- Coming out of a 2-year long restructuring, Flexsteel is a pure housing play with upside of 59% on our $55.48 price target.
- In the latest December quarter, Flexsteel reported a record backlog and 26% organic sales growth.
- The company has reduced the share count by nearly 10% in the past 6 months, on track with a $30 million repurchase program announced at the beginning of the fiscal.
- Flexsteel, on our steady-state FY22 estimates, has an ex-cash P/E of 7.6x.
- Flexsteel is an underfollowed furniture company who has been a continuing beneficiary of the housing market boom.
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With 26% Organic Sales Growth And Record 5-Year EPS, Flexsteel Is Benefitting From The Housing Boom