Steelcase, Inc. (NYSE:SCS)
CAPS Rating:
The Company is a designer, marketer and manufacturer of office furniture and complimentary products and services.
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The Company is a designer, marketer and manufacturer of office furniture and complimentary products and services.
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Steelcase are going through layoffs and reduction of costs in order to improve their profitability. Apart from that, it appears they have a solid business plan and continual improvement of product line.
On the financial, they have loads of cash, about 55% debt, revenues are 6 times the SCS market value, and the stock will pay a total dividend of 7% in 2009. Market value is currently below net equity although there are 277M$ of goodwill that may offset that.
In the last market downturn in 2002-2003 the stock didn't go below 8.5 $. In 2006-2007 it went around the 15 $ area.