Consumer Products Update - Constant Contactfiles.constantcontact.com/07e77b89001/3f5f971b-c424-4415-ab58-9a4b512f851d.pdfConsumer Products Group Summary 1 Public Comp Group Valuation

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Consumer Products Update July 2018 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.

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MHH Sectors

Cleaning and Bath Products

Décor

Furniture

Hardware and Outdoor

Household Appliances

Housewares

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, HRG Group, Inc., 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 © 2018 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 companies. For more information, visit www.mhhco.com.

TABLE OF CONTENTS

Consumer Products Group Summary ................................................................... 1

Cleaning and Bath Products .................................................................................. 5

Décor .................................................................................................... 9

Furniture .................................................................................................. 14

Hardware and Outdoor ...................................................................................... 19

Household Appliances ........................................................................................ 23

Housewares .................................................................................................. 27

5

Consumer Products Group Summary

1

Public Comp Group Valuation Metrics

($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins

Equity Enterprise Price/ Gross

Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA


The Procter & Gamble Company (NYSE:PG) $78.06 $196,289.6 $217,657.6 $66,408.0 $18,033.0 $3.77 3.28 x 12.1 x 20.7 x 50.9% 27.2%

Reckitt Benckiser Group plc (LSE:RB.) 82.32 58,159.4 68,935.4 11,512.0 3,310.0 4.75 5.99 x 20.8 x 17.3 x 61.1% 28.8%

Colgate-Palmolive Company (NYSE:CL) 64.81 56,535.1 62,705.1 15,694.0 4,473.0 2.36 4.00 x 14.0 x 27.5 x 60.4% 28.4%

Kimberly-Clark Corporation (NYSE:KMB) 105.34 36,798.3 44,151.3 18,486.0 4,115.0 5.10 2.39 x 10.7 x 20.7 x 35.1% 21.7%

The Clorox Company (NYSE:CLX) 135.25 17,516.0 19,197.0 6,080.0 1,270.0 6.13 3.16 x 15.1 x 22.1 x 44.1% 20.6%

Church & Dwight Co., Inc. (NYSE:CHD) 53.16 13,008.4 15,243.4 3,905.0 938.7 3.03 3.90 x 16.2 x 17.6 x 45.6% 23.8%

Prestige Brands Holdings, Inc. (NYSE:PBH) 38.38 1,985.4 3,945.8 1,041.2 356.1 6.34 3.79 x 11.1 x 6.1 x 56.2% 34.2%

PZ Cussons Plc (LSE:PZC) 2.97 1,244.2 1,466.4 816.4 132.1 0.16 1.80 x 11.1 x 18.8 x 37.4% 15.8%

McBride plc (LSE:MCB) 1.76 321.4 444.8 713.0 44.0 (0.02) 0.62 x 10.1 x NM 34.5% 6.2%

Mean $42,428.7 $48,194.1 $13,850.6 $3,630.2 $3.51 3.21x 13.5x 18.8x 47.3% 23.0%

Median 17,516.0 19,197.0 6,080.0 1,270.0 3.77 3.28x 12.1x 19.7x 45.6% 23.8%

Décor

The Sherwin-Williams Company (NYSE:SHW) $407.57 $37,928.8 $48,582.4 $16,187.4 $2,807.5 $19.18 3.00 x 17.3 x 21.3 x 44.4% 17.3%

Mohawk Industries, Inc. (NYSE:MHK) 214.27 15,984.3 18,826.0 9,682.8 1,907.5 13.08 1.94 x 9.9 x 16.4 x 31.8% 19.7%

Masco Corporation (NYSE:MAS) 37.42 11,618.6 14,491.6 7,786.0 1,287.0 1.70 1.86 x 11.3 x 22.0 x 33.7% 16.5%

RPM International Inc. (NYSE:RPM) 58.32 7,799.1 9,627.9 5,256.3 687.2 2.76 1.83 x 14.0 x 21.1 x 42.3% 13.1%

Fortune Brands Home & Security, Inc. (NYSE:FBHS) 53.69 7,834.6 9,479.7 5,351.1 857.1 3.05 1.77 x 11.1 x 17.6 x 36.7% 16.0%

Colfax Corporation (NYSE:CFX) 30.65 3,784.6 4,746.3 3,447.5 429.0 (0.66) 1.38 x 11.1 x NM 30.8% 12.4%

Armstrong World Industries, Inc. (NYSE:AWI) 63.20 3,276.6 4,002.3 901.1 323.5 4.19 4.44 x 12.4 x 15.1 x 36.3% 28.7%

Interface, Inc. (NasdaqGS:TILE) 22.95 1,365.4 1,541.4 1,015.9 149.1 0.98 1.52 x 10.3 x 23.4 x 38.6% 14.7%

OMNOVA Solutions Inc. (NYSE:OMN) 10.40 466.7 726.3 772.2 82.9 (1.56) 0.94 x 8.8 x NM 26.1% 10.7%

Culp, Inc. (NYSE:CULP) 24.55 305.7 256.2 323.7 35.2 1.65 0.79 x 7.3 x 14.9 x 20.0% 11.0%

The Dixie Group, Inc. (NasdaqGM:DXYN) 2.30 36.6 172.6 413.8 15.6 (0.74) 0.42 x 11.1 x NM 23.6% 3.8%

