DCF Tool


Haverty Furniture Cos., Inc. – Furniture Stores
havertys began as a single store in downtown atlanta in 1885. today, with over 100 stores in 17 states, we have become one of the top retailers in the furniture industry. from modern and traditional, to rustic and eclectic, our wide range of styles, accessories and collections guarantee that we have something for everyone. we greatly value quality merchandise and continually seek to provide our customers with the highest caliber of product by ensuring that each piece of havertys furniture is made exclusively for our brand. our qualified associates and in-home designers offer expert tips and tools to make each customer’s home a fashionable representation of their own unique personality and vision. whether you’re shopping online or in-store, we aim to provide a positive buying experience. shopping with havertys has everything to do with your commitment to excellence in style and we are dedicated to making sure every havertys customer is a happy customer.
Analysis Results
Intrinsic Value $466.34
Latest Price $28.39
Relative Value 94% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 33.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 33.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 184 169
2024 245 209
2025 328 257
2026 438 317
2027 586 391
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 9270 million. This corresponds to a present value of 5700 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1340 million. Adding in the terminal value gives a total present value of 7040 million.

There are presently 15.1 million outstanding shares, so the intrinsic value per share is 466.34.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 276,253,000
Current Cash 123,126,000
Current Liabilities 154,432,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,305,000
Change in NCWC 66,161,000
EBIT 117,927,000
Tax Provision 30,143,000
Depreciation and Amortization 16,926,000
Capital Expenditure -28,411,000
Unlevered Free Cash Flow 142,857,026
Current Assets 309,057,000
Current Cash 166,146,000
Current Liabilities 210,377,000
Current Debt 0
Non-Cash Working Capital (NCWC) -67,466,000
Change in NCWC 20,389,000
EBIT 118,358,000
Tax Provision 27,732,000
Depreciation and Amortization 16,304,000
Capital Expenditure -34,090,000
Unlevered Free Cash Flow 93,270,410
Current Assets 316,244,000
Current Cash 200,058,000
Current Liabilities 204,041,000
Current Debt 0
Non-Cash Working Capital (NCWC) -87,855,000
Change in NCWC -89,623,000
EBIT 41,706,000
Tax Provision 17,583,000
Depreciation and Amortization 18,207,000
Capital Expenditure -10,927,000
Unlevered Free Cash Flow -50,193,979
Current Assets 204,523,000
Current Cash 75,739,000
Current Liabilities 127,016,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,768,000
Change in NCWC -44,337,000
EBIT 26,942,000
Tax Provision 6,859,000
Depreciation and Amortization 20,596,000
Capital Expenditure -16,841,000
Unlevered Free Cash Flow -20,073,476
Current Assets 201,850,000
Current Cash 71,537,000
Current Liabilities 88,226,000
Current Debt 4,018,000
Non-Cash Working Capital (NCWC) 46,105,000
Change in NCWC 805,000
EBIT 41,618,000
Tax Provision 10,101,000
Depreciation and Amortization 29,806,000
Capital Expenditure -21,473,000
Unlevered Free Cash Flow 40,352,529
Current Assets 210,687,000
Current Cash 79,491,000
Current Liabilities 89,684,000
Current Debt 3,788,000
Non-Cash Working Capital (NCWC) 45,300,000
Change in NCWC 7,155,000
EBIT 41,815,000
Tax Provision 22,148,000
Depreciation and Amortization 30,516,000
Capital Expenditure -24,465,000
Unlevered Free Cash Flow 33,594,476
Current Assets 194,115,000
Current Cash 63,481,000
Current Liabilities 95,950,000
Current Debt 3,461,000
Non-Cash Working Capital (NCWC) 38,145,000
Change in NCWC -6,271,000
EBIT 43,718,000
Tax Provision 17,465,000
Depreciation and Amortization 29,045,000
Capital Expenditure -29,838,000
Unlevered Free Cash Flow 19,990,573
Current Assets 218,711,000
Current Cash 83,384,000
Current Liabilities 93,962,000
Current Debt 3,051,000
Non-Cash Working Capital (NCWC) 44,416,000
Change in NCWC 1,174,000
EBIT 45,661,000
Tax Provision 17,486,000
Depreciation and Amortization 25,756,000
Capital Expenditure -27,143,000
Unlevered Free Cash Flow 27,812,920
Current Assets 209,461,000
Current Cash 72,731,000
Current Liabilities 95,875,000
Current Debt 2,387,000
Non-Cash Working Capital (NCWC) 43,242,000
Change in NCWC 2,884,000
EBIT 47,455,000
Tax Provision 16,668,000
Depreciation and Amortization 22,613,000
Capital Expenditure -30,882,000
Unlevered Free Cash Flow 10,752,743
Current Assets 200,699,000
Current Cash 83,185,000
Current Liabilities 78,115,000
Current Debt 959,000
Non-Cash Working Capital (NCWC) 40,358,000
Change in NCWC 3,022,000
EBIT 52,777,000
Tax Provision 20,222,000
Depreciation and Amortization 21,450,000
Capital Expenditure -20,202,000
Unlevered Free Cash Flow 36,713,269
Current Assets 179,894,000
Current Cash 53,550,000
Current Liabilities 89,889,000
Current Debt 881,000
Non-Cash Working Capital (NCWC) 37,336,000
Change in NCWC -19,143,000
EBIT 23,044,000
Tax Provision 8,605,000
Depreciation and Amortization 19,415,000
Capital Expenditure -25,014,000
Unlevered Free Cash Flow -10,130,285

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