Intrinsic value of Steelcase - SCS

Previous Close

$12.95

  Intrinsic Value

$17.98

stock screener

  Rating & Target

buy

+39%

  Value-price divergence*

+2%

Previous close

$12.95

 
Intrinsic value

$17.98

 
Up/down potential

+39%

 
Rating

buy

 
Value-price divergence*

+2%

*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 1.5

 

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
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  3,032
  3,117
  3,211
  3,314
  3,427
  3,549
  3,680
  3,821
  3,972
  4,133
  4,304
  4,487
  4,680
  4,885
  5,102
  5,331
  5,574
  5,830
  6,100
  6,384
  6,685
  7,001
  7,334
  7,685
  8,054
  8,443
  8,852
  9,282
  9,734
  10,209
  10,709
Variable operating expenses, $m
 
  2,939
  3,027
  3,124
  3,230
  3,345
  3,468
  3,601
  3,742
  3,893
  4,055
  4,215
  4,397
  4,589
  4,793
  5,008
  5,236
  5,477
  5,730
  5,998
  6,280
  6,577
  6,890
  7,220
  7,567
  7,932
  8,316
  8,720
  9,145
  9,592
  10,061
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
  2,939
  3,027
  3,124
  3,230
  3,345
  3,468
  3,601
  3,742
  3,893
  4,055
  4,215
  4,397
  4,589
  4,793
  5,008
  5,236
  5,477
  5,730
  5,998
  6,280
  6,577
  6,890
  7,220
  7,567
  7,932
  8,316
  8,720
  9,145
  9,592
  10,061
Operating income, $m
  200
  178
  184
  190
  197
  204
  212
  221
  230
  239
  250
  272
  283
  296
  309
  323
  337
  353
  369
  386
  405
  424
  444
  465
  488
  511
  536
  562
  589
  618
  648
EBITDA, $m
  260
  232
  239
  247
  255
  264
  274
  285
  296
  308
  321
  334
  349
  364
  380
  397
  415
  434
  455
  476
  498
  522
  547
  573
  600
  629
  660
  692
  725
  761
  798
Interest expense (income), $m
  17
  17
  18
  20
  22
  24
  27
  29
  32
  35
  38
  41
  45
  48
  52
  57
  61
  66
  71
  76
  81
  87
  93
  99
  106
  113
  121
  129
  137
  146
  155
Earnings before tax, $m
  196
  161
  165
  170
  175
  180
  185
  191
  198
  205
  212
  230
  239
  247
  256
  266
  276
  287
  299
  311
  323
  337
  351
  366
  381
  398
  415
  433
  452
  472
  494
Tax expense, $m
  71
  44
  45
  46
  47
  49
  50
  52
  53
  55
  57
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  133
Net income, $m
  125
  118
  121
  124
  127
  131
  135
  140
  144
  149
  155
  168
  174
  180
  187
  194
  202
  210
  218
  227
  236
  246
  256
  267
  278
  290
  303
  316
  330
  345
  360

