Intrinsic value of Steelcase - SCS

Previous Close

$14.20

  Intrinsic Value

$17.43

stock screener

  Rating & Target

buy

+23%

Previous close

$14.20

 
Intrinsic value

$17.43

 
Up/down potential

+23%

 
Rating

buy

We calculate the intrinsic value of SCS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.92
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  3,032
  3,105
  3,187
  3,280
  3,381
  3,493
  3,614
  3,745
  3,885
  4,036
  4,197
  4,369
  4,552
  4,746
  4,952
  5,170
  5,401
  5,645
  5,903
  6,175
  6,462
  6,764
  7,083
  7,419
  7,773
  8,146
  8,538
  8,951
  9,384
  9,841
  10,321
Variable operating expenses, $m
 
  2,928
  3,005
  3,092
  3,187
  3,292
  3,406
  3,529
  3,661
  3,802
  3,954
  4,105
  4,276
  4,459
  4,652
  4,857
  5,074
  5,303
  5,545
  5,801
  6,071
  6,355
  6,655
  6,970
  7,303
  7,653
  8,021
  8,409
  8,816
  9,245
  9,696
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,832
  2,928
  3,005
  3,092
  3,187
  3,292
  3,406
  3,529
  3,661
  3,802
  3,954
  4,105
  4,276
  4,459
  4,652
  4,857
  5,074
  5,303
  5,545
  5,801
  6,071
  6,355
  6,655
  6,970
  7,303
  7,653
  8,021
  8,409
  8,816
  9,245
  9,696
Operating income, $m
  200
  177
  182
  188
  194
  201
  208
  216
  224
  234
  243
  264
  276
  287
  300
  313
  327
  342
  357
  374
  391
  409
  429
  449
  471
  493
  517
  542
  568
  596
  625
EBITDA, $m
  260
  237
  243
  250
  258
  266
  276
  286
  296
  308
  320
  333
  347
  362
  378
  394
  412
  430
  450
  471
  493
  516
  540
  566
  593
  621
  651
  683
  716
  750
  787
Interest expense (income), $m
  17
  17
  18
  20
  22
  23
  26
  28
  30
  33
  36
  39
  42
  46
  50
  54
  58
  62
  67
  72
  77
  83
  89
  95
  101
  108
  115
  123
  131
  139
  148
Earnings before tax, $m
  196
  160
  164
  168
  172
  177
  182
  188
  194
  200
  207
  225
  233
  241
  250
  259
  269
  279
  290
  302
  314
  327
  340
  354
  369
  385
  402
  419
  438
  457
  477
Tax expense, $m
  71
  43
  44
  45
  47
  48
  49
  51
  52
  54
  56
  61
  63
  65
  68
  70
  73
  75
  78
  81
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  129
Net income, $m
  125
  117
  120
  123
  126
  129
  133
  137
  142
  146
  151
  164
  170
  176
  183
  189
  196
  204
  212
  220
  229
  239
  248
  259
  270
  281
  293
  306
  319
  333
  348

