Sept CPU Newsletter - 9.27.19 - Final PDF

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Consumer Products
Update
September 2019
The Mufson Howe Hunter Consumer Products Update is designed to
update business leaders, investors and industry professionals on current
market trends and important developments within the consumer
products sector of the economy. This report contains information on
select companies in various subsectors within consumer products
emphasizing financial performance, stock performance and M&A
transactions.
Primary Mufson Howe Hunter Contacts:
Anthony J. Lopez-Ona
Managing Director
215.399.5405
alopezona@mhhco.com
Michael J. Mufson
Managing Director
215.399.5410
mmufson@mhhco.com
Brandon K. Eck
Managing Director
215.399.5411
beck@mhhco.com
Peter J. Hill
Managing Director
215.399.5407
phill@mhhco.com
Michael J. Howe
Managing Director
215.399.5413
mhowe@mhhco.com
Mufson Howe Hunter & Company LLC is a middle-market focused investment
Joseph M. Manko, Jr.
Managing Director bank providing M&A, capital raising and financial advisory services.
215.399.5402
jmanko@mhhco.com Member SIPC | FINRA
MHH Sectors TABLE OF CONTENTS
Cleaning and Bath Products Consumer Products Group Summary ................................................................... 1
Décor
Cleaning and Bath Products.................................................................................. 5
Furniture
Décor .................................................................................................... 9
Hardware and Outdoor
Furniture ..................................................................................................13
Household Appliances
Hardware and Outdoor ......................................................................................18
Housewares
Household Appliances ........................................................................................22
Housewares ..................................................................................................26
5
MHH’s coverage of the Consumer Products Sector spans companies in the following six sub-segments for each
of which our index has been calculated as follows:
The MHH Cleaning and Bath Products Index is currently comprised of Church & Dwight Co., Inc., Colgate-
Palmolive Company, Kimberly-Clark Corporation, McBride plc, Prestige Brands Holdings, Inc., PZ Cussons Plc,
Reckitt Benckiser Group plc, The Clorox Company and The Procter & Gamble Company.
The MMH Décor Index is currently comprised of Armstrong World Industries, Inc., Colefax Group plc, Culp, Inc.,
Fortune Brands Home & Security, Inc., Interface, Inc., Masco Corporation, Mohawk Industries, Inc., OMNOVA
Solutions Inc., RPM International Inc., The Dixie Group, Inc., The Sherwin-Williams Company and Walker
Greenbank plc.
The MHH Furniture Index is currently comprised of Albany International Corp., Bassett Furniture Industries,
Incorporated, Crown Crafts, Inc., CSS Industries, Inc., Flexsteel Industries, Inc., Herman Miller, Inc., HNI
Corporation, Hooker Furniture Corporation, Kimball International, Inc., Knoll, Inc., Leggett & Platt, Incorporated,
Steelcase Inc., Tempur Sealy International, Inc. and Unifi, Inc.
The MHH Hardware and Outdoor Index is currently comprised of Central Garden & Pet Company, Einhell
Germany AG, Husqvarna AB (publ), P&F Industries, Inc., Spectrum Brands Holdings, Inc., Techtronic Industries
Company Limited, The Toro Company and WD-40 Company.
The MMH Household Appliance Index is currently comprised of AB Electrolux, De'Longhi S.p.A., Fiskars Oyj,
iRobot Corporation, NACCO Industries, Inc., Stanley Black & Decker, Inc. and Whirlpool Corporation.
The MHH Housewares Index is currently comprised of BHS Tabletop AG, Churchill China plc, Duni AB (publ),
Helen of Troy Limited, Henkel AG & Co. KGaA, Leifheit AG, Libbey Inc., Lifetime Brands, Inc., Newell Brands Inc.,
Portmeirion Group plc, SEB SA and Tupperware Brands Corporation.
The companies that comprise each Index can change periodically as a result of a variety of reasons, including
mergers, acquisitions, initial public offerings and other transactions; therefore, comparisons to historical time
periods and historical performance for each Index may not entirely correspond and correlate to the Index’s
current performance. In addition, historical performance is not a guarantee or prediction of future results.
The information and statistical data contained herein have been obtained from sources that Mufson Howe
Hunter believes are reliable, but Mufson Howe Hunter makes no representation or warranty as to the accuracy
or completeness of any such information and data and expressly disclaims any and all liability relating to or
resulting from your use of these materials. The information and data contained herein are current and only as
of the date(s) indicated and Mufson Howe Hunter has no intention, obligation or duty to update these materials
after such date(s). These materials do not constitute an offer to sell or the solicitation of an offer to buy any
securities. Copyright © 2019 Mufson Howe Hunter & Company LLC. All rights reserved. The Consumer Products
Update is produced by Mufson Howe Hunter. Mufson Howe Hunter provides a full range of investment banking
services to consumer and retail
0 companies. For more information, visit www.mhhco.com.
Consumer Products Group Summary
Public Comp Group Valuation Metrics
($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins
Equity Enterprise Enterprise Value/ Price/ Gross
Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA
Cleaning and Bath Products

