MillerKnoll: Undervalued Amidst Office Recovery And Retail Expansion

2025-06-27 09:05:38 ET

Investment Thesis

I last covered MillerKnoll, Inc. ( MLKN ) in March with a “buy” rating. While the stock initially went down on tariff worries, it has recovered after its strong fiscal Q4 earnings and is up since my prior article. Looking forward, the company is well positioned for revenue growth with its plans to open 10-15 new stores in fiscal 2026. The company is also doing a good job in terms of innovation, with new product introductions up over 50% Y/Y in FY25. On the macro front, improving office utilization and ongoing return-to-office trends should help contract business, and Europe is also showing signs of recovery....

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