Haverty Furniture Companies, Inc.

HVT

Consumer CyclicalHome ImprovementNYSE

$22.20

Market Cap: $357.32M

Haverty Furniture Companies, Inc. (HVT) Valuation Summary

Updated May 11, 2026 08:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$77.47 – $318.14	$123.78	+457.6%
Growth Exit 10Y	$64.27 – $222.89	$95.61	+330.7%
EBITDA Exit 5Y	$101.59 – $182.03	$138.55	+524.1%
EBITDA Exit 10Y	$82.02 – $152.90	$112.52	+406.8%
▸ Trading Multiples
P/E	$19.40 – $31.88	$28.43	+28.1%
EV/EBITDA	$31.00 – $72.48	$46.09	+107.6%
EV/Revenue	$34.18 – $133.08	$60.00	+170.3%
▸ PEG
PEG Fair Value	$9.52 – $9.52	$9.52	-57.1%
▸ Earnings Power Value
Earnings Power Value	$59.59 – $92.72	$72.78	+227.8%
▸ Dividend Discount
Dividend Discount	$13.47 – $27.11	$17.43	-21.5%

Valuation History

DCF Analysis

Fair Value

$123.78

Market Price

$22.20

Upside / Downside

+457.6%

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 5.0% 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 7.4% 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 $123.78 per share, suggesting HVT is undervalued by 457.6% at the current price of $22.20.

FCFF Present Value Calculation

WACC

7.36%

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	134	144	134	125	116	119
(−) Net Interest	16	17	16	15	14	14
(+) D&A	33	33	34	29	29	29
EBITDA	184	194	184	169	159	162

(−) Tax	33	35	33	30	28	29
(−) CapEx	31	33	31	29	27	27
(−) ΔWC	90	13	-13	-12	-11	-11
Free Cash Flow (FCFF)	30	113	133	122	115	118

Terminal Value						2,420
WACC / Discount Rate	7.4%
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	29	102	112	95	83	1,697

Enterprise Value	2,118
Projection Period	421	19.9%
Terminal Value	1,697	80.1%

(−) Current Net Debt	85

Equity Value	2,033
(/) Outstanding Shares	16

Fair Price	$123.78

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$165	$186	$215	$255	$318
6.4%	$129	$142	$157	$178	$205
7.4%	$106	$114	$124	$136	$151
8.4%	$90	$95	$102	$109	$118
9.4%	$77	$81	$86	$91	$97

Current price: $22.20. Green = undervalued, Red = overvalued.

Fair Value

$95.61

Market Price

$22.20

Upside / Downside

+330.7%

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 5.0% 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 7.4% WACC with mid-year discounting, the terminal value (57% 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 $95.61 per share, suggesting HVT is undervalued by 330.7% at the current price of $22.20.

FCFF Present Value Calculation

WACC

7.36%

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	134	144	134	125	116	110	106	104	104	105	108
(−) Net Interest	16	17	16	15	14	13	13	12	12	12	13
(+) D&A	33	33	34	29	29	30	29	27	26	25	25
EBITDA	184	194	184	169	159	153	147	143	142	142	146

(−) Tax	33	35	33	30	28	27	26	25	25	25	26
(−) CapEx	31	33	31	29	27	25	24	24	24	24	25
(−) ΔWC	90	13	-13	-12	-11	-8	-5	-3	-0	2	2
Free Cash Flow (FCFF)	30	113	133	122	115	109	103	97	93	91	93

Terminal Value											1,916
WACC / Discount Rate	7.4%
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	29	102	112	95	83	74	65	57	51	46	942

Enterprise Value	1,655
Projection Period	713	43.1%
Terminal Value	942	56.9%

(−) Current Net Debt	85

Equity Value	1,570
(/) Outstanding Shares	16

Fair Price	$95.61

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$129	$142	$160	$185	$223
6.4%	$103	$110	$119	$131	$147
7.4%	$86	$90	$96	$102	$110
8.4%	$74	$76	$80	$84	$89
9.4%	$64	$66	$69	$71	$74

Current price: $22.20. Green = undervalued, Red = overvalued.

Fair Value

$138.58

Market Price

$22.20

Upside / Downside

+524.2%

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 5.0% 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 7.4% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.0x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $138.55 per share, suggesting HVT is undervalued by 524.1% at the current price of $22.20.

