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In a regulatory filing, UFP Industries CEO Matthew Missad disclosed the sale of 10,000 common shares of the company on March 16 at a price of $79.03 per share.
Caesarstone announced that Yosef Shiran has been appointed as its CEO. Shiran, who previously served as Caesarstone's CEO from 2009 to 2016, will reassume the role on March 16. Following Shiran's appointment, Yuval Dagim, the current CEO, will step down and assist in ensuring business continuity and a transition.
HNI Corporation (HNI) and Kimball International (KBAL) announced that they have entered into a definitive agreement under which HNI will acquire all the outstanding shares of Kimball International in a cash and stock transaction valued at approximately $485M. Under the terms of the agreement, Kimball International shareholders will receive $9.00 in cash and 0.1301 shares of HNI common stock for each share of Kimball International common stock they own. As a result of the transaction, Kimball International shareholders will own approximately 10% of the combined company. Following the close of the transaction, the combined company will continue to be led by Jeff Lorenger, HNI's Chairman, President, and Chief Executive Officer. Juster will remain in her current role with Kimball International until the closing to ensure a seamless transition. The combined company will have pro forma annual revenue of approximately $3.1 billion and pro forma adjusted EBITDA of approximately $290 million, inclusive of annual run-rate synergies, based on each company's respective last reported 12 months. The combination is expected to generate $25 million of annual run-rate cost synergies within three years of closing. Based on HNI's closing share price as of March 7, 2023, the last day prior to today's announcement, the total implied per share consideration equals $12.90, representing a premium on Kimball International's 30-day VWAP of 81%. The consideration implies a valuation multiple of approximately 6.8x calendar year 2022 adjusted EBITDA, inclusive of synergies. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close by mid-2023, subject to the approval of Kimball International shareholders, the receipt of required regulatory approval, and the satisfaction of other customary closing conditions.
RBC Capital analyst Mike Dahl raised the firm's price target on Builders FirstSource to $78 from $67 but keeps a Sector Perform rating on the shares after its Q4 earnings beat and guidance. The analyst is boosting the firm's FY23 adjusted EBITDA view by 8% while noting that stronger higher commodity margins should hang around a bit longer. The firm adds however that a neutral stance is warranted by its more cautious views on housing and risks around margin sustainability, though these are largely balanced out by the "robust" free cash flow deployment at Builders FirstSource.
DA Davidson analyst Kurt Yinger raised the firm's price target on Builders FirstSource to $80 from $68 and keeps a Neutral rating on the shares. The company reported another "strong quarter", the analyst tells investors in a research note, with the firm also citing increased confidence in forecasts, capital deployment optionality, and more credit given to Builders FirstSource's "position of strength". DA Davidson further notes that the expectations for continued strong free cash flow generation of over $1B support additional capital deployment optionality.
