2024-02-25 08:41:38 ET
Summary
- Flexsteel Industries has experienced a significant increase in stock price since January 2024 due to record profitability and positive guidance for the future.
- The company's new management has implemented strategies to expand its customer base, product lines, and sales channels.
- Despite the positive developments, the stock is considered too expensive at its current price, and I prefer to wait for better prices and a better understanding of the management's performance.
Flexsteel Industries ( FLXS ) is a US furniture manufacturer specializing in mid-range sofas.
Last year, I wrote about the company with a Hold rating. The reasons were problems with restructuring throughout the pandemic, inadequate capital allocation before the pandemic, excessive SG&A expenses, and what I considered a high multiple on cycle-average earnings....
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Flexsteel Is Going In The Right Direction But Is Too Expensive