Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

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Equity Bottom-Up

<ul><li>Before market open on March 8, HNI announced the acquisition of Kimball International (NASDAQ: KBAL), a smaller competitor of HNI’s Workplace Furnishings segment.</li><li>HNI will pay about $485 million, consisting of cash ($9/KBAL share), stock (0.1301 HNI/KBAL share), and ~$46 million in KBAL net debt.</li><li>We see the deal as an excellent fit on strategic and cultural levels. </li></ul>

Before market open on March 8, HNI announced the acquisition of Kimball International (NASDAQ: KBAL), a smaller competitor of HNI’s Workplace Furnishings segment.HNI will pay about $485 million, consisting of cash ($9/KBAL share), stock (0.1301 HNI/KBAL share), and ~$46 million in KBAL net debt.We see the deal as an excellent fit on strategic and cultural levels. 

HNI Announces Acquisition of Kimball International; Focus on Strategic and Cultural Alignment

HNI Corp

HNI Announces Acquisition of Kimball International; Focus on Strategic and Cultural Alignment