Intrinsic value of Steelcase - SCS

Previous Close

$16.53

  Intrinsic Value

$23.10

stock screener

  Rating & Target

buy

+40%

Previous close

$16.53

 
Intrinsic value

$23.10

 
Up/down potential

+40%

 
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 0001), $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 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  3,135
  3,224
  3,323
  3,430
  3,548
  3,675
  3,812
  3,959
  4,116
  4,283
  4,462
  4,651
  4,852
  5,065
  5,291
  5,529
  5,781
  6,047
  6,327
  6,623
  6,935
  7,264
  7,610
  7,974
  8,357
  8,761
  9,185
  9,632
  10,101
  10,595
Variable operating expenses, $m
  2,928
  3,010
  3,102
  3,202
  3,311
  3,429
  3,556
  3,692
  3,838
  3,993
  4,140
  4,316
  4,503
  4,700
  4,910
  5,131
  5,365
  5,611
  5,872
  6,146
  6,436
  6,741
  7,062
  7,400
  7,756
  8,130
  8,524
  8,938
  9,374
  9,832
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
  2,928
  3,010
  3,102
  3,202
  3,311
  3,429
  3,556
  3,692
  3,838
  3,993
  4,140
  4,316
  4,503
  4,700
  4,910
  5,131
  5,365
  5,611
  5,872
  6,146
  6,436
  6,741
  7,062
  7,400
  7,756
  8,130
  8,524
  8,938
  9,374
  9,832
Operating income, $m
  207
  214
  221
  229
  237
  246
  256
  267
  278
  290
  321
  335
  349
  365
  381
  398
  416
  435
  456
  477
  499
  523
  548
  574
  602
  631
  661
  694
  727
  763
EBITDA, $m
  284
  293
  302
  311
  322
  334
  346
  359
  374
  389
  405
  422
  440
  460
  480
  502
  525
  549
  574
  601
  629
  659
  691
  724
  758
  795
  834
  874
  917
  962
Interest expense (income), $m
  17
  17
  19
  21
  23
  25
  27
  30
  33
  36
  39
  42
  46
  50
  54
  58
  63
  67
  73
  78
  84
  90
  96
  102
  109
  117
  125
  133
  141
  150
  160
Earnings before tax, $m
  190
  195
  200
  206
  212
  219
  226
  234
  242
  251
  279
  289
  300
  311
  323
  336
  349
  363
  378
  393
  410
  427
  446
  465
  485
  506
  529
  552
  577
  603
Tax expense, $m
  51
  53
  54
  56
  57
  59
  61
  63
  65
  68
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
  115
  120
  125
  131
  137
  143
  149
  156
  163
Net income, $m
  139
  142
  146
  150
  155
  160
  165
  171
  177
  183
  204
  211
  219
  227
  236
  245
  255
  265
  276
  287
  299
  312
  325
  339
  354
  370
  386
  403
  421
  440

