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Top Picks 2018: Steelcase (SCS)

01/02/2018 5:00 am EST

Focus: CONSUMER

John Dobosz

Editor, Forbes Premium Income Report and Forbes Dividend Investor

Founded in 1912 as the Metal Office Furniture Company, Grand Rapids, Michigan based Steelcase (SCS) designs and sells furniture and interior architectural design products through a network of 800 dealers, notes John Dobosz, income expert and editor of Forbes Dividend Investor.

Its furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.

Brands include Steelcase, Coalesse, Designtex, PolyVision and Turnstone. Its main emphasis is on seating. In fact, your desk chair may be one of Steelcase’s “task” chairs.

Revenue for the current fiscal year ending February 2018 is expected to grow 2.4% to $3.1 billion, with net operating cash flow up 14.1% to $196.8 million.

Steelcase has grown its dividend by 14.9% a year since 2012, and with an annual payout of $0.51, the stock yields 3.7%.

Steelcase trades at valuations significantly below five-year averages on multiple metrics, including price-to-sales (-16.9%), price-earnings (-8.4%), price-to-cash flow (-29.3%), and price-to-book value (-25.5%).

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