Intrinsic value of Brunswick - BC

Previous Close

$56.62

  Intrinsic Value

$98.50

stock screener

  Rating & Target

str. buy

+74%

  Value-price divergence*

+43%

Previous close

$56.62

 
Intrinsic value

$98.50

 
Up/down potential

+74%

 
Rating

str. buy

 
Value-price divergence*

+43%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.33
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  4,489
  4,866
  5,258
  5,666
  6,090
  6,530
  6,988
  7,463
  7,958
  8,472
  9,007
  9,565
  10,145
  10,750
  11,380
  12,037
  12,724
  13,440
  14,188
  14,970
  15,787
  16,642
  17,536
  18,471
  19,451
  20,476
  21,550
  22,674
  23,853
  25,088
  26,383
Variable operating expenses, $m
 
  3,885
  4,194
  4,516
  4,851
  5,199
  5,560
  5,936
  6,326
  6,733
  7,155
  7,554
  8,012
  8,490
  8,988
  9,507
  10,049
  10,615
  11,205
  11,823
  12,468
  13,143
  13,849
  14,588
  15,362
  16,171
  17,019
  17,908
  18,839
  19,814
  20,836
Fixed operating expenses, $m
 
  518
  531
  544
  557
  571
  586
  600
  615
  631
  646
  663
  679
  696
  714
  731
  750
  768
  788
  807
  828
  848
  869
  891
  913
  936
  960
  984
  1,008
  1,033
  1,059
Total operating expenses, $m
  4,080
  4,403
  4,725
  5,060
  5,408
  5,770
  6,146
  6,536
  6,941
  7,364
  7,801
  8,217
  8,691
  9,186
  9,702
  10,238
  10,799
  11,383
  11,993
  12,630
  13,296
  13,991
  14,718
  15,479
  16,275
  17,107
  17,979
  18,892
  19,847
  20,847
  21,895
Operating income, $m
  409
  464
  533
  606
  681
  760
  842
  927
  1,016
  1,109
  1,206
  1,348
  1,454
  1,564
  1,679
  1,799
  1,925
  2,057
  2,195
  2,340
  2,491
  2,650
  2,817
  2,992
  3,176
  3,368
  3,571
  3,783
  4,006
  4,241
  4,487
EBITDA, $m
  513
  567
  642
  719
  800
  884
  972
  1,063
  1,159
  1,258
  1,362
  1,470
  1,582
  1,700
  1,823
  1,952
  2,087
  2,228
  2,375
  2,530
  2,692
  2,862
  3,040
  3,227
  3,423
  3,628
  3,844
  4,071
  4,309
  4,559
  4,822
Interest expense (income), $m
  30
  29
  40
  50
  62
  73
  85
  98
  111
  125
  139
  153
  169
  185
  201
  219
  237
  255
  275
  296
  317
  340
  363
  388
  413
  440
  468
  498
  529
  561
  595
Earnings before tax, $m
  390
  435
  494
  555
  620
  687
  757
  829
  905
  984
  1,067
  1,195
  1,285
  1,379
  1,478
  1,581
  1,688
  1,801
  1,920
  2,044
  2,174
  2,311
  2,454
  2,604
  2,762
  2,928
  3,102
  3,285
  3,477
  3,679
  3,892
Tax expense, $m
  116
  117
  133
  150
  167
  185
  204
  224
  244
  266
  288
  323
  347
  372
  399
  427
  456
  486
  518
  552
  587
  624
  663
  703
  746
  791
  838
  887
  939
  993
  1,051
Net income, $m
  276
  317
  360
  405
  452
  501
  552
  605
  661
  719
  779
  872
  938
  1,007
  1,079
  1,154
  1,233
  1,315
  1,402
  1,492
  1,587
  1,687
  1,791
  1,901
  2,016
  2,137
  2,265
  2,398
  2,539
  2,686
  2,841