The Procter & Gamble Company (NYSE:PG) $120.23 $300,891.6 $322,009.6 $67,684.0 $17,130.0 $1.43 4.76 x 18.8 x NM 49.4% 25.3%
Colgate-Palmolive Company (NYSE:CL) 74.15 63,621.2 70,357.2 15,406.0 4,082.0 2.63 4.57 x 17.2 x 28.2 x 59.4% 26.4%
Reckitt Benckiser Group plc (LSE:RB.) 77.97 55,306.3 68,834.9 16,137.4 4,822.5 4.08 4.27 x 14.3 x 19.1 x 60.5% 29.9%
Kimberly-Clark Corporation (NYSE:KMB) 141.11 48,570.1 56,721.1 18,378.0 3,914.0 5.18 3.09 x 14.5 x 27.2 x 33.4% 20.7%
The Clorox Company (NYSE:CLX) 158.16 19,843.9 22,424.9 6,214.0 1,297.0 6.32 3.61 x 17.3 x 25.0 x 43.9% 20.6%
Church & Dwight Co., Inc. (NYSE:CHD) 79.78 19,713.3 21,999.9 4,236.1 977.1 2.40 5.19 x 22.5 x 33.2 x 44.5% 22.9%
Prestige Consumer Healthcare Inc. (NYSE:PBH) 31.88 1,601.7 3,369.7 954.0 329.6 (0.70) 3.53 x 10.2 x NM 58.0% 34.6%
PZ Cussons Plc (LSE:PZC) 2.56 1,070.5 1,298.1 869.9 122.0 0.08 1.49 x 10.6 x 32.5 x 36.5% 13.7%
McBride plc (LSE:MCB) 0.67 123.2 277.3 916.6 57.9 0.08 0.30 x 4.8 x 8.2 x 33.3% 6.3%
Mean $56,749.1 $63,032.5 $14,532.9 $3,636.9 $2.39 3.42x 14.5x 24.8x 46.6% 22.3%
Median 19,843.9 22,424.9 6,214.0 1,297.0 2.40 3.61x 14.5x 27.2x 44.5% 22.9%
Décor
The Sherwin-Williams Company (NYSE:SHW) $526.75 $48,358.5 $59,392.9 $17,714.4 $2,601.9 $12.44 3.35 x 22.8 x 42.4 x 43.0% 14.7%
Masco Corporation (NYSE:MAS) 40.73 11,789.5 14,880.5 8,325.0 1,417.0 2.43 1.79 x 10.5 x 16.8 x 32.9% 17.0%
Mohawk Industries, Inc. (NYSE:MHK) 118.89 8,578.2 11,867.8 10,021.4 1,526.2 10.57 1.18 x 7.8 x 11.3 x 28.0% 15.2%
RPM International Inc. (NYSE:RPM) 67.67 8,774.8 11,071.3 5,564.6 649.3 2.01 1.99 x 17.1 x 33.6 x 40.9% 11.7%
Fortune Brands Home & Security, Inc. (NYSE:FBHS) 51.06 7,142.3 9,462.1 5,636.6 879.5 2.86 1.68 x 10.8 x 17.9 x 35.7% 15.6%
Colfax Corporation (NYSE:CFX) 27.20 3,200.6 7,501.9 4,165.2 559.5 0.65 1.80 x 13.4 x 42.0 x 33.5% 13.4%
Armstrong World Industries, Inc. (NYSE:AWI) 95.47 4,646.9 5,249.9 1,013.5 387.5 3.99 5.18 x 13.5 x 24.0 x 39.0% 30.9%
Interface, Inc. (NasdaqGS:TILE) 11.05 645.7 1,355.9 1,310.6 184.2 0.85 1.03 x 7.4 x 13.0 x 38.3% 14.1%
OMNOVA Solutions Inc. (NYSE:OMN) 10.05 450.8 741.4 759.4 70.9 0.13 0.98 x 10.5 x NM 23.5% 9.3%
The Dixie Group, Inc. (NasdaqGM:DXYN) 1.27 20.1 157.9 388.7 7.7 (1.55) 0.41 x 20.6 x NM 22.0% 2.0%
Culp, Inc. (NYSE:CULP) 14.04 174.2 141.5 300.0 22.2 0.48 0.47 x 6.4 x 29.2 x 18.0% 7.4%
Walker Greenbank PLC (AIM:WGB) 1.04 73.5 72.9 148.8 14.9 0.09 0.49 x 4.9 x 11.0 x 59.6% 10.0%
Mean $7,821.2 $10,158.0 $4,612.4 $693.4 $2.91 1.70x 12.1x 24.1x 34.5% 13.4%
Median 3,923.7 6,375.9 2,737.9 473.5 1.43 1.43x 10.6x 20.9x 34.6% 13.7%
Furniture
Leggett & Platt, Incorporated (NYSE:LEG) 37.19 4,889.4 7,185.0 4,506.5 610.9 2.15 1.59 x 11.8 x 17.3 x 21.0% 13.6%
Tempur Sealy International, Inc. (NYSE:TPX) 77.12 4,227.1 6,071.2 2,819.3 385.2 2.46 2.15 x 15.8 x 31.3 x 42.2% 13.1%
Albany International Corp. (NYSE:AIN) 82.22 2,656.1 2,965.7 1,028.8 246.0 3.36 2.88 x 12.1 x 24.4 x 36.7% 23.9%
Herman Miller, Inc. (NasdaqGS:MLHR) 42.28 2,496.8 2,803.5 2,613.5 301.4 2.91 1.07 x 9.3 x 14.5 x 36.4% 11.3%
Steelcase Inc. (NYSE:SCS) 15.53 1,818.7 2,304.0 3,635.7 296.9 1.14 0.63 x 7.8 x 13.6 x 31.7% 7.8%
Knoll, Inc. (NYSE:KNL) 23.06 1,127.2 1,687.3 1,382.5 176.6 1.71 1.22 x 9.6 x 13.5 x 37.5% 12.8%
HNI Corporation (NYSE:HNI) 31.19 1,337.3 1,672.1 2,214.7 197.7 2.02 0.76 x 8.5 x 15.5 x 37.0% 8.9%
Kimball International, Inc. (NasdaqGS:KBAL) 17.55 648.2 542.1 768.1 69.6 1.06 0.71 x 7.8 x 16.6 x 33.1% 9.1%
Unifi, Inc. (NYSE:UFI) 19.24 355.7 461.2 708.8 39.0 0.13 0.65 x 11.8 x NM 9.4% 4.9%
Hooker Furniture Corporation (NasdaqGS:HOFT) 17.86 211.0 273.3 659.7 46.5 2.56 0.41 x 5.9 x 7.0 x 20.3% 7.0%
CSS Industries, Inc. (NYSE:CSS) 3.86 34.2 113.9 375.7 2.2 (5.54) 0.30 x 50.8 x NM 25.5% 0.6%
Flexsteel Industries, Inc. (NasdaqGS:FLXS) 15.14 119.9 97.7 443.6 6.8 (4.13) 0.22 x 14.4 x NM 17.7% 1.5%
Bassett Furniture Industries, Incorporated (NasdaqGS:BSET) 12.18 126.8 92.6 458.6 22.3 0.56 0.20 x 4.1 x 21.7 x 60.3% 4.9%
Crown Crafts, Inc. (NasdaqCM:CRWS) 5.36 54.2 52.5 76.9 9.4 0.58 0.68 x 5.6 x 9.3 x 29.6% 12.3%
Mean $1,435.9 $1,880.2 $1,549.5 $172.2 $0.78 0.96x 12.5x 16.8x 31.3% 9.4%
Median 887.7 1,107.1 898.4 123.1 1.42 0.69x 9.4x 15.5x 32.4% 9.0%
(continued on next page)
1
($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins
Equity Enterprise Enterprise Value/ Price/ Gross
Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA

Techtronic Industries Company Limited (SEHK:669) $6.92 $12,653.2 $13,195.4 $7,318.6 $778.4 $0.32 1.80 x 17.0 x 21.8 x 37.5% 10.6%
The Toro Company (NYSE:TTC) 72.01 7,676.4 8,253.8 2,943.0 $478.4 $2.54 2.80 x 17.3 x 28.4 x 34.9% 15.9%
Husqvarna AB (publ) (OM:HUSQ B) 7.74 4,430.5 5,398.4 4,518.7 $605.9 $0.29 1.19 x 8.9 x 26.7 x 30.9% 13.4%
Spectrum Brands Holdings, Inc. (NYSE:SPB) 55.87 2,466.9 4,603.9 3,120.8 $443.6 ($5.23) 1.48 x 10.4 x NM 36.8% 14.2%
WD-40 Company (NasdaqGS:WDFC) 182.30 2,502.7 2,563.1 419.2 $85.3 $4.93 6.11 x 30.1 x 37.0 x 55.0% 20.3%
Central Garden & Pet Company (NasdaqGS:CENT) 26.42 1,526.0 1,773.9 2,344.6 $208.8 $1.76 0.76 x 8.5 x 15.0 x 30.0% 9.0%
Einhell Germany AG (XTRA:EIN3) 57.85 218.4 266.7 673.8 $46.6 $7.28 0.40 x 5.7 x 7.9 x 33.4% 6.9%
P&F Industries, Inc. (NasdaqGM:PFIN) 7.03 22.1 22.9 62.2 $3.1 $1.74 0.37 x 7.5 x 4.0 x 36.5% 4.9%
Mean $3,991.9 $4,608.5 $2,879.9 $361.8 $1.55 1.79x 12.7x 20.9x 36.2% 12.1%
Median 2,502.7 4,603.9 2,943.0 443.6 1.74 1.19x 8.9x 24.3x 34.9% 13.4%
Household & Family Electonics / Appliances

