Intrinsic value of HNI - HNI

Previous Close

$35.30

  Intrinsic Value

$41.03

stock screener

  Rating & Target

hold

+16%

Previous close

$35.30

 
Intrinsic value

$41.03

 
Up/down potential

+16%

 
Rating

hold

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

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 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, %
  -4.38
  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
  2,203
  2,247
  2,299
  2,358
  2,424
  2,498
  2,578
  2,666
  2,761
  2,864
  2,973
  3,091
  3,216
  3,350
  3,492
  3,643
  3,802
  3,971
  4,150
  4,339
  4,538
  4,748
  4,970
  5,204
  5,450
  5,710
  5,983
  6,271
  6,573
  6,892
  7,226
Variable operating expenses, $m
 
  1,579
  1,615
  1,656
  1,701
  1,752
  1,808
  1,868
  1,934
  2,004
  2,080
  2,132
  2,219
  2,311
  2,409
  2,513
  2,623
  2,739
  2,863
  2,993
  3,130
  3,275
  3,428
  3,590
  3,760
  3,939
  4,127
  4,325
  4,534
  4,754
  4,985
Fixed operating expenses, $m
 
  547
  561
  575
  589
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  773
  793
  813
  833
  854
  875
  897
  919
  942
  966
  990
  1,015
  1,040
  1,066
  1,093
  1,120
Total operating expenses, $m
  2,070
  2,126
  2,176
  2,231
  2,290
  2,356
  2,427
  2,503
  2,585
  2,671
  2,764
  2,833
  2,937
  3,047
  3,164
  3,286
  3,416
  3,552
  3,696
  3,847
  4,005
  4,172
  4,347
  4,532
  4,726
  4,929
  5,142
  5,365
  5,600
  5,847
  6,105
Operating income, $m
  134
  121
  123
  127
  133
  142
  151
  163
  177
  192
  210
  258
  280
  303
  329
  357
  387
  419
  454
  492
  533
  576
  622
  672
  725
  781
  841
  905
  973
  1,045
  1,122
EBITDA, $m
  203
  195
  199
  204
  212
  221
  233
  246
  262
  279
  299
  321
  345
  371
  399
  430
  464
  500
  539
  580
  625
  672
  723
  777
  835
  897
  962
  1,032
  1,106
  1,185
  1,268
Interest expense (income), $m
  7
  6
  7
  8
  8
  9
  10
  11
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  47
  51
  54
  58
  62
  66
Earnings before tax, $m
  129
  114
  116
  120
  125
  132
  141
  152
  165
  179
  195
  242
  262
  284
  308
  334
  362
  393
  426
  461
  499
  540
  584
  631
  681
  734
  791
  851
  915
  984
  1,056
Tax expense, $m
  43
  31
  31
  32
  34
  36
  38
  41
  44
  48
  53
  65
  71
  77
  83
  90
  98
  106
  115
  125
  135
  146
  158
  170
  184
  198
  213
  230
  247
  266
  285
Net income, $m
  86
  83
  85
  87
  91
  97
  103
  111
  120
  131
  142
  177
  191
  207
  225
  244
  264
  287
  311
  337
  365
  394
  426
  460
  497
  536
  577
  621
  668
  718
  771

