LL - LL Flooring Holdings: May Have Longer-Term Value Despite Currently Facing Margin Pressure

• LL Flooring looks like it may be able to deliver a modest amount of comparable store sales growth compared to 2019 levels.
• The $1.5 billion revenue target for 2024 appears to be a stretch given the current environment.
• $1.4 billion may be attainable with a combination of store openings and low-single digits comps growth.
• LL Flooring is also facing adjusted operating margin pressure due to cost inflation.
• It will likely be treading water for now but could be worth around $20 in a couple years if some of the economic and inflationary pressures ease.

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