DB:GJB

Stock Analysis Report

Executive Summary

Steelcase Inc. manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products.

Snowflake

Fundamentals

Solid track record, good value and pays a dividend.


Similar Companies

Share Price & News

How has Steelcase's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: GJB has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.5%

GJB

-0.6%

DE Commercial Services

0.03%

DE Market


1 Year Return

12.5%

GJB

-2.1%

DE Commercial Services

9.9%

DE Market

Return vs Industry: GJB exceeded the German Commercial Services industry which returned -2.1% over the past year.

Return vs Market: GJB exceeded the German Market which returned 9.9% over the past year.


Shareholder returns

GJBIndustryMarket
7 Day2.5%-0.6%0.03%
30 Day2.5%5.1%4.4%
90 Day19.9%18.8%13.6%
1 Year16.6%12.5%1.4%-2.1%13.4%9.9%
3 Year26.4%13.8%5.2%-3.9%25.6%14.6%
5 Year40.9%19.7%-2.6%-16.4%36.9%18.2%

Price Volatility Vs. Market

How volatile is Steelcase's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Steelcase undervalued compared to its fair value and its price relative to the market?

29.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GJB (€16.4) is trading below our estimate of fair value (€23.2)

Significantly Below Fair Value: GJB is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: GJB is good value based on its PE Ratio (15.7x) compared to the Commercial Services industry average (16.6x).

PE vs Market: GJB is good value based on its PE Ratio (15.7x) compared to the German market (19.5x).


Price to Earnings Growth Ratio

PEG Ratio: GJB is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: GJB is good value based on its PB Ratio (2.4x) compared to the DE Commercial Services industry average (2.6x).


Next Steps

Future Growth

How is Steelcase forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

9.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GJB's forecast earnings growth (9.6% per year) is above the savings rate (0.2%).

Earnings vs Market: GJB's earnings (9.6% per year) are forecast to grow slower than the German market (12.5% per year).

High Growth Earnings: GJB's earnings are forecast to grow, but not significantly.

Revenue vs Market: GJB's revenue (2.9% per year) is forecast to grow slower than the German market (4.8% per year).

High Growth Revenue: GJB's revenue (2.9% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GJB's Return on Equity is forecast to be low in 3 years time (17.1%).


Next Steps

Past Performance

How has Steelcase performed over the past 5 years?

1.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GJB has high quality earnings.

Growing Profit Margin: GJB's current net profit margins (3.7%) are higher than last year (2.8%).


Past Earnings Growth Analysis

Earnings Trend: GJB's earnings have grown by 1.4% per year over the past 5 years.

Accelerating Growth: GJB's earnings growth over the past year (50.8%) exceeds its 5-year average (1.4% per year).

Earnings vs Industry: GJB earnings growth over the past year (50.8%) exceeded the Commercial Services industry 6.1%.


Return on Equity

High ROE: GJB's Return on Equity (15.5%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Steelcase's financial position?


Financial Position Analysis

Short Term Liabilities: GJB's short term assets ($1.0B) exceeds its short term liabilities ($644.5M)

Long Term Liabilities: GJB's short term assets (1.0B) exceeds its long term liabilities (861.3M)


Debt to Equity History and Analysis

Debt Level: GJB's debt to equity ratio (54.5%) is considered high

Reducing Debt: GJB's debt to equity ratio has increased from 42.2% to 54.5% over the past 5 years.

Debt Coverage: GJB's debt is well covered by operating cash flow (43.8%).

Interest Coverage: GJB's interest payments on its debt are well covered by EBIT (5.3x coverage).


Balance Sheet

Inventory Level: GJB has a high level of physical assets or inventory.

Debt Coverage by Assets: GJB's debt is covered by short term assets (assets are 2.1x debt).


Next Steps

Dividend

What is Steelcase's current dividend yield, its reliability and sustainability?

