Herman Miller: B2C Transformation With New Acquisition Will Reward Patient Investors
- Herman Miller’s consumer furniture business has the potential to grow to half a billion dollars in revenues, with recent purchase of North America's largest high-end retailer of modern furnishings.
- The core office furniture business’ future prospects are promising, and Herman Miller has shown its ability to navigate challenging periods in the industry's history.
- Estimated 80% upside within three years based on target price derived from five-year historical mid-point EV/EBITDA multiple if management meets fiscal 2017 targets.
- Potential catalysts include expansion of distribution channels and major acquisitions for consumer furniture business.