Stanley Black & Decker, Inc. (NYSE:SWK) $132.86 $20,160.6 $26,498.4 $14,224.4 $2,213.6 $4.44 1.86 x 12.0 x 29.9 x 34.3% 15.5%
Whirlpool Corporation (NYSE:WHR) 139.09 8,836.0 16,274.0 20,932.0 1,892.0 14.26 0.78 x 8.6 x 9.8 x 17.1% 9.0%
AB Electrolux (publ) (OM:ELUX B) 22.33 6,418.5 7,197.7 13,600.1 997.9 1.47 0.53 x 7.2 x 15.2 x 19.5% 7.4%
De'Longhi S.p.A. (BIT:DLG) 19.42 2,903.8 2,789.9 2,348.5 325.8 1.28 1.19 x 8.6 x 15.2 x 42.3% 13.8%
iRobot Corporation (NasdaqGS:IRBT) 61.81 1,738.3 1,645.2 1,147.0 130.2 3.02 1.43 x 12.6 x 20.5 x 50.1% 11.4%
Fiskars Oyj Abp (HLSE:FSKRS) 13.33 1,086.9 1,407.4 1,267.1 131.5 1.14 1.11 x 10.7 x 11.7 x 42.3% 10.4%
NACCO Industries, Inc. (NYSE:NC) 49.78 348.0 276.0 151.9 66.6 6.19 1.82 x 4.1 x 8.0 x 27.5% 0.6%
Mean $5,927.4 $8,012.6 $7,667.3 $822.5 $4.54 1.25x 9.1x 15.8x 33.3% 9.7%
Median 2,903.8 2,789.9 2,348.5 325.8 3.02 1.19x 8.6x 15.2x 34.3% 10.4%
Housewares
Henkel AG & Co. KGaA (XTRA:HEN3) $100.20 $43,513.8 $45,936.4 $22,770.8 $4,519.8 $5.92 2.02 x 10.2 x 16.9 x 46.3% 19.8%
Newell Brands Inc. (NasdaqGS:NWL) 16.60 7,028.4 13,891.5 8,446.4 988.4 (15.03) 1.64 x 14.1 x NM 34.6% 11.7%
SEB SA (ENXTPA:SK) 155.63 7,772.1 10,748.1 8,106.3 947.4 9.74 1.33 x 11.3 x 16.0 x 11.8% 11.7%
Helen of Troy Limited (NasdaqGS:HELE) 153.51 3,854.1 4,204.6 1,585.8 231.7 6.81 2.65 x 18.2 x 22.6 x 40.9% 14.6%
Tupperware Brands Corporation (NYSE:TUP) 13.01 634.8 1,524.6 1,954.3 339.3 2.70 0.78 x 4.5 x 4.8 x 66.5% 17.4%
Duni AB (publ) (OM:DUNI) 11.27 529.8 714.1 566.8 63.8 0.55 1.26 x 11.2 x 20.6 x 24.7% 11.3%
Lifetime Brands, Inc. (NasdaqGS:LCUT) 7.72 164.1 587.1 730.2 58.8 (0.02) 0.80 x 10.0 x NM 36.2% 8.0%
Libbey Inc. (AMEX:LBY) 1.69 37.8 509.3 786.6 71.9 (2.57) 0.65 x 7.1 x NM 19.8% 9.1%
Churchill China plc (AIM:CHH) 19.19 210.8 196.2 79.0 15.0 0.91 2.48 x 13.1 x 21.0 x 84.9% 18.9%
Leifheit Aktiengesellschaft (XTRA:LEI) 24.25 230.6 182.7 266.5 19.5 0.85 0.69 x 9.4 x 28.6 x 42.3% 7.3%
Portmeirion Group PLC (AIM:PMP) 10.66 113.4 126.8 111.3 12.9 0.73 1.14 x 9.8 x 14.7 x 55.9% 11.5%
BHS tabletop AG (DB:HUL) 0.00 0.0 5.2 136.8 7.7 0.53 0.04 x 0.7 x 0.0 x 70.4% 5.7%
Mean $5,340.8 $6,552.2 $3,795.1 $606.4 $0.93 1.29x 10.0x 16.1x 44.5% 12.3%
Median 380.2 650.6 758.4 67.8 0.79 1.20x 10.1x 16.9x 41.6% 11.6%
NA = Not Available; NM = Not Meaningful; LTM = Latest Twelve Months (1) As of close August 30, 2019
‡ = excluded from Mean and Median calculations (2) Enterprise value is defined as equity value plus net debt, preferred stock and minority interests. Net Debt includes long
Source: Public Filings, Press Releases and Published Research Reports. term debt, short term debt, postretirement benefits and unfunded pensions, if applicable, less cash and cash
equivalents.
2
1) Source: US Census Bureau
1,000
1,100
1,200
1,300
1,400
1,500
500
700
900
600
800
Sep 2017
Oct 2017
Residential Construction Trend
Nov 2017
Dec 2017
Jan 2018
Feb 2018
Mar 2018
Permits
Apr 2018
May 2018
Jun 2018
Jul 2018
3
Starts
Aug 2018
Sep 2018
Oct 2018
Nov 2018
Dec 2018
Jan 2019
New Residential Construction (1)
Completions
Feb 2019
Mar 2019
Apr 2019
May 2019
Jun 2019
Jul 2019
Aug 2019
Public Comp Group – Operating Performance vs. EBITDA Multiple Analysis (1)
Operating Performance vs. EBITDA Multiple - Cleaning & Bath Products Operating Performance vs. EBITDA Multiple - Decor
70.0% 18.8x 22.5x 25.0x 50.0% 20.6x 25.0x

22.8x
14.3x 45.0%
60.0%
17.2x 20.0x 40.0% 20.0x
17.3x
14.5x 35.0% 17.1x
50.0%
30.0% 13.5x
15.0x 13.4x 15.0x
40.0% 10.2x 10.6x 25.0% 10.5x
10.5x
10.8x
20.0% 7.4x
30.0% 10.0x 10.0x
NasdaqGM: DXYN
4.8x 15.0% 7.8x
NasdaqGS: TILE
6.4x
NYSE:KMB
20.0%
NYSE:CHD
10.0%
NYSE:CLX
NYSE:PBH
NYSE: MHK
NYSE: SHW
NYSE: FBHS
NYSE: RPM
LSE:MCB
NYSE: MAS
NYSE: OMN
NYSE:PG
NYSE: AWI
NYSE:CL
AIM: WGB
NYSE: CFX
LSE:PZC
5.0x 5.0x
LSE:RB
5.0%
10.0%
0.0%
0.0% 0.0x -5.0% 0.0x
EBIT Margin EBITDA Margin Gross Margin EBITDA Multiple EBIT Margin EBITDA Margin Gross Margin EBITDA Multiple
Source: CapitalIQ and MHH Source: CapitalIQ and MHH
Operating Performance vs. EBITDA Multiple - Furniture Operating Performance vs. EBITDA Multiple - Hardware
14.4x
15.8x 30.1x
70.0% 16.0x 60.0% 35.0x
11.8x
60.0% 11.8x 12.1x 14.0x 30.0x
50.0%
50.0% 9.3x 9.6x 12.0x
17.0x 25.0x
8.5x 7.8x 5.9x 40.0%
40.0% 10.0x 17.3x
7.8x 5.6x 20.0x
30.0% 8.0x 30.0%
8.9x 10.4x 5.7x 15.0x
NasdaqCM:CRWS
NasdaqGM: KBAL
NasdaqGM: KBAL
NasdaqGS: MLHR
NasdaqGS: BSET
NasdaqGS:FLXS
NasdaqGS:FLXS
20.0% 6.0x
NasdaqGS: CENT
NasdaqGS:WDFC
8.5x
NasdaqGM:PFIN
4.1x 20.0%
7.5x 10.0x
OM: HUSQ B
10.0% 4.0x
NYSE: LEG
NYSE: TPX
NYSE: KNL
NYSE: AIN
NYSE: HNI
NYSE: SCS
SEHK:669
NYSE:UFI
NYSE: TTC
NYSE: SPB
DB: EIN3
10.0% 5.0x
0.0% 2.0x
-10.0% 0.0x 0.0% 0.0x
Operating Performance vs. EBITDA Multiple - Household Appliances Operating Performance vs. EBITDA Multiple - Housewares
60.0% 14.0x 60.0% 18.2x 20.0x