3.19%

Current Dividend Yield


Dividend Yield vs Market

company3.2%marketbottom25%1.3%markettop25%3.7%industryaverage3.5%forecastin3Years3.7%

Current dividend yield vs market & industry

Notable Dividend: GJB's dividend (3.19%) is higher than the bottom 25% of dividend payers in the German market (1.33%).

High Dividend: GJB's dividend (3.19%) is low compared to the top 25% of dividend payers in the German market (3.66%).


Stability and Growth of Payments

Stable Dividend: GJB's dividend payments have been volatile in the past 10 years.

Growing Dividend: GJB's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (48.4%), GJB's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GJB's dividends in 3 years are forecast to be well covered by earnings (42% payout ratio).


Next Steps

Management

What is the CEO of Steelcase's salary, the management and board of directors tenure and is there insider trading?

5.7yrs

Average management tenure


CEO

Jim Keane (60yo)

5.7yrs

Tenure

US$6,439,373

Compensation

Mr. James P. Keane, also known as Jim, has been the Chief Executive Officer of Steelcase Inc. since March 2014. Mr. Keane served as the President of Steelcase Inc. from April 22, 2013 to March 2014. He ser ...


CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD6.44M) is above average for companies of similar size in the German market ($USD1.60M).

Compensation vs Earnings: Jim's compensation has increased by more than 20% in the past year.


Management Age and Tenure

5.7yrs

Average Tenure

57yo

Average Age

Experienced Management: GJB's management team is seasoned and experienced (5.7 years average tenure).


Board Age and Tenure

8.4yrs

Average Tenure

61yo

Average Age

Experienced Board: GJB's board of directors are considered experienced (8.4 years average tenure).


Insider Trading

Insider Buying: GJB insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$122,75122 Oct 19
David Sylvester
EntityIndividual
Role
Chief Financial Officer
CFO & Senior VP
Shares7,500
Max PriceUS$16.37
SellUS$29,90002 Oct 19
Peter Wege
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares1,769
Max PriceUS$16.90
SellUS$87,35301 Oct 19
Peter Wege
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,200
Max PriceUS$16.83
SellUS$87,93527 Sep 19
Peter Wege
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,200
Max PriceUS$17.04
SellUS$430,59425 Sep 19
Eddy Schmitt
EntityIndividual
Shares25,000
Max PriceUS$17.22
SellUS$87,70925 Sep 19
Sara Armbruster
EntityIndividual
Role
Head of Research
Vice President of Strategy of Research & Digital Transformation
Shares5,000
Max PriceUS$17.54
SellUS$9,72725 Sep 19
James Ludwig
EntityIndividual
Shares560
Max PriceUS$17.37
SellUS$325,49015 Jul 19
David Sylvester
EntityIndividual
Role
Chief Financial Officer
CFO & Senior VP
Shares21,017
Max PriceUS$15.49
SellUS$1,549,63915 Jul 19
James Keane
EntityIndividual
Role
Chief Executive Officer
President
Shares100,000
Max PriceUS$15.50
SellUS$76,88211 Jul 19
Sara Armbruster
EntityIndividual
Role
Head of Research
Vice President of Strategy of Research & Digital Transformation
Shares5,000
Max PriceUS$15.38
SellUS$305,31510 Jul 19
Lizbeth O'Shaughnessy
EntityIndividual
Role
Chief Administrative Officer
Chief Administrative Officer
Shares20,000
Max PriceUS$15.27
SellUS$15,45603 Jul 19
Jennifer Niemann
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,020
Max PriceUS$15.15
SellUS$123,42703 May 19
James Ludwig
EntityIndividual
Shares8,000
Max PriceUS$15.43
SellUS$186,61501 May 19
Allan Smith
EntityIndividual
Role
Head of Marketing
Vice President of Global Marketing
Shares12,233
Max PriceUS$15.26
SellUS$23,97729 Mar 19
Jennifer Niemann
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,832
Max PriceUS$13.09
SellUS$99,66427 Mar 19
Sara Armbruster
EntityIndividual
Role
Head of Research
Vice President of Strategy of Research & Digital Transformation
Shares7,500
Max PriceUS$13.29
SellUS$187,17107 Jan 19
Peter Wege
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares13,741
Max PriceUS$13.62

