Haverty Furniture Companies, Inc.

HVT

Consumer CyclicalHome ImprovementNYSE

$20.53

Market Cap: $330.44M

Haverty Furniture Companies, Inc. (HVT) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$78.76 – $309.41	$124.81	+493.5%
Growth Exit 10Y	$65.48 – $217.69	$96.69	+359.8%
EBITDA Exit 5Y	$74.48 – $151.18	$109.65	+421.4%
EBITDA Exit 10Y	$66.98 – $131.96	$94.80	+350.8%
▸ Trading Multiples
P/E	$20.63 – $29.59	$33.02	+57.0%
EV/EBITDA	$28.98 – $72.12	$36.98	+75.8%
EV/Revenue	$23.23 – $132.33	$49.07	+133.3%
▸ PEG
PEG Fair Value	$9.52 – $9.52	$9.52	-54.7%
▸ Earnings Power Value
Earnings Power Value	$58.74 – $90.80	$71.56	+240.3%
▸ Dividend Discount
Dividend Discount	$13.02 – $25.45	$16.68	-20.7%

Valuation History

DCF Analysis

Fair Value

$124.81

Market Price

$20.53

Upside / Downside

+508.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Haverty Furniture Companies, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 7.8% to -7.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 45, DPO 21, DIO 103). At a 7.5% WACC with mid-year discounting, the terminal value (80% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $124.81 per share, suggesting HVT is undervalued by 508.0% at the current price of $20.53.

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	138	150	139	130	121	124
(−) Net Interest	16	18	17	15	14	15
(+) D&A	33	33	34	30	29	30
EBITDA	188	200	190	175	164	168

(−) Tax	33	36	34	31	29	30
(−) CapEx	32	34	32	30	28	28
(−) ΔWC	95	15	-13	-12	-11	-12
Free Cash Flow (FCFF)	28	115	138	126	119	122

Terminal Value						2,448
WACC / Discount Rate	7.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	27	103	115	98	86	1,707

Enterprise Value	2,135
Projection Period	428	20.1%
Terminal Value	1,707	79.9%

(−) Current Net Debt	85

Equity Value	2,050
(/) Outstanding Shares	16

Fair Price	$124.81

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.5%	$165	$186	$213	$252	$309
6.5%	$130	$143	$158	$177	$204
7.5%	$107	$115	$125	$136	$151
8.5%	$91	$96	$103	$110	$119
9.5%	$79	$83	$87	$92	$99

Current price: $20.53. Green = undervalued, Red = overvalued.

Fair Value

$96.69

Market Price

$20.53

Upside / Downside

+371.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Haverty Furniture Companies, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 7.8% to 1.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 45, DPO 21, DIO 103). At a 7.5% WACC with mid-year discounting, the terminal value (56% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $96.69 per share, suggesting HVT is undervalued by 371.0% at the current price of $20.53.

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	138	150	139	130	121	114	110	108	107	109	112
(−) Net Interest	16	18	17	15	14	14	13	13	13	13	13
(+) D&A	33	33	34	30	29	31	30	28	27	26	26
EBITDA	188	200	190	175	164	159	153	149	147	147	151

(−) Tax	33	36	34	31	29	28	27	26	26	26	27
(−) CapEx	32	34	32	30	28	26	25	25	25	25	26
(−) ΔWC	95	15	-13	-12	-11	-8	-5	-3	-0	2	2
Free Cash Flow (FCFF)	28	115	138	126	119	113	106	101	97	94	97

Terminal Value											1,941
WACC / Discount Rate	7.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	27	103	115	98	86	76	67	59	52	48	944

Enterprise Value	1,673
Projection Period	729	43.6%
Terminal Value	944	56.4%

(−) Current Net Debt	85

Equity Value	1,588
(/) Outstanding Shares	16

Fair Price	$96.69

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.5%	$130	$143	$159	$183	$218
6.5%	$104	$111	$120	$131	$147
7.5%	$87	$91	$97	$103	$111
8.5%	$75	$78	$81	$85	$90
9.5%	$65	$67	$70	$72	$75

Current price: $20.53. Green = undervalued, Red = overvalued.

Fair Value

$109.68

Market Price

$20.53

Upside / Downside

+434.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Haverty Furniture Companies, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 7.8% to -7.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 45, DPO 21, DIO 103). At a 7.5% WACC with mid-year discounting, the terminal value (77% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $109.65 per share, suggesting HVT is undervalued by 434.1% at the current price of $20.53.