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  271
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,792
  1,558
  1,599
  1,646
  1,697
  1,753
  1,813
  1,879
  1,949
  2,025
  2,106
  2,192
  2,284
  2,381
  2,485
  2,594
  2,710
  2,832
  2,962
  3,098
  3,242
  3,394
  3,554
  3,723
  3,900
  4,087
  4,284
  4,491
  4,709
  4,938
  5,179
Adjusted assets (=assets-cash), $m
  1,521
  1,558
  1,599
  1,646
  1,697
  1,753
  1,813
  1,879
  1,949
  2,025
  2,106
  2,192
  2,284
  2,381
  2,485
  2,594
  2,710
  2,832
  2,962
  3,098
  3,242
  3,394
  3,554
  3,723
  3,900
  4,087
  4,284
  4,491
  4,709
  4,938
  5,179
Revenue / Adjusted assets
  1.993
  1.993
  1.993
  1.993
  1.992
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
  1.993
Average production assets, $m
  425
  435
  446
  459
  473
  489
  506
  524
  544
  565
  588
  612
  637
  664
  693
  724
  756
  790
  826
  864
  905
  947
  992
  1,039
  1,088
  1,140
  1,195
  1,253
  1,314
  1,378
  1,445
Working capital, $m
  296
  28
  29
  30
  30
  31
  33
  34
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  81
  84
  89
  93
Total debt, $m
  297
  319
  347
  378
  412
  450
  491
  535
  582
  633
  687
  745
  807
  872
  942
  1,015
  1,093
  1,175
  1,262
  1,354
  1,451
  1,553
  1,660
  1,774
  1,893
  2,019
  2,151
  2,290
  2,436
  2,590
  2,752
Total liabilities, $m
  1,026
  1,047
  1,075
  1,106
  1,140
  1,178
  1,219
  1,263
  1,310
  1,361
  1,415
  1,473
  1,535
  1,600
  1,670
  1,743
  1,821
  1,903
  1,990
  2,082
  2,179
  2,281
  2,388
  2,502
  2,621
  2,747
  2,879
  3,018
  3,164
  3,318
  3,480
Total equity, $m
  767
  511
  525
  540
  556
  575
  595
  616
  639
  664
  691
  719
  749
  781
  815
  851
  889
  929
  971
  1,016
  1,063
  1,113
  1,166
  1,221
  1,279
  1,341
  1,405
  1,473
  1,544
  1,620
  1,699
Total liabilities and equity, $m
  1,793
  1,558
  1,600
  1,646
  1,696
  1,753
  1,814
  1,879
  1,949
  2,025
  2,106
  2,192
  2,284
  2,381
  2,485
  2,594
  2,710
  2,832
  2,961
  3,098
  3,242
  3,394
  3,554
  3,723
  3,900
  4,088
  4,284
  4,491
  4,708
  4,938
  5,179
Debt-to-equity ratio
  0.387
  0.620
  0.660
  0.700
  0.740
  0.780
  0.820
  0.870
  0.910
  0.950
  0.990
  1.040
  1.080
  1.120
  1.160
  1.190
  1.230
  1.270
  1.300
  1.330
  1.360
  1.390
  1.420
  1.450
  1.480
  1.510
  1.530
  1.550
  1.580
  1.600
  1.620
Adjusted equity ratio
  0.326
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  125
  117
  120
  123
  126
  129
  133
  137
  142
  146
  151
  164
  170
  176
  183
  189
  196
  204
  212
  220
  229
  239
  248
  259
  270
  281
  293
  306
  319
  333
  348
Depreciation, amort., depletion, $m
  60
  60
  61
  62
  64
  66
  68
  70
  72
  74
  77
  69
  72
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  148
  155
  162
Funds from operations, $m
  119
  177
  181
  185
  190
  195
  201
  207
  213
  220
  228
  233
  242
  251
  260
  271
  281
  293
  305
  317
  331
  345
  360
  375
  392
  409
  428
  447
  467
  488
  511
Change in working capital, $m
  -52
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  171
  176
  180
  184
  189
  194
  200
  206
  212
  219
  227
  232
  240
  249
  259
  269
  279
  291
  302
  315
  328
  342
  357
  372
  389
  406
  424
  443
  463
  484
  506
Maintenance CAPEX, $m
  0
  -48
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -141
  -148
  -155
New CAPEX, $m
  -61
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
Cash from investing activities, $m
  -48
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -167
  -174
  -183
  -192
  -202
  -212
  -222
Free cash flow, $m
  123
  119
  119
  121
  123
  125
  128
  131
  134
  137
  141
  142
  146
  150
  155
  160
  166
  171
  178
  184
  191
  198
  206
  214
  223
  232
  241
  251
  262
  273
  284
Issuance/(repayment) of debt, $m
  -2
  25
  28
  31
  34
  38
  41
  44
  47
  51
  54
  58
  62
  65
  69
  74
  78
  82
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
  154
  162
Issuance/(repurchase) of shares, $m
  -48
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -47
  25
  28
  31
  34
  38
  41
  44
  47
  51
  54
  58
  62
  65
  69
  74
  78
  82
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
  154
  162
Total cash flow (excl. dividends), $m
  74
  143
  147
  152
  157
  163
  169
  175
  181
  188
  195
  199
  207
  216
  225
  234
  243
  254
  264
  276
  288
  300
  313
  327
  342
  357
  373
  390
  408
  427
  446
Retained Cash Flow (-), $m
  -30
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -71
  -75
  -79
Prev. year cash balance distribution, $m
 
  268
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  400
  134
  137
  141
  144
  149
  153
  158
  163
  168
  171
  177
  184
  191
  198
  205
  214
  222
  231
  240
  250
  261
  272
  284
  296
  309
  322
  336
  351
  367
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  383
  122
  119
  116
  112
  108
  103
  99
  94
  88
  81
  76
  70
  64
  58
  52
  46
  41
  36
  31
  26
  22
  18
  14
  12
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Steelcase Inc. provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company's segments include Americas, EMEA and Other Category. The Company's furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools. Its seating products include task chairs, which are ergonomic seating that can be used in collaborative or casual settings and specialty seating for specific vertical markets, such as healthcare and education. Its technology solutions support group collaboration by integrating furniture and technology. Its interior architectural products include full and partial height walls and doors. It also offers services, which include workplace strategy consulting, lease origination services, furniture and asset management and hosted spaces. Its family of brands includes Steelcase, Coalesse, Designtex, PolyVision and Turnstone.