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Jim Keane (60yo)

    President

    • Tenure: 5.7yrs
    • Compensation: US$6.44m
  • Sara Armbruster (48yo)

    Vice President of Strategy of Research & Digital Transformation

    • Tenure: 5.8yrs
    • Compensation: US$1.40m
  • Dave Sylvester (54yo)

    CFO & Senior VP

    • Tenure: 8.6yrs
    • Compensation: US$2.37m
  • Lizbeth O'Shaughnessy (57yo)

    Chief Administrative Officer

    • Tenure: 5.4yrs
    • Compensation: US$1.57m
  • Mark Mossing (61yo)

    Corporate Controller & Chief Accounting Officer

    • Tenure: 11.6yrs
  • Guillaume Alvarez (59yo)

    Senior Vice President of EMEA

    • Tenure: 5.7yrs
  • Allan Smith (51yo)

    Vice President of Global Marketing

    • Tenure: 6.2yrs
    • Compensation: US$1.30m
  • Gale Moutrey (60yo)

    Vice President of Communications

    • Tenure: 5.7yrs
  • Bob Krestakos (57yo)

    Vice President of Global Operations

    • Tenure: 4.8yrs
    • Compensation: US$1.15m
  • Mike O'Meara

    Director of Investor Relations & Financial Planning and Analysis

    • Tenure: 0yrs

Board Members

  • Larry Blanford (65yo)

    Independent Director

    • Tenure: 7.2yrs
    • Compensation: US$220.00k
  • Jim Keane (60yo)

    President

    • Tenure: 5.7yrs
    • Compensation: US$6.44m
  • Rob Pew (68yo)

    Chair of the Board

    • Tenure: 16.4yrs
    • Compensation: US$300.00k
  • Peter Wege (70yo)

    Independent Director

    • Tenure: 40.8yrs
    • Compensation: US$200.00k
  • Kate Wolters (61yo)

    Independent Director

    • Tenure: 18.8yrs
    • Compensation: US$200.00k
  • Tim Brown (56yo)

    Independent Director

    • Tenure: 2.9yrs
    • Compensation: US$210.00k
  • Connie Duckworth (64yo)

    Independent Director

    • Tenure: 9.7yrs
    • Compensation: US$210.00k
  • Cathy Ross (61yo)

    Independent Director

    • Tenure: 13.7yrs
    • Compensation: US$220.00k
  • Jenny Niemann (50yo)

    Director

    • Tenure: 2.3yrs
    • Compensation: US$200.00k
  • Todd Kelsey (54yo)

    Independent Director

    • Tenure: 2.7yrs
    • Compensation: US$205.00k

Company Information

Steelcase Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Steelcase Inc.
  • Ticker: GJB
  • Exchange: DB
  • Founded: 1912
  • Industry: Office Services and Supplies
  • Sector: Commercial Services
  • Market Cap: US$2.130b
  • Listing Market Cap: US$1.928b
  • Shares outstanding: 117.11m
  • Website: https://www.steelcase.com

Number of Employees


Location

  • Steelcase Inc.
  • 901 44th Street SE
  • Grand Rapids
  • Michigan
  • 49508
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SCSNYSE (New York Stock Exchange)YesClass A Common StockUSUSDFeb 1998
GJBDB (Deutsche Boerse AG)YesClass A Common StockDEEURFeb 1998

Biography

Steelcase Inc. manufactures and sells integrated furniture settings, user-centered technologies, and interior architectural products. It operates through Americas, EMEA, and Other Category segments. The co ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/16 21:26
End of Day Share Price2019/11/15 00:00
Earnings2019/08/23
Annual Earnings2019/02/22


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.