Intrinsic value of HNI - HNI

Previous Close

$39.30

  Intrinsic Value

$35.88

stock screener

  Rating & Target

hold

-9%

Previous close

$39.30

 
Intrinsic value

$35.88

 
Up/down potential

-9%

 
Rating

hold

We calculate the intrinsic value of HNI 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 2017), $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 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  2,220
  2,271
  2,329
  2,394
  2,467
  2,547
  2,633
  2,727
  2,828
  2,937
  3,053
  3,177
  3,309
  3,449
  3,598
  3,756
  3,923
  4,099
  4,286
  4,482
  4,690
  4,909
  5,140
  5,384
  5,640
  5,910
  6,194
  6,493
  6,807
  7,138
Variable operating expenses, $m
  2,083
  2,130
  2,183
  2,243
  2,310
  2,383
  2,462
  2,548
  2,641
  2,741
  2,798
  2,912
  3,032
  3,161
  3,297
  3,442
  3,595
  3,757
  3,927
  4,108
  4,298
  4,499
  4,711
  4,934
  5,169
  5,416
  5,676
  5,950
  6,238
  6,541
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
  2,083
  2,130
  2,183
  2,243
  2,310
  2,383
  2,462
  2,548
  2,641
  2,741
  2,798
  2,912
  3,032
  3,161
  3,297
  3,442
  3,595
  3,757
  3,927
  4,108
  4,298
  4,499
  4,711
  4,934
  5,169
  5,416
  5,676
  5,950
  6,238
  6,541
Operating income, $m
  136
  141
  146
  151
  157
  164
  171
  179
  187
  196
  255
  265
  277
  288
  301
  314
  328
  343
  358
  375
  392
  410
  430
  450
  471
  494
  518
  543
  569
  596
EBITDA, $m
  275
  281
  288
  296
  305
  315
  326
  338
  350
  363
  378
  393
  410
  427
  445
  465
  485
  507
  530
  555
  580
  608
  636
  666
  698
  731
  767
  804
  842
  883
Interest expense (income), $m
  7
  15
  16
  17
  18
  20
  21
  23
  25
  27
  29
  32
  34
  37
  40
  43
  46
  50
  53
  57
  61
  65
  70
  75
  80
  85
  91
  96
  103
  109
  116
Earnings before tax, $m
  121
  125
  128
  133
  137
  142
  148
  154
  160
  167
  223
  231
  240
  248
  258
  268
  278
  289
  301
  313
  327
  340
  355
  370
  386
  403
  421
  440
  460
  480
Tax expense, $m
  33
  34
  35
  36
  37
  38
  40
  42
  43
  45
  60
  62
  65
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  124
  130
Net income, $m
  89
  91
  94
  97
  100
  104
  108
  112
  117
  122
  163
  169
  175
  181
  188
  195
  203
  211
  220
  229
  238
  248
  259
  270
  282
  294
  307
  321
  336
  351