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  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
  1,330
  1,317
  1,347
  1,382
  1,421
  1,464
  1,511
  1,563
  1,618
  1,679
  1,743
  1,812
  1,885
  1,964
  2,047
  2,135
  2,229
  2,328
  2,433
  2,543
  2,660
  2,783
  2,913
  3,050
  3,195
  3,347
  3,507
  3,676
  3,853
  4,040
  4,236
Adjusted assets (=assets-cash), $m
  1,291
  1,317
  1,347
  1,382
  1,421
  1,464
  1,511
  1,563
  1,618
  1,679
  1,743
  1,812
  1,885
  1,964
  2,047
  2,135
  2,229
  2,328
  2,433
  2,543
  2,660
  2,783
  2,913
  3,050
  3,195
  3,347
  3,507
  3,676
  3,853
  4,040
  4,236
Revenue / Adjusted assets
  1.706
  1.706
  1.707
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
  1.706
Average production assets, $m
  517
  528
  540
  554
  570
  587
  606
  627
  649
  673
  699
  726
  756
  787
  821
  856
  894
  933
  975
  1,020
  1,066
  1,116
  1,168
  1,223
  1,281
  1,342
  1,406
  1,474
  1,545
  1,620
  1,698
Working capital, $m
  -30
  -36
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
Total debt, $m
  214
  196
  215
  236
  260
  287
  316
  348
  382
  419
  459
  501
  546
  595
  646
  700
  758
  819
  883
  952
  1,024
  1,100
  1,180
  1,264
  1,353
  1,447
  1,545
  1,649
  1,758
  1,873
  1,994
Total liabilities, $m
  830
  811
  830
  851
  875
  902
  931
  963
  997
  1,034
  1,074
  1,116
  1,161
  1,210
  1,261
  1,315
  1,373
  1,434
  1,498
  1,567
  1,639
  1,715
  1,795
  1,879
  1,968
  2,062
  2,160
  2,264
  2,373
  2,488
  2,609
Total equity, $m
  501
  506
  517
  531
  546
  562
  580
  600
  621
  645
  669
  696
  724
  754
  786
  820
  856
  894
  934
  977
  1,021
  1,069
  1,119
  1,171
  1,227
  1,285
  1,347
  1,411
  1,480
  1,551
  1,627
Total liabilities and equity, $m
  1,331
  1,317
  1,347
  1,382
  1,421
  1,464
  1,511
  1,563
  1,618
  1,679
  1,743
  1,812
  1,885
  1,964
  2,047
  2,135
  2,229
  2,328
  2,432
  2,544
  2,660
  2,784
  2,914
  3,050
  3,195
  3,347
  3,507
  3,675
  3,853
  4,039
  4,236
Debt-to-equity ratio
  0.427
  0.390
  0.420
  0.450
  0.480
  0.510
  0.540
  0.580
  0.610
  0.650
  0.690
  0.720
  0.750
  0.790
  0.820
  0.850
  0.890
  0.920
  0.950
  0.970
  1.000
  1.030
  1.050
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
Adjusted equity ratio
  0.358
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  83
  85
  87
  91
  97
  103
  111
  120
  131
  142
  177
  191
  207
  225
  244
  264
  287
  311
  337
  365
  394
  426
  460
  497
  536
  577
  621
  668
  718
  771
Depreciation, amort., depletion, $m
  69
  75
  76
  77
  78
  80
  81
  83
  85
  87
  89
  63
  65
  68
  71
  74
  77
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  140
  146
Funds from operations, $m
  231
  158
  160
  164
  170
  176
  185
  194
  205
  218
  232
  239
  256
  275
  296
  318
  341
  367
  395
  425
  457
  491
  527
  566
  607
  651
  698
  748
  801
  858
  917
Change in working capital, $m
  8
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from operations, $m
  223
  159
  161
  165
  171
  178
  186
  196
  207
  219
  233
  241
  258
  277
  298
  320
  344
  370
  398
  428
  460
  494
  531
  570
  611
  656
  703
  753
  806
  863
  923
Maintenance CAPEX, $m
  0
  -45
  -46
  -47
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -140
New CAPEX, $m
  -120
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
Cash from investing activities, $m
  -153
  -56
  -58
  -61
  -64
  -66
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -112
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -171
  -180
  -189
  -198
  -208
  -219
Free cash flow, $m
  70
  103
  104
  105
  107
  111
  116
  123
  130
  139
  150
  153
  166
  181
  197
  214
  233
  253
  275
  299
  325
  353
  382
  414
  448
  484
  523
  564
  608
  655
  704
Issuance/(repayment) of debt, $m
  17
  16
  19
  21
  24
  27
  29
  32
  34
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
Issuance/(repurchase) of shares, $m
  -34
  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  
  -15
  16
  19
  21
  24
  27
  29
  32
  34
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
Total cash flow (excl. dividends), $m
  56
  120
  122
  126
  131
  138
  145
  154
  165
  176
  189
  196
  212
  229
  248
  268
  290
  314
  340
  367
  397
  429
  462
  498
  537
  578
  622
  668
  717
  770
  825
Retained Cash Flow (-), $m
  -24
  -10
  -12
  -13
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -65
  -68
  -72
  -75
Prev. year cash balance distribution, $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
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
 
  115
  111
  113
  116
  121
  127
  135
  143
  153
  165
  169
  183
  199
  216
  234
  254
  276
  300
  325
  352
  381
  412
  446
  481
  519
  560
  603
  649
  698
  750
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
 
  110
  101
  98
  96
  94
  92
  91
  90
  88
  86
  80
  78
  76
  72
  69
  65
  60
  55
  50
  45
  39
  34
  29
  25
  20
  16
  13
  10
  8
  6
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

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 18.1
Price to Sales 0.7
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 15.1
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 $2203 million for the last fiscal year's total revenue generated by HNI. The default revenue input number comes from 2016 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 4.3%, 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 70.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $534 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 3.5% 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%.

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 23.5%.

Life of production assets of 11.6 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 -1.6%. 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 - $501 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 44.097 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 $1.6 billion.

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COMPANY NEWS

▶ 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]
▶ HNI Corporation Announces Quarterly Dividend   [Feb-15-17 10:16AM  PR Newswire]
▶ HNI posts 4Q profit   [05:02AM  Associated Press]
▶ HNI Corporation Announces Management Changes   [Jan-19-17 10:05AM  PR Newswire]
▶ Is Inphi Corporation (IPHI) A Good Stock To Buy?   [Dec-07-16 08:33AM  at Insider Monkey]
▶ HNI Corp (HNI): Are Hedge Funds Right About This Stock?   [Dec-02-16 04:43PM  at Insider Monkey]
Financial statements of HNI
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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