12.0x 12.6x 10.7x
18.0x
50.0% 12.0x 50.0% 11.2x
10.0x 16.0x
8.6x 14.1x 13.1x
8.6x 10.0x 14.0x
40.0% 7.2x 40.0% 11.3x 9.4x
10.2x 9.8x 12.0x
8.0x
30.0% 30.0% 7.1x 10.0x
6.0x 8.0x
NasdaqGS: IRB0T
NasdaqGS: LCUT
NasdaqGS: HELE
20.0% 20.0% 4.5x

4.0x 6.0x
ENXTPA: SK
NYSE: NWL
HLSE: FSKRS
NYSE: SWK
OM:ELUX B
OM: DUNI
NYSE: TUP
NYSE: AWI
DB: HEN3
AIM: PMP
AIM: CHH
4.0x
OM: WHR
0.7x
BIT: DLG
10.0% 10.0%
DB:HUL
DB: LEI
2.0x
2.0x
0.0% 0.0x 0.0% 0.0x
1) Companies with statistically significant outliers for EBITDA multiples are not included in graphs
4
Comparative Index Performance (Three-year and One-year)
Last Three Years

70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
-30.00%
11/30/16
11/30/17
11/30/18
8/31/17
8/31/16
2/28/17
5/31/17
2/28/18
5/31/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Cleaning and Bath Products Index S&P 500 NASDAQ Composite Index
Last Twelve Months

15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%
11/30/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Cleaning and Bath Products Index S&P 500 NASDAQ Composite Index
Source: CapitalIQ
5
Valuation Trend
Enterprise Value/LTM Revenue
4.50x
3.82x 3.79x 3.70x 3.78x 3.89x
4.00x 3.61x 3.74x 3.49x 3.53x 3.57x 3.67x 3.49x
3.44x 3.35x 3.28x
3.50x 3.16x 3.05x
3.00x
2.50x
2.00x
1.50x
1.00x
0.50x
0.00x
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Quarterly Median EV/ REV 1 Yr. Moving Average
Enterprise Value/LTM EBITDA
18.0x 30.0%
15.6x 15.6x 15.2x
16.0x 14.9x 15.0x 14.6x
14.4x 14.3x 14.2x 14.3x 14.3x
13.8x 13.9x 13.4x 13.2x 25.0%
14.0x 12.7x 12.6x
12.0x 20.0%
10.0x
15.0%
8.0x
6.0x 10.0%
4.0x
5.0%
2.0x
0.0x 0.0%
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Quarterly Median EV/ EBITDA 1 Yr. EV/EBITDA Moving Avg Qtrly LTM EBITDA Margin
Source: CapitalIQ
6
Valuation and Operating Performance Matrices
Graphs adjusted to eliminate statistical outliers.
3-Yr Revenue CAGR vs. EBITDA Multiple 3-Yr EBITDA CAGR vs. EBITDA Multiple
25.0x 25.0x
NYSE:CHD
NYSE:CHD
NYSE:PG
NYSE:PG
20.0x 20.0x
NYSE:CLX NYSE:CL
EBITDA Multiple
NYSE:CL NYSE:CLX
EBITDA Multiple
15.0x 15.0x NYSE:KMB

LSE:RB.
LSE:RB.
NYSE:KMB
10.0x 10.0x
LSE:PZC NYSE:PBH NYSE:PBH
5.0x 5.0x
LSE:MCB LSE:MCB
0.0x 0.0x
-10.0% -7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
3-Yr Revenue CAGR 3-YR EBITDA CAGR

EBITDA Margin vs. EBITDA Multiple Cash Conversion Cycle vs. EBITDA Multiple
25.0x NYSE:CHD 25.0x

NYSE:CHD
20.0x NYSE:PG 20.0x NYSE:CL

NYSE:CLX NYSE:CL
EBITDA Multiple
EBITDA Multiple
NYSE:PG NYSE:CLX
LSE:RB. 15.0x
15.0x
LSE:PZC NYSE:KMB LSE:PZC
NYSE:KMB
10.0x
10.0x
NYSE:PBH
NYSE:PBH
LSE:MCB 5.0x
5.0x
LSE:MCB
0.0x
0.0x (60.0) (40.0) (20.0) - 20.0 40.0 60.0 80.0 100.0 120.0
0.0% 10.0% 20.0% 30.0% 40.0% Cash Conversion Cycle (Days)
Source: CapitalIQ and MHH LTM EBITDA Margin Source: CapitalIQ and MHH CCC = DIO + DRO - DPO
EBITDA Margin vs. Inventory Turn Ratio Free Cash Flow Margin vs. EBITDA Multiple
5.0x NYSE:CHD 25.0x NYSE:CHD
4.5x LSE:RB.
4.0x NYSE:PG
Inventory Turnover Ratio
20.0x
NYSE:KMB NYSE:CL
3.5x
EBITDA Multiple
NYSE:CLX NYSE:PBH NYSE:CLX

3.0x NYSE:CL 15.0x
2.5x LSE:RB.
NYSE:KMB
2.0x LSE:PZC NYSE:PG 10.0x
1.5x LSE:MCB LSE:PZC
NYSE:PBH
1.0x 5.0x LSE:MCB
0.5x
0.0x 0.0x
0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
LTM Free Cash Flow Margin
LTM EBITDA Margin
Source: CapitalIQ and MHH Source: CapitalIQ and MHH FCF Margin = (EBITDA - Capex) / Rev
7
Valuation and Operating Performance Matrices (cont.)
Graphs adjusted to eliminate statistical outliers
Capital Intensity vs. EBITDA Multiple Return on Assets vs. EBITDA Multiple
25.0x
NYSE:CHD 25.0x
NYSE:CHD
NYSE:PG NYSE:PG
20.0x 20.0x NYSE:CLX
NYSE:CL
EBITDA Multiple
EBITDA Multiple
NYSE:CLX NYSE:KMB
15.0x NYSE:CL
15.0x
LSE:PZC LSE:RB.
NYSE:PBH
10.0x 10.0x NYSE:KMB
LSE:PZC
NYSE:PBH
5.0x 5.0x
LSE:MCB
LSE:MCB
0.0x 0.0x
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% -1.0% 4.0% 9.0% 14.0% 19.0%
Capital Intensity Ratio Return on Assets
Source: CapitalIQ and MHH Capital Intensity = (NWC - Cash + PP&E) / Revenues Source: CapitalIQ and MHH
Selected M&A Transactions: 8/1/19 - 8/31/19
Announced Target Target Description Acquirer Value
8/9/19 Vendor International Develops, produces and supplies toilet CWS-boco International GmbH ND
B.V. hygiene products
8/13/19 PZ Cussons Polska SA, Manufactures personal care products Gr. Sarantis S.A. (ATSE:SAR) $11.1
LUKSJA
ND – Not disclosed. Transaction values in millions.
Selected News Announcements
Kimberly-Clark Corporation (NYSE:KMB) announced a quarterly dividend payable on October 2, 2019.
8
Décor
Last Three Years

