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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

Thematic (Sector/Industry)

<ul><li>This note addresses the Monthly Market Pulse (MMP) of incoming orders and sales for March 2023 issued by the Business Institutional Furniture Manufacturers Association (BIFMA).</li><li>About 50+ BIFMA member companies voluntarily submit monthly sales and orders to a national accounting firm that aggregates and reports composite data.</li><li>Neither BIFMA nor any individual member has access to the raw data. We show the monthly data from 2019 to March 2023 under Industry Statistics.</li></ul>

This note addresses the Monthly Market Pulse (MMP) of incoming orders and sales for March 2023 issued by the Business Institutional Furniture Manufacturers Association (BIFMA).About 50+ BIFMA member companies voluntarily submit monthly sales and orders to a national accounting firm that aggregates and reports composite data.Neither BIFMA nor any individual member has access to the raw data. We show the monthly data from 2019 to March 2023 under Industry Statistics.

Commercial/Contract Furniture/Consumer Hardlines : Orders Remain Lower Y/Y, but at Moderating Pace

Equity Bottom-Up

Kimball International B / Equity Bottom-Up

<ul><li>We are initiating research coverage of Kimball International. For shareholders and potential investors, Kimball’s relevant history began in 1949 when Arnold Habig led the acquisition and reorganization of Midwest Manufacturing, a struggling manufacturer based in Jasper, Indiana.</li><li>Kimball management initiated its current strategy in 2014, focusing exclusively on commercial furniture.</li><li>Its strategy differs from other commercial furniture manufacturers by emphasizing ancillary products (88% of TTM revenues as of 2Q23) and concentrating on secondary geographic markets (79% of TTM revenues as of 2Q23).</li></ul>

We are initiating research coverage of Kimball International. For shareholders and potential investors, Kimball’s relevant history began in 1949 when Arnold Habig led the acquisition and reorganization of Midwest Manufacturing, a struggling manufacturer based in Jasper, Indiana.Kimball management initiated its current strategy in 2014, focusing exclusively on commercial furniture.Its strategy differs from other commercial furniture manufacturers by emphasizing ancillary products (88% of TTM revenues as of 2Q23) and concentrating on secondary geographic markets (79% of TTM revenues as of 2Q23).

Kimball International, Inc. (Nasdaq: Kbal) - Initiating Coverage

Initiating Coverage: Two Storied Companies Combine – An In-Depth Examination of Herman Miller and Knoll, Together as MillerKnoll

United States

Kimball International, Inc. creates design driven furnishings sold through a family of brands: Kimball, National, and Kimball Hospitality. The Company's portfolio also offers solutions for the workplace, learning, healing, and hospitality environments.

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Kimball International B (KBAL US)

Commercial/Contract Furniture/Consumer Hardlines : Orders Remain Lower Y/Y, but at Moderating Pace

This note addresses the Monthly Market Pulse (MMP) of incoming orders and sales for March 2023 issued by the Business Institutional Furniture...

Water Tower Research

Kimball International, Inc. (Nasdaq: Kbal) - Initiating Coverage

Kimball’s relevant history began in 1949 when Arnold Habig led the acquisition and reorganization of Midwest Manufacturing, a struggling...

Water Tower Research

Initiating Coverage: Two Storied Companies Combine – An In-Depth Examination of Herman Miller and Knoll, Together as MillerKnoll

KEY POINTS Herein, we introduce coverage of MillerKnoll, Inc. (MLKN), the resulting corporate entity (and stock ticker) after Herman Miller...

Water Tower Research

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