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

EV/EBITDA Exit Multiple

12.42x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	138	150	139	130	121	124
(−) Net Interest	16	18	17	15	14	15
(+) D&A	33	33	34	30	29	30
EBITDA	188	200	190	175	164	168

(−) Tax	33	36	34	31	29	—
(−) CapEx	32	34	32	30	28	—
(−) ΔWC	95	15	-13	-12	-11	—
Free Cash Flow (FCF)	28	115	138	126	119	—

Peers' EBITDA Multiple						12.4x
Terminal Value						2,091
WACC / Discount Rate	7.48%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	27	103	115	98	86	1,458

Enterprise Value	1,886
Projection Period	428	22.7%
Terminal Value	1,458	77.3%

(−) Current Net Debt	85
Equity Value	1,802
(÷) Outstanding Shares	16M
Fair Price	$110	+434.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.4x	10.4x	12.4x	14.4x	16.4x
5.5%	$88	$104	$120	$135	$151
6.5%	$85	$100	$115	$130	$145
7.5%	$81	$95	$110	$124	$138
8.5%	$78	$91	$105	$119	$132
9.5%	$74	$88	$101	$114	$127

Current price: $20.53. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$94.82

Market Price

$20.53

Upside / Downside

+361.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Haverty Furniture Companies, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 7.8% to 1.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 45, DPO 21, DIO 103). At a 7.5% WACC with mid-year discounting, the terminal value (56% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $94.80 per share, suggesting HVT is undervalued by 361.8% at the current price of $20.53.

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

EV/EBITDA Exit Multiple

12.42x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	138	150	139	130	121	114	110	108	107	109	112
(−) Net Interest	16	18	17	15	14	14	13	13	13	13	13
(+) D&A	33	33	34	30	29	31	30	28	27	26	26
EBITDA	188	200	190	175	164	159	153	149	147	147	151

(−) Tax	33	36	34	31	29	28	27	26	26	26	—
(−) CapEx	32	34	32	30	28	26	25	25	25	25	—
(−) ΔWC	95	15	-13	-12	-11	-8	-5	-3	-0	2	—
Free Cash Flow (FCF)	28	115	138	126	119	113	106	101	97	94	—

Peers' EBITDA Multiple											12.4x
Terminal Value											1,878
WACC / Discount Rate	7.48%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	27	103	115	98	86	76	67	59	52	48	913

Enterprise Value	1,642
Projection Period	729	44.4%
Terminal Value	913	55.6%

(−) Current Net Debt	85
Equity Value	1,557
(÷) Outstanding Shares	16M
Fair Price	$95	+361.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.4x	10.4x	12.4x	14.4x	16.4x
5.5%	$89	$100	$110	$121	$132
6.5%	$83	$92	$102	$112	$122
7.5%	$77	$86	$95	$104	$113
8.5%	$72	$80	$88	$96	$104
9.5%	$67	$74	$82	$89	$97

Current price: $20.53. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$33.02

Market Price

$20.53

Upside / Downside

+60.8%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Haverty Furniture Companies, Inc. (HVT) has a fair value of $33.02 based on 6 comparable companies in the Home Improvement industry.

P/E Valuation — Home Improvement

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Haverty Furniture Companies, Inc.HVT	337	17.3x	8.6x
Nathan's Famous, Inc.NATH	413	17.2x	—
Portillo's Inc.PTLO	406	20.9x	16.9x
Dine Brands Global, Inc.DIN	360	24.6x	4.7x
MasterCraft Boat Holdings, Inc.MCFT	330	47.2x	20.3x
Marine Products CorporationMPX	253	21.7x	7.9x
WW International, Inc.WW	120	0.1x	—
Industry Median		21.3x	12.4x
(*) Profit after tax		20	39
Equity Value		420	664
(/) Outstanding shares		16	16
Fair Price		$26	$40

Selected Fair Value (avg of trailing + forward)

$33.02

+60.8%

Fair Value

$36.98

Market Price

$20.53

Upside / Downside

+80.1%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Haverty Furniture Companies, Inc. (HVT) has a fair value of $36.98 based on 7 comparable companies in the Home Improvement industry.

