TOL - Bassett: Sept. Orders +39% YoY Reinstates $0.50 Dividend (3.3% Yield) On Strong Furniture Demand
- Bassett reinstated its dividend to a $0.50 annual payout, very much in line with our expectations.
- Company reports very strong September wholesale order growth of 39% YoY.
- Bassett is trading much below 5-year highs making it a value buy with greater upside [unlike many of its peer group which are near or crossed this mark].
- Homebuilder stocks surging to all-time highs, providing huge catalyst and positive read-through for furniture companies.
- Bassett will see stronger demand in the coming months as pending housing sales reach peak highs, August sales +24% YoY.
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Bassett: Sept. Orders +39% YoY, Reinstates $0.50 Dividend (3.3% Yield) On Strong Furniture Demand