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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

Equity Bottom-Up

<ul><li>After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.</li><li>GAAP EPS of $0.01 missed by $0.31, caused primarily by a $37.2 million charge for closing Fully, a Knoll brand.</li><li>3QFY23 revenues of $985 million missed our estimate by ~$20 million.</li></ul>

After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.GAAP EPS of $0.01 missed by $0.31, caused primarily by a $37.2 million charge for closing Fully, a Knoll brand.3QFY23 revenues of $985 million missed our estimate by ~$20 million.

3QFY23 Adjusted EPS Beats but Revenues Miss; 4QFY23 Guidance Disappoints

Updating Estimates and Reflecting on the Outlook for MillerKnoll Business Through FY23 as Firm Completes Integration of Herman Miller and Knoll

Thematic (Sector/Industry)

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

United States

Knoll, Inc. designs and manufactures branded office furniture products and textiles.  The Company primarily sells its products in North America through a direct sales force and a network of independent dealers.  Knoll offers a variety of office furniture, including modular workspaces with integrated panels, work surfaces, storage and lighting, seating, desks and casegoods, and tables.

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Knoll Inc (KNL US)

3QFY23 Adjusted EPS Beats but Revenues Miss; 4QFY23 Guidance Disappoints

After market close Wednesday, March 22, MillerKnoll reported 3QFY23 adjusted EPS of $0.54, $0.12 higher than our estimate and consensus.

Water Tower Research

Updating Estimates and Reflecting on the Outlook for MillerKnoll Business Through FY23 as Firm Completes Integration of Herman Miller and Knoll

KEY POINTS MillerKnoll reported 4Q22 and full-year results on June 29. Consolidated 4Q22 revenues were $1.1 billion, up 77% Y/Y, nearly meeting...

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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