80.00%
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
-60.00%
11/30/16
11/30/17
11/30/18
8/31/17
8/31/16
2/28/17
5/31/17
2/28/18
5/31/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Décor Index S&P 500 NASDAQ Composite Index
Last Twelve Months

10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%
-35.00%
-40.00%
11/30/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Décor Index S&P 500 NASDAQ Composite Index
Source: CapitalIQ
9
Décor
Valuation Trend
2.00x 1.90x
1.80x 1.82x 1.82x
1.70x 1.73x
1.80x 1.64x 1.68x 1.61x 1.64x 1.59x
1.55x 1.50x 1.56x
1.60x 1.46x
1.40x
1.21x 1.23x
1.20x
1.00x
0.80x
0.60x
0.40x
0.20x
0.00x
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
16.0x 14.5%
13.6x 13.4x
14.0x 12.7x 14.0%
12.4x
11.7x 12.0x 11.9x 12.4x
12.0x 11.1x 11.5x 11.2x 11.1x 11.1x 10.9x 11.3x
13.5%
9.8x
10.0x 8.9x
13.0%
8.0x
12.5%
6.0x
12.0%
4.0x
2.0x 11.5%
0.0x 11.0%
Q3'15
Q1'18
Q2'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Quarterly Median EV/ EBITDA 1 Yr. EV/EBITDA Moving Avg Qtrly Median LTM EBITDA Margin
Source: CapitalIQ
10
Décor
25.0x
25.0x
20.0x NYSE:SHW
20.0x NYSE:RPM NYSE:RPM
EBITDA Multiple
EBITDA Multiple
NYSE:CFX NYSE:AWI 15.0x

15.0x
NYSE:OMN NYSE:FBHS
NYSE:MAS NYSE:CFX NYSE:AWI
NYSE:FBHS 10.0x
10.0x NYSE:MAS
NasdaqGS:TILE NYSE:MHK
5.0x NYSE:MHK 5.0x
NasdaqGS:TILE NYSE:CULP
AIM:WGB AIM:WGB
0.0x 0.0x
-5.0% 0.0% 5.0% 10.0% 15.0%
0.00% 2.00% 4.00% 6.00% 8.00%
3-YR EBITDA CAGR
3-YR Revenue CAGR
Source: CapitalIQ and MHH FCF Margin = (EBITDA - Capex) / Rev
25.0x 25.0x
NYSE:SHW
NYSE:SHW NasdaqGM:DXYN
20.0x NYSE:RPM
20.0x NYSE:RPM
EBITDA Multiple
EBITDA Multiple
NYSE:AWI
15.0x NYSE:CFX
15.0x NYSE:CFX NYSE:FBHS
NYSE:OMN NYSE:MHK
NYSE:MAS 10.0x NYSE:OMN
10.0x NYSE:FBHS
NYSE:MAS
NYSE:MHK 5.0x NYSE:CULP
5.0x NYSE:CULP NasdaqGS:TILE AIM:WGB
NasdaqGS:TILE
AIM:WGB
0.0x
0.0x - 50.0 100.0 150.0 200.0
0.0% 5.0% 10.0% 15.0% 20.0%
LTM EBITDA Margin Cash Conversion Cycle (Days)
Source: CapitalIQ and MHH Source: CapitalIQ and MHH CCC = DIO + DRO - DPO
8.0x 25.0x NYSE:SHW
7.0x NYSE:OMN
NYSE:SHW
NYSE:MAS NYSE:RPM
NYSE:CFX 20.0x
6.0x
EBITDA Multiple
5.0x NYSE:CULP NYSE:FBHS NYSE:CFX

15.0x
4.0x NYSE:FBHS
NYSE:RPM NYSE:MHK 10.0x
3.0x NYSE:OMN
NYSE:MHK
NasdaqGS:TILE NYSE:MAS
2.0x NasdaqGS:TILE
5.0x NYSE:CULP
1.0x
AIM:WGB AIM:WGB
0.0x 0.0x
0.0% 5.0% 10.0% 15.0% 20.0% 0.0% 5.0% 10.0% 15.0% 20.0%
LTM EBITDA Margin
11
Décor
25.0x
NYSE:SHW 25.0x
NYSE:SHW
20.0x NYSE:RPM NasdaqGM:DXYN

20.0x
NYSE:RPM
EBITDA Multiple
NYSE:AWI NYSE:CFX
EBITDA Multiple
NYSE:CFX NYSE:AWI
15.0x 15.0x
NYSE:OMN
10.0x NYSE:FBHS 10.0x
NYSE:OMN
NYSE:MHK NYSE:FBHS
NYSE:MAS
5.0x NasdaqGS:TILE 5.0x NasdaqGS:TILE
NYSE:CULP NYSE:CULP
AIM:WGB
AIM:WGB
0.0x 0.0x
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00%
Capital Intensity Ratio
Source: CapitalIQ and MHH
Return on Assets
Source: CapitalIQ and MHH Capital Intensity = (NWC - Cash + PP&E) / Revenues
Selected M&A Transactions: 8/1/19 – 8/31/19
No Selected Transactions for the month of August.
No Selected News Announcements for the month of August.
12
Furniture
Last Three Years

80.00%
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
11/30/16
11/30/17
11/30/18
8/31/17
8/31/16
2/28/17
5/31/17
2/28/18
5/31/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Furniture Index S&P 500 NASDAQ Composite Index
Last Twelve Months

15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%
11/30/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Furniture Index S&P 500 NASDAQ Composite Index
Source: CapitalIQ
13
Furniture
Valuation Trend
1.20x
0.93x 0.96x 0.96x 0.93x

1.00x 0.91x 0.90x
0.87x 0.88x 0.87x 0.90x 0.86x 0.85x 0.88x 0.87x
0.80x 0.75x 0.73x
0.68x
0.60x
0.40x
0.20x
0.00x
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
12.0x 12.0%
9.8x 9.7x 9.8x 9.5x

10.0x 9.4x 9.1x 9.3x 10.0%
8.5x 8.7x 8.6x 8.4x
8.1x 8.1x 7.9x 7.9x 8.2x 7.9x
8.0x 8.0%
6.0x 6.0%
4.0x 4.0%
2.0x 2.0%
0.0x 0.0%
Q1'16
Q3'18
Q2'15
Q3'15
Q4'15
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q4'18
Q1'19
Q2'19
Source: CapitalIQ
14
Furniture
18.0x 18.0x
NYSE:TPX NYSE:TPX
16.0x 16.0x NasdaqGS:FLXS
14.0x NYSE:UFI NYSE:LEG NYSE:AIN 14.0x NYSE:UFI NYSE:LEG NYSE:AIN

