TEMPUR SEALY $47.05 (New York symbol TPX; TSINetwork Rating: Speculative) (800-878-8889; www.tempursealy.com; Shares outstanding: 60.4 million; Market cap: $2.8 billion; No dividends paid) is the new name of Tempur-Pedic after its March 2013 purchase of rival Sealy Corp. for $1.3 billion.
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In the quarter ended September 30, 2013, Tempur Sealy’s revenue rose 1.5%, to $390.1 million from $384.4 million a year earlier. Sealy’s contribution was the main reason for the rise. Excluding one-time items, earnings per share gained 4.3%, to $0.73 from $0.70. That beat the consensus estimate of $0.69.
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The company’s long-term prospects are sound, and the Sealy purchase is a positive. However, the stock now trades at a somewhat high 20.9 times Tempur Sealy’s forecast 2013 earnings of $2.25 a share. In addition, while the Sealy acquisition should pay off, a major acquisition like this can always come with hidden problems.
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Tempur Sealy is a hold.
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