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,419
  1,452
  1,489
  1,531
  1,577
  1,628
  1,684
  1,744
  1,808
  1,878
  1,952
  2,031
  2,116
  2,205
  2,300
  2,401
  2,508
  2,621
  2,740
  2,866
  2,999
  3,139
  3,287
  3,442
  3,606
  3,779
  3,960
  4,151
  4,352
  4,564
Adjusted assets (=assets-cash), $m
  1,419
  1,452
  1,489
  1,531
  1,577
  1,628
  1,684
  1,744
  1,808
  1,878
  1,952
  2,031
  2,116
  2,205
  2,300
  2,401
  2,508
  2,621
  2,740
  2,866
  2,999
  3,139
  3,287
  3,442
  3,606
  3,779
  3,960
  4,151
  4,352
  4,564
Revenue / Adjusted assets
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
  1.564
Average production assets, $m
  892
  913
  936
  963
  992
  1,024
  1,059
  1,096
  1,137
  1,181
  1,227
  1,277
  1,330
  1,387
  1,446
  1,510
  1,577
  1,648
  1,723
  1,802
  1,885
  1,974
  2,066
  2,164
  2,267
  2,376
  2,490
  2,610
  2,736
  2,869
Working capital, $m
  -300
  -307
  -314
  -323
  -333
  -344
  -356
  -368
  -382
  -396
  -412
  -429
  -447
  -466
  -486
  -507
  -530
  -553
  -579
  -605
  -633
  -663
  -694
  -727
  -761
  -798
  -836
  -877
  -919
  -964
Total debt, $m
  297
  318
  342
  368
  397
  429
  464
  502
  543
  587
  634
  684
  737
  794
  854
  917
  985
  1,056
  1,131
  1,210
  1,294
  1,383
  1,476
  1,574
  1,677
  1,786
  1,901
  2,022
  2,148
  2,282
Total liabilities, $m
  895
  916
  940
  966
  995
  1,027
  1,062
  1,100
  1,141
  1,185
  1,232
  1,282
  1,335
  1,392
  1,452
  1,515
  1,583
  1,654
  1,729
  1,808
  1,892
  1,981
  2,074
  2,172
  2,275
  2,384
  2,499
  2,620
  2,746
  2,880
Total equity, $m
  524
  536
  549
  565
  582
  601
  621
  643
  667
  693
  720
  750
  781
  814
  849
  886
  925
  967
  1,011
  1,058
  1,107
  1,158
  1,213
  1,270
  1,331
  1,394
  1,461
  1,532
  1,606
  1,684
Total liabilities and equity, $m
  1,419
  1,452
  1,489
  1,531
  1,577
  1,628
  1,683
  1,743
  1,808
  1,878
  1,952
  2,032
  2,116
  2,206
  2,301
  2,401
  2,508
  2,621
  2,740
  2,866
  2,999
  3,139
  3,287
  3,442
  3,606
  3,778
  3,960
  4,152
  4,352
  4,564
Debt-to-equity ratio
  0.570
  0.590
  0.620
  0.650
  0.680
  0.710
  0.750
  0.780
  0.810
  0.850
  0.880
  0.910
  0.940
  0.980
  1.010
  1.040
  1.060
  1.090
  1.120
  1.140
  1.170
  1.190
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.350
Adjusted equity ratio
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  89
  91
  94
  97
  100
  104
  108
  112
  117
  122
  163
  169
  175
  181
  188
  195
  203
  211
  220
  229
  238
  248
  259
  270
  282
  294
  307
  321
  336
  351
Depreciation, amort., depletion, $m
  138
  140
  143
  145
  148
  151
  155
  159
  163
  167
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  189
  197
  207
  216
  227
  238
  249
  261
  274
  287
Funds from operations, $m
  227
  231
  236
  242
  248
  255
  263
  271
  280
  289
  286
  297
  308
  320
  333
  346
  361
  376
  392
  409
  427
  446
  466
  487
  509
  532
  556
  582
  609
  638
Change in working capital, $m
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
Cash from operations, $m
  233
  238
  244
  251
  258
  266
  275
  284
  293
  304
  302
  313
  326
  339
  353
  368
  383
  400
  417
  436
  455
  475
  497
  520
  543
  568
  595
  622
  652
  682
Maintenance CAPEX, $m
  -87
  -89
  -91
  -94
  -96
  -99
  -102
  -106
  -110
  -114
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -189
  -197
  -207
  -216
  -227
  -238
  -249
  -261
  -274
New CAPEX, $m
  -18
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
Cash from investing activities, $m
  -105
  -110
  -114
  -120
  -125
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -199
  -208
  -218
  -229
  -240
  -251
  -264
  -277
  -290
  -305
  -319
  -335
  -352
  -369
  -387
  -407
Free cash flow, $m
  128
  128
  130
  131
  133
  135
  137
  140
  143
  146
  137
  141
  145
  150
  154
  160
  165
  171
  178
  184
  191
  199
  207
  215
  224
  233
  243
  253
  264
  276
Issuance/(repayment) of debt, $m
  18
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  133
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  18
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  133
Total cash flow (excl. dividends), $m
  145
  149
  153
  157
  162
  167
  172
  178
  184
  190
  184
  191
  198
  206
  214
  223
  233
  242
  253
  264
  275
  287
  300
  313
  327
  342
  358
  374
  391
  409
Retained Cash Flow (-), $m
  -10
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
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
  9
  9
  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
Cash available for distribution, $m
  136
  137
  139
  142
  145
  148
  152
  156
  160
  165
  156
  161
  167
  173
  179
  186
  193
  201
  209
  217
  226
  235
  245
  256
  267
  278
  291
  303
  317
  331
Discount rate, %
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
  130
  124
  119
  114
  109
  104
  98
  92
  86
  80
  68
  63
  57
  51
  46
  41
  36
  31
  26
  22
  18
  15
  12
  9
  7
  6
  4
  3
  2
  1
Current shareholders' claim on cash, %
  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

HNI Corporation is a provider of office furniture and hearth products. The Company's office furniture products include panel-based and freestanding furniture systems, seating, storage and tables. The Company's segments include office furniture and hearth products. The office furniture segment manufactures and markets a line of metal and wood commercial and home office furniture, which includes storage products, desks, credenzas, chairs, tables, bookcases, freestanding office partitions, and panel systems and other related products. The hearth products segment manufactures and markets a line of gas, electric, wood and biomass burning fireplaces, inserts, stoves, facings and accessories, principally for the home. It offers hearth products under various brands, such as Heatilator, Heat & Glo, Majestic, Monessen, Quadra-Fire, Harman Stove, Vermont Castings and PelPro. Its office furniture products are sold under various brands, such as HON, OFM, basyx by HON, Lamex and ERGO.