NasdaqGS:FLXS
EBITDA Multiple
EBITDA Multiple
12.0x 12.0x
NasdaqGS:MLHR
NasdaqGS:MLHR
10.0x 10.0x
NYSE:KNL NYSE:KNL
8.0x 8.0x
NYSE:HNI
NYSE:HNI NYSE:SCS NasdaqCM:CRWS
6.0x NasdaqGS:KBAL 6.0x NYSE:SCS NasdaqGS:KBAL
4.0x 4.0x
NasdaqCM:CRWS NasdaqGS:BSET
2.0x NasdaqGS:BSET
2.0x
0.0x 0.0x
-7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%
18.0x 18.0x
NYSE:TPX
NYSE:TPX NasdaqGS:FLXS
16.0x 16.0x
NasdaqGS:FLXS
14.0x NYSE:LEG
14.0x NYSE:LEG NYSE:AIN
EBITDA Multiple
NYSE:UFI 12.0x NasdaqGS:MLHR

EBITDA Multiple
12.0x
NYSE:HNI NasdaqGS:MLHR 10.0x NYSE:UFI
10.0x
NYSE:SCS NYSE:KNL 8.0x NYSE:KNL
8.0x NYSE:HNI NasdaqCM:CRWS
NasdaqGS:KBAL 6.0x NasdaqGS:KBAL NYSE:SCS
6.0x
NasdaqGS:HOFT 4.0x NasdaqGS:HOFT
4.0x
NasdaqCM:CRWS NasdaqGS:BSET
NasdaqGS:BSET 2.0x
2.0x
0.0x
0.0x
(50.0) - 50.0 100.0 150.0 200.0
0.0% 5.0% 10.0% 15.0%
14.0x NasdaqGS:KBAL 18.0x
NYSE:TPX
12.0x 16.0x
NYSE:SCS NasdaqGS:MLHR
14.0x NYSE:UFI NYSE:LEG
10.0x NYSE:AIN
EBITDA Multiple
NYSE:HNI 12.0x NasdaqGS:MLHR

NYSE:TPX
8.0x
10.0x NYSE:HNI
NYSE:UFI NYSE:KNL
6.0x NYSE:KNL 8.0x
NYSE:SCS NasdaqGS:KBAL
NYSE:LEG
NasdaqGS:HOFT 6.0x
4.0x NasdaqGS:FLXS
4.0x NasdaqGS:HOFT
NasdaqCM:CRWS
2.0x NasdaqGS:BSET
NYSE:CSS NasdaqCM:CRWS 2.0x NasdaqGS:BSET
0.0x 0.0x
0.0% 5.0% 10.0% 15.0% 0.0% 5.0% 10.0% 15.0% 20.0%
LTM EBITDA Margin
15
Furniture
18.0x
NYSE:TPX 18.0x NYSE:TPX
16.0x 16.0x
NasdaqGS:FLXS
14.0x 14.0x NYSE:AIN
NYSE:UFI NYSE:LEG
EBITDA Multiple
NYSE:LEG
EBITDA Multiple
12.0x NYSE:KNL 12.0x NasdaqGS:MLHR
NasdaqGS:MLHR NYSE:KNL
10.0x 10.0x NYSE:HNI
8.0x NYSE:HNI 8.0x
NasdaqGS:HOFT NYSE:SCS NasdaqGS:KBAL
6.0x NasdaqGS:KBAL NYSE:SCS 6.0x
4.0x NasdaqCM:CRWS 4.0x NasdaqGS:HOFT
NasdaqCM:CRWS
2.0x NasdaqGS:BSET 2.0x
0.0x 0.0x
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
Capital Intensity Ratio
Return on Assets
Source: CapitalIQ and MHH Capital Intensity = (NWC - Cash + PP&E) / Revenues
8/14/19 Trendway Manufactures furniture and architectural Fellowes, Inc. ND

Corporation products
8/20/19 European House of Designs, develops and manufactures beds Capidea Management ApS ND
Beds A/S
8/26/19 Fully LLC Manufactures office furniture products and Knoll, Inc. (NYSE:KNL) $35.0
accessories and distributes them through its
e-commerce furniture retailing platform
16
Furniture
Albany International Corp. (NYSE:AIN) announced a quarterly dividend payable on October 7, 2019.
Crown Crafts, Inc. (NasdaqCM:CRWS) announced a quarterly dividend payable on October 4, 2019.
HNI Corporation (NYSE:HNI) announced a quarterly dividend payable on September 3, 2019.
Knoll, Inc. (NYSE:KNL) announced a quarterly dividend payable September 30, 2019.
Leggett & Platt, Incorporated (NYSE:LEG) announced a quarterly dividend payable on October 15, 2019.
Leggett & Platt, Incorporated (NYSE:LEG) announced the appointment of Jeffrey L. Tate to the role of CFO and Executive
Vice President.
17
Hardware
Hardware and
and Outdoor
Outdoor
Furniture
Last Three Years

80.00%
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
11/30/16
11/30/17
11/30/18
8/31/17
8/31/16
2/28/17
5/31/17
2/28/18
5/31/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Hardware and Outdoor Index S&P 500 NASDAQ Composite Index
Last Twelve Months

10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%
-35.00%
-40.00%
11/30/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Hardware and Outdoor Index S&P 500 NASDAQ Composite Index
Source: CapitalIQ
18
Hardware
Hardware and
andOutdoor
Outdoor
Furniture
Valuation Trend
2.50x
2.07x
2.00x
1.76x 1.75x 1.76x 1.72x
1.56x 1.49x 1.53x 1.59x 1.60x 1.54x
1.36x 1.42x 1.43x 1.43x 1.42x
1.50x 1.28x
1.00x
0.50x
0.00x
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
20.0x 16.0%
17.5x
18.0x 16.8x 14.0%
15.0x 15.5x
16.0x 14.9x 14.4x 14.0x
13.2x 12.9x 13.5x 13.3x 12.0%
14.0x
11.8x 11.8x 11.5x 12.3x 12.8x
12.0x 10.7x 10.0%
10.0x 8.0%
8.0x 6.0%
6.0x
4.0%
4.0x
2.0x 2.0%
0.0x 0.0%
Q1'18
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Source: CapitalIQ
19
Hardware
Hardwareand
andOutdoor
Outdoor
Furniture
NYSE:TTC SEHK:669
18.0x 18.0x SEHK:669
16.0x 16.0x NYSE:TTC
14.0x 14.0x
EBITDA Multiple
EBITDA Multiple
12.0x 12.0x
10.0x OM:HUSQ B 10.0x
8.0x 8.0x NYSE:SPB NasdaqGS:CENT
NasdaqGS:CENT
6.0x NasdaqGM:PFIN 6.0x OM:HUSQ B
4.0x XTRA:EIN3 4.0x XTRA:EIN3
2.0x 2.0x
0.0x 0.0x
0.0% 2.5% 5.0% 7.5% 10.0% 12.5% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
18.0x 25.0x
NYSE:TTC
16.0x SEHK:669
20.0x NYSE:TTC
14.0x
EBITDA Multiple
EBITDA Multiple
12.0x NYSE:SPB SEHK:669

