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LEGGETT & PLATT, INCORPORATED

(LEG)
  Report
Delayed Nyse  -  04:00 2022-12-02 pm EST
35.31 USD   -1.20%
11/21Leggett & Platt Inc : Change in Directors or Principal Officers (form 8-K)
AQ
11/21Leggett & Platt, Incorporated Announces Retirement of Judy C. Odom as Director
CI
11/18Leggett & Platt Maintains Quarterly Dividend at $0.44/Share, Payable Jan. 13 to Shareholders as of Dec. 15
MT
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Leggett & Platt Incorporated : Company Update August 2022

08/11/2022 | 09:28am EST

Company Update

August 2022

LEG (NYSE)

www.leggett.com

Forward-Looking Statements

Statements in this presentation, either written or oral, that are not historical in nature are "forward-looking." These

statements are identified either by their context or by use of words such as "anticipate," "believe," "estimate or E," "expect,"

"forecasted," "intend," "may," "plan," "should," "guidance" or the like and include, but are not limited to, sales, net trade sales

and growth, Company and segment volume growth, EPS, EBIT, depreciation and amortization, net interest expense, tax

rate, diluted shares, operating cash, capital expenditures, dividends, dividend growth and yield, net earnings, return on

invested capital, EBIT margins, segment EBIT margins, adjusted EBIT margins, stock repurchases, prior acquisition sales,

uses of cash, deferred income taxes, impairments, working capital, investment grade credit rating, inflationary and currency

impacts, metal margin expansion, and operating cash flow in excess of capital expenditures and dividends. All such

forward-looking statements are expressly qualified by the cautionary statements described in this provision. We do not

have, and do not undertake, any duty to update any forward-looking statement. Forward-looking statements should not be

relied upon as a prediction of actual future events or results. Any forward-looking statement reflects only the beliefs of

Leggett at the time the statement is made. All forward-looking statements are subject to risks and uncertainties which might

cause actual events or results to differ materially from the forward-looking statements. Some of these risks and

uncertainties include: the demand for our products; our ability to obtain raw materials and parts and their increased cost;

maintain appropriate labor levels and ship finished products to customers due to supply chain disruptions; our ability to

collect receivables in accordance with their terms; impairment of goodwill and long-lived assets; restructuring and related

charges; access to the commercial paper market or our ability to borrow under our credit facility; our ability to pass through

increased costs to our customers; our ability to comply with restrictive financial covenants; impacts from the COVID-19

pandemic; market conditions; disruption to our rod mill; our ability to manage working capital; antidumping and

countervailing duties; cybersecurity breaches; our information system technology failures; customer losses; price and

product competition; cost and availability of labor; fuel and energy; impacts from the Russian invasion of Ukraine; climate

change laws and regulations; ESG risks; political risks; tax law changes; foreign currency fluctuation; cash repatriation;

privacy laws; litigation risks; tariffs; and other risk factors in Leggett's most recent Form 10-K and Form 10-Q.

Market and Industry Data

Unless we indicate otherwise, we base the information concerning our markets/industry contained herein on our general

knowledge of and expectations concerning those markets/industry, on data from various industry analyses, on our internal

research, and on adjustments and assumptions that we believe to be reasonable. However, we have not independently

verified data from market/industry analyses and cannot guarantee their accuracy or completeness.

2

Leggett Distinctives

Strong balance sheet and cash flow

Disciplined use of cash

>4% dividend yield; 51 consecutive annual increases Leader in most markets; few large competitors

Opportunities for long-termgrowth

Internal initiatives + market growth + acquisitions Large addressable markets

Management has "skin in the game"

Significant stock owners; forego comp in exchange for shares Incentive comp aligned with TSR focus

3

Our Markets

Macro Market Exposure

Product Mix

Automotive

(based on 2022 estimated net trade sales)

20%

Automotive

16%

Consumer

Aerospace

Commercial/

Durables

2%

60%

Industrial

Hydraulic Cylinders

20%

2%

Bedding

Work Furniture

48%

6%

Geographic Split

(based on production)

Home Furniture

Mexico Others

8%

Canada 5%

2%

5%

China

Flooring & Textiles

18%

11%

Europe

U.S.

12%

65%

4

% of 2022e net trade sales

Specialized

Bedding

20%

48%

Furniture,

Segments

Flooring & Textile

32%

Bedding Products

  • Mattress springs
  • Private label finished mattresses, mattress toppers, pillows
  • Specialty bedding foams
  • Foundations
  • Adjustable beds
  • Drawn steel wire
  • Steel rod
  • Quilting & sewing machinery for bedding mfg.
  • Mattress packaging and glue-drying equipment

Specialized Products

Automotive

Auto seat support & lumbar systems

Motors, actuators & cables

Aerospace

Tubing

Tube assemblies Flexible joints

Hydraulic Cylinders

Hydraulic cylinders primarily for material handling, transportation & construction equipment

Furniture, Flooring &

Textile Products

Home Furniture

Recliner mechanisms

Seating and sofa sleeper components

Work Furniture

Chair controls, bases, frames Private label finished seating

Flooring & Textiles

Flooring underlayment Textile converting

Geo components

5

Slide intentionally blank

6

Long Term

Value Creation

Total Shareholder Return

SOURCES

Revenue

Margin

Dividend

Stock

Growth

Improvement

Yield

Buybacks

Target:

Target:

Payout target:

With available cash

6-9% annually

11.5-12.5%

~50% of earnings

Total Shareholder Return = (∆ Stock Price + Dividends) / Initial Price

8

Growth Framework

1

2

3

6-9%

Increasing

Expanding

Identifying

Average Annual

Content

Addressable

Strategic

and New

Markets

Acquisitions

Revenue Growth

Programs

Organic + Acquisition

9

U.S. Bedding Market Overview

Finished Mattresses &

$9B

$1B

$1B

Foundations at Wholesale

APPROXIMATE

Addressable Market

MARKET SIZE

~$11B

SEGMENT

MATTRESSES

ADJUSTABLE

STATIC

FOUNDATIONS

FOUNDATIONS

COMPETITORS

Innerspring maker-users and foam component suppliers

Importers of innersprings, finished mattresses

and adjustable foundations

Private label mattress manufacturers,

primarily all foam

Source: ISPA, internal analysis

10

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Leggett & Platt Inc. published this content on 11 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2022 13:26:04 UTC.


ę Publicnow 2022
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Analyst Recommendations on LEGGETT & PLATT, INCORPORATED
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Financials (USD)
Sales 2022 5 184 M - -
Net income 2022 323 M - -
Net Debt 2022 1 809 M - -
P/E ratio 2022 14,9x
Yield 2022 4,87%
Capitalization 4 681 M 4 681 M -
EV / Sales 2022 1,25x
EV / Sales 2023 1,25x
Nbr of Employees 20 300
Free-Float 66,0%
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Technical analysis trends LEGGETT & PLATT, INCORPORATED
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 4
Last Close Price 35,31 $
Average target price 35,67 $
Spread / Average Target 1,01%
EPS Revisions
Managers and Directors
J. Mitchell Dolloff President, Chief Executive Officer & Director
Jeffrey L. Tate Chief Financial Officer & Executive Vice President
Karl G. Glassman Executive Chairman
Michael W. Blinzler Chief Information Officer & Vice President-IT
Vincent Lyons Vice President-Engineering & Technology
Sector and Competitors