Intrinsic value of La-Z-Boy - LZB

Previous Close

$27.60

  Intrinsic Value

$8.30

stock screener

  Rating & Target

str. sell

-70%

  Value-price divergence*

+40%

Previous close

$27.60

 
Intrinsic value

$8.30

 
Up/down potential

-70%

 
Rating

str. sell

 
Value-price divergence*

+40%

*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 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 1.4

 

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
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  1,520
  1,591
  1,667
  1,746
  1,829
  1,917
  2,010
  2,107
  2,209
  2,317
  2,430
  2,549
  2,674
  2,806
  2,944
  3,089
  3,242
  3,402
  3,570
  3,747
  3,933
  4,128
  4,333
  4,549
  4,775
  5,012
  5,262
  5,524
  5,799
  6,088
  6,392
Variable operating expenses, $m
 
  1,464
  1,533
  1,605
  1,682
  1,762
  1,847
  1,936
  2,029
  2,128
  2,231
  2,333
  2,447
  2,568
  2,694
  2,827
  2,966
  3,113
  3,267
  3,429
  3,599
  3,778
  3,965
  4,163
  4,370
  4,587
  4,815
  5,055
  5,307
  5,572
  5,849
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
  1,464
  1,533
  1,605
  1,682
  1,762
  1,847
  1,936
  2,029
  2,128
  2,231
  2,333
  2,447
  2,568
  2,694
  2,827
  2,966
  3,113
  3,267
  3,429
  3,599
  3,778
  3,965
  4,163
  4,370
  4,587
  4,815
  5,055
  5,307
  5,572
  5,849
Operating income, $m
  131
  128
  134
  141
  148
  155
  163
  171
  180
  189
  199
  216
  227
  238
  250
  262
  275
  289
  303
  318
  334
  350
  368
  386
  405
  425
  447
  469
  492
  517
  542
EBITDA, $m
  160
  158
  166
  174
  182
  191
  200
  210
  220
  230
  242
  254
  266
  279
  293
  307
  322
  338
  355
  373
  391
  411
  431
  452
  475
  498
  523
  549
  577
  605
  636
Interest expense (income), $m
  1
  1
  15
  30
  46
  62
  80
  98
  117
  137
  158
  181
  204
  229
  255
  282
  310
  340
  372
  405
  440
  477
  515
  555
  598
  642
  689
  738
  790
  844
  901
Earnings before tax, $m
  131
  127
  119
  111
  102
  93
  84
  74
  63
  52
  41
  36
  23
  9
  -5
  -20
  -35
  -52
  -69
  -87
  -106
  -126
  -147
  -169
  -193
  -217
  -243
  -269
  -298
  -327
  -358
Tax expense, $m
  44
  34
  32
  30
  28
  25
  23
  20
  17
  14
  11
  10
  6
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  86
  92
  87
  81
  74
  68
  61
  54
  46
  38
  30
  26
  17
  7
  -5
  -20
  -35
  -52
  -69
  -87
  -106
  -126
  -147
  -169
  -193
  -217
  -243
  -269
  -298
  -327
  -358

