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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

Bassett Furniture Inds / Equity Bottom-Up

<ul><li>We are initiating coverage of Bassett Furniture Industries, Inc., publicly traded under the ticker BSET.</li><li>Bassett primarily operates in two segments: Retail and Wholesale.</li><li>A third segment, Corporate &amp; Other, accounts for corporate and unallocated expenses, as well as the operating results of Noa Home, a recent e-commerce acquisition.</li></ul>

We are initiating coverage of Bassett Furniture Industries, Inc., publicly traded under the ticker BSET.Bassett primarily operates in two segments: Retail and Wholesale.A third segment, Corporate &amp; Other, accounts for corporate and unallocated expenses, as well as the operating results of Noa Home, a recent e-commerce acquisition.

Bassett Furniture Industries, Inc. - A Survivor Pursuing Success

Thematic (Sector/Industry)

<ul><li>Furniture and furnishing stocks retrenched last week, in line with the broader market.</li><li>The Water Tower Research Commercial/Contract Furniture Index declined 3.1%, the Residential Manufacturers &amp; Suppliers Index dipped 3.0%, the Home Goods Retailers Index fell 1.0%, while the Mass Retailers Index was down 1.3%.</li><li>The S&amp;P 500 and DJ30 were both down 2.2% during the week, while the R2K declined 5.5%. </li></ul>

Furniture and furnishing stocks retrenched last week, in line with the broader market.The Water Tower Research Commercial/Contract Furniture Index declined 3.1%, the Residential Manufacturers &amp; Suppliers Index dipped 3.0%, the Home Goods Retailers Index fell 1.0%, while the Mass Retailers Index was down 1.3%.The S&amp;P 500 and DJ30 were both down 2.2% during the week, while the R2K declined 5.5%. 

Furniture/Furnishings Weekly - November 18, 2024

<ul><li>The markets moved sharply higher on Tuesday’s election results, with the ‘risk-on’ trade, lower uncertainty, enhanced prospects for domestic manufacturing given the incoming administration’s views on trade, and hopes for a ‘lighter’ regulatory approach boosting stocks.</li><li>The Water Tower Research Commercial/Contract Furniture Index was up 6.2% and the WTR Mass Retailers Index was up 4.7% for the week, while the WTR Residential Manufacturers &amp; Suppliers Index was flat and the Home Goods Retailers Index was down 3%. The DJ30 and S&amp;P 500 were both up 5% and the R2K was up 8.2%.</li><li>How should we explain this divergence? The Commercial/Contract Index likely benefited from expectations for stronger GDP growth and better profits, both catalysts for corporate investment. </li></ul>

The markets moved sharply higher on Tuesday’s election results, with the ‘risk-on’ trade, lower uncertainty, enhanced prospects for domestic manufacturing given the incoming administration’s views on trade, and hopes for a ‘lighter’ regulatory approach boosting stocks.The Water Tower Research Commercial/Contract Furniture Index was up 6.2% and the WTR Mass Retailers Index was up 4.7% for the week, while the WTR Residential Manufacturers &amp; Suppliers Index was flat and the Home Goods Retailers Index was down 3%. The DJ30 and S&amp;P 500 were both up 5% and the R2K was up 8.2%.How should we explain this divergence? The Commercial/Contract Index likely benefited from expectations for stronger GDP growth and better profits, both catalysts for corporate investment. 

Furniture/Furnishings Weekly Post-Election Market Swings - November 11, 2024

<ul><li>A rough week for furniture and furnishings stocks as the earnings picture for the broader market continues to paint a cloudy picture.</li><li>Last week was the peak of earnings season and the outlook remains mooted.</li><li>Fewer companies beat expectations and when they did, the beat was less vigorous than average.</li></ul>

A rough week for furniture and furnishings stocks as the earnings picture for the broader market continues to paint a cloudy picture.Last week was the peak of earnings season and the outlook remains mooted.Fewer companies beat expectations and when they did, the beat was less vigorous than average.

Furniture/Furnishings Weekly - November 4, 2024

<ul><li>Stocks had a tough week and furniture and furnishing stocks went along for the ride.</li><li>Rising yields (on growing concerns over the sustainability of debt levels and deficit spending and growing comfort with the no/soft landing scenario), cautious earnings outlook commentary, concerns that Chinese stimulus is not vigorous enough, geopolitical tension, and election/policy uncertainty all noted.</li><li>The WTR Commercial/Contract Index (-3.5%), Residential Manufacturers &amp; Suppliers Index (-0.5%), Home Goods Retailers (-5.3%), and Mass Retailers (-0.4%) were all down, as were the S&amp;P 500 and DJ30 (both -0.8%), and the R2K (-1.4%).</li></ul>

Stocks had a tough week and furniture and furnishing stocks went along for the ride.Rising yields (on growing concerns over the sustainability of debt levels and deficit spending and growing comfort with the no/soft landing scenario), cautious earnings outlook commentary, concerns that Chinese stimulus is not vigorous enough, geopolitical tension, and election/policy uncertainty all noted.The WTR Commercial/Contract Index (-3.5%), Residential Manufacturers &amp; Suppliers Index (-0.5%), Home Goods Retailers (-5.3%), and Mass Retailers (-0.4%) were all down, as were the S&amp;P 500 and DJ30 (both -0.8%), and the R2K (-1.4%).

Furniture/Furnishings Weekly - October 28, 2024

United States

Bassett Furniture Industries, Incorporated manufactures and sells a full line of furniture for the home.  The Company offers bedroom and dining suites, occasional tables and entertainment units, upholstered sofas and love seats, recliners, and mattresses, among other products.  Bassett's products are sold through retailers, including Bassett Furniture Direct.

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Bassett Furniture Inds (BSET US)

Bassett Furniture Industries, Inc. - A Survivor Pursuing Success

A third segment, Corporate & Other, accounts for corporate and unallocated expenses, as well as the operating results of Noa Home, a recent e...

Water Tower Research

Furniture/Furnishings Weekly - November 18, 2024

The Water Tower Research Commercial/Contract Furniture Index declined 3.1%, the Residential Manufacturers & Suppliers Index dipped 3.0%,

Water Tower Research

Furniture/Furnishings Weekly Post-Election Market Swings - November 11, 2024

The markets moved sharply higher on Tuesday’s election results, with the ‘risk-on’ trade, lower uncertainty, enhanced prospects for domestic...

Water Tower Research

Furniture/Furnishings Weekly - November 4, 2024

A rough week for furniture and furnishings stocks as the earnings picture for the broader market continues to paint a cloudy picture.

Water Tower Research

Furniture/Furnishings Weekly - October 28, 2024

Rising yields (on growing concerns over the sustainability of debt levels and deficit spending and growing comfort with the no/soft landing scenario)

Water Tower Research

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