Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<div><ul><li>MLKN reported 2QFY26 ongoing EPS of $0.43 versus $0.55 in 2QFY25, down 21.8%, but above FactSet consensus of $0.41, which was also our estimate.</li><li>Sales handily beat expectations once again, coming in at $955.2MM versus $970.4MM in 2QFY25, down 1.2%, but above our estimate of $941.5MM and the FactSet range of $941-947MM, although within management’s wide range of $926-966MM given last quarter.</li><li>North America contract sales declined 3.1% to $508MM, above our $498.5MM estimate, while Global Retail increased 4.7% to $275.8MM, above our $269.9MM estimate.</li></ul></div>

MLKN reported 2QFY26 ongoing EPS of $0.43 versus $0.55 in 2QFY25, down 21.8%, but above FactSet consensus of $0.41, which was also our estimate.Sales handily beat expectations once again, coming in at $955.2MM versus $970.4MM in 2QFY25, down 1.2%, but above our estimate of $941.5MM and the FactSet range of $941-947MM, although within management’s wide range of $926-966MM given last quarter.North America contract sales declined 3.1% to $508MM, above our $498.5MM estimate, while Global Retail increased 4.7% to $275.8MM, above our $269.9MM estimate.

MLKN: Another Top-Line-Driven Beat; Raising Estimates

MillerKnoll

MLKN: Another Top-Line-Driven Beat; Raising Estimates