Rocky Brands, Inc. (RCKY) appears to be undervalued based on several criteria. First, at its recent price range between approximately $9.00 and $9.50 per share, RCKY trades at a trailing P/E multiple of approximately 6x, compared to peers Lacrosse Footwear (BOOT) and Wolverine World Wide (WWW) trading at approximately 17x and 14x, respectively. Second, RCKY trades well below recent acquisition multiples; in mid-2011 The Timberland Company (TBL) was acquired by VF Corporation (VFC) for $43.00 per share, which implies a trailing P/E multiple of approximately 24x. Third, RCKY has a net current asset value equal to approximately $9.21 per share, which may provide some downside protection to its stock price. (Net current assets is defined as current assets, less current liabilities, and less long-term debt, and is a classic measure used by Benjamin Graham to identify undervalued assets.) Finally, a free cash flow analysis implies a long-term intrinsic value of approximately $19.00 to $22.00 per share, suggesting that RCKY may have significant upside potential.