Walker Greenbank PLC (AIM:WGB) 1.47 104.4 109.7 108.8 13.2 0.17 1.01 x 8.3 x 8.9 x 60.2% 12.1%

Mean $7,542.1 $9,380.2 $4,270.6 $716.2 $3.65 1.74x 11.1x 17.8x 35.4% 14.7%

Median 3,530.6 4,374.3 2,231.7 376.2 1.67 1.64x 11.1x 17.6x 35.0% 13.9%

Furniture

Leggett & Platt, Incorporated (NYSE:LEG) 44.64 5,859.9 6,758.7 4,012.3 554.4 2.09 1.68 x 12.2 x 21.4 x 21.4% 13.8%

Tempur Sealy International, Inc. (NYSE:TPX) 48.05 2,613.7 4,354.3 2,680.3 365.4 2.57 1.62 x 11.9 x 18.7 x 41.9% 13.0%

Herman Miller, Inc. (NasdaqGS:MLHR) 33.90 2,021.3 2,114.5 2,381.2 254.6 2.12 0.89 x 8.3 x 16.0 x 36.7% 10.6%

Albany International Corp. (NYSE:AIN) 60.15 1,937.8 2,310.2 894.4 168.5 1.01 2.58 x 13.7 x 59.5 x 34.0% 18.8%

HNI Corporation (NYSE:HNI) 37.20 1,619.3 1,918.1 2,203.3 181.9 1.96 0.87 x 10.5 x 19.0 x 36.7% 8.3%

Steelcase Inc. (NYSE:SCS) 13.50 1,575.4 1,734.8 3,074.4 235.7 0.67 0.56 x 7.4 x 20.2 x 32.5% 7.2%

Knoll, Inc. (NYSE:KNL) 20.81 1,013.2 1,520.0 1,172.6 140.7 1.63 1.30 x 10.8 x 12.8 x 36.4% 12.0%

Unifi, Inc. (NYSE:UFI) 31.70 581.2 666.3 668.8 62.0 1.64 1.00 x 10.8 x 19.3 x 13.4% 8.4%

Hooker Furniture Corporation (NasdaqGS:HOFT) 46.90 551.4 546.2 632.7 54.4 2.62 0.86 x 10.0 x 17.9 x 21.9% 8.6%

Kimball International, Inc. (NasdaqGS:KBAL) 16.16 599.5 521.9 673.1 68.0 0.92 0.78 x 7.7 x 17.6 x 32.6% 10.1%

Flexsteel Industries, Inc. (NasdaqGS:FLXS) 39.90 313.4 271.8 493.5 36.4 2.71 0.55 x 7.5 x 14.7 x 21.9% 7.4%

Bassett Furniture Industries, Incorporated (NasdaqGS:BSET) 27.55 295.8 250.6 459.7 36.5 1.20 0.55 x 6.9 x 23.0 x 60.9% 7.9%

CSS Industries, Inc. (NYSE:CSS) 16.90 154.1 136.0 361.9 19.5 (4.01) 0.38 x 7.0 x NM 30.6% 5.4%

Crown Crafts, Inc. (NasdaqCM:CRWS) 5.70 57.4 66.6 70.3 8.6 0.30 0.95 x 7.7 x 19.0 x 28.1% 12.3%

Mean $1,371.0 $1,655.0 $1,412.8 $156.2 $1.24 1.04x 9.5x 21.5x 32.1% 10.3%

Median 806.4 1,093.2 783.7 104.4 1.63 0.88x 9.2x 19.0x 32.5% 9.3%

(continued on next page)

Enterprise Value/


2

($ in millions, except per share data) Market & Capitalization LTM Performance Valuation Margins

Equity Enterprise Price/ Gross

Company Price (1) Value Value (2) Revenue EBITDA EPS Revenue EBITDA EPS Profit EBITDA


Techtronic Industries Company Limited (SEHK:669) $5.58 $10,215.0 $10,130.5 $6,063.6 $635.4 $0.26 1.67 x 15.9 x 21.8 x 36.7% 10.5%

Spectrum Brands Holdings, Inc. (NYSE:SPB) 81.62 4,518.5 8,726.9 5,061.3 $813.0 $6.27 1.72 x 10.7 x 13.0 x 36.7% 16.1%

HRG Group, Inc. (NYSE:HRG) 13.09 2,656.8 7,867.4 5,061.4 $776.3 $0.17 1.55 x 10.1 x NM 36.7% 15.3%

The Toro Company (NYSE:TTC) 60.25 6,337.9 6,444.1 2,540.1 $443.0 $2.34 2.54 x 14.5 x 25.8 x 37.0% 17.0%

Husqvarna AB (publ) (OM:HUSQ B) 85.02 48,558.6 56,605.6 38,951.0 $4,781.0 $4.54 1.45 x 11.8 x 18.7 x 32.1% 12.3%

Central Garden & Pet Company (NasdaqGS:CENT) 43.48 2,262.0 2,821.5 2,120.2 $206.7 $2.07 1.33 x 13.7 x 21.0 x 30.9% 9.8%