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
  764
  801
  839
  879
  921
  965
  1,012
  1,061
  1,113
  1,167
  1,224
  1,284
  1,348
  1,414
  1,484
  1,557
  1,634
  1,715
  1,800
  1,889
  1,983
  2,081
  2,185
  2,293
  2,408
  2,527
  2,653
  2,785
  2,924
  3,070
Adjusted assets (=assets-cash), $m
  730
  764
  801
  839
  879
  921
  965
  1,012
  1,061
  1,113
  1,167
  1,224
  1,284
  1,348
  1,414
  1,484
  1,557
  1,634
  1,715
  1,800
  1,889
  1,983
  2,081
  2,185
  2,293
  2,408
  2,527
  2,653
  2,785
  2,924
  3,070
Revenue / Adjusted assets
  2.082
  2.082
  2.081
  2.081
  2.081
  2.081
  2.083
  2.082
  2.082
  2.082
  2.082
  2.083
  2.083
  2.082
  2.082
  2.082
  2.082
  2.082
  2.082
  2.082
  2.082
  2.082
  2.082
  2.082
  2.082
  2.081
  2.082
  2.082
  2.082
  2.082
  2.082
Average production assets, $m
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
  294
  308
  324
  339
  356
  374
  392
  412
  432
  453
  476
  500
  524
  550
  578
  607
  637
  668
  702
  737
  773
Working capital, $m
  318
  167
  175
  183
  192
  201
  211
  221
  232
  243
  255
  268
  281
  295
  309
  324
  340
  357
  375
  393
  413
  433
  455
  478
  501
  526
  553
  580
  609
  639
  671
Total debt, $m
  1
  15
  30
  46
  62
  80
  98
  117
  137
  158
  181
  204
  229
  255
  282
  310
  340
  372
  405
  440
  477
  515
  555
  598
  642
  689
  738
  790
  844
  901
  961
Total liabilities, $m
  299
  313
  328
  344
  360
  378
  396
  415
  435
  456
  479
  502
  527
  553
  580
  608
  638
  670
  703
  738
  775
  813
  853
  896
  940
  987
  1,036
  1,088
  1,142
  1,199
  1,259
Total equity, $m
  590
  451
  472
  495
  518
  543
  570
  597
  626
  657
  689
  722
  758
  795
  834
  875
  919
  964
  1,012
  1,062
  1,115
  1,170
  1,228
  1,289
  1,353
  1,420
  1,491
  1,565
  1,643
  1,725
  1,811
Total liabilities and equity, $m
  889
  764
  800
  839
  878
  921
  966
  1,012
  1,061
  1,113
  1,168
  1,224
  1,285
  1,348
  1,414
  1,483
  1,557
  1,634
  1,715
  1,800
  1,890
  1,983
  2,081
  2,185
  2,293
  2,407
  2,527
  2,653
  2,785
  2,924
  3,070
Debt-to-equity ratio
  0.002
  0.030
  0.060
  0.090
  0.120
  0.150
  0.170
  0.200
  0.220
  0.240
  0.260
  0.280
  0.300
  0.320
  0.340
  0.350
  0.370
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.470
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
Adjusted equity ratio
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  92
  87
  81
  74
  68
  61
  54
  46
  38
  30
  26
  17
  7
  -5
  -20
  -35
  -52
  -69
  -87
  -106
  -126
  -147
  -169
  -193
  -217
  -243
  -269
  -298
  -327
  -358
Depreciation, amort., depletion, $m
  29
  31
  32
  33
  34
  35
  37
  38
  40
  41
  43
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  93
Funds from operations, $m
  170
  123
  118
  114
  109
  103
  98
  92
  86
  79
  72
  63
  56
  48
  38
  25
  12
  -2
  -17
  -32
  -49
  -66
  -84
  -103
  -123
  -144
  -166
  -189
  -213
  -239
  -265
Change in working capital, $m
  24
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  20
  22
  23
  24
  25
  26
  28
  29
  30
  32
Cash from operations, $m
  146
  116
  110
  105
  100
  94
  88
  82
  75
  68
  61
  51
  43
  34
  24
  10
  -4
  -19
  -35
  -51
  -68
  -86
  -106
  -126
  -147
  -169
  -192
  -216
  -242
  -269
  -297
Maintenance CAPEX, $m
  0
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
New CAPEX, $m
  -20
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
Cash from investing activities, $m
  -65
  -31
  -32
  -34
  -35
  -38
  -39
  -41
  -43
  -45
  -48
  -49
  -52
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -99
  -103
  -109
  -114
  -120
  -126
Free cash flow, $m
  81
  85
  78
  71
  64
  57
  49
  41
  32
  23
  13
  1
  -10
  -21
  -34
  -50
  -67
  -86
  -105
  -124
  -145
  -167
  -191
  -215
  -240
  -267
  -295
  -325
  -356
  -388
  -423
Issuance/(repayment) of debt, $m
  0
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
  45
  47
  49
  52
  54
  57
  60
Issuance/(repurchase) of shares, $m
  -31
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  8
  19
  30
  44
  61
  78
  97
  117
  137
  159
  181
  205
  230
  257
  284
  313
  344
  376
  409
  445
Cash from financing (excl. dividends), $m  
  -31
  14
  15
  16
  16
  17
  18
  19
  20
  21
  24
  31
  44
  56
  71
  90
  108
  129
  150
  172
  196
  219
  245
  272
  302
  331
  362
  396
  430
  466
  505
Total cash flow (excl. dividends), $m
  51
  99
  93
  87
  81
  74
  67
  60
  52
  44
  38
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  52
  55
  58
  61
  64
  67
  70
  74
  78
  82
Retained Cash Flow (-), $m
  -43
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -44
  -61
  -78
  -97
  -117
  -137
  -159
  -181
  -205
  -230
  -257
  -284
  -313
  -344
  -376
  -409
  -445
Prev. year cash balance distribution, $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
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
 
  238
  72
  64
  57
  49
  41
  32
  23
  13
  6
  -2
  -2
  -2
  -7
  -22
  -37
  -54
  -71
  -90
  -109
  -129
  -150
  -172
  -196
  -220
  -246
  -273
  -302
  -332
  -363
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
 
  228
  66
  56
  47
  38
  30
  22
  14
  8
  3
  -1
  -1
  -1
  -2
  -6
  -10
  -12
  -13
  -14
  -14
  -13
  -12
  -11
  -10
  -9
  -7
  -6
  -5
  -4
  -3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.8
  99.4
  98.3
  96.6
  94.3
  91.5
  88.0
  84.2
  80.0
  75.6
  71.0
  66.3
  61.6
  57.0
  52.5
  48.1
  43.9
  39.9
  36.2
  32.6
  29.4

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 15.6
Price to Sales 0.9
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 10.6
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 4.7% 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 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 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 12.1%.

Life of production assets of 8.3 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 10.5%. 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 - $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 49.378 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 $1.4 billion.

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BSET Bassett Furnit 39.45 33.59  hold
NTZ Natuzzi ADR 2.00 0.71  str.sell
NVFY Nova Lifestyle 1.51 0.58  str.sell
SCSS Select Comfort 34.01 21.63  sell
STLY Stanley Furnit 1.12 0.34  str.sell

COMPANY NEWS

▶ 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]
▶ La-Z-Boy misses Street 1Q forecasts   [Aug-22-17 09:28PM  Associated Press]
▶ La-Z-Boy shares tank after earnings miss   [04:39PM  MarketWatch]
▶ La-Z-Boy misses on top and bottom line   [04:39PM  CNBC Videos]
▶ La-Z-Boy misses Street 1Q forecasts   [04:27PM  Associated Press]
▶ 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]
▶ Why Winnebago Industries, CA, and La-Z-Boy Jumped Today   [Jun-21-17 04:27PM  Motley Fool]
▶ 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]
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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