HNI Corporation logo HNI - HNI Corporation

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 2
HOLD 1
SELL 0
STRONG
SELL
0
| PRICE TARGET: $95.00 DETAILS
HIGH: $110.00
LOW: $80.00
MEDIAN: $95.00
CONSENSUS: $95.00
UPSIDE: 209.45%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 65% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Undervalued Moderate
Trading 31.6% below fair value
Current Price $30.70
Bear Case $35.93 17.0% upside ($35.93 - $30.70) / $30.70 = 17.0% $2.99 × 12x P/E
Fair Value $44.91 46.3% upside ($44.91 - $30.70) / $30.70 = 46.3% $2.99 × 15x P/E
Bull Case $53.89 75.5% upside ($53.89 - $30.70) / $30.70 = 75.5% $2.99 × 18x P/E

Adjust Assumptions

15.0x
2.99$

Key Value Driver

Normalized P/E multiple (15x base case)

Implied Market Multiple 10.3x

Plain-Language Summary

Applying a 15x P/E to adjusted EPS of $2.99, the base-case value is $44.91 per share. DDM cross-check: $22.69.

Warnings

The company's reported profits differ from official accounting profits by 170%. Check what costs are being left out of the adjusted number.
The company pays out 123% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Dividend-based valuation: $22.69 (below our primary estimate by 49%). Large gaps may signal the dividend doesn't reflect full earning power.

Key Risks

  • Growth DCF inappropriate — terminal value assumptions dominate
  • EV/EBITDA misleading for regulated businesses where capex is mandated
  • Regulatory risk is a fat tail not visible in normal multiples