WD-40 Company (NasdaqGS:WDFC) 146.25 2,034.6 2,078.4 393.6 $84.4 $3.98 5.28 x 24.6 x 36.7 x 55.5% 21.4%

Einhell Germany AG (DB:EIN3) 113.41 428.0 521.3 570.4 $44.6 $5.98 0.91 x 11.7 x 19.0 x 34.7% 7.8%

P&F Industries, Inc. (NasdaqGM:PFIN) 8.74 31.3 32.9 61.5 $2.4 ($0.21) 0.54 x 13.9 x NM 35.0% 3.9%

Mean $8,560.3 $10,581.0 $6,758.1 $865.2 $2.82 1.89x 14.1x 22.3x 37.3% 12.7%

Median 2,656.8 6,444.1 2,540.1 443.0 2.34 1.55x 13.7x 21.0x 36.7% 12.3%

Household & Family Electonics / Appliances

Stanley Black & Decker, Inc. (NYSE:SWK) $132.81 $20,493.9 $25,083.7 $13,100.2 $2,107.1 $6.55 1.91 x 11.9 x 20.3 x 37.6% 16.1%

Whirlpool Corporation (NYSE:WHR) 146.23 9,435.6 15,207.6 21,378.0 2,009.0 3.96 0.71 x 7.6 x 36.9 x 16.8% 9.4%

AB Electrolux (publ) (OM:ELUX B) 204.00 58,629.1 60,059.1 121,765.0 10,293.0 18.27 0.49 x 5.8 x 11.2 x 20.6% 8.5%

De'Longhi S.p.A. (BIT:DLG) 28.33 4,235.0 3,993.9 1,984.2 298.1 0.00 2.01 x 13.4 x NM 42.9% 15.0%

iRobot Corporation (NasdaqGS:IRBT) 75.77 2,106.8 1,922.3 932.5 105.7 1.90 2.06 x 18.2 x 39.8 x 51.3% 11.3%

Fiskars Oyj Abp (HLSE:FSKRS) 22.61 1,847.0 1,491.1 1,145.4 113.0 1.16 1.30 x 13.2 x 19.5 x 43.4% 9.9%

NACCO Industries, Inc. (NYSE:NC) 33.75 234.1 201.5 107.7 41.6 4.12 1.87 x 4.8 x 8.2 x 16.5% -20.1%

Mean $13,854.5 $15,422.7 $22,916.1 $2,138.2 $5.14 1.48x 10.7x 22.6x 32.7% 7.2%

Median 4,235.0 3,993.9 1,984.2 298.1 3.96 1.87x 11.9x 19.9x 37.6% 9.9%

Housewares

Henkel AG & Co. KGaA (XTRA:HEN3) $127.76 $55,481.8 $57,828.8 $19,800.0 $3,833.0 $0.00 2.92 x 15.1 x NM 47.2% 19.4%

Newell Brands Inc. (NYSE:NWL) 25.79 12,526.2 23,259.7 14,493.3 1,974.3 4.43 1.60 x 11.8 x 5.8 x 34.3% 13.6%

SEB SA (ENXTPA:SK) 174.54 8,659.4 10,724.2 6,484.6 785.7 7.50 1.65 x 13.6 x 23.3 x 12.5% 12.1%

Helen of Troy Limited (NasdaqGS:HELE) 98.45 2,593.3 2,896.8 1,518.9 231.8 5.16 1.91 x 12.5 x 19.1 x 41.9% 15.3%

Tupperware Brands Corporation (NYSE:TUP) 41.24 2,108.1 2,789.6 2,243.6 402.7 (5.44) 1.24 x 6.9 x NM 66.9% 17.9%

Duni AB (publ) (OM:DUNI) 128.20 6,025.3 6,867.3 4,517.0 638.8 6.99 1.52 x 10.8 x 18.3 x 28.2% 14.1%

Lifetime Brands, Inc. (NasdaqGS:LCUT) 12.65 260.7 558.8 584.3 26.6 (0.55) 0.96 x 21.0 x NM 37.1% 4.6%

Libbey Inc. (AMEX:LBY) 8.13 179.5 565.6 794.2 79.1 (4.07) 0.71 x 7.2 x NM 19.4% 10.0%

Leifheit Aktiengesellschaft (DB:LEI) 24.85 236.3 184.0 236.6 27.2 1.31 0.78 x 6.8 x 18.9 x 45.2% 11.5%

Portmeirion Group plc (AIM:PMP) 15.37 163.8 162.3 84.8 11.1 0.65 1.91 x 14.7 x 23.7 x 55.0% 12.8%

Churchill China plc (AIM:CHH) 13.20 144.8 129.2 53.5 9.1 0.58 2.41 x 14.2 x 22.8 x 83.5% 16.6%

BHS tabletop AG (DB:HUL) 28.00 95.6 115.7 122.2 10.1 0.72 0.95 x 11.5 x 38.9 x 71.2% 8.2%

Mean $7,372.9 $8,840.2 $4,244.4 $669.1 $1.44 1.55x 12.2x 21.4x 45.2% 13.0%

Median 1,184.4 1,677.6 1,156.5 155.4 0.68 1.56x 12.1x 20.9x 43.6% 13.2%

NA = Not Available; NM = Not Meaningful; LTM = Latest Twelve Months (1) As of close June 29, 2018

‡ = excluded from Mean and Median calculations (2)

Source: Public Filings, Press Releases and Published Research Reports.