NasdaqGM:PFIN 15.0x
10.0x
NYSE:SPB
8.0x OM:HUSQ B 10.0x
6.0x NasdaqGS:CENT OM:HUSQ B
NasdaqGS:CENT
4.0x XTRA:EIN3 5.0x
XTRA:EIN3
2.0x
0.0x
0.0x
- 50.0 100.0 150.0 200.0 250.0
0.0% 5.0% 10.0% 15.0% 20.0%
NasdaqGS:WDFC
5.0x SEHK:669
18.0x
4.5x
NasdaqGS:CENT NYSE:TTC 16.0x NYSE:TTC
4.0x
14.0x
3.5x
EBITDA Multiple
12.0x NYSE:SPB
3.0x
NYSE:SPB 10.0x
2.5x OM:HUSQ B
SEHK:669 8.0x
2.0x NasdaqGS:CENT OM:HUSQ B
XTRA:EIN3 6.0x
1.5x NasdaqGM:PFIN
NasdaqGM:PFIN
1.0x 4.0x XTRA:EIN3
0.5x 2.0x
0.0x 0.0x
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
LTM EBITDA Margin
20
Furniture
18.0x NYSE:TTC
18.0x
16.0x SEHK:669 NYSE:TTC
16.0x
SEHK:669
14.0x 14.0x
EBITDA Multiple
EBITDA Multiple
12.0x NYSE:SPB 12.0x NYSE:SPB
10.0x 10.0x OM:HUSQ B
8.0x 8.0x
OM:HUSQ B NasdaqGS:CENT
NasdaqGS:CENT
6.0x 6.0x
4.0x XTRA:EIN3 4.0x XTRA:EIN3
2.0x 2.0x
0.0x 0.0x
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
8/1/19 Beck Industries Manufactures special bolts for the power Cooper & Turner Limited ND
generation and oil industries
8/1/19 Max Schön GmbH Manufactures hand and power tools Miodrag Zivic ND
8/8/19 Noblesse Manufactures doors H. Hüttenbrauck Türen GmbH ND

Türfüllungen GmbH
& Co. KG
P&F Industries, Inc. (NasdaqGM:PFIN) announced a quarterly dividend payable on August 23, 2019.
Spectrum Brands Holdings, Inc. (NYSE:SPB) announced a quarterly dividend payable on September 19, 2019.
21
Hardware
Household and Outdoor
Appliances
Furniture
Last Three Years

80.00%
60.00%
40.00%
20.00%
0.00%
-20.00%
-40.00%
-60.00%
11/30/16
11/30/17
11/30/18
8/31/17
8/31/16
2/28/17
5/31/17
2/28/18
5/31/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Household & Family Electonics / Appliances Index S&P 500 NASDAQ Composite Index
Last Twelve Months

20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%
11/30/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Household & Family Electonics / Appliances Index S&P 500 NASDAQ Composite Index
Source: CapitalIQ
22
Furniture
Household Appliances
Valuation Trend
Appliances
Appliances
2.50x
1.99x 1.98x
2.00x
1.74x 1.76x 1.72x
1.67x 1.63x
1.50x 1.40x
1.31x 1.38x 1.43x
1.28x 1.28x
1.14x
1.03x 1.06x
0.96x
1.00x
0.50x
0.00x
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
16.0x 14.0%
13.9x
14.0x 13.0x 13.1x 12.7x 12.0%
12.0x 11.0x 10.9x 10.7x 11.1x
10.4x 10.6x 10.3x 10.0%
9.9x 9.7x 9.8x 9.6x
10.0x 8.6x
8.1x 8.0%
8.0x
6.0%
6.0x
4.0%
4.0x
2.0x 2.0%
0.0x 0.0%
Q3'18
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q4'18
Q1'19
Q2'19
Source: CapitalIQ
23
Hardware and
Household Outdoor
Appliances
Furniture
14.0x 14.0x
NYSE:SWK NYSE:SWK NasdaqGS:IRBT
12.0x HLSE:FSKRS 12.0x HLSE:FSKRS
EBITDA Multiple
10.0x NYSE:WHR 10.0x
EBITDA Multiple
8.0x OM:ELUX B 8.0x BIT:DLG

BIT:DLG NYSE:WHR
6.0x 6.0x OM:ELUX B
4.0x 4.0x
NYSE:NC NYSE:NC
2.0x 2.0x
0.0x 0.0x
-5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%
14.0x 14.0x NasdaqGS:IRBT

NasdaqGS:IRBT NYSE:SWK
12.0x 12.0x
HLSE:FSKRS NYSE:SWK
10.0x
EBITDA Multiple
10.0x
EBITDA Multiple
HLSE:FSKRS
8.0x NYSE:WHR
8.0x NYSE:WHR BIT:DLG BIT:DLG
6.0x OM:ELUX B
6.0x
OM:ELUX B 4.0x
4.0x
2.0x
2.0x
0.0x
0.0x
- 20.0 40.0 60.0 80.0 100.0
0.0% 5.0% 10.0% 15.0% 20.0%
6.0x OM:ELUX B NYSE:SWK
14.0x NasdaqGS:IRBT
NYSE:WHR
5.0x 12.0x HLSE:FSKRS
10.0x
EBITDA Multiple
4.0x NYSE:SWK
NasdaqGS:IRBT 8.0x
3.0x NYSE:WHR BIT:DLG
6.0x
HLSE:FSKRS OM:ELUX B
2.0x
BIT:DLG 4.0x
1.0x 2.0x
0.0x 0.0x
0.0% 5.0% 10.0% 15.0% 20.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%
LTM EBITDA Margin LTM Free Cash Flow Margin
24
Household
Hardware Appliances
and Outdoor
Furniture
14.0x NasdaqGS:IRBT NasdaqGS:IRBT
14.0x NYSE:SWK
12.0x 12.0x HLSE:FSKRS
NYSE:SWK
10.0x HLSE:FSKRS
EBITDA Multiple
10.0x BIT:DLG
EBITDA Multiple
8.0x 8.0x NYSE:WHR
BIT:DLG
NYSE:WHR
6.0x 6.0x OM:ELUX B
4.0x 4.0x
NYSE:NC
NYSE:NC
2.0x 2.0x
0.0x 0.0x
0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
No Selected Transactions for the month of August.
NACCO Industries, Inc. (NYSE:NC) announced a dividend payable on September 13, 2019.
25
Housewares
Last Three Years

70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
11/30/16
11/30/17
11/30/18
8/31/17
8/31/16
2/28/17
5/31/17
2/28/18
5/31/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Housewares Index S&P 500 NASDAQ Composite Index
Last Twelve Months

15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
-20.00%
-25.00%
-30.00%
-35.00%
11/30/18
8/31/18
2/28/19
5/31/19
8/31/19
MHH Comp Group Housewares Index S&P 500 NASDAQ Composite Index
Source: CapitalIQ
26
Housewares
Valuation Trend
2.00x
1.80x 1.73x 1.67x
1.66x
1.55x 1.53x 1.56x
1.60x 1.47x 1.46x 1.44x 1.43x
1.36x 1.36x 1.35x
1.40x 1.26x 1.24x 1.27x
1.14x
1.20x
1.00x
0.80x
0.60x
0.40x
0.20x
0.00x
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
20.0x 16.0%
17.5x
18.0x 16.8x 14.0%
15.0x 15.5x
16.0x 14.9x 14.4x 14.0x
13.2x 12.9x 13.5x 13.3x 12.0%
14.0x
11.8x 11.8x 11.5x 12.3x 12.8x
12.0x 10.7x 10.0%
10.0x 8.0%
8.0x 6.0%
6.0x
4.0%
4.0x
2.0x 2.0%
0.0x 0.0%
Q1'18
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Q4'16
Q1'17
Q2'17
Q3'17
Q4'17
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Source: CapitalIQ
27
Housewares

