HOFT - Hooker Furniture: 13% FCF Yield 7.3x P/E And 22% Net Cash

• We see Hooker Furniture having a total return potential of 47% [in the past, Hooker Furniture has gone up 62% since we initiated coverage].
• This stock is relatively inexpensive trading at 7.3x ex-cash P/E.
• The company has ample net cash, representing 22% of the market cap.
• Their HMI division has record backlog and orders, which have been subdued in light of the ongoing and temporary supply chain disruptions.
• Housing market is strong with legs till FY23, with markets witnessing biddings war and demand outstripping supply.

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