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,907
  1,961
  2,021
  2,087
  2,158
  2,235
  2,319
  2,408
  2,504
  2,605
  2,714
  2,829
  2,951
  3,081
  3,218
  3,363
  3,516
  3,678
  3,849
  4,029
  4,218
  4,418
  4,629
  4,850
  5,084
  5,329
  5,587
  5,859
  6,144
  6,445
Adjusted assets (=assets-cash), $m
  1,907
  1,961
  2,021
  2,087
  2,158
  2,235
  2,319
  2,408
  2,504
  2,605
  2,714
  2,829
  2,951
  3,081
  3,218
  3,363
  3,516
  3,678
  3,849
  4,029
  4,218
  4,418
  4,629
  4,850
  5,084
  5,329
  5,587
  5,859
  6,144
  6,445
Revenue / Adjusted assets
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
  1.644
Average production assets, $m
  511
  526
  542
  559
  578
  599
  621
  645
  671
  698
  727
  758
  791
  826
  862
  901
  942
  986
  1,031
  1,080
  1,130
  1,184
  1,240
  1,300
  1,362
  1,428
  1,497
  1,570
  1,647
  1,727
Working capital, $m
  19
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
Total debt, $m
  323
  353
  387
  424
  464
  508
  555
  605
  659
  716
  777
  842
  911
  984
  1,061
  1,143
  1,229
  1,320
  1,416
  1,517
  1,624
  1,737
  1,855
  1,980
  2,111
  2,249
  2,395
  2,548
  2,708
  2,877
Total liabilities, $m
  1,074
  1,104
  1,138
  1,175
  1,215
  1,259
  1,305
  1,356
  1,410
  1,467
  1,528
  1,593
  1,662
  1,735
  1,812
  1,893
  1,980
  2,071
  2,167
  2,268
  2,375
  2,488
  2,606
  2,731
  2,862
  3,000
  3,146
  3,298
  3,459
  3,628
Total equity, $m
  833
  857
  883
  912
  943
  977
  1,013
  1,052
  1,094
  1,139
  1,186
  1,236
  1,290
  1,346
  1,406
  1,470
  1,537
  1,607
  1,682
  1,761
  1,843
  1,931
  2,023
  2,120
  2,222
  2,329
  2,442
  2,560
  2,685
  2,816
Total liabilities and equity, $m
  1,907
  1,961
  2,021
  2,087
  2,158
  2,236
  2,318
  2,408
  2,504
  2,606
  2,714
  2,829
  2,952
  3,081
  3,218
  3,363
  3,517
  3,678
  3,849
  4,029
  4,218
  4,419
  4,629
  4,851
  5,084
  5,329
  5,588
  5,858
  6,144
  6,444
Debt-to-equity ratio
  0.390
  0.410
  0.440
  0.460
  0.490
  0.520
  0.550
  0.570
  0.600
  0.630
  0.660
  0.680
  0.710
  0.730
  0.750
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
Adjusted equity ratio
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  139
  142
  146
  150
  155
  160
  165
  171
  177
  183
  204
  211
  219
  227
  236
  245
  255
  265
  276
  287
  299
  312
  325
  339
  354
  370
  386
  403
  421
  440
Depreciation, amort., depletion, $m
  77
  79
  81
  83
  85
  87
  90
  93
  95
  99
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  143
  149
  157
  164
  172
  180
  189
  199
Funds from operations, $m
  216
  221
  227
  233
  240
  247
  255
  263
  272
  282
  287
  298
  310
  322
  335
  349
  363
  378
  394
  411
  429
  448
  468
  489
  511
  534
  558
  584
  611
  639
Change in working capital, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Cash from operations, $m
  215
  220
  226
  232
  239
  246
  254
  262
  271
  281
  286
  297
  309
  321
  334
  347
  362
  377
  393
  410
  427
  446
  466
  487
  508
  531
  556
  581
  608
  636
Maintenance CAPEX, $m
  -57
  -59
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -180
  -189
New CAPEX, $m
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -80
Cash from investing activities, $m
  -70
  -74
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -138
  -145
  -151
  -159
  -167
  -175
  -184
  -192
  -202
  -211
  -223
  -233
  -245
  -257
  -269
Free cash flow, $m
  145
  147
  150
  152
  156
  159
  163
  167
  172
  177
  177
  183
  189
  195
  202
  209
  217
  225
  234
  243
  252
  263
  273
  285
  296
  309
  322
  336
  351
  366
Issuance/(repayment) of debt, $m
  28
  30
  34
  37
  40
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  107
  113
  118
  125
  131
  138
  145
  153
  161
  169
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  28
  30
  34
  37
  40
  44
  47
  50
  54
  57
  61
  65
  69
  73
  77
  82
  86
  91
  96
  101
  107
  113
  118
  125
  131
  138
  145
  153
  161
  169
Total cash flow (excl. dividends), $m
  173
  178
  183
  189
  196
  203
  210
  217
  225
  234
  238
  247
  257
  268
  279
  291
  303
  316
  330
  344
  359
  375
  392
  409
  428
  447
  468
  489
  512
  535
Retained Cash Flow (-), $m
  -20
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -45
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
Prev. year cash balance distribution, $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 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
  153
  154
  157
  161
  165
  169
  173
  178
  184
  189
  191
  197
  204
  211
  219
  227
  236
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  370
  387
  404
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
  147
  141
  137
  132
  128
  123
  117
  111
  106
  99
  91
  84
  78
  71
  64
  58
  51
  45
  39
  34
  29
  24
  20
  16
  13
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  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 15.5
Price to Sales 0.6
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 17.6
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 $3055.5 million for the last fiscal year's total revenue generated by Steelcase. The default revenue input number comes from 0001 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 2.6% 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 93.4%.