Enterprise value is defined as equity value plus net debt, preferred stock and minority interests. Net Debt includes long

term debt, short term debt, postretirement benefits and unfunded pensions, if applicable, less cash and cash

equivalents.

Enterprise Value/


3

Residential Construction Trend

1) Source: US Census Bureau

500600700800900

1,0001,1001,2001,3001,4001,500

Jul 2

01

6

Au

g 2

01

6

Sep

20

16

Oct

20

16

No

v 2

01

6

Dec

20

16

Jan

20

17

Feb

20

17

Mar

20

17

Ap

r 2

01

7

May

20

17

Jun

20

17

Jul 2

01

7

Au

g 2

01

7

Sep

20

17

Oct

20

17

No

v 2

01

7

Dec

20

17

Jan

20

18

Feb

20

18

Mar

20

18

Ap

r 2

01

8

May

20

18

Jun

20

18

New Residential Construction (1)

Permits Starts Completions


4

Public Comp Group – Operating Performance vs. EBITDA Multiple Analysis (1)

1) Companies with statistically significant outliers for EBITDA multiples are not included in graphs

12.1x

16.3x

14.0x

10.7x

15.1x16.2x

11.1x

8.7x8.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

EBIT Margin EBITDA Margin Gross Margin EBITDA Multiple

Source: CapitalIQ and MHH

Operating Performance vs. EBITDA Multiple - Cleaning & Bath Products

NYS

E:P

G

LSE:

RB

NYS

E:C

L

NYS

E:K

MB

NYS

E:C

LX

NYS

E:C

HD

NYS

E:P

BH

LSE:

PZC

LSE:

MC

B

17.3x

9.9x 11.3x

14.0x

11.1x 11.1x

12.4x10.3x

8.8x

7.3x11.1x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%



Nas

daq

GM

: D

XYN

AIM

: W

GB

NYS

E: O

MN

Nas

daq

GS:

TILE

Operating Performance vs. EBITDA Multiple - Decor

NYS

E: S

HW

NYS

E: M

HK

NYS

E: M

AS

NYS

E: F

BH

S

NYS

E: R

PM

NYS

E: C

FX

NYS

E: A

WI

12.2x

11.9x

8.3x

13.7x

10.5x

7.4x

10.8x 10.8x

10.0x

7.7x7.5x 6.9x

7.0x

7.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%



Nas

daq

GM

:K

BA

L

Nas

daq

GS:

BSE

T

NYS

E:U

FI

Nas

daq

GM

:K

BA

L

Nas

daq

GS:

FLX

S

Nas

daq

GS:

FLX

S

Nas

daq

CM

:CR

WS

Operating Performance vs. EBITDA Multiple - Furniture

NYS

E:

LEG

NYS

E:

TPX

Nas

daq

GS:

MLH

R

NYS

E:

AIN

NYS

E:

HN

I

NYS

E:

SCS

NYS

E:

KN

L

15.9x

10.7x10.1x

14.5x

11.8x 13.7x

24.6x

11.7x

13.9x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%



DB

:EI

N3

Nas

daq

GS:

CEN

T

Operating Performance vs. EBITDA Multiple - Hardware

OM

: H

USQ

B

SEH

K:6

69

NYS

E: S

PB

NY1

1SE

: TT

C

Nas

daq

GS:

WD

FC

Nas

daq

GM

:PFI

N

NYS

E:H

RG

11.9x

7.6x

5.8x

13.4x

18.2x

13.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%



Operating Performance vs. EBITDA Multiple - Household Appliances

OM

:ELU

XB

NYS

E: S

WK

OM

: W

HR

BIT

: D

LG

Nas

daq

GS:

IRB

0T

HLS

E: F

SKR

S

15.1x

11.8x

13.6x 12.5x

6.9x

10.8x

21.0x

7.2x6.8x

14.7x

14.2x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%



AIM

:C

HH

AIM

: P

MP

DB

: LE

I

Nas

daq

GS:

LCU

TOperating Performance vs. EBITDA Multiple - Housewares

DB

: H

EN3

NYS

E: N

WL

ENX

TPA

: SK

OM

: D

UN

I

NYS

E: T

UP

Nas

daq

GS:

HEL

E

NYS

E: A

WI


5

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

Last Three Years

Last Twelve Months

Source: CapitalIQ

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%6

/30

/15

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Cleaning and Bath Products Index S&P 500 NASDAQ Composite Index

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Cleaning and Bath Products Index S&P 500 NASDAQ Composite Index


6

Valuation Trend Enterprise Value/LTM Revenue

Enterprise Value/LTM EBITDA

Source: CapitalIQ

3.06x 3.02x 3.10x3.42x

3.21x 3.16x 3.05x

3.44x3.61x 3.74x 3.82x

3.49x3.79x 3.70x 3.78x 3.89x

3.35x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x

4.50xQ

1'1

4

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Quarterly Median EV/ REV 1 Yr. Moving Average

11.8x13.1x 13.1x

14.6x 14.2x 13.8x 13.9x 14.4x 14.3x15.6x

14.8x14.2x 14.3x

15.6x14.7x 14.4x

12.4x

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Quarterly Median EV/ EBITDA 1 Yr. EV/EBITDA Moving Avg Qtrly LTM EBITDA Margin


7

Valuation and Operating Performance Matrices Graphs adjusted to eliminate statistical outliers.

