Tempur Sealy (TPX) October 2016 Research Analysis

October 2016 equity research report on Tempur Sealy (TPX) analyzing the company's September 27 guidance revision that reduced FY2016 revenue and EBITDA targets. The analysis highlights improving EBITDA margins despite revenue pressure, potential Sealy goodwill impairment risks of $2.00-$4.50 per share, and strategic implications of the Steinhoff acquisition of Mattress Firm (TPX's largest customer at 25% of sales).