EV/EBITDA Valuation — Home Improvement

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Haverty Furniture Companies, Inc.HVT	337	8.3x	8.0x
Nathan's Famous, Inc.NATH	413	11.7x	—
Portillo's Inc.PTLO	406	18.2x	18.8x
Caleres, Inc.CAL	376	32.7x	32.8x
Dine Brands Global, Inc.DIN	360	25.1x	27.3x
MasterCraft Boat Holdings, Inc.MCFT	330	12.4x	9.7x
Marine Products CorporationMPX	253	11.1x	8.6x
WW International, Inc.WW	120	3.6x	3.1x
Industry Median		12.4x	14.3x
(*) EBITDA		51	53
= Enterprise Value		629	755
(-) Net Debt		85	85
Equity Value		544	671
(/) Outstanding shares		16	16
Fair Price		$33	$41

Selected Fair Value (avg of trailing + forward)

$36.98

+80.1%

Fair Value

$49.07

Market Price

$20.53

Upside / Downside

+139.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Haverty Furniture Companies, Inc. (HVT) has a fair value of $49.07 based on 10 comparable companies in the Home Improvement industry.

EV/Revenue Valuation — Home Improvement

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Haverty Furniture Companies, Inc.HVT	337	0.6x	0.5x
Nathan's Famous, Inc.NATH	413	3.0x	—
Portillo's Inc.PTLO	406	1.9x	1.9x
Caleres, Inc.CAL	376	0.4x	0.5x
Dine Brands Global, Inc.DIN	360	2.1x	2.3x
MasterCraft Boat Holdings, Inc.MCFT	330	1.1x	0.8x
The Honest Company, Inc.HNST	313	0.6x	0.6x
Hyliion Holdings Corp.HYLN	302	81.6x	75.7x
Marine Products CorporationMPX	253	0.9x	0.7x
Innoviz Technologies Ltd.INVZ	142	3.6x	3.4x
WW International, Inc.WW	120	0.6x	0.5x
Industry Median		1.5x	0.8x
(*) Revenue		759	794
= Enterprise Value		1,121	660
(-) Net Debt		85	85
Equity Value		1,037	576
(/) Outstanding shares		16	16
Fair Price		$63	$35

Selected Fair Value (avg of trailing + forward)

$49.07

+139.0%

PEG Fair Value

Fair Value

$9.52

Market Price

$20.53

Upside / Downside

-53.6%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 8.0% plus 6.1% dividend yield, the company has a fair value of $9.52 based on TTM EPS (FY2025) of $1.19.

PEG Ratio

PEG ratio unavailable — requires positive earnings and growth data.

Fair Value Calculation

EPS Growth RateHistorical	-29.8%
Dividend Yield	+6.1%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
TTM EPS (FY2025)	$1.19
Fair Value	$9.52

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$90.8M	$4.90	—
FY2022	$89.4M	$5.24	+6.9%
FY2023	$56.3M	$3.36	-35.9%
FY2024	$20.0M	$1.19	-64.6%
FY2025	$19.7M	$1.19	+0.0%

4Y Historical EPS CAGR: -29.8%

Earnings Power Value

Fair Value

$71.56

Market Price

$20.53

Upside / Downside

+248.6%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 7.5% and normalized earnings of $94.2M, the company has a fair value of $71.56 per share. The EPV range is $58.74 – $90.80 based on WACC sensitivity (6.0% – 9.0%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	94	94	94
(/) WACC	9.0%	7.5%	6.0%
Enterprise Value	1,049	1,260	1,576
(-) Net debt	85	85	85
Equity Value	965	1,175	1,492
(/) Outstanding shares	16	16	16
Fair Price	$58.74	$71.56	$90.80

Dividend Discount Model

Fair Value

$16.68

Market Price

$20.53

Upside / Downside

-18.8%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 9.5% and projected dividend growth of 0.0%, the fair value is $16.68 per share. The DDM range is $13.02 – $25.45 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.27

Dividend Yield

6.11%

Payout Ratio

105.6%

Dividend Coverage

0.95x

FCF Payout Ratio63.2%

DPS CAGR (4Y)-18.2%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.27	105.6%	+3.8%
2024	$1.22	102.6%	-41.8%
2023	$2.10	62.6%	+5.4%
2022	$1.99	38.0%	-29.6%
2021	$2.83	57.8%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.27	0.0%	0.9133	$1.16
2027	$1.27	0.0%	0.8341	$1.06
2028	$1.27	0.0%	0.7617	$0.97
2029	$1.27	0.0%	0.6957	$0.88
2030	$1.27	0.0%	0.6353	$0.81
Terminal Value	$1.30 DPS	2.5%		$11.81