FCFF Present Value Calculation

WACC

7.36%

3% – 20%

EV/EBITDA Exit Multiple

17.03x

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	134	144	134	125	116	119
(−) Net Interest	16	17	16	15	14	14
(+) D&A	33	33	34	29	29	29
EBITDA	184	194	184	169	159	162

(−) Tax	33	35	33	30	28	—
(−) CapEx	31	33	31	29	27	—
(−) ΔWC	90	13	-13	-12	-11	—
Free Cash Flow (FCF)	30	113	133	122	115	—

Peers' EBITDA Multiple						17.0x
Terminal Value						2,767
WACC / Discount Rate	7.36%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	29	102	112	95	83	1,940

Enterprise Value	2,361
Projection Period	421	17.8%
Terminal Value	1,940	82.2%

(−) Current Net Debt	85
Equity Value	2,276
(÷) Outstanding Shares	16M
Fair Price	$139	+524.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.0x	15.0x	17.0x	19.0x	21.0x
5.4%	$121	$136	$152	$167	$182
6.4%	$116	$130	$145	$159	$174
7.4%	$111	$125	$139	$152	$166
8.4%	$106	$119	$133	$146	$159
9.4%	$102	$114	$127	$140	$152

Current price: $22.20. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$112.53

Market Price

$22.20

Upside / Downside

+406.9%

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 5.0% 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 7.4% WACC with mid-year discounting, the terminal value (63% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $112.52 per share, suggesting HVT is undervalued by 406.8% at the current price of $22.20.

FCFF Present Value Calculation

WACC

7.36%

3% – 20%

EV/EBITDA Exit Multiple

17.03x

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	134	144	134	125	116	110	106	104	104	105	108
(−) Net Interest	16	17	16	15	14	13	13	12	12	12	13
(+) D&A	33	33	34	29	29	30	29	27	26	25	25
EBITDA	184	194	184	169	159	153	147	143	142	142	146

(−) Tax	33	35	33	30	28	27	26	25	25	25	—
(−) CapEx	31	33	31	29	27	25	24	24	24	24	—
(−) ΔWC	90	13	-13	-12	-11	-8	-5	-3	-0	2	—
Free Cash Flow (FCF)	30	113	133	122	115	109	103	97	93	91	—

Peers' EBITDA Multiple											17.0x
Terminal Value											2,482
WACC / Discount Rate	7.36%

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	29	102	112	95	83	74	65	57	51	46	1,220

Enterprise Value	1,933
Projection Period	713	36.9%
Terminal Value	1,220	63.1%

(−) Current Net Debt	85
Equity Value	1,848
(÷) Outstanding Shares	16M
Fair Price	$113	+406.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.0x	15.0x	17.0x	19.0x	21.0x
5.4%	$111	$121	$132	$142	$153
6.4%	$103	$112	$122	$131	$141
7.4%	$95	$104	$113	$121	$130
8.4%	$88	$96	$104	$112	$120
9.4%	$82	$89	$97	$104	$111

Current price: $22.20. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$28.43

Market Price

$22.20

Upside / Downside

+28.1%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Haverty Furniture Companies, Inc. (HVT) has a fair value of $28.43 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	365	18.7x	9.3x
MasterCraft Boat Holdings, Inc.MCFT	446	63.7x	27.5x
Nathan's Famous, Inc.NATH	415	17.3x	—
Dine Brands Global, Inc.DIN	368	25.3x	4.9x
Portillo's Inc.PTLO	315	16.1x	13.0x
Marine Products CorporationMPX	309	26.5x	9.6x
WW International, Inc.WW	92	0.1x	—
Industry Median		21.3x	11.3x
(*) Profit after tax		20	39
Equity Value		420	514
(/) Outstanding shares		16	16
Fair Price		$26	$31

Selected Fair Value (avg of trailing + forward)

$28.43

+28.1%

Fair Value

$46.09

Market Price

$22.20

Upside / Downside

+107.6%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Haverty Furniture Companies, Inc. (HVT) has a fair value of $46.09 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	365	8.9x	8.5x
Caleres, Inc.CAL	456	34.8x	34.9x
MasterCraft Boat Holdings, Inc.MCFT	446	17.2x	13.5x
Nathan's Famous, Inc.NATH	415	11.7x	—
Dine Brands Global, Inc.DIN	368	25.2x	27.4x
Portillo's Inc.PTLO	315	17.0x	17.5x
Marine Products CorporationMPX	309	14.0x	11.0x
WW International, Inc.WW	92	0.3x	0.3x
Industry Median		17.0x	15.5x
(*) EBITDA		51	53
= Enterprise Value		862	821
(-) Net Debt		85	85
Equity Value		778	736
(/) Outstanding shares		16	16
Fair Price		$47	$45

Selected Fair Value (avg of trailing + forward)

