Intrinsic value of Steelcase - SCS

Previous Close

$15.50

  Intrinsic Value

$17.02

stock screener

  Rating & Target

hold

+10%

  Value-price divergence*

+22%

Previous close

$15.50

 
Intrinsic value

$17.02

 
Up/down potential

+10%

 
Rating

hold

 
Value-price divergence*

+22%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 1.8

 

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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  3,032
  3,099
  3,176
  3,262
  3,359
  3,465
  3,581
  3,707
  3,842
  3,988
  4,144
  4,311
  4,489
  4,678
  4,878
  5,091
  5,316
  5,555
  5,806
  6,072
  6,353
  6,649
  6,961
  7,290
  7,636
  8,001
  8,385
  8,789
  9,214
  9,661
  10,132
Variable operating expenses, $m
 
  2,922
  2,994
  3,076
  3,166
  3,266
  3,375
  3,493
  3,621
  3,758
  3,904
  4,050
  4,217
  4,395
  4,583
  4,783
  4,995
  5,218
  5,455
  5,705
  5,968
  6,246
  6,540
  6,849
  7,174
  7,517
  7,877
  8,257
  8,656
  9,077
  9,518
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
  2,922
  2,994
  3,076
  3,166
  3,266
  3,375
  3,493
  3,621
  3,758
  3,904
  4,050
  4,217
  4,395
  4,583
  4,783
  4,995
  5,218
  5,455
  5,705
  5,968
  6,246
  6,540
  6,849
  7,174
  7,517
  7,877
  8,257
  8,656
  9,077
  9,518
Operating income, $m
  200
  177
  182
  187
  193
  199
  206
  214
  222
  231
  240
  261
  272
  283
  295
  308
  322
  336
  351
  368
  385
  402
  421
  441
  462
  484
  508
  532
  558
  585
  613
EBITDA, $m
  260
  236
  242
  249
  256
  264
  273
  283
  293
  304
  316
  329
  342
  357
  372
  388
  405
  424
  443
  463
  484
  507
  531
  556
  582
  610
  639
  670
  703
  737
  773
Interest expense (income), $m
  17
  17
  18
  20
  21
  23
  25
  27
  30
  32
  35
  38
  41
  45
  48
  52
  56
  61
  65
  70
  75
  81
  86
  92
  99
  105
  112
  120
  127
  136
  144
Earnings before tax, $m
  196
  160
  163
  167
  171
  176
  181
  186
  192
  198
  205
  223
  230
  238
  247
  256
  265
  276
  286
  297
  309
  322
  335
  349
  364
  379
  395
  412
  430
  449
  469
Tax expense, $m
  71
  43
  44
  45
  46
  48
  49
  50
  52
  54
  55
  60
  62
  64
  67
  69
  72
  74
  77
  80
  84
  87
  90
  94
  98
  102
  107
  111
  116
  121
  127
Net income, $m
  125
  117
  119
  122
  125
  128
  132
  136
  140
  145
  150
  163
  168
  174
  180
  187
  194
  201
  209
  217
  226
  235
  245
  255
  265
  277
  289
  301
  314
  328
  342

