geiger name; freestanding furniture products under the Abak, Intent, Sense, and Envelop names; and healthcare products under the Palisade, Compass, Nala, and Nemschoff names, as well as provides Thrive portfolio of ergonomic solutions and textiles. In addition, it provides products for residential settings under the Eames, Nelson, Bubble, Airia, Ardea, Bumper, Burdick Group, Everywhere, Claw, Caper, Distil, Envelope, Formwork, Full Round, H Frame, I Beam, Landmark, Logic Mini, Logic Power Access Solutions, Renew, Rolled Arm, Scissor, Sled, Soft Pad, Swoop, Tone, Twist, Ward Bennett, and Wireframe names. The company’s products are used in institutional environments, including offices and related conference, lobby, and lounge areas, as well as general public areas, such as transportation terminals; health/science environments comprising hospitals, clinics, and other healthcare facilities; industrial and educational settings; and residential and other environments. It markets its products through its sales staff, own dealer network, independent dealers and retailers, and independent contract office furniture dealers, as well as through e-commerce Website. Herman Miller, Inc. was founded in 1905 and is headquartered in Zeeland, Michigan.

FINANCIAL RATIOS  of  Herman Miller (MLHR)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 0.8
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 5.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.8%
Cap. Spend. - 3 Yr. Gr. Rate 11.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 42.4%
Total Debt to Equity 42.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 18.8%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 29%
Return On Equity - 3 Yr. Avg. 15.8%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 38.6%
Gross Margin - 3 Yr. Avg. 36.3%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 6.7%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 25.5%

MLHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MLHR stock intrinsic value calculation we used $2265 million for the last fiscal year's total revenue generated by Herman Miller. The default revenue input number comes from 2016 income statement of Herman Miller. 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 MLHR stock valuation model: a) initial revenue growth rate of 5.7% 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 MLHR is calculated based on our internal credit rating of Herman Miller, 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 Herman Miller.
    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 MLHR stock the variable cost ratio is equal to 60.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $707 million in the base year in the intrinsic value calculation for MLHR 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 5.1% for Herman Miller.

Corporate tax rate of 27% is the nominal tax rate for Herman Miller. 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 MLHR 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 MLHR are equal to 17.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Herman Miller 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 MLHR is equal to 0%. 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 - $524 million for Herman Miller - 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 59.905 million for Herman Miller 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 Herman Miller at the current share price and the inputted number of shares is $1.9 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
KEQU Kewaunee Scien 22.80 prem.  prem.
VIRC Virco Manufact 4.55 prem.  prem.
SCS Steelcase 16.80 prem.  prem.
KNL Knoll Inc. 22.51 prem.  prem.
HNI HNI 42.83 prem.  prem.
KBAL Kimball Intern 17.12 prem.  prem.
LEG Leggett&Platt 51.69 prem.  prem.
NVFY Nova Lifestyle 1.34 prem.  prem.

COMPANY NEWS

▶ After-hours buzz: FIVE, CTAS, PVH & more   [Mar-22-17 05:38PM  CNBC]
▶ Herman Miller posts 3Q profit   [04:14PM  Associated Press]
▶ After-hours buzz: BBBY, MU, MLHR & more   [Dec-21-16 05:13PM  at CNBC]
▶ [$$] Herman Miller Earnings, Outlook Disappoint   [05:00PM  at The Wall Street Journal]
▶ Is Cardtronics PLC (CATM) Good Stock To Buy?   [Dec-13-16 10:11AM  at Insider Monkey]
▶ Hedge Funds Are Dumping Herman Miller, Inc. (MLHR)   [Dec-05-16 06:07AM  at Insider Monkey]
▶ Herman Miller Launches New Aeron® Chair   [09:00AM  PR Newswire]
▶ Why Herman Miller, Inc. Shares Dropped Today   [12:03PM  at Motley Fool]
▶ [$$] Steelcase, Herman Miller Sales, Guidance Disappoint   [Sep-21-16 05:26PM  at The Wall Street Journal]
▶ Top Bets of Parametrica Management Barrons Penta No. 1 Fund   [Jul-05-16 06:43AM  at Insider Monkey]
Stock chart of MLHR Financial statements of MLHR Annual reports of MLHR
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.