- The global market share leader in office furniture is struggling as the majority of office workers are still working from home.
- The company has historically used authorized local dealers to sell furniture in bulk to office buildings. With employees working from home, that channel is disrupted.
- To prepare for a lower revenue environment, the company has already taken steps to right-size its business.
- Given their overvaluation on a comparable basis and unclear outlook, we believe an investment in Steelcase lacks a margin of safety.
For further details see:
Steelcase Inc.: No Margin Of Safety