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Herman Miller Inc. Message Board

  • p11ke p11ke Mar 21, 2007 4:41 PM Flag

    Cyclical Peak, Next Trend Down

    Company missed for first time in 8 or 9 quarters and guided lower. Operating leverage goals not achieved. Could be at the top ready to roll downhill like the homebuilders were a year ago.

    Company has used most of its retained earnings to buy back stock so it has a weak balance sheet with roughly $2.50-$3.00 in book value per share, not much of a cushion if orders and earnings start dropping.

    Appears to be a very expensive cyclical company at this point in time.

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