PV of Projected Dividends$4.87

PV of Terminal Value$11.81

Fair Value per Share$16.68

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
7.5%	$23	$23	$23	$24	$25
8.5%	$19	$19	$19	$20	$21
9.5%	$17	$17	$17	$17	$18
10.5%	$15	$15	$15	$15	$16
11.5%	$13	$13	$13	$14	$14

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Haverty Furniture Companies, Inc. (HVT) Valuation Summary

Updated Apr 6, 2026 22:26

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$78.76 – $309.41	$124.81	+493.5%
Growth Exit 10Y	$65.48 – $217.69	$96.69	+359.8%
EBITDA Exit 5Y	$74.48 – $151.18	$109.65	+421.4%
EBITDA Exit 10Y	$66.98 – $131.96	$94.80	+350.8%
▸ Trading Multiples
P/E	$20.63 – $29.59	$33.02	+57.0%
EV/EBITDA	$28.98 – $72.12	$36.98	+75.8%
EV/Revenue	$23.23 – $132.33	$49.07	+133.3%
▸ PEG
PEG Fair Value	$9.52 – $9.52	$9.52	-54.7%
▸ Earnings Power Value
Earnings Power Value	$58.74 – $90.80	$71.56	+240.3%
▸ Dividend Discount
Dividend Discount	$13.02 – $25.45	$16.68	-20.7%

Valuation History

DCF Analysis

Fair Value

$124.81

Market Price

$20.53

Upside / Downside

+508.0%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	138	150	139	130	121	124
(−) Net Interest	16	18	17	15	14	15
(+) D&A	33	33	34	30	29	30
EBITDA	188	200	190	175	164	168

(−) Tax	33	36	34	31	29	30
(−) CapEx	32	34	32	30	28	28
(−) ΔWC	95	15	-13	-12	-11	-12
Free Cash Flow (FCFF)	28	115	138	126	119	122

Terminal Value						2,448
WACC / Discount Rate	7.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	27	103	115	98	86	1,707

Enterprise Value	2,135
Projection Period	428	20.1%
Terminal Value	1,707	79.9%

(−) Current Net Debt	85

Equity Value	2,050
(/) Outstanding Shares	16

Fair Price	$124.81

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.5%	$165	$186	$213	$252	$309
6.5%	$130	$143	$158	$177	$204
7.5%	$107	$115	$125	$136	$151
8.5%	$91	$96	$103	$110	$119
9.5%	$79	$83	$87	$92	$99

Current price: $20.53. Green = undervalued, Red = overvalued.

Fair Value

$96.69

Market Price

$20.53

Upside / Downside

+371.0%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	138	150	139	130	121	114	110	108	107	109	112
(−) Net Interest	16	18	17	15	14	14	13	13	13	13	13
(+) D&A	33	33	34	30	29	31	30	28	27	26	26
EBITDA	188	200	190	175	164	159	153	149	147	147	151

(−) Tax	33	36	34	31	29	28	27	26	26	26	27
(−) CapEx	32	34	32	30	28	26	25	25	25	25	26
(−) ΔWC	95	15	-13	-12	-11	-8	-5	-3	-0	2	2
Free Cash Flow (FCFF)	28	115	138	126	119	113	106	101	97	94	97

Terminal Value											1,941
WACC / Discount Rate	7.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	27	103	115	98	86	76	67	59	52	48	944

Enterprise Value	1,673
Projection Period	729	43.6%
Terminal Value	944	56.4%

(−) Current Net Debt	85

Equity Value	1,588
(/) Outstanding Shares	16

Fair Price	$96.69

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.5%	$130	$143	$159	$183	$218
6.5%	$104	$111	$120	$131	$147
7.5%	$87	$91	$97	$103	$111
8.5%	$75	$78	$81	$85	$90
9.5%	$65	$67	$70	$72	$75

Current price: $20.53. Green = undervalued, Red = overvalued.

Fair Value

$109.68

Market Price

$20.53

Upside / Downside

+434.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Haverty Furniture Companies, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 7.8% to -7.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 45, DPO 21, DIO 103). At a 7.5% WACC with mid-year discounting, the terminal value (77% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.4x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $109.65 per share, suggesting HVT is undervalued by 434.1% at the current price of $20.53.