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  458
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,285
  3,064
  3,311
  3,568
  3,835
  4,112
  4,400
  4,700
  5,011
  5,335
  5,672
  6,023
  6,388
  6,769
  7,166
  7,580
  8,012
  8,463
  8,935
  9,427
  9,942
  10,480
  11,043
  11,632
  12,248
  12,894
  13,570
  14,279
  15,021
  15,798
  16,614
Adjusted assets (=assets-cash), $m
  2,827
  3,064
  3,311
  3,568
  3,835
  4,112
  4,400
  4,700
  5,011
  5,335
  5,672
  6,023
  6,388
  6,769
  7,166
  7,580
  8,012
  8,463
  8,935
  9,427
  9,942
  10,480
  11,043
  11,632
  12,248
  12,894
  13,570
  14,279
  15,021
  15,798
  16,614
Revenue / Adjusted assets
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
Average production assets, $m
  570
  618
  668
  720
  773
  829
  887
  948
  1,011
  1,076
  1,144
  1,215
  1,288
  1,365
  1,445
  1,529
  1,616
  1,707
  1,802
  1,901
  2,005
  2,114
  2,227
  2,346
  2,470
  2,600
  2,737
  2,880
  3,029
  3,186
  3,351
Working capital, $m
  724
  297
  321
  346
  371
  398
  426
  455
  485
  517
  549
  583
  619
  656
  694
  734
  776
  820
  865
  913
  963
  1,015
  1,070
  1,127
  1,186
  1,249
  1,315
  1,383
  1,455
  1,530
  1,609
Total debt, $m
  442
  592
  753
  920
  1,093
  1,274
  1,462
  1,657
  1,859
  2,070
  2,290
  2,518
  2,756
  3,004
  3,262
  3,532
  3,813
  4,107
  4,413
  4,734
  5,069
  5,419
  5,786
  6,169
  6,571
  6,991
  7,431
  7,892
  8,375
  8,882
  9,413
Total liabilities, $m
  1,845
  1,995
  2,156
  2,323
  2,496
  2,677
  2,865
  3,060
  3,262
  3,473
  3,693
  3,921
  4,159
  4,407
  4,665
  4,935
  5,216
  5,510
  5,816
  6,137
  6,472
  6,822
  7,189
  7,572
  7,974
  8,394
  8,834
  9,295
  9,778
  10,285
  10,816
Total equity, $m
  1,440
  1,069
  1,156
  1,245
  1,338
  1,435
  1,536
  1,640
  1,749
  1,862
  1,980
  2,102
  2,230
  2,362
  2,501
  2,646
  2,796
  2,954
  3,118
  3,290
  3,470
  3,657
  3,854
  4,059
  4,275
  4,500
  4,736
  4,983
  5,242
  5,514
  5,798
Total liabilities and equity, $m
  3,285
  3,064
  3,312
  3,568
  3,834
  4,112
  4,401
  4,700
  5,011
  5,335
  5,673
  6,023
  6,389
  6,769
  7,166
  7,581
  8,012
  8,464
  8,934
  9,427
  9,942
  10,479
  11,043
  11,631
  12,249
  12,894
  13,570
  14,278
  15,020
  15,799
  16,614
Debt-to-equity ratio
  0.307
  0.550
  0.650
  0.740
  0.820
  0.890
  0.950
  1.010
  1.060
  1.110
  1.160
  1.200
  1.240
  1.270
  1.300
  1.330
  1.360
  1.390
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.550
  1.570
  1.580
  1.600
  1.610
  1.620
Adjusted equity ratio
  0.347
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  276
  317
  360
  405
  452
  501
  552
  605
  661
  719
  779
  872
  938
  1,007
  1,079
  1,154
  1,233
  1,315
  1,402
  1,492
  1,587
  1,687
  1,791
  1,901
  2,016
  2,137
  2,265
  2,398
  2,539
  2,686
  2,841
Depreciation, amort., depletion, $m
  104
  103
  108
  113
  119
  124
  130
  136
  142
  149
  156
  121
  129
  137
  145
  153
  162
  171
  180
  190
  200
  211
  223
  235
  247
  260
  274
  288
  303
  319
  335
Funds from operations, $m
  428
  421
  469
  519
  571
  626
  682
  742
  803
  868
  935
  994
  1,067
  1,143
  1,223
  1,307
  1,394
  1,486
  1,582
  1,682
  1,788
  1,898
  2,014
  2,136
  2,263
  2,397
  2,538
  2,686
  2,841
  3,005
  3,176
Change in working capital, $m
  6
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
  69
  72
  75
  79
Cash from operations, $m
  422
  398
  445
  494
  545
  599
  655
  713
  773
  836
  902
  960
  1,031
  1,106
  1,185
  1,267
  1,352
  1,442
  1,536
  1,635
  1,738
  1,846
  1,960
  2,079
  2,204
  2,335
  2,473
  2,617
  2,770
  2,929
  3,097
Maintenance CAPEX, $m
  0
  -57
  -62
  -67
  -72
  -77
  -83
  -89
  -95
  -101
  -108
  -114
  -121
  -129
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -211
  -223
  -235
  -247
  -260
  -274
  -288
  -303
  -319
New CAPEX, $m
  -194
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -164
Cash from investing activities, $m
  -485
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -166
  -176
  -185
  -195
  -206
  -217
  -229
  -240
  -253
  -266
  -279
  -294
  -309
  -325
  -342
  -359
  -377
  -396
  -417
  -438
  -460
  -483
Free cash flow, $m
  -63
  293
  333
  375
  420
  466
  513
  563
  616
  670
  727
  774
  836
  901
  968
  1,039
  1,112
  1,190
  1,270
  1,355
  1,444
  1,537
  1,635
  1,737
  1,845
  1,958
  2,076
  2,201
  2,332
  2,470
  2,614
Issuance/(repayment) of debt, $m
  -2
  156
  161
  167
  174
  181
  188
  195
  203
  211
  219
  228
  238
  248
  258
  270
  281
  294
  307
  321
  335
  350
  366
  384
  401
  420
  440
  461
  483
  506
  531
Issuance/(repurchase) of shares, $m
  -120
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -117
  156
  161
  167
  174
  181
  188
  195
  203
  211
  219
  228
  238
  248
  258
  270
  281
  294
  307
  321
  335
  350
  366
  384
  401
  420
  440
  461
  483
  506
  531
Total cash flow (excl. dividends), $m
  -180
  448
  494
  543
  593
  646
  701
  758
  818
  881
  946
  1,003
  1,074
  1,149
  1,227
  1,308
  1,394
  1,483
  1,577
  1,676
  1,779
  1,887
  2,001
  2,121
  2,246
  2,378
  2,517
  2,662
  2,815
  2,976
  3,145
Retained Cash Flow (-), $m
  -159
  -81
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -128
  -133
  -139
  -145
  -151
  -157
  -164
  -172
  -180
  -188
  -196
  -206
  -215
  -225
  -236
  -247
  -259
  -271
  -285
Prev. year cash balance distribution, $m
 