NYSE:PGNYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHDLSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

-7.5% -5.0% -2.5% 0.0% 2.5% 5.0%

EBIT

DA

Mu

ltip

le

3-Yr Revenue CAGRSource: CapitalIQ and MHH

3-Yr Revenue CAGR vs. EBITDA Multiple

NYSE:PG

NYSE:CL

NYSE:KMB

NYSE:CLXNYSE:CHD

NYSE:PBHLSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le

3-YR EBITDA CAGR


3-Yr EBITDA CAGR vs. EBITDA Multiple

NYSE:PG

NYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 10.0% 20.0% 30.0% 40.0%

EBIT

DA

Mu

ltip

le

LTM EBITDA MarginSource: CapitalIQ and MHH

EBITDA Margin vs. EBITDA Multiple

NYSE:PG

NYSE:CL

NYSE:KMB

NYSE:CLX NYSE:CHD

LSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

(20.0) (10.0) - 10.0 20.0 30.0 40.0 50.0

EBIT

DA

Mu

ltip

le

Cash Conversion Cycle (Days)Source: CapitalIQ and MHH CCC = DIO + DRO + DPO

Cash Conversion Cycle vs. EBITDA Multiple

NYSE:PG

LSE:RB.

NYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZC

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

0.0% 10.0% 20.0% 30.0% 40.0%

Inve

nto

ry T

urn

ove

r R

atio


EBITDA Margin vs. Inventory Turn Ratio

NYSE:PG

NYSE:CL

NYSE:KMB

NYSE:CLXNYSE:CHD

NYSE:PBHLSE:PZC

LSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

EBIT

DA

Mu

ltip

le

LTM Free Cash Flow Margin

FCF Margin = (EBITDA - Capex) / RevSource: CapitalIQ and MHH

Free Cash Flow Margin vs. EBITDA Multiple


8

Valuation and Operating Performance Matrices (cont.)

Graphs adjusted to eliminate statistical outliers

NYSE:PG

NYSE:CL

NYSE:KMB

NYSE:CLXNYSE:CHD

NYSE:PBH LSE:PZCLSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

EBIT

DA

Mu

ltip

le

Capital Intensity RatioSource: CapitalIQ and MHH Capital Intensity = (NWC - Cash + PP&E) / Revenues

Capital Intensity vs. EBITDA Multiple

NYSE:PG

NYSE:CL

NYSE:KMB

NYSE:CLX

NYSE:CHD

NYSE:PBH

LSE:PZCLSE:MCB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

-1.0% 4.0% 9.0% 14.0% 19.0%

EBIT

DA

Mu

ltip

le

Return on AssetsSource: CapitalIQ and MHH

Return on Assets vs. EBITDA Multiple

Selected M&A Transactions: 6/1/18 - 6/30/18

No Cleaning and Bath Products Selected Transactions for the month of June.

Selected News Announcements

Colgate – Palmolive Company (NYSE: CL) announced a quarterly dividend payable August 15, 2018. Colgate – Palmolive Company (NYSE: CL) announced a share buyback program of $5.0 billion. Reckitt Benckiser Group (LSE:RB) announced the appointment of Mehmood Khan to the Board of Directors, effective July 1, 2018.

Décor

9


Last Three Years

Last Twelve Months

Source: CapitalIQ

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%6

/30

/15

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Décor Index S&P 500 NASDAQ Composite Index

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Décor Index S&P 500 NASDAQ Composite Index

Décor

10



Source: CapitalIQ

1.59x 1.55x 1.51x 1.53x1.62x

1.70x1.55x 1.50x 1.56x

1.46x1.64x 1.69x

1.80x1.91x

1.72x 1.73x1.61x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18


13.5x12.9x

12.1x12.8x

13.5x 13.6x12.4x

11.7x 12.0x11.0x

11.6x 11.2x

12.6x12.0x 12.2x

12.8x

11.2x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Quarterly Median EV/ EBITDA 1 Yr. EV/EBITDA Moving Avg Qtrly Median LTM EBITDA Margin

Décor

11


NYSE:MHK

NYSE:MAS

NYSE:RPMNYSE:FBHS

NYSE:CULP

NasdaqGM:DXYN

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.00% 2.00% 4.00% 6.00% 8.00% 10.00%