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 5.9% 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 16.3%.

Life of production assets of 8.7 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 0.6%. 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 - $813.3 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 86.272 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 $1.4 billion.

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COMPANY NEWS

▶ Should You Think About Buying Steelcase Inc (NYSE:SCS) Now?   [Nov-07-18 12:36PM  Simply Wall St.]
▶ Is Steelcase (SCS) Stock Undervalued Right Now?   [Oct-30-18 09:10AM  Zacks]
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▶ Why Transocean, Novavax, and Steelcase Jumped Today   [Sep-21-18 04:30PM  Motley Fool]
▶ Wall Street at Record Highs   [04:18PM  GuruFocus.com]
▶ Why Shares of Steelcase Are Surging Today   [01:03PM  Motley Fool]
▶ Steelcase Stock Soars on Q2 Profit, Revenue Beat   [Sep-20-18 06:21PM  InvestorPlace]
▶ Steelcase shares rise after earnings beat   [04:40PM  MarketWatch]
▶ Steelcase: Fiscal 2Q Earnings Snapshot   [04:27PM  Associated Press]
▶ 5 Companies With Low Price-Sales Ratios   [Sep-17-18 05:40PM  GuruFocus.com]
▶ Steelcase to Webcast Second Quarter Conference Call   [Aug-30-18 11:30AM  GlobeNewswire]
▶ [$$] Fixating on productivity may be stifling creativity   [Aug-16-18 07:00AM  Financial Times]
▶ Steelcase's Revenue Remains Soft While Orders Pick Up   [Jun-21-18 02:30PM  Motley Fool]
▶ After-hours buzz: BNED, HPQ & more   [Jun-20-18 05:45PM  CNBC]
▶ Steelcase: Fiscal 1Q Earnings Snapshot   [04:35PM  Associated Press]
▶ 113-year-old Plano manufacturer acquired in $145M deal   [Jun-18-18 07:18AM  American City Business Journals]
▶ Steelcase Receives Top Accolades at Neocon 2018   [Jun-13-18 09:00AM  GlobeNewswire]
▶ Steelcase Inc. Annual Meeting of Shareholders Announced   [Jun-06-18 04:10PM  GlobeNewswire]
▶ Steelcase to Webcast First Quarter Conference Call   [Jun-01-18 11:30AM  GlobeNewswire]
▶ Microsoft Corporation Goes All-In on the Internet of Things   [Apr-12-18 10:21AM  InvestorPlace]
▶ The Morning Download: Steelcase CIO Bets Big on the Connected Office   [Apr-06-18 08:41AM  The Wall Street Journal]
▶ IT Execs See Promise In IoT, Reinforcing Microsoft's $5B Investment   [Apr-05-18 04:42PM  The Wall Street Journal]
▶ 3 Things Steelcase Inc. Management Wants You to Know   [Mar-29-18 06:17PM  Motley Fool]
▶ Rethinking the design of workplace furniture   [Mar-27-18 09:57AM  Fox Business Videos]
▶ After-hours buzz: FDX, MULE, CRM & more   [Mar-20-18 05:25PM  CNBC]
▶ Steelcase posts 4Q profit   [04:39PM  Associated Press]
▶ Steelcase Q4 Earnings Preview   [07:38AM  Benzinga]
▶ Should Steelcase Inc (NYSE:SCS) Be Part Of Your Portfolio?   [Mar-13-18 01:42PM  Simply Wall St.]
▶ March Undervalued Stocks To Look Out For   [Mar-05-18 09:02AM  Simply Wall St.]
▶ Richard Pzena's Top 5 New Buys of the 4th Quarter   [Feb-12-18 12:40PM  GuruFocus.com]
▶ This could be the next great office chair   [Jan-31-18 11:02AM  Quartz]
▶ Steelcase Introduces SILQ: An Innovation in Seating Design   [Jan-30-18 09:30AM  GlobeNewswire]
▶ Steelcase And Other Great Cheap Stocks   [Jan-20-18 09:02AM  Simply Wall St.]

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