What's going on?, page-8

You make reasonable points but I would caution against too much pessimism. NCK has had a remarkably consistent growth in both revenue and profit for the past 10 years, albeit on increased debt which should be a priority to reduce. Whilst this certainly isnt a predictor of future behavior, we can at least say they have a track record of competent decisions and there is no reason yet to doubt the Plush acquisition. Inflation and rising interest rates dont necessarily correlate with reduced furniture sales. At least in the case of rising interest rates (as response to rising inflation), furniture sales in America increased as people turned to home renovation in preference to home upgrading/moving.
Its not clear how covid sales spikes may affect sales this year / next year. There has been some change in consumer behavior pointing to less travel and more consumption in the home. Whether this is semi-permanent or temporary isnt clear.
The high price to book is indicative of the capacity NCK has to generate profits from sales and to realise consistent investor returns. Warren Buffet has stated that he places this valuation metric low on his list of priorities when assessing a business.
I may be wrong on all of the above. I dont think NCK is super cheap but its a good business so Id only expect cheap in event of a market crash. Longer term I think it has the attributes I look for when looking for good returns.