Steinway: Strong Brand, Hidden Value, Multiple Catalysts
Steinway Musical Instruments (LVB) has many of the attractive elements I look for in an investment: a dominant market position in its core business, solid downside protection, hidden asset value, smart and incentivized insiders, and several foreseeable catalysts all rolled into a small-cap, underfollowed stock. I believe this $25 stock is worth ~$47 (88% upside) and that there are several probable catalysts (as early as Q3 this year) that could drive the share price closer to my estimate of intrinsic value.
Since its founding in 1853, Steinway has dominated the high margin, high ticket ($130,000+) concert piano market by...
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