$46.09

+107.6%

Fair Value

$60.00

Market Price

$22.20

Upside / Downside

+170.3%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Haverty Furniture Companies, Inc. (HVT) has a fair value of $60.00 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	365	0.6x	0.6x
Caleres, Inc.CAL	456	0.5x	0.5x
MasterCraft Boat Holdings, Inc.MCFT	446	1.5x	1.1x
Hyliion Holdings Corp.HYLN	439	120.9x	112.0x
Nathan's Famous, Inc.NATH	415	3.0x	—
The Honest Company, Inc.HNST	401	0.9x	0.8x
Dine Brands Global, Inc.DIN	368	2.1x	2.3x
Portillo's Inc.PTLO	315	1.8x	1.8x
Marine Products CorporationMPX	309	1.1x	0.8x
Innoviz Technologies Ltd.INVZ	157	3.9x	3.7x
WW International, Inc.WW	92	0.6x	0.5x
Industry Median		1.6x	1.1x
(*) Revenue		759	794
= Enterprise Value		1,227	913
(-) Net Debt		85	85
Equity Value		1,143	828
(/) Outstanding shares		16	16
Fair Price		$70	$50

Selected Fair Value (avg of trailing + forward)

$60.00

+170.3%

PEG Fair Value

Fair Value

$9.52

Market Price

$22.20

Upside / Downside

-57.1%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 8.0% plus 5.8% 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	+5.8%
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

$72.78

Market Price

$22.20

Upside / Downside

+227.8%

Verdict

Undervalued

Using the Earnings Power Value framework with a WACC of 7.4% and normalized earnings of $94.2M, the company has a fair value of $72.78 per share. The EPV range is $59.59 – $92.72 based on WACC sensitivity (5.9% – 8.9%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	94	94	94
(/) WACC	8.9%	7.4%	5.9%
Enterprise Value	1,063	1,280	1,608
(-) Net debt	85	85	85
Equity Value	979	1,195	1,523
(/) Outstanding shares	16	16	16
Fair Price	$59.59	$72.78	$92.72

Dividend Discount Model

Fair Value

$17.43

Market Price

$22.20

Upside / Downside

-21.5%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 9.2% and projected dividend growth of 0.0%, the fair value is $17.43 per share. The DDM range is $13.47 – $27.11 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.27

Dividend Yield

5.83%

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%	0.9158	$1.16
2027	$1.27	0.0%	0.8388	$1.06
2028	$1.27	0.0%	0.7682	$0.97
2029	$1.27	0.0%	0.7035	$0.89
2030	$1.27	0.0%	0.6443	$0.82
Terminal Value	$1.30 DPS	2.5%		$12.52

PV of Projected Dividends$4.91

PV of Terminal Value$12.52

Fair Value per Share$17.43

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%
7.2%	$25	$25	$25	$26	$27
8.2%	$20	$20	$20	$21	$22
9.2%	$17	$17	$17	$18	$19
10.2%	$15	$15	$15	$16	$17
11.2%	$13	$13	$13	$14	$15

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 May 11, 2026 08:20

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$77.47 – $318.14	$123.78	+457.6%
Growth Exit 10Y	$64.27 – $222.89	$95.61	+330.7%
EBITDA Exit 5Y	$101.59 – $182.03	$138.55	+524.1%
EBITDA Exit 10Y	$82.02 – $152.90	$112.52	+406.8%
▸ Trading Multiples
P/E	$19.40 – $31.88	$28.43	+28.1%
EV/EBITDA	$31.00 – $72.48	$46.09	+107.6%
EV/Revenue	$34.18 – $133.08	$60.00	+170.3%
▸ PEG
PEG Fair Value	$9.52 – $9.52	$9.52	-57.1%
▸ Earnings Power Value
Earnings Power Value	$59.59 – $92.72	$72.78	+227.8%
▸ Dividend Discount
Dividend Discount	$13.47 – $27.11	$17.43	-21.5%

Valuation History

DCF Analysis

Fair Value

$123.78

Market Price

$22.20

Upside / Downside

+457.6%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

7.36%

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	134	144	134	125	116	119
(−) Net Interest	16	17	16	15	14	14
(+) D&A	33	33	34	29	29	29
EBITDA	184	194	184	169	159	162

(−) Tax	33	35	33	30	28	29
(−) CapEx	31	33	31	29	27	27
(−) ΔWC	90	13	-13	-12	-11	-11
Free Cash Flow (FCFF)	30	113	133	122	115	118

Terminal Value						2,420
WACC / Discount Rate	7.4%
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	29	102	112	95	83	1,697

Enterprise Value	2,118
Projection Period	421	19.9%
Terminal Value	1,697	80.1%

(−) Current Net Debt	85

Equity Value	2,033
(/) Outstanding Shares	16

Fair Price	$123.78

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$165	$186	$215	$255	$318
6.4%	$129	$142	$157	$178	$205
7.4%	$106	$114	$124	$136	$151
8.4%	$90	$95	$102	$109	$118
9.4%	$77	$81	$86	$91	$97

Current price: $22.20. Green = undervalued, Red = overvalued.

