Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul><li>We are expecting EPS of $0.84 on revenue of $681 million. Consensus EPS is $0.83, with a range of $0.80- 0.84 among four analysts.</li><li>Consensus revenue is $685 million. A year ago, HNI reported EPS of $0.63 on revenue of $569 million.</li><li>We expect the adjusted operating margin to expand 250 bps to 8.8%, partially offset by higher interest expense due to the debt incurred for the KII acquisition.</li></ul>

We are expecting EPS of $0.84 on revenue of $681 million. Consensus EPS is $0.83, with a range of $0.80- 0.84 among four analysts.Consensus revenue is $685 million. A year ago, HNI reported EPS of $0.63 on revenue of $569 million.We expect the adjusted operating margin to expand 250 bps to 8.8%, partially offset by higher interest expense due to the debt incurred for the KII acquisition.

HNI Corporation - 4Q Preview: Watching Order Trends in Office Furniture

Thematic (Sector/Industry)

<ul><li>Stocks had a tough week on growth concerns, worries that Fed rate cuts might be more gradual than previously anticipated.</li><li>The Water Tower Residential Manufacturers &amp; Suppliers Index (-3.9%) and Home Goods Retailers Index (-3.7%) outperformed the Commercial/Contract Furniture Index (-6.7%) and all three major indexes (-4.2% to -5.5%).</li><li>The Mass Retailers Index had the week’s best performance (-2.9%).</li></ul>

Stocks had a tough week on growth concerns, worries that Fed rate cuts might be more gradual than previously anticipated.The Water Tower Residential Manufacturers &amp; Suppliers Index (-3.9%) and Home Goods Retailers Index (-3.7%) outperformed the Commercial/Contract Furniture Index (-6.7%) and all three major indexes (-4.2% to -5.5%).The Mass Retailers Index had the week’s best performance (-2.9%).

Furniture/Furnishings Weekly - Industry Conditions Remain Challenged

<ul><li>A quiet week in the markets for the Water Tower Research Furniture and Furnishings indexes as the summer comes to a close.</li><li>The Water Tower Commercial/Contract Furniture Index was up 0.2% and the Mass Retailers Index was up 1.0%, while the Residential Manufacturers &amp; Suppliers Index (-0.5%) and the Home Goods Retailers Index (-1.5%) were both down.</li><li>Over the same time, large caps (S&amp;P 500 and DJ 30) were up 0.6%, while small caps (R2K) were down 0.2%.</li></ul>

A quiet week in the markets for the Water Tower Research Furniture and Furnishings indexes as the summer comes to a close.The Water Tower Commercial/Contract Furniture Index was up 0.2% and the Mass Retailers Index was up 1.0%, while the Residential Manufacturers &amp; Suppliers Index (-0.5%) and the Home Goods Retailers Index (-1.5%) were both down.Over the same time, large caps (S&amp;P 500 and DJ 30) were up 0.6%, while small caps (R2K) were down 0.2%.

Furniture/Furnishings Weekly - Earnings Season Insights

<ul><li>Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.</li><li>The Water Tower Research Commercial/Contract Furniture Index declined 0.5%, the Residential Manufacturers &amp; Suppliers Index fell 3.2%, and Home Goods Retailers declined 5.7%.</li><li>All three trailed the broader indexes (+0.2 to +0.5%) and the Mass Retailers Index (+1.7%). </li></ul>

Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.The Water Tower Research Commercial/Contract Furniture Index declined 0.5%, the Residential Manufacturers &amp; Suppliers Index fell 3.2%, and Home Goods Retailers declined 5.7%.All three trailed the broader indexes (+0.2 to +0.5%) and the Mass Retailers Index (+1.7%). 

Furniture/Furnishings Weekly - July 1, 2024

<ul><li>The DJ30 closed above 40,000 for the first time ever.</li><li>Our Commercial/Contract Furniture Index (+2.3%) outperformed the broader market indexes (all three up +1.6%) and our Mass Retailers Index (+0.6%) last week.</li><li>Residential Manufacturers &amp; Suppliers (-3.8%) and Home Goods Retailers (-2.8%) trailed.</li></ul>

The DJ30 closed above 40,000 for the first time ever.Our Commercial/Contract Furniture Index (+2.3%) outperformed the broader market indexes (all three up +1.6%) and our Mass Retailers Index (+0.6%) last week.Residential Manufacturers &amp; Suppliers (-3.8%) and Home Goods Retailers (-2.8%) trailed.

Furniture/Furnishings Weekly - May 20, 2024

United States

HNI Corporation manufactures and markets office furniture as well as hearth products. The Company's products are sold primarily through dealers, wholesalers, and retail superstores. HNI has operations in the United States and Canada.

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HNI Corp (HNI US)

HNI Corporation - 4Q Preview: Watching Order Trends in Office Furniture

We are expecting EPS of $0.84 on revenue of $681 million. Consensus EPS is $0.83, with a range of $0.80- 0.84 among four analysts.

Water Tower Research

Furniture/Furnishings Weekly - Industry Conditions Remain Challenged

Stocks had a tough week on growth concerns, worries that Fed rate cuts might be more gradual than previously anticipated.

Water Tower Research

Furniture/Furnishings Weekly - Earnings Season Insights

A quiet week in the markets for the Water Tower Research Furniture and Furnishings indexes as the summer comes to a close.

Water Tower Research

Furniture/Furnishings Weekly - July 1, 2024

Residential furniture stocks had a tough week over concerns about demand, though commercial furniture stocks fared better.

Water Tower Research

Furniture/Furnishings Weekly - May 20, 2024

Our Commercial/Contract Furniture Index (+2.3%) outperformed the broader market indexes (all three up +1.6%) and our Mass Retailers Index (+0.6%)...

Water Tower Research

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