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HVT - Bassett: Special Dividend On Strong Sales And Orders
Haverty Furniture Companies Inc.
$0.25 special dividend announced on Dec. 4.
Wholesale orders and shipments increased YoY by 26% and 9%, respectively.
Record backlog levels, strong cash balance of $4.82/share (27% of the current stock price), and 9.4% FCF yield on FY21.
Bassett continues to be a beneficiary of the housing surge; a pure-housing play.
We wrote about this stock in early September and it is up almost 50%. We predict, given the strong valuation metrics, that it will go up a further 50%.