EB

ITD

A M

ult

iple

3-YR Revenue CAGR Source: CapitalIQ and MHH


NYSE:MHK

NYSE:MAS

NYSE:RPM

NYSE:FBHSNYSE:AWI

NasdaqGS:TILE

NYSE:OMN

NYSE:CULP

NasdaqGM:DXYN

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EB

ITD

A M

ult

iple

3-YR EBITDA CAGR



NYSE:MHK

NYSE:MAS

NYSE:RPMNYSE:FBHS

NYSE:CFX

NasdaqGS:TILE

NYSE:OMN

NYSE:CULPAIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EB

ITD

A M

ult

iple



NYSE:MHK

NYSE:MAS

NYSE:RPM

NYSE:FBHS

NYSE:CFX

NYSE:AWI

NasdaqGS:TILE

NYSE:OMNNYSE:CULP

NasdaqGM:DXYN

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

- 50.0 100.0 150.0 200.0

EB

ITD

A M

ult

iple



NYSE:SHW

NYSE:MHK

NYSE:MAS

NYSE:RPM

NYSE:FBHS

NYSE:CFX

NasdaqGS:TILE

NYSE:OMN

NYSE:CULP

AIM:WGB

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Inve

nto

ry T

urn

ove

r R

atio



NYSE:MHK

NYSE:MAS

NYSE:RPMNYSE:FBHS

NYSE:CFX

NasdaqGS:TILE

NYSE:OMN

NYSE:CULP

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le




Décor

12

Valuation and Operating Performance Matrices (cont.) Graphs adjusted to eliminate statistical outliers.

NYSE:MHK

NYSE:MAS

NYSE:RPM

NYSE:FBHS NYSE:CFX

NYSE:AWI

NasdaqGS:TILENYSE:OMN

NYSE:CULP

NasdaqGM:DXYN

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%

EBIT

DA

Mu

ltip

le



NYSE:MHK

NYSE:MAS

NYSE:RPM

NYSE:FBHS

NYSE:CFX

NYSE:AWI

NasdaqGS:TILE

NYSE:OMNNYSE:CULP

NasdaqGM:DXYN

AIM:WGB

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00%

EBIT

DA

Mu

ltip

le




Announced Target Target Description Acquirer Value

6/7/18 Colorficio Zetagi Produces protective paint coatings Tambour Ltd. ND

6/13/18 Sam Tucker, LLC Manufactures and distributes products for

the bed, bath, home and garden end-

markets

Culp, Inc. ND

6/14/18 Nora Systems

GmbH

Develops, produces and markets rubber

floor coverings and footwear components

Interface N.V. $385.0

6/15/18 Anbo

International

Ltd.

Manufactures and distributes wood

products

Taylor Grange Developments

Limited

ND

ND – Not disclosed. Transaction values in millions.

Décor

13


Culp, Inc. (NYSE: CULP) announced a quarterly dividend payable July 16, 2018. Masco Corporation (NYSE: MAS) announced a quarterly dividend payable August 13, 2018. RPM International, Inc (NYSE: RPM) announced the appointment of John M. Ballbach and Kirkland B. Andrews to the Board of Directors.

Furniture

14


Last Three Years

Last Twelve Months

Source: CapitalIQ

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%6

/30

/15

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Furniture Index S&P 500 NASDAQ Composite Index

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Furniture Index S&P 500 NASDAQ Composite Index

Furniture

15



Source: CapitalIQ

0.79x

0.89x0.82x

0.91x 0.92x 0.93x0.87x 0.88x 0.87x 0.90x 0.86x

0.96x0.91x 0.90x

0.97x0.93x

0.85x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20xQ

1'1

4

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18


9.1x 8.9x8.6x 8.6x

9.2x 9.4x

8.1x 8.1x 7.9x 7.9x 8.2x

9.8x

8.5x 8.7x9.1x

9.7x

8.6x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18


Furniture

16


NYSE:LEGNYSE:TPX

NasdaqGS:MLHR

NYSE:AIN

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFINasdaqGS:KBAL

NasdaqGS:FLXSNYSE:CSS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

-5.0% -2.5% 0.0% 2.5% 5.0% 7.5%

EBIT

DA

Mu

ltip

le



NYSE:LEGNYSE:TPX

NasdaqGS:MLHR

NYSE:AIN

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:KBAL

NasdaqGS:FLXS NasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

EBIT

DA

Mu

ltip

le

3-YR EBITDA CAGR



NYSE:LEG

NYSE:TPXNasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:KNLNYSE:UFI

NasdaqGS:HOFT

NasdaqGS:KBALNasdaqGS:FLXS

NasdaqGS:BSET

NYSE:CSS NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le



NYSE:LEGNYSE:TPX

NasdaqGS:MLHR

NYSE:AIN

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:HOFT

NasdaqGS:KBALNasdaqGS:FLXS

NasdaqGS:BSETNYSE:CSS

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

(50.0) - 50.0 100.0 150.0 200.0

EB

ITD

A M

ult

iple



NYSE:LEG

NYSE:TPX

NasdaqGS:MLHRNYSE:HNI

NYSE:SCS

NYSE:KNLNYSE:UFI

NasdaqGS:HOFT

NasdaqGS:KBAL

NasdaqGS:FLXS

NasdaqGS:BSET

NYSE:CSSNasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0% 5.0% 10.0% 15.0%

Inve

nto

ry T

urn

ove

r R

ati

o



NYSE:LEG

NYSE:TPX

NasdaqGS:MLHR

NYSE:AIN

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFINasdaqGS:HOFT

NasdaqGS:KBAL

NasdaqGS:FLXS


NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBIT

DA

Mu

ltip

le




Furniture

17


NYSE:LEGNYSE:TPX

NasdaqGS:MLHR

NYSE:HNI

NYSE:SCS

NYSE:KNL NYSE:UFI

NasdaqGS:HOFT

NasdaqGS:KBAL

NasdaqGS:FLXS


NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBIT

DA

Mu

ltip

le



NYSE:LEG

NYSE:TPX

NasdaqGS:MLHR

NYSE:AIN

NYSE:HNI

NYSE:SCS

NYSE:KNL

NYSE:UFI

NasdaqGS:HOFT

NasdaqGS:KBALNasdaqGS:FLXSNasdaqGS:BSET

NasdaqCM:CRWS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%

EBIT

DA

Mu

ltip

le





6/1/18 LISTA Holding AG Manufactures and sells workshop and

warehouse furnishings

Europe Great Star Co. Ltd. $186.8

6/5/18 Fusion Furniture

Inc.