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

EV/EBITDA Exit Multiple

12.42x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	138	150	139	130	121	124
(−) Net Interest	16	18	17	15	14	15
(+) D&A	33	33	34	30	29	30
EBITDA	188	200	190	175	164	168

(−) Tax	33	36	34	31	29	—
(−) CapEx	32	34	32	30	28	—
(−) ΔWC	95	15	-13	-12	-11	—
Free Cash Flow (FCF)	28	115	138	126	119	—

Peers' EBITDA Multiple						12.4x
Terminal Value						2,091
WACC / Discount Rate	7.48%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	27	103	115	98	86	1,458

Enterprise Value	1,886
Projection Period	428	22.7%
Terminal Value	1,458	77.3%

(−) Current Net Debt	85
Equity Value	1,802
(÷) Outstanding Shares	16M
Fair Price	$110	+434.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.4x	10.4x	12.4x	14.4x	16.4x
5.5%	$88	$104	$120	$135	$151
6.5%	$85	$100	$115	$130	$145
7.5%	$81	$95	$110	$124	$138
8.5%	$78	$91	$105	$119	$132
9.5%	$74	$88	$101	$114	$127

Current price: $20.53. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$94.82

Market Price

$20.53

Upside / Downside

+361.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Haverty Furniture Companies, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 7.8% to 1.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 45, DPO 21, DIO 103). At a 7.5% WACC with mid-year discounting, the terminal value (56% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.4x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $94.80 per share, suggesting HVT is undervalued by 361.8% at the current price of $20.53.

FCFF Present Value Calculation

WACC

7.48%

3% – 20%

EV/EBITDA Exit Multiple

12.42x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	138	150	139	130	121	114	110	108	107	109	112
(−) Net Interest	16	18	17	15	14	14	13	13	13	13	13
(+) D&A	33	33	34	30	29	31	30	28	27	26	26
EBITDA	188	200	190	175	164	159	153	149	147	147	151

(−) Tax	33	36	34	31	29	28	27	26	26	26	—
(−) CapEx	32	34	32	30	28	26	25	25	25	25	—
(−) ΔWC	95	15	-13	-12	-11	-8	-5	-3	-0	2	—
Free Cash Flow (FCF)	28	115	138	126	119	113	106	101	97	94	—

Peers' EBITDA Multiple											12.4x
Terminal Value											1,878
WACC / Discount Rate	7.48%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	27	103	115	98	86	76	67	59	52	48	913

Enterprise Value	1,642
Projection Period	729	44.4%
Terminal Value	913	55.6%

(−) Current Net Debt	85
Equity Value	1,557
(÷) Outstanding Shares	16M
Fair Price	$95	+361.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.4x	10.4x	12.4x	14.4x	16.4x
5.5%	$89	$100	$110	$121	$132
6.5%	$83	$92	$102	$112	$122
7.5%	$77	$86	$95	$104	$113
8.5%	$72	$80	$88	$96	$104
9.5%	$67	$74	$82	$89	$97

Current price: $20.53. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$33.02

Market Price

$20.53

Upside / Downside

+60.8%

Verdict

Undervalued

P/E Valuation — Home Improvement

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Haverty Furniture Companies, Inc.HVT	337	17.3x	8.6x
Nathan's Famous, Inc.NATH	413	17.2x	—
Portillo's Inc.PTLO	406	20.9x	16.9x
Dine Brands Global, Inc.DIN	360	24.6x	4.7x
MasterCraft Boat Holdings, Inc.MCFT	330	47.2x	20.3x
Marine Products CorporationMPX	253	21.7x	7.9x
WW International, Inc.WW	120	0.1x	—
Industry Median		21.3x	12.4x
(*) Profit after tax		20	39
Equity Value		420	664
(/) Outstanding shares		16	16
Fair Price		$26	$40

Selected Fair Value (avg of trailing + forward)

$33.02

+60.8%

Fair Value

$36.98

Market Price

$20.53

Upside / Downside

+80.1%

Verdict

Undervalued

EV/EBITDA Valuation — Home Improvement

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Haverty Furniture Companies, Inc.HVT	337	8.3x	8.0x
Nathan's Famous, Inc.NATH	413	11.7x	—
Portillo's Inc.PTLO	406	18.2x	18.8x
Caleres, Inc.CAL	376	32.7x	32.8x
Dine Brands Global, Inc.DIN	360	25.1x	27.3x
MasterCraft Boat Holdings, Inc.MCFT	330	12.4x	9.7x
Marine Products CorporationMPX	253	11.1x	8.6x
WW International, Inc.WW	120	3.6x	3.1x
Industry Median		12.4x	14.3x
(*) EBITDA		51	53
= Enterprise Value		629	755
(-) Net Debt		85	85
Equity Value		544	671
(/) Outstanding shares		16	16
Fair Price		$33	$41

