TANDY LEATHER FACTORY INC (TLF)

Leather & Leather Products

Latest Price

$2.62

TTM P/E

Normalized P/E

6.93

Div Yield

Book Value

5.78

P/B Ratio

0.45

Valuation metrics

EPS: $1.10

Book value / share: $6.51

Formula: √(22.5 × EPS × BVPS)

Graham Number

$12.70

+385% upside

Norm. op. income: $628,000 (median of 7yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$2.58

1% downside

Base FCF: $2M (median of recent 5yr)

Growth: -15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$3.12

+19% upside

EPS: $1.10

Target P/E: 7×

Formula: EPS × P/E

P/E Fair Value

$7.70

+194% upside

57.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Bandera Partners LLC	2.86M	$6.0M	34.89%	--	2026-06-30
JCP Investment Management, LLC	876.1K	$2.0M	10.69%	--	2026-06-30
FIRST FOUNDATION ADVISORS	224.3K	--	2.74%	--	2026-06-30
Brooklands Fund Management Ltd	215.7K	--	2.63%	+10.0K	2026-06-30
Value Investment Professionals, LLC	183.9K	--	2.25%	--	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	144.4K	--	1.76%	+13.0K	2026-06-30
MONEY CONCEPTS CAPITAL CORP	80.6K	--	0.98%	--	2026-06-30
RENAISSANCE TECHNOLOGIES LLC	26.9K	--	0.33%	+10.2K	2026-06-30
VANGUARD FIDUCIARY TRUST CO	25.6K	--	0.31%	-2.3K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	25.2K	--	0.31%	+10.6K	2026-06-30