Produces upholstered furniture Southern Motion Inc. ND

6/6/18 Maars Living Walls

B.V.

Manufactures and supplies standard and

customized modular walls

Herman Miller, Inc. $6.0

6/7/18 Nine United

Denmark A/S

Manufactures and markets furniture for

workplaces and private homes

Herman Miller, Inc. ND

6/8/18 Albany Industries

Inc.

Manufactures upholstered products Standard Furniture

Manufacturing Company

ND

6/8/18 Smith System, Inc. Manufactures and sells school furniture Steelcase, Inc. $145.0

Furniture

18

6/15/18 Brevi S.r.l Manufactures and markets baby

bedtime products.

PHI Asset Management Partners ND

6/20/18 KA Interior Manufactures sliding-door wardrobes

and cupboards.

Vivonio Furniture ND



Flexsteel Industries, Inc. (NYSE:FLXS) announced a quarterly dividend payable July 2, 2018.

HNI Corporation (NYSE: HNI) announced the appointment of Jeff Lovenger as Chief Executive Officer.

Hooker Furniture Corporation (NYSE:HOFT) announced a quarterly dividend payable June 29, 2018.

Steelcase Inc. (NYSE: SCS) announced a quarterly dividend payable July 17, 2018.


19


Last Three Years

Last Twelve Months

Source: CapitalIQ

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%6

/30

/15

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Hardware and Outdoor Index S&P 500 NASDAQ Composite Index

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Hardware and Outdoor Index S&P 500 NASDAQ Composite Index



20

Valuation Trend

Enterprise Value/LTM Revenue


Source: CapitalIQ

1.23x1.38x

1.26x1.36x 1.34x 1.36x 1.42x

1.56x 1.49x 1.53x1.43x

1.28x1.43x

1.59x1.76x

2.01x

1.64x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18


11.6x12.6x

10.8x11.4x 11.4x 11.9x 11.8x 11.5x

13.2x 12.9x12.3x

11.2x

13.5x14.9x

15.7x

12.3x 12.3x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18



21


SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

DB:EIN3

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 2.5% 5.0% 7.5% 10.0% 12.5%

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

DB:EIN3

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBIT

DA

Mu

ltip

le

3-YR EBITDA CAGR



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

DB:EIN3

NasdaqGM:PFIN

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

DB:EIN3

NasdaqGM:PFIN

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

- 50.0 100.0 150.0 200.0 250.0

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:SPBNYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

NasdaqGS:WDFC

DB:EIN3

NasdaqGM:PFIN

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Inve

nto

ry T

urn

ove

r R

atio



SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

DB:EIN3

NasdaqGM:PFIN

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le





22




6/6/18 RS Roman Seliger Manufacturer of hose fittings and safety couplings.

Staubli International AG ND

6/15/18 HAUTAU GmbH Manufacturer of window related hardware. Mayer & Co Beschlage N ND

6/26/18 V.J. technology Limited

Manufactures and distributes fixings, fastenings, power and hand tool and consumables.

Primary Capital Partners LLP 39$39.3



WD-40 Company (NYSE: WDFC) announced a quarterly dividend payable July 31, 2018.

WD-40 Company (NYSE: WDFC) announced a share buyback program on June 19, 2018.

SEHK:669

NYSE:SPB

NYSE:HRG

NYSE:TTC

OM:HUSQ B

NasdaqGS:CENT

DB:EIN3

NasdaqGM:PFIN

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

EBIT

DA

Mu

ltip

le



SEHK:669

NYSE:SPBNYSE:HRG

NYSE:TTC

OM:HUSQ BNasdaqGS:CENT

DB:EIN3

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le




23


Last Three Years

Last Twelve Months

Source: CapitalIQ

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%6

/30

/15

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Household & Family Electonics / Appliances Index S&P 500 NASDAQ Composite Index

-40.00%

-30.00%

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Household & Family Electonics / Appliances Index S&P 500 NASDAQ Composite Index



24



Source: CapitalIQ

1.50x 1.50x1.37x 1.36x

1.01x

1.28x

1.03x

1.40x1.31x

0.96x1.06x

1.67x

2.02x

1.74x

1.14x1.30x

1.76x

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18


10.3x 10.1x 10.1x10.9x

10.3x11.0x

9.9x10.9x 10.7x

9.7x10.4x

11.1x

13.0x13.9x

13.1x 12.7x

10.6x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18




25


NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5%

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

NYSE:NC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

EBIT

DA

Mu

ltip

le

3-YR EBITDA CAGR



NYSE:SWK

NYSE:WHROM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR

OM:ELUX BBIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

- 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHROM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

0.0% 5.0% 10.0% 15.0% 20.0%

Inve

nto

ry T

urn

ove

r R

atio



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

EBIT

DA

Mu

ltip

le





26



iRobot Corporation (NYSE:IRBT) announced the appointment of Ruey-Bin Kao to Board of Directors,

effective June 26, 2018.

iRobot Corporation (NYSE: IRBT) announced a shelf registration to raise $111.3 million.