  452
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  819
  408
  453
  500
  549
  601
  654
  710
  768
  828
  880
  947
  1,016
  1,088
  1,164
  1,243
  1,326
  1,413
  1,504
  1,599
  1,700
  1,805
  1,915
  2,031
  2,153
  2,281
  2,415
  2,556
  2,704
  2,860
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  785
  373
  394
  412
  426
  436
  442
  444
  441
  434
  418
  404
  386
  365
  342
  316
  288
  260
  232
  203
  176
  150
  126
  103
  84
  67
  52
  40
  30
  22
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Brunswick Corporation designs, manufactures, and markets recreation products worldwide. The company’s Marine Engine segment offers outboard, sterndrive, and inboard engine and propulsion systems; marine electronics and control integration systems, steering systems, instruments, controls, propellers, trolling motors, fuel systems, service parts, and lubricants; and diesel propulsion systems to the recreational and commercial marine markets. It serves independent boat builders and end users, as well as local, state, and foreign governments through marine dealers and distributors, specialty marine retailers, and marine service centers under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Sport Jet, Mercury Jet Drive, Mercury Diesel, Sea Pro, Axius, Zeus, Quicksilver, Mercury Precision Parts, Mercury Propellers, Attwood, Garelick, Whale, Land 'N' Sea, Kellogg Marine Supply, Payne's Marine Group, BLA, Seachoice, and MotorGuide brand names. The company’s Boat segment offers fiberglass pleasure boats; yachts and sport yachts; sport cruisers and sport boats; offshore fishing boats; aluminum and fiberglass fishing boats; pontoon boats; and utility boats; deck and inflatable boats; and heavy-gauge aluminum boats under the Sea Ray L-Class, Bayliner, Heyday, Meridian, Boston Whaler, Lund, Crestliner, Cypress Cay, Harris, Lowe, Princecraft, Thunder Jet, Quicksilver, Rayglass, Uttern, Protector, and Legend brands. Its Fitness segment provides cardiovascular fitness equipment; and strength-training equipment, as well as engages in the billiards business. This segment serves health clubs, corporations, schools and universities, hotels, professional sports teams, retirement and assisted living facilities, and the military and governmental agencies under the Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group, SCIFIT, InMovement, Air Hockey, Brunswick, and Contender brands. The company was founded in 1845 and is headquartered in Lake Forest, Illinois.