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
  1,564
  1,611
  1,663
  1,719
  1,781
  1,847
  1,917
  1,993
  2,074
  2,160
  2,251
  2,348
  2,451
  2,560
  2,675
  2,797
  2,925
  3,061
  3,203
  3,354
  3,513
  3,680
  3,856
  4,041
  4,236
  4,441
  4,657
  4,884
  5,123
  5,374
Adjusted assets (=assets-cash), $m
  1,521
  1,564
  1,611
  1,663
  1,719
  1,781
  1,847
  1,917
  1,993
  2,074
  2,160
  2,251
  2,348
  2,451
  2,560
  2,675
  2,797
  2,925
  3,061
  3,203
  3,354
  3,513
  3,680
  3,856
  4,041
  4,236
  4,441
  4,657
  4,884
  5,123
  5,374
Revenue / Adjusted assets
  1.993
  1.993
  1.993
  1.993
  1.994
  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
Average production assets, $m
  425
  436
  450
  464
  480
  497
  515
  535
  556
  579
  603
  628
  655
  684
  714
  746
  780
  816
  854
  894
  936
  980
  1,027
  1,076
  1,128
  1,182
  1,239
  1,299
  1,363
  1,429
  1,499
Working capital, $m
  296
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
  92
  96
Total debt, $m
  297
  323
  355
  390
  427
  469
  513
  560
  611
  666
  723
  785
  850
  919
  992
  1,070
  1,151
  1,238
  1,329
  1,425
  1,526
  1,633
  1,745
  1,863
  1,988
  2,119
  2,257
  2,402
  2,554
  2,714
  2,883
Total liabilities, $m
  1,026
  1,051
  1,083
  1,118
  1,155
  1,197
  1,241
  1,288
  1,339
  1,394
  1,451
  1,513
  1,578
  1,647
  1,720
  1,798
  1,879
  1,966
  2,057
  2,153
  2,254
  2,361
  2,473
  2,591
  2,716
  2,847
  2,985
  3,130
  3,282
  3,442
  3,611
Total equity, $m
  767
  513
  528
  545
  564
  584
  606
  629
  654
  680
  708
  738
  770
  804
  840
  877
  917
  959
  1,004
  1,051
  1,100
  1,152
  1,207
  1,265
  1,326
  1,390
  1,457
  1,528
  1,602
  1,680
  1,763
Total liabilities and equity, $m
  1,793
  1,564
  1,611
  1,663
  1,719
  1,781
  1,847
  1,917
  1,993
  2,074
  2,159
  2,251
  2,348
  2,451
  2,560
  2,675
  2,796
  2,925
  3,061
  3,204
  3,354
  3,513
  3,680
  3,856
  4,042
  4,237
  4,442
  4,658
  4,884
  5,122
  5,374
Debt-to-equity ratio
  0.387
  0.630
  0.670
  0.710
  0.760
  0.800
  0.850
  0.890
  0.940
  0.980
  1.020
  1.060
  1.100
  1.140
  1.180
  1.220
  1.260
  1.290
  1.320
  1.360
  1.390
  1.420
  1.450
  1.470
  1.500
  1.520
  1.550
  1.570
  1.590
  1.620
  1.640
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
  118
  121
  124
  127
  131
  135
  140
  144
  149
  155
  168
  174
  180
  187
  194
  202
  210
  218
  227
  236
  246
  256
  267
  278
  290
  303
  316
  330
  345
  360
Depreciation, amort., depletion, $m
  60
  54
  56
  57
  59
  60
  62
  64
  66
  69
  71
  63
  66
  68
  71
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  150
Funds from operations, $m
  119
  172
  176
  181
  186
  192
  198
  204
  211
  218
  226
  231
  240
  249
  259
  269
  280
  291
  303
  316
  330
  344
  359
  375
  391
  409
  427
  446
  466
  488
  510
Change in working capital, $m
  -52
  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
  4
Cash from operations, $m
  171
  171
  175
  180
  185
  190
  196
  203
  209
  216
  224
  229
  238
  247
  257
  267
  278
  289
  301
  314
  327
  341
  356
  371
  388
  405
  423
  442
  462
  483
  506
Maintenance CAPEX, $m
  0
  -43
  -44
  -45
  -46
  -48
  -50
  -52
  -53
  -56
  -58
  -60
  -63
  -66
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
New CAPEX, $m
  -61
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
Cash from investing activities, $m
  -48
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -74
  -79
  -82
  -86
  -90
  -95
  -98
  -103
  -109
  -114
  -120
  -125
  -131
  -138
  -145
  -152
  -160
  -167
  -175
  -184
  -193
  -203
  -213
Free cash flow, $m
  123
  117
  119
  121
  123
  125
  128
  131
  135
  138
  142
  144
  148
  153
  158
  163
  169
  175
  182
  188
  196
  203
  211
  220
  229
  238
  248
  258
  269
  281
  293
Issuance/(repayment) of debt, $m
  -2
  29
  32
  35
  38
  41
  44
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  107
  112
  118
  125
  131
  138
  145
  152
  160
  169
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
  29
  32
  35
  38
  41
  44
  48
  51
  54
  58
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  107
  112
  118
  125
  131
  138
  145
  152
  160
  169
Total cash flow (excl. dividends), $m
  74
  146
  150
  155
  161
  167
  173
  179
  186
  193
  200
  205
  213
  222
  231
  241
  251
  261
  273
  284
  297
  310
  324
  338
  353
  369
  386
  403
  422
  441
  461
Retained Cash Flow (-), $m
  -30
  -14
  -15
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
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
  135
  138
  142
  146
  151
  156
  161
  166
  172
  175
  181
  188
  195
  203
  211
  219
  228
  238
  247
  258
  269
  280
  292
  305
  318
  332
  347
  363
  379
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
 
  384
  123
  121
  117
  114
  110
  105
  100
  95
  90
  83
  77
  72
  66
  60
  54
  48
  42
  37
  31
  27
  22
  18
  15
  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. designs, manufactures, and distributes an integrated portfolio of furniture settings, user-centered technologies, and interior architectural products. The company operates through Americas, EMEA, and Other Category segments. Its furniture systems portfolio comprises panel-based and freestanding furniture systems; and complementary products, such as storage, tables, and ergonomic worktools. The company’s seating products include ergonomic chairs; seating for collaborative or casual settings; and specialty seating for specific vertical markets, such as healthcare and education. Its interior architectural products consist of full and partial height walls and doors. The company also manufactures and sells surface materials consisting of textiles and wall coverings to architects and designers; and ceramic steel surfaces primarily for third-party fabricators and distributors to create static whiteboards and chalkboards. In addition, it provides workplace strategy consulting, lease origination, furniture and asset management, and hosted space services. The company markets its products to corporate, government, healthcare, education, and retail customers under the Steelcase, Coalesse, Designtex, PolyVision, and Turnstone brands. It distributes its products and services through a network of independent and company-owned dealers, as well as directly to end-use customers. Steelcase Inc. was founded in 1912 and is headquartered in Grand Rapids, Michigan.

FINANCIAL RATIOS  of  Steelcase (SCS)

Valuation Ratios
P/E Ratio 12.2
Price to Sales 0.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 13.8
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 2.8% 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 10 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 114.373 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 $1.5 billion.

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COMPANY NEWS

▶ 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]
▶ Steelcase posts 4Q profit   [Mar-21-17 04:17PM  Associated Press]
▶ 6 High-Dividend Picks For The Careful Income Investor   [Mar-07-17 10:27AM  at Forbes]
Stock chart of SCS 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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