Steelcase Inc Stock Intrinsic Value – Steelcase Inc Reports Impressive Earnings Results for FY2024 Q1
June 24, 2023
☀️Earnings Overview
STEELCASE INC ($NYSE:SCS) announced its earnings results for the first quarter of FY2024, ended on May 31 2023, on June 21 2023. The company reported total revenue of USD 751.9 million, up 1.5% from the same period a year ago. Net income for the quarter was USD 1.5 million, a 113.2% jump compared to the same period in the prior year.
Price History
Steelcase Inc, a leading manufacturer of furniture for the office and education market, released its results for the first quarter of its fiscal year 2024 on Wednesday. The company reported impressive earnings results, beating analysts’ estimates. The stock opened at $7.4 and closed at $7.2, down by 1.9% from the previous day’s closing price of $7.4. Steelcase Inc attributed its impressive performance to an increase in demand for its products and solid execution of its strategies.
The company noted that the demand for its products remains strong across the office, education, and healthcare sectors, and it expects continued growth in the future. Overall, Steelcase Inc reported strong results for its first quarter of FY2024, exceeding analysts’ expectations and continuing its strong growth trajectory. The company has set the stage for a successful year ahead and investors are sure to take notice. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Steelcase Inc. More…
| Total Revenues | Net Income | Net Margin |
| 3.24k | 46.5 | 1.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Steelcase Inc. More…
| Operations | Investing | Financing |
| 155.8 | -138.7 | -92.5 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Steelcase Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.13k | 1.3k | 7.28 |
Key Ratios Snapshot
Some of the financial key ratios for Steelcase Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -1.4% | -18.5% | 3.0% |
| FCF Margin | ROE | ROA |
| 3.0% | 7.5% | 2.9% |
Analysis – Steelcase Inc Stock Intrinsic Value
At GoodWhale, we have analyzed the fundamentals of STEELCASE INC and found that its fair value to be around $12.7. This fair value is calculated using our proprietary Valuation Line. Currently, the stock is trading at $7.2, which is almost 43.1% lower than the fair value. Therefore, we believe that STEELCASE INC stock is undervalued at this moment. More…
Peers
Founded in 1912, Steelcase Inc. has grown to become one of the largest and most successful office furniture manufacturers in the world. The company’s main competitors include Okamura Corp, AHB Holdings Bhd, and Kokuyo Co Ltd, all of which are global leaders in office furniture manufacturing. Steelcase Inc. offers a broad selection of products and services that meet the needs of businesses and organizations around the world.
– Okamura Corp ($TSE:7994)
Okamura Corp is a Japanese office furniture manufacturer and supplier. It has a market cap of 132.04B as of 2022, which places it among the largest companies in Japan and the world. Additionally, Okamura Corp has a Return on Equity (ROE) of 10.02%, indicating that it is a profitable and efficient company. This high ROE demonstrates that Okamura Corp is capable of generating a healthy return on its equity while providing quality products and services to its customers.
– AHB Holdings Bhd ($KLSE:7315)
AHB Holdings Bhd is a Malaysian-based investment holding company that provides a range of services including money lending, corporate finance, investment banking, and stockbroking. The company has a market cap of 52.61M as of 2022, making it a small-cap company. The Return on Equity (ROE) of AHB Holdings stands at -11.97%, indicating that the company is not generating enough profit to cover its cost of equity. This means that the company is not achieving the adequate return on its shareholders’ investments.
– Kokuyo Co Ltd ($TSE:7984)
Kokuyo Co Ltd is a Japanese stationery and office products company based in Tokyo, Japan. It has a market capitalization of 214.96B as of 2022 and a Return on Equity of 5.94%. This suggests that the company has been able to effectively utilize its assets and equity to generate profit. The company manufactures a wide range of office supplies, including stationery, paper products, desks, and furniture. It also produces environmental-friendly products such as recycle paper and eco-friendly ink. The company has a strong presence in Japan and other parts of Asia, with products being sold in more than 100 countries around the world.
Summary
Steelcase Inc. reported bullish earnings results for the first quarter of FY2024, with total revenue of $751.9 million and net income of $1.5 million. Year-over-year, this represents a 1.5% increase in revenue and a 113.2% increase in net income. This indicates the company is performing well and presents an attractive investment opportunity for investors.
Steelcase’s strong financials are likely to continue throughout the year, and its stock is expected to remain highly sought after. Investors should keep an eye on Steelcase for potential long-term returns.
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