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Rocky Brands quietly posted a very strong FY 2020 showcased by strong EPS growth despite the pandemic.
On March 15, 2021, RCKY completed its $230 million acquisition of Honeywell's footwear business. They paid only 9.4X FY 2020 Adj. EBITDA and 1.12X sales.
I love this acquisition and am modeling pro-forma FY 2021 EPS of $4.86 for RCKY (annualized earnings adjusted for the Honeywell business). My 12-month price target is $73.