Rajiv Bhatia
Value, growth at reasonable price

Steinway Musical Instruments - The Good, The Bad, And The Ugly


Steinway Musical Instruments (NYSE:LVB) is a maker of pianos and other band instruments. The company owns Steinway & Sons, a 150+ year old manufacturer of high-end pianos that are made in New York and Germany. Steinway & Sons pianos, which account for 48% of revenue, have retail prices that generally range from $56,600 to $142,300. The company's mid and lower priced pianos are sold under the Boston and Essex brand and comprise 13% of revenue. The remaining 39% of the company's revenue is derived from the band segment, which includes other instruments. The company is a small-cap stock with a market cap of $298 million and annual sales of $354 million. The share price (as of the...

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