FINANCIAL RATIOS  of  Brunswick (BC)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 1.1
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 22.2
Growth Rates
Sales Growth Rate 9.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.9%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio 76
Current Ratio 0
LT Debt to Equity 30.3%
Total Debt to Equity 30.7%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 15.3%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 20.3%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 27.4%
Gross Margin - 3 Yr. Avg. 27.2%
EBITDA Margin 11.7%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 19.9%

BC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BC stock intrinsic value calculation we used $4489 million for the last fiscal year's total revenue generated by Brunswick. The default revenue input number comes from 2016 income statement of Brunswick. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BC stock valuation model: a) initial revenue growth rate of 8.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BC is calculated based on our internal credit rating of Brunswick, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Brunswick.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BC stock the variable cost ratio is equal to 79.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $505 million in the base year in the intrinsic value calculation for BC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.7% for Brunswick.

Corporate tax rate of 27% is the nominal tax rate for Brunswick. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BC are equal to 12.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Brunswick operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BC is equal to 6.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1440 million for Brunswick - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 88.255 million for Brunswick is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Brunswick at the current share price and the inputted number of shares is $5.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MPX Marine Product 14.53 8.53  sell
MBUU Malibu Boats C 28.40 49.77  str.buy
MCFT MCBC Holdings 19.03 8.79  str.sell
CMI Cummins 165.78 129.21  sell
TWIN Twin Disc 16.96 2.69  str.sell
BGG Briggs&Stratto 23.37 12.37  sell

COMPANY NEWS

▶ Brunswick beats Street 2Q forecasts   [Jul-28-17 01:24AM  Associated Press]
▶ ETFs with exposure to Brunswick Corp. : June 15, 2017   [Jun-15-17 01:14PM  Capital Cube]
▶ Yachts down, boats up   [May-26-17 03:27PM  CNBC Videos]
▶ Boat sales rise as yacht sales sink   [07:53AM  CNBC Videos]
▶ ETFs with exposure to Brunswick Corp. : May 23, 2017   [May-23-17 12:27PM  Capital Cube]
▶ ETFs with exposure to Brunswick Corp. : May 12, 2017   [May-12-17 03:41PM  Capital Cube]
▶ Brunswick Corp. Value Analysis (NYSE:BC) : April 28, 2017   [Apr-28-17 04:39PM  Capital Cube]
▶ Brunswick beats Street 1Q forecasts   [08:00AM  Associated Press]
▶ Mercury Marine awarded five dozen patents in 2016   [Feb-14-17 12:45PM  at bizjournals.com]
▶ Brunswick's New CIO Targets Tech-Enabled Boats and Fitness Equipment   [Dec-01-16 03:09PM  at The Wall Street Journal]
▶ Smart Money Is Going Crazy for CoreCivic Inc (CXW)   [Nov-26-16 09:29PM  at Insider Monkey]
▶ Brunswick Corporation : Brunswick Acquires Payne's Marine   [Nov-18-16 04:06PM  GlobeNewswire]
▶ Mercury Marine sales, profits grow in third quarter   [12:05PM  at bizjournals.com]
Stock chart of BC Financial statements of BