Knoll: A Wonderful Business, A Recovering Industry, And An Attractive Valuation [Seeking Alpha]
Knoll, Inc (KNL)
Last knoll, inc earnings: 10/23 04:15 pm
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US:NYSE Investor Relations:
phx.corporate-ir.net/4geq.url
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Source: Seeking Alpha
Summary Good news is starting to pile up for Knoll (NYSE: KNL ). A disastrous run in late 2016 and early 2017 for the office furniture space as a whole is starting to reverse. Macro factors suggest the gains should continue for some time, as tax reform helps both in terms of actual deductions for office furniture and in providing a more certain environment for spending decisions. Knoll's strategic moves to diversify away from legacy workstations are paying off. The acquisition of Denmark's Muuto early this year further supports that strategy and strengthens the high-margin and less-cyclical Lifestyle segment. All told, there's a strong case here to suggest 30%+ returns over the next 18 months. As always, there are risks here. The bear case for KNL, as I wrote a year ago, is that the commercial furniture space simply is too tough . With KNL dipping below $20 twice in the past year, the valuation became such that it was worth owning the business even amid those industry challe
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