FINANCIAL RATIOS  of  HNI (HNI)

Valuation Ratios
P/E Ratio 20.1
Price to Sales 0.8
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 16.8
Growth Rates
Sales Growth Rate -4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.3%
Cap. Spend. - 3 Yr. Gr. Rate 8.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 35.9%
Total Debt to Equity 42.7%
Interest Coverage 19
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 12.4%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 37.9%
Gross Margin - 3 Yr. Avg. 36.6%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 6%
Oper. Margin - 3 Yr. Avg. 6.1%
Pre-Tax Margin 5.9%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.1%
Payout Ratio 55.8%

HNI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HNI stock intrinsic value calculation we used $2176 million for the last fiscal year's total revenue generated by HNI. The default revenue input number comes from 2017 income statement of HNI. 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 HNI 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 4.8%, whose default value for HNI is calculated based on our internal credit rating of HNI, 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 HNI.
    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 HNI stock the variable cost ratio is equal to 93.9%.

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 HNI 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 5.4% for HNI.

Corporate tax rate of 27% is the nominal tax rate for HNI. 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 HNI stock is equal to 0.4%.

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 HNI are equal to 40.2%.

Life of production assets of 10 years is the average useful life of capital assets used in HNI 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 HNI is equal to -13.5%. 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 - $514 million for HNI - 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 44 million for HNI 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 HNI at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ The HON Company Introduces Solve Expansion With Colorwav   [Jul-16-18 02:11PM  PR Newswire]
▶ HNI Corporation Announces New Chief Executive Officer   [Jun-28-18 04:30PM  PR Newswire]
▶ Best Dividend Stocks This Month   [Jun-27-18 09:02AM  Simply Wall St.]
▶ Estimating The Fair Value Of HNI Corporation (NYSE:HNI)   [Jun-06-18 08:10PM  Simply Wall St.]
▶ Best Dividend Stock Picks   [May-24-18 09:02AM  Simply Wall St.]
▶ HNI Corporation Increases Quarterly Dividend   [May-08-18 09:45AM  PR Newswire]
▶ Best-In-Class Dividend Stocks   [Apr-23-18 09:02AM  Simply Wall St.]
▶ HNI: 1Q Earnings Snapshot   [Apr-20-18 04:50PM  Associated Press]
▶ HNI Corporation Announces Quarterly Dividend   [Feb-14-18 11:04AM  PR Newswire]
▶ HNI Corporation to Host Earnings Call   [Feb-09-18 08:05AM  ACCESSWIRE]
▶ HNI posts 4Q profit   [05:01AM  Associated Press]
▶ HNI Corp. Value Analysis (NYSE:HNI) : December 21, 2017   [Dec-21-17 12:03PM  Capital Cube]
▶ Calculating The Fair Value Of HNI Corporation (HNI)   [Nov-27-17 03:30PM  Simply Wall St.]
▶ ETFs with exposure to HNI Corp. : November 13, 2017   [Nov-13-17 12:31PM  Capital Cube]
▶ Why HNI Corp Stock Plummeted Tuesday   [12:47PM  Motley Fool]
▶ HNI Corporation to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ HNI posts 3Q profit   [Oct-23-17 04:36PM  Associated Press]
▶ ETFs with exposure to HNI Corp. : October 20, 2017   [Oct-20-17 10:14AM  Capital Cube]
▶ ETFs with exposure to HNI Corp. : October 9, 2017   [Oct-09-17 11:37AM  Capital Cube]
▶ ETFs with exposure to HNI Corp. : September 27, 2017   [Sep-27-17 10:30AM  Capital Cube]
▶ HNI Corp. Value Analysis (NYSE:HNI) : September 14, 2017   [Sep-13-17 11:25PM  Capital Cube]
▶ Cedartown 'backbone' to invest $14.5M, create 60 more jobs in Polk County   [Aug-15-17 11:20AM  American City Business Journals]
▶ HNI Corporation Announces Quarterly Dividend   [Aug-08-17 04:26PM  PR Newswire]
▶ HNI posts 2Q profit   [Jul-24-17 09:51PM  Associated Press]
▶ ETFs with exposure to HNI Corp. : July 5, 2017   [Jul-05-17 12:47PM  Capital Cube]
▶ What Makes HNI Corp (HNI) a Strong Sell?   [Jun-23-17 08:33AM  Zacks]
▶ ETFs with exposure to HNI Corp. : June 22, 2017   [Jun-22-17 03:49PM  Capital Cube]
▶ Comerica and DuPont Fabros climb while Endo dives   [Jun-09-17 04:58PM  Associated Press]
▶ HNI Corp. Value Analysis (NYSE:HNI) : June 6, 2017   [Jun-06-17 11:57AM  Capital Cube]
▶ HNI Corporation Increases Quarterly Dividend 4%   [May-09-17 10:41AM  PR Newswire]
▶ HNI posts 1Q profit   [Apr-19-17 05:05PM  Associated Press]
▶ HNI Corp. Value Analysis (NYSE:HNI) : April 13, 2017   [Apr-13-17 12:53PM  Capital Cube]
▶ ETFs with exposure to HNI Corp. : April 7, 2017   [Apr-07-17 04:47PM  Capital Cube]
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