16.0x AIM:CHH NasdaqGS:NWL 16.0x NasdaqGS:NWL

OM:DUNI AIM:CHH
14.0x 14.0x
XTRA:HEN3 OM:DUNI
12.0x 12.0x NasdaqGS:LCUT
EBITDA Multiple
EBITDA Multiple
NasdaqGS:LCUT
10.0x 10.0x
ENXTPA:SK ENXTPA:SK
AIM:PMP AIM:PMP XTRA:HEN3
8.0x 8.0x XTRA:LEI
XTRA:LEI
6.0x 6.0x
AMEX:LBY AMEX:LBY
4.0x 4.0x
2.0x 2.0x
0.0x 0.0x
-2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

16.0x NasdaqGS:NWL 16.0x NasdaqGS:NWL

AIM:CHH
14.0x AIM:CHH 14.0x
OM:DUNI
OM:DUNI ENXTPA:SK ENXTPA:SK
12.0x 12.0x
NasdaqGS:LCUT
EBITDA Multiple
EBITDA Multiple
10.0x AIM:PMP
10.0x
XTRA:HEN3 XTRA:LEI
AIM:PMP 8.0x NasdaqGS:LCUT
8.0x XTRA:LEI
6.0x AMEX:LBY
6.0x
AMEX:LBY
4.0x
4.0x
2.0x
2.0x
0.0x
0.0x
- 50.0 100.0 150.0 200.0
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
6.0x 16.0x NasdaqGS:NWL

OM:DUNI XTRA:HEN3
5.0x 14.0x AIM:CHH
ENXTPA:SK
ENXTPA:SK 12.0x OM:DUNI

AMEX:LBY
EBITDA Multiple
4.0x
XTRA:LEI NasdaqGS:HELE 10.0x
XTRA:HEN3
XTRA:LEI AIM:PMP
NasdaqGS:NWL 6.0x
2.0x NasdaqGS:LCUT
NYSE:TUP AMEX:LBY
4.0x
1.0x AIM:PMP
DB:HUL 2.0x
AIM:CHH
0.0x 0.0x
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0% 5.0% 10.0% 15.0% 20.0%
LTM EBITDA Margin
28
Housewares

16.0x NasdaqGS:NWL
NasdaqGS:NWL 16.0x
AIM:CHH AIM:CHH
14.0x 14.0x OM:DUNI
ENXTPA:SK OM:DUNI ENXTPA:SK
EBITDA Multiple
EBITDA Multiple
10.0x 10.0x
XTRA:HEN3 NasdaqGS:LCUT
AIM:PMP
8.0x XTRA:LEI AIM:PMP 8.0x XTRA:LEI XTRA:HEN3
6.0x 6.0x
AMEX:LBY AMEX:LBY
4.0x 4.0x
2.0x 2.0x
0.0x 0.0x
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%
8/24/19 JL Coquet Manufactures and sells porcelain products such Compagnie Europeenne De Luxe ND
as tableware, presentation plates and vases Et Traditions SAS OU
Libbey Inc. (AMEX:LBY) announced the appointment of James C. Burmeister to the role of COO in addition to his current
role of CFO.
Lifetime Brands, Inc. (NasdaqGS:LCUT) announced a quarterly dividend payable on November 15, 2019.
Portmeirion Group PLC (AIM:PMP) announced an interim dividend payable on October 4, 2019.
Tupperware Brands Corporation (NYSE:TUP) announced a quarterly dividend payable on October 4, 2019.
29
Housewares
Mufson Howe Hunter is an independent investment bank for middle-market companies. We focus on selling
businesses, buy-outs, acquisitions and raising capital. Unique to the middle market, our senior bankers have
extensive corporate finance experience and deep knowledge of the capital markets.
Mergers & Acquisitions

 Advise buyers and sellers (public and private companies)
 Sale of businesses, strategic acquisitions, management buy-outs and industry build-ups
Raise Capital
 Equity (control and non-control)
 Mezzanine financing
 Senior and junior debt
 Typically raise capital from banks, finance companies, private investment funds and private
equity groups
Financial Advisory Services

 Analysis of business strategies and options
 Fairness opinions
 Valuations
Mufson Howe Hunter & Company LLC

1717 Arch Street
39th Floor
Philadelphia, PA 19103
215.399.5400
Visit us at:
www.mhhco.com
Broker dealer services provided by our wholly-owned subsidiary, Mufson Howe Hunter & Partners LLC, a member
of FINRA and SIPC
30

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Public Comp Group Valuation Metrics

Cleaning and Bath Products

(continued on next page)

Hardware and Outdoor

Household & Family Electonics / Appliances

70.0% 18.8x 22.5x 25.0x 50.0% 20.6x 25.0x

Source: CapitalIQ and MHH Source: CapitalIQ and MHH

-10.0% 0.0x 0.0% 0.0x

Source: CapitalIQ and MHH Source: CapitalIQ and MHH

60.0% 14.0x 60.0% 18.2x 20.0x

20.0% 20.0% 4.5x

Source: CapitalIQ and MHH Source: CapitalIQ and MHH

Comparative Index Performance (Three-year and One-year)

Last Three Years

Last Twelve Months

Enterprise Value/LTM EBITDA

15.0x 15.0x NYSE:KMB

3-Yr Revenue CAGR 3-YR EBITDA CAGR

25.0x NYSE:CHD 25.0x

20.0x NYSE:PG 20.0x NYSE:CL

NYSE:CLX NYSE:PBH NYSE:CLX

Selected M&A Transactions: 8/1/19 - 8/31/19

Announced Target Target Description Acquirer Value

ND – Not disclosed. Transaction values in millions.

Selected News Announcements

Kimberly-Clark Corporation (NYSE:KMB) announced a quarterly dividend payable on October 2, 2019.

Comparative Index Performance (Three-year and One-year)

Last Three Years

Last Twelve Months

Enterprise Value/LTM EBITDA

NYSE:CFX NYSE:AWI 15.0x

5.0x NYSE:CULP NYSE:FBHS NYSE:CFX

20.0x NYSE:RPM NasdaqGM:DXYN

Selected M&A Transactions: 8/1/19 – 8/31/19

No Selected Transactions for the month of August.

Selected News Announcements

No Selected News Announcements for the month of August.

Comparative Index Performance (Three-year and One-year)

Last Three Years

Last Twelve Months

0.93x 0.96x 0.96x 0.93x

Enterprise Value/LTM EBITDA

9.8x 9.7x 9.8x 9.5x

14.0x NYSE:UFI NYSE:LEG NYSE:AIN 14.0x NYSE:UFI NYSE:LEG NYSE:AIN

NYSE:UFI 12.0x NasdaqGS:MLHR

NYSE:HNI 12.0x NasdaqGS:MLHR

Selected M&A Transactions: 8/1/19 - 8/31/19

Announced Target Target Description Acquirer Value

8/14/19 Trendway Manufactures furniture and architectural Fellowes, Inc. ND

ND – Not disclosed. Transaction values in millions.

HNI Corporation (NYSE:HNI) announced a quarterly dividend payable on September 3, 2019.

Last Three Years

Last Twelve Months

Enterprise Value/LTM EBITDA

12.0x NYSE:SPB SEHK:669

Selected M&A Transactions: 8/1/19 - 8/31/19

Announced Target Target Description Acquirer Value

8/8/19 Noblesse Manufactures doors H. Hüttenbrauck Türen GmbH ND

ND – Not disclosed. Transaction values in millions.

Selected News Announcements

Last Three Years