NYSE:SWK

NYSE:WHR

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

NYSE:NC

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0%

EBIT

DA

Mu

ltip

le



NYSE:SWK

NYSE:WHR

OM:ELUX B

BIT:DLG

NasdaqGS:IRBT

HLSE:FSKRS

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%

EBIT

DA

Mu

ltip

le




No Household Appliances Selected Transactions for the month of June.


Housewares

27


Last Three Years

Last Twelve Months

Source: CapitalIQ

-20.00%

-10.00%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%6

/30

/15

8/3

1/1

5

10

/31

/15

12

/31

/15

2/2

9/1

6

4/3

0/1

6

6/3

0/1

6

8/3

1/1

6

10

/31

/16

12

/31

/16

2/2

8/1

7

4/3

0/1

7

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Housewares Index S&P 500 NASDAQ Composite Index

-20.00%

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

6/3

0/1

7

8/3

1/1

7

10

/31

/17

12

/31

/17

2/2

8/1

8

4/3

0/1

8

6/3

0/1

8

MHH Comp Group Housewares Index S&P 500 NASDAQ Composite Index

Housewares

28

Valuation Trend

Enterprise Value/LTM Revenue


Source: CapitalIQ

1.12x1.25x 1.23x

1.37x 1.43x 1.47x1.36x

1.46x1.55x

1.26x

1.53x1.44x

1.66x1.73x 1.67x

1.56x

1.36x

0.00x

0.20x

0.40x

0.60x

0.80x

1.00x

1.20x

1.40x

1.60x

1.80x

2.00x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18


8.8x9.4x 9.7x 9.5x

10.3x 10.3x9.9x 10.1x

10.6x

9.2x

10.7x 10.4x10.8x

11.2x 11.2x

9.9x 9.8x

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18


Housewares

29


XTRA:HEN3

ENXTPA:SK

NasdaqGS:HELE

NYSE:TUP

OM:DUNI

AMEX:LBY

DB:LEI

AIM:PMP

AIM:CHH

DB:HUL

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

-7.5% -5.0% -2.5% 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5%

EBIT

DA

Mu

ltip

le



XTRA:HEN3

NasdaqGS:HELE

NYSE:TUP

OM:DUNI

DB:LEI

AIM:PMP

AIM:CHH

DB:HUL

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

-5.0% 0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le

3-YR EBITDA CAGRSource: CapitalIQ and MHH


XTRA:HEN3

NYSE:NWL

ENXTPA:SK

NasdaqGS:HELE

NYSE:TUP

OM:DUNIAMEX:LBY

DB:LEI

AIM:PMP AIM:CHH

DB:HUL

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le



NYSE:NWLENXTPA:SK

NasdaqGS:HELE

NYSE:TUP

OM:DUNI

AMEX:LBY

DB:LEI

AIM:PMP

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

- 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0

EBIT

DA

Mu

ltip

le



XTRA:HEN3NYSE:NWL

ENXTPA:SK

NasdaqGS:HELE

NYSE:TUP

OM:DUNI

AMEX:LBY

DB:LEI

AIM:PMP

AIM:CHHDB:HUL

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

0.0% 5.0% 10.0% 15.0% 20.0%

Inve

nto

ry T

urn

ove

r R

atio



XTRA:HEN3

NYSE:NWL

ENXTPA:SK

NasdaqGS:HELE

NYSE:TUP

OM:DUNI

AMEX:LBY DB:LEI

AIM:PMPAIM:CHH

DB:HUL

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 5.0% 10.0% 15.0% 20.0%

EBIT

DA

Mu

ltip

le




Housewares

30



Lifetime Brands (NYSE: LCUT) announced a quarterly dividend payable August 15, 2018.

Newell Brands (NYSE: NWL) announced an increase in its share buyback program of up to $2.5 billion.

XTRA:HEN3

NYSE:NWL

ENXTPA:SK

NYSE:TUP

OM:DUNI

AMEX:LBYDB:LEI

AIM:PMP

AIM:CHH

DB:HUL

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

EBIT

DA

Mu

ltip

le



XTRA:HEN3

NYSE:NWL ENXTPA:SK

NasdaqGS:HELEOM:DUNI

AMEX:LBY DB:LEI

AIM:PMP AIM:CHH

DB:HUL

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

0.00% 2.00% 4.00% 6.00% 8.00% 10.00%

EBIT

DA

Mu

ltip

le





6/5/18 Vidrieria y

Cristaleria de

Lamiaco S.A.

Manufactures and sells table glass Mivaricar ND


31

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.

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

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

Documents

Consumer Products Update - Constant Contactfiles.constantcontact.com/07e77b89001/3f5f971b-c424-4415-ab58-9a4b512f851d.pdfConsumer Products Group Summary 1 Public Comp Group Valuation