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
  1,555
  1,593
  1,637
  1,685
  1,739
  1,797
  1,860
  1,928
  2,001
  2,080
  2,163
  2,252
  2,347
  2,448
  2,554
  2,667
  2,787
  2,913
  3,047
  3,188
  3,336
  3,493
  3,658
  3,832
  4,015
  4,207
  4,410
  4,623
  4,848
  5,084
Adjusted assets (=assets-cash), $m
  1,521
  1,555
  1,593
  1,637
  1,685
  1,739
  1,797
  1,860
  1,928
  2,001
  2,080
  2,163
  2,252
  2,347
  2,448
  2,554
  2,667
  2,787
  2,913
  3,047
  3,188
  3,336
  3,493
  3,658
  3,832
  4,015
  4,207
  4,410
  4,623
  4,848
  5,084
Revenue / Adjusted assets
  1.993
  1.993
  1.994
  1.993
  1.993
  1.993
  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
Average production assets, $m
  425
  434
  445
  457
  470
  485
  501
  519
  538
  558
  580
  604
  628
  655
  683
  713
  744
  778
  813
  850
  889
  931
  975
  1,021
  1,069
  1,120
  1,174
  1,230
  1,290
  1,353
  1,418
Working capital, $m
  296
  28
  29
  29
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
Total debt, $m
  297
  317
  343
  372
  405
  440
  479
  522
  568
  617
  669
  726
  786
  849
  917
  989
  1,065
  1,145
  1,230
  1,319
  1,414
  1,514
  1,619
  1,730
  1,847
  1,970
  2,099
  2,235
  2,379
  2,530
  2,688
Total liabilities, $m
  1,026
  1,045
  1,071
  1,100
  1,133
  1,168
  1,207
  1,250
  1,296
  1,345
  1,397
  1,454
  1,514
  1,577
  1,645
  1,717
  1,793
  1,873
  1,958
  2,047
  2,142
  2,242
  2,347
  2,458
  2,575
  2,698
  2,827
  2,963
  3,107
  3,258
  3,416
Total equity, $m
  767
  510
  523
  537
  553
  570
  589
  610
  632
  656
  682
  710
  739
  770
  803
  838
  875
  914
  956
  999
  1,046
  1,094
  1,146
  1,200
  1,257
  1,317
  1,380
  1,446
  1,516
  1,590
  1,667
Total liabilities and equity, $m
  1,793
  1,555
  1,594
  1,637
  1,686
  1,738
  1,796
  1,860
  1,928
  2,001
  2,079
  2,164
  2,253
  2,347
  2,448
  2,555
  2,668
  2,787
  2,914
  3,046
  3,188
  3,336
  3,493
  3,658
  3,832
  4,015
  4,207
  4,409
  4,623
  4,848
  5,083
Debt-to-equity ratio
  0.387
  0.620
  0.660
  0.690
  0.730
  0.770
  0.810
  0.860
  0.900
  0.940
  0.980
  1.020
  1.060
  1.100
  1.140
  1.180
  1.220
  1.250
  1.290
  1.320
  1.350
  1.380
  1.410
  1.440
  1.470
  1.500
  1.520
  1.550
  1.570
  1.590
  1.610
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
  119
  122
  125
  128
  132
  136
  140
  145
  150
  163
  168
  174
  180
  187
  194
  201
  209
  217
  226
  235
  245
  255
  265
  277
  289
  301
  314
  328
  342
Depreciation, amort., depletion, $m
  60
  59
  61
  62
  64
  65
  67
  69
  71
  73
  76
  68
  71
  74
  77
  80
  84
  87
  91
  96
  100
  105
  109
  115
  120
  126
  132
  138
  145
  152
  159
Funds from operations, $m
  119
  176
  180
  184
  189
  194
  199
  205
  211
  218
  226
  230
  239
  248
  257
  267
  277
  289
  300
  313
  326
  340
  354
  369
  386
  403
  420
  439
  459
  480
  502
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
  3
  4
  4
  4
  4
Cash from operations, $m
  171
  176
  179
  183
  188
  193
  198
  204
  210
  217
  224
  229
  237
  246
  255
  265
  275
  286
  298
  310
  323
  337
  351
  366
  382
  399
  417
  436
  455
  476
  498
Maintenance CAPEX, $m
  0
  -48
  -49
  -50
  -51
  -53
  -55
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -96
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -152
New CAPEX, $m
  -61
  -9
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
Cash from investing activities, $m
  -48
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -85
  -88
  -93
  -97
  -102
  -107
  -112
  -117
  -122
  -128
  -135
  -141
  -149
  -155
  -163
  -171
  -180
  -189
  -198
  -208
  -218
Free cash flow, $m
  123
  119
  120
  121
  123
  125
  127
  130
  133
  136
  140
  140
  144
  149
  153
  158
  164
  169
  175
  182
  188
  196
  203
  211
  219
  228
  237
  247
  257
  268
  280
Issuance/(repayment) of debt, $m
  -2
  23
  26
  29
  33
  36
  39
  42
  46
  49
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  151
  159
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
  23
  26
  29
  33
  36
  39
  42
  46
  49
  53
  56
  60
  64
  68
  72
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  151
  159
Total cash flow (excl. dividends), $m
  74
  142
  146
  150
  156
  161
  166
  172
  179
  185
  192
  197
  204
  213
  221
  230
  240
  250
  260
  271
  283
  295
  308
  322
  336
  351
  367
  383
  401
  419
  438
Retained Cash Flow (-), $m
  -30
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -77
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
 
  399
  133
  136
  140
  143
  147
  152
  156
  161
  166
  169
  175
  181
  188
  195
  203
  211
  219
  228
  237
  247
  257
  268
  279
  291
  304
  317
  331
  346
  361
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
  115
  111
  107
  102
  98
  93
  87
  80
  75
  69
  63
  57
  51
  46
  40
  35
  30
  26
  21
  18
  14
  11
  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 14.5
Price to Sales 0.6
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 16.5
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 2.2% 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 117.829 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 $1.8 billion.

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COMPANY NEWS

▶ 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]
▶ [$$] Ford Looks to New CEO Jim Hackett For 'Tech-Savvy Energy'   [May-22-17 07:50PM  The Wall Street Journal]
▶ [$$] Ford Replaces CEO Amid Pressure on Profit, Share Price   [02:34PM  The Wall Street Journal]
▶ ETFs with exposure to Steelcase, Inc. : May 8, 2017   [May-08-17 05:11PM  Capital Cube]
▶ ETFs with exposure to Steelcase, Inc. : April 28, 2017   [Apr-28-17 04:14PM  Capital Cube]
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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