Selected Fair Value (avg of trailing + forward)

$36.98

+80.1%

Fair Value

$49.07

Market Price

$20.53

Upside / Downside

+139.0%

Verdict

Undervalued

EV/Revenue Valuation — Home Improvement

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Haverty Furniture Companies, Inc.HVT	337	0.6x	0.5x
Nathan's Famous, Inc.NATH	413	3.0x	—
Portillo's Inc.PTLO	406	1.9x	1.9x
Caleres, Inc.CAL	376	0.4x	0.5x
Dine Brands Global, Inc.DIN	360	2.1x	2.3x
MasterCraft Boat Holdings, Inc.MCFT	330	1.1x	0.8x
The Honest Company, Inc.HNST	313	0.6x	0.6x
Hyliion Holdings Corp.HYLN	302	81.6x	75.7x
Marine Products CorporationMPX	253	0.9x	0.7x
Innoviz Technologies Ltd.INVZ	142	3.6x	3.4x
WW International, Inc.WW	120	0.6x	0.5x
Industry Median		1.5x	0.8x
(*) Revenue		759	794
= Enterprise Value		1,121	660
(-) Net Debt		85	85
Equity Value		1,037	576
(/) Outstanding shares		16	16
Fair Price		$63	$35

Selected Fair Value (avg of trailing + forward)

$49.07

+139.0%

PEG Fair Value

Fair Value

$9.52

Market Price

$20.53

Upside / Downside

-53.6%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 8.0% plus 6.1% dividend yield, the company has a fair value of $9.52 based on TTM EPS (FY2025) of $1.19.

PEG Ratio

PEG ratio unavailable — requires positive earnings and growth data.

Fair Value Calculation

EPS Growth RateHistorical	-29.8%
Dividend Yield	+6.1%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
TTM EPS (FY2025)	$1.19
Fair Value	$9.52

Growth Analysis

Forward Growth

No analyst estimates available.

Historical GrowthActive

Year	Net Income	EPS	YoY
FY2021	$90.8M	$4.90	—
FY2022	$89.4M	$5.24	+6.9%
FY2023	$56.3M	$3.36	-35.9%
FY2024	$20.0M	$1.19	-64.6%
FY2025	$19.7M	$1.19	+0.0%

4Y Historical EPS CAGR: -29.8%

Earnings Power Value

Fair Value

$71.56

Market Price

$20.53

Upside / Downside

+248.6%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	94	94	94
(/) WACC	9.0%	7.5%	6.0%
Enterprise Value	1,049	1,260	1,576
(-) Net debt	85	85	85
Equity Value	965	1,175	1,492
(/) Outstanding shares	16	16	16
Fair Price	$58.74	$71.56	$90.80

Dividend Discount Model

Fair Value

$16.68

Market Price

$20.53

Upside / Downside

-18.8%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.27

Dividend Yield

6.11%

Payout Ratio

105.6%

Dividend Coverage

0.95x

FCF Payout Ratio63.2%

DPS CAGR (4Y)-18.2%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.27	105.6%	+3.8%
2024	$1.22	102.6%	-41.8%
2023	$2.10	62.6%	+5.4%
2022	$1.99	38.0%	-29.6%
2021	$2.83	57.8%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.27	0.0%	0.9133	$1.16
2027	$1.27	0.0%	0.8341	$1.06
2028	$1.27	0.0%	0.7617	$0.97
2029	$1.27	0.0%	0.6957	$0.88
2030	$1.27	0.0%	0.6353	$0.81
Terminal Value	$1.30 DPS	2.5%		$11.81

PV of Projected Dividends$4.87

PV of Terminal Value$11.81

Fair Value per Share$16.68

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
7.5%	$23	$23	$23	$24	$25
8.5%	$19	$19	$19	$20	$21
9.5%	$17	$17	$17	$17	$18
10.5%	$15	$15	$15	$15	$16
11.5%	$13	$13	$13	$14	$14