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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.

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Thematic (Sector/Industry)

<ul><li>Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook.</li><li>Orders and pre-order customer activity remains positive. The results confirm that the post-pandemic slump in office furniture is ending, if not over.</li><li>Corporate customers are more active, particularly in the US.</li></ul>

Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook.Orders and pre-order customer activity remains positive. The results confirm that the post-pandemic slump in office furniture is ending, if not over.Corporate customers are more active, particularly in the US.

Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside

<ul><li>Last week, we considered our outlook for furniture and furnishings. Today, we look at current indicators.</li><li>Economic fundamentals largely deteriorated over the past two weeks, but the stocks surged as interest rates eased.</li><li>Existing home sales dipped to a seasonally adjusted rate of 3.96 million in September, the first reading below 4 million since 2010, shortly after the Great Recession. </li></ul>

Last week, we considered our outlook for furniture and furnishings. Today, we look at current indicators.Economic fundamentals largely deteriorated over the past two weeks, but the stocks surged as interest rates eased.Existing home sales dipped to a seasonally adjusted rate of 3.96 million in September, the first reading below 4 million since 2010, shortly after the Great Recession. 

Furniture/Furnishings Weekly - Falling Rates Lift All Stocks

<ul><li>Following a spate of earnings last week and major retailer earnings ahead, we pause here to reflect on where the furniture and furnishings sectors—residential and commercial/contract— are now and a peek at their likely tracks in the early 2024.</li><li>Where are we in broad strokes? Residential: Following demand surges fueled by a once-in-a-lifetime focus by consumers on their homes during the pandemic, residential furniture and furnishings demand slumped as the focus shifted to “experiences” from goods.</li><li>Commercial: New demand (orders) didn’t enjoy the surge (though backlog deliveries fueled reported sales).</li></ul>

Following a spate of earnings last week and major retailer earnings ahead, we pause here to reflect on where the furniture and furnishings sectors—residential and commercial/contract— are now and a peek at their likely tracks in the early 2024.Where are we in broad strokes? Residential: Following demand surges fueled by a once-in-a-lifetime focus by consumers on their homes during the pandemic, residential furniture and furnishings demand slumped as the focus shifted to “experiences” from goods.Commercial: New demand (orders) didn’t enjoy the surge (though backlog deliveries fueled reported sales).

Furniture/Furnishings Weekly - Looking Ahead: What We Expect in 2024

<div><div><div><div><ul style="list-style-type: disc;"><li><p>The Fall Furniture Market in High Point, N.C. brought the industry together last week to do business, celebrate successes, and commiserate.</p></li><li><p>We spent the day Saturday, the official opening day, while buyers and vendors had been there since the prior Tuesday.</p></li><li><p>The sky over High Point was gray and wet. So was the mood.</p></li></ul></div></div></div></div>

The Fall Furniture Market in High Point, N.C. brought the industry together last week to do business, celebrate successes, and commiserate.We spent the day Saturday, the official opening day, while buyers and vendors had been there since the prior Tuesday.The sky over High Point was gray and wet. So was the mood.

Furniture/Furnishings Weekly - Gray Skies over High Point; Cloudy Conditions for Industry

Equity Bottom-Up

<div><div><div><ul style="list-style-type: disc;"><li><p>MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat.</p></li><li>MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance.</li><li>Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week.</li></ul></div></div></div>

MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat.MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance.Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week.

Furniture/Furnishings Weekly  - MLKN Results Boost Sector; Consumer Confidence Dips

United States

Steelcase Inc. designs and manufactures products used to create high performance work environments.  The Company's products include office furniture, furniture systems, interior architectural products, technology products, seating, and related products and services.  Steelcase has operations in various countries.

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Steelcase Inc Cl A (SCS US)

Furniture/Furnishings Weekly - SCS Results In Line; Home Sales Surprise on the Upside

Steelcase delivered a solid fourth quarter and provided guidance consistent with our pre-release outlook. Orders and pre-order customer activity...

Water Tower Research

Furniture/Furnishings Weekly - Falling Rates Lift All Stocks

Existing home sales dipped to a seasonally adjusted rate of 3.96 million in September, the first reading below 4 million since 2010, shortly after...

Water Tower Research

Furniture/Furnishings Weekly - Looking Ahead: What We Expect in 2024

Following a spate of earnings last week and major retailer earnings ahead, we pause here to reflect on where the furniture and furnishings...

Water Tower Research

Furniture/Furnishings Weekly - Gray Skies over High Point; Cloudy Conditions for Industry

The Fall Furniture Market in High Point, N.C. brought the industry together last week to do business, celebrate successes, and commiserate.

Water Tower Research

Furniture/Furnishings Weekly - MLKN Results Boost Sector; Consumer Confidence Dips

MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader...

Water Tower Research

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