FINANCIAL RATIOS  of  Steelcase (SCS)

Valuation Ratios
P/E Ratio 13.3
Price to Sales 0.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 15.1
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.4%
Cap. Spend. - 3 Yr. Gr. Rate -6.9%
Financial Strength
Quick Ratio 90
Current Ratio 0.1
LT Debt to Equity 38.3%
Total Debt to Equity 38.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 11.9%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 16.6%
Return On Equity - 3 Yr. Avg. 17.9%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 33.5%
Gross Margin - 3 Yr. Avg. 32.3%
EBITDA Margin 9%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 5.6%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 4.2%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 25.4%
Payout Ratio 47.2%

SCS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCS stock intrinsic value calculation we used $3032 million for the last fiscal year's total revenue generated by Steelcase. The default revenue input number comes from 2017 income statement of Steelcase. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SCS stock valuation model: a) initial revenue growth rate of 2.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for SCS is calculated based on our internal credit rating of Steelcase, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Steelcase.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SCS stock the variable cost ratio is equal to 94.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SCS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.7% for Steelcase.

Corporate tax rate of 27% is the nominal tax rate for Steelcase. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SCS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SCS are equal to 14%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Steelcase operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SCS is equal to 0.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $767 million for Steelcase - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 116.129 million for Steelcase is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Steelcase at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ 12 Stocks To Buy To Keep The Gains Going In 2018   [Dec-10-17 07:15PM  Forbes]
▶ Steelcase Reports Preliminary Third Quarter Results   [Dec-07-17 04:05PM  GlobeNewswire]
▶ Steelcase to Webcast Third Quarter Conference Call   [Nov-30-17 11:00AM  GlobeNewswire]
▶ Steelcase CEO on using AI in factories and addressing the skill gap   [Nov-17-17 03:43PM  Yahoo Finance Video]
▶ ETFs with exposure to Steelcase, Inc. : October 9, 2017   [Oct-09-17 12:01PM  Capital Cube]
▶ 3 High-Yield Stocks to Own for the 21st Century   [Oct-06-17 08:11PM  Motley Fool]
▶ New Ford Chief Is Ready to Start Tinkering Under the Hood   [12:12AM  The Wall Street Journal]
▶ New Ford Chief Is Ready to Start Tinkering   [Sep-30-17 09:19AM  The Wall Street Journal]
▶ Company News For Sep 20, 2017   [Sep-20-17 10:43AM  Zacks]
▶ Steelcase posts 2Q profit   [Sep-18-17 07:32PM  Associated Press]
▶ Steelcase shares rise on earnings beat   [04:21PM  MarketWatch]
▶ Steelcase Reports Second Quarter Results   [04:06PM  GlobeNewswire]
▶ US and Global Markets in Green Monday   [12:47PM  GuruFocus.com]
▶ Steelcase Inc. to Webcast Second Quarter Conference Call   [Aug-29-17 11:00AM  GlobeNewswire]
▶ Ford's 2Q profit better than expected despite CEO turmoil   [Jul-26-17 01:39PM  Associated Press]
▶ Steelcase: Cramer's Top Takeaways   [Jul-14-17 06:36AM  TheStreet.com]
▶ ETFs with exposure to Steelcase, Inc. : July 10, 2017   [Jul-10-17 03:13PM  Capital Cube]
▶ Steelcase Inc. Annual Meeting of Shareholders Announced   [Jun-28-17 04:15PM  GlobeNewswire]
▶ ETFs with exposure to Steelcase, Inc. : June 27, 2017   [Jun-27-17 03:41PM  Capital Cube]
▶ Oracle, American Airlines gain; Steelcase, Accenture fall   [Jun-22-17 06:12PM  Associated Press]
▶ Why Steelcase, Inc. Stock Plunged Today   [03:50PM  Motley Fool]
▶ Story Stocks from Briefing.com   [12:19PM  Briefing.com]
▶ Steelcase posts 1Q profit   [Jun-21-17 09:22PM  Associated Press]
▶ Steelcase misses expectations   [04:20PM  CNBC Videos]
▶ Steelcase Reports First Quarter Results   [04:10PM  GlobeNewswire]
▶ Steelcase, Inc. Value Analysis (NYSE:SCS) : June 2, 2017   [Jun-02-17 03:03PM  Capital Cube]
▶ Getting to Know Ford's New CEO   [May-31-17 10:21AM  Motley Fool]
▶ Ford's changes at the top aimed at faster decision-making   [May-28-17 01:01PM  Associated Press]
▶ Ford's new CEO promises a fit _ but fun _ company   [May-23-17 04:30PM  Associated Press]
▶ Ford Names New CEO   [01:37PM  GuruFocus.com]
▶ [$$] Ford Looks to New CEO Jim Hackett For 'Tech-Savvy Energy'   [May-22-17 07:50PM  The Wall Street Journal]
Financial statements of SCS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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