Fair Value

$95.61

Market Price

$22.20

Upside / Downside

+330.7%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

7.36%

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	134	144	134	125	116	110	106	104	104	105	108
(−) Net Interest	16	17	16	15	14	13	13	12	12	12	13
(+) D&A	33	33	34	29	29	30	29	27	26	25	25
EBITDA	184	194	184	169	159	153	147	143	142	142	146

(−) Tax	33	35	33	30	28	27	26	25	25	25	26
(−) CapEx	31	33	31	29	27	25	24	24	24	24	25
(−) ΔWC	90	13	-13	-12	-11	-8	-5	-3	-0	2	2
Free Cash Flow (FCFF)	30	113	133	122	115	109	103	97	93	91	93

Terminal Value											1,916
WACC / Discount Rate	7.4%
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	29	102	112	95	83	74	65	57	51	46	942

Enterprise Value	1,655
Projection Period	713	43.1%
Terminal Value	942	56.9%

(−) Current Net Debt	85

Equity Value	1,570
(/) Outstanding Shares	16

Fair Price	$95.61

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.4%	$129	$142	$160	$185	$223
6.4%	$103	$110	$119	$131	$147
7.4%	$86	$90	$96	$102	$110
8.4%	$74	$76	$80	$84	$89
9.4%	$64	$66	$69	$71	$74

Current price: $22.20. Green = undervalued, Red = overvalued.

Fair Value

$138.58

Market Price

$22.20

Upside / Downside

+524.2%

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 5.0% 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 7.4% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.0x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $138.55 per share, suggesting HVT is undervalued by 524.1% at the current price of $22.20.

FCFF Present Value Calculation

WACC

7.36%

3% – 20%

EV/EBITDA Exit Multiple

17.03x

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	134	144	134	125	116	119
(−) Net Interest	16	17	16	15	14	14
(+) D&A	33	33	34	29	29	29
EBITDA	184	194	184	169	159	162

(−) Tax	33	35	33	30	28	—
(−) CapEx	31	33	31	29	27	—
(−) ΔWC	90	13	-13	-12	-11	—
Free Cash Flow (FCF)	30	113	133	122	115	—

Peers' EBITDA Multiple						17.0x
Terminal Value						2,767
WACC / Discount Rate	7.36%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	29	102	112	95	83	1,940

Enterprise Value	2,361
Projection Period	421	17.8%
Terminal Value	1,940	82.2%

(−) Current Net Debt	85
Equity Value	2,276
(÷) Outstanding Shares	16M
Fair Price	$139	+524.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.0x	15.0x	17.0x	19.0x	21.0x
5.4%	$121	$136	$152	$167	$182
6.4%	$116	$130	$145	$159	$174
7.4%	$111	$125	$139	$152	$166
8.4%	$106	$119	$133	$146	$159
9.4%	$102	$114	$127	$140	$152

Current price: $22.20. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$112.53

Market Price

$22.20

Upside / Downside

+406.9%

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 5.0% 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 7.4% WACC with mid-year discounting, the terminal value (63% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $112.52 per share, suggesting HVT is undervalued by 406.8% at the current price of $22.20.

FCFF Present Value Calculation

WACC

7.36%

3% – 20%

EV/EBITDA Exit Multiple

17.03x

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	134	144	134	125	116	110	106	104	104	105	108
(−) Net Interest	16	17	16	15	14	13	13	12	12	12	13
(+) D&A	33	33	34	29	29	30	29	27	26	25	25
EBITDA	184	194	184	169	159	153	147	143	142	142	146

(−) Tax	33	35	33	30	28	27	26	25	25	25	—
(−) CapEx	31	33	31	29	27	25	24	24	24	24	—
(−) ΔWC	90	13	-13	-12	-11	-8	-5	-3	-0	2	—
Free Cash Flow (FCF)	30	113	133	122	115	109	103	97	93	91	—

Peers' EBITDA Multiple											17.0x
Terminal Value											2,482
WACC / Discount Rate	7.36%

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	29	102	112	95	83	74	65	57	51	46	1,220

Enterprise Value	1,933
Projection Period	713	36.9%
Terminal Value	1,220	63.1%

(−) Current Net Debt	85
Equity Value	1,848
(÷) Outstanding Shares	16M
Fair Price	$113	+406.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.0x	15.0x	17.0x	19.0x	21.0x
5.4%	$111	$121	$132	$142	$153
6.4%	$103	$112	$122	$131	$141
7.4%	$95	$104	$113	$121	$130
8.4%	$88	$96	$104	$112	$120
9.4%	$82	$89	$97	$104	$111

Current price: $22.20. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$28.43

Market Price

$22.20

Upside / Downside

+28.1%

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	365	18.7x	9.3x
MasterCraft Boat Holdings, Inc.MCFT	446	63.7x	27.5x
Nathan's Famous, Inc.NATH	415	17.3x	—
Dine Brands Global, Inc.DIN	368	25.3x	4.9x
Portillo's Inc.PTLO	315	16.1x	13.0x
Marine Products CorporationMPX	309	26.5x	9.6x
WW International, Inc.WW	92	0.1x	—
Industry Median		21.3x	11.3x
(*) Profit after tax		20	39
Equity Value		420	514
(/) Outstanding shares		16	16
Fair Price		$26	$31

Selected Fair Value (avg of trailing + forward)

$28.43

+28.1%

Fair Value

$46.09

Market Price

$22.20

Upside / Downside

+107.6%

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	365	8.9x	8.5x
Caleres, Inc.CAL	456	34.8x	34.9x
MasterCraft Boat Holdings, Inc.MCFT	446	17.2x	13.5x
Nathan's Famous, Inc.NATH	415	11.7x	—
Dine Brands Global, Inc.DIN	368	25.2x	27.4x
Portillo's Inc.PTLO	315	17.0x	17.5x
Marine Products CorporationMPX	309	14.0x	11.0x
WW International, Inc.WW	92	0.3x	0.3x
Industry Median		17.0x	15.5x
(*) EBITDA		51	53
= Enterprise Value		862	821
(-) Net Debt		85	85
Equity Value		778	736
(/) Outstanding shares		16	16
Fair Price		$47	$45

Selected Fair Value (avg of trailing + forward)

$46.09

+107.6%

Fair Value

$60.00

Market Price

$22.20

Upside / Downside

+170.3%

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	365	0.6x	0.6x
Caleres, Inc.CAL	456	0.5x	0.5x
MasterCraft Boat Holdings, Inc.MCFT	446	1.5x	1.1x
Hyliion Holdings Corp.HYLN	439	120.9x	112.0x
Nathan's Famous, Inc.NATH	415	3.0x	—
The Honest Company, Inc.HNST	401	0.9x	0.8x
Dine Brands Global, Inc.DIN	368	2.1x	2.3x
Portillo's Inc.PTLO	315	1.8x	1.8x
Marine Products CorporationMPX	309	1.1x	0.8x
Innoviz Technologies Ltd.INVZ	157	3.9x	3.7x
WW International, Inc.WW	92	0.6x	0.5x
Industry Median		1.6x	1.1x
(*) Revenue		759	794
= Enterprise Value		1,227	913
(-) Net Debt		85	85
Equity Value		1,143	828
(/) Outstanding shares		16	16
Fair Price		$70	$50

Selected Fair Value (avg of trailing + forward)

$60.00

+170.3%

PEG Fair Value

Fair Value

$9.52

Market Price

$22.20

Upside / Downside

-57.1%

Verdict

Overvalued

Using the PEG framework with historical EPS growth of 8.0% plus 5.8% 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	+5.8%
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

$72.78

Market Price

$22.20

Upside / Downside

+227.8%

Verdict

Undervalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	94	94	94
(/) WACC	8.9%	7.4%	5.9%
Enterprise Value	1,063	1,280	1,608
(-) Net debt	85	85	85
Equity Value	979	1,195	1,523
(/) Outstanding shares	16	16	16
Fair Price	$59.59	$72.78	$92.72

Dividend Discount Model

Fair Value

$17.43

Market Price

$22.20

Upside / Downside

-21.5%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.27

Dividend Yield

5.83%

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%	0.9158	$1.16
2027	$1.27	0.0%	0.8388	$1.06
2028	$1.27	0.0%	0.7682	$0.97
2029	$1.27	0.0%	0.7035	$0.89
2030	$1.27	0.0%	0.6443	$0.82
Terminal Value	$1.30 DPS	2.5%		$12.52

PV of Projected Dividends$4.91

PV of Terminal Value$12.52

Fair Value per Share$17.43

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%
7.2%	$25	$25	$25	$26	$27
8.2%	$20	$20	$20	$21	$22
9.2%	$17	$17	$17	$18	$19
10.2%	$15	$15	$15	$16	$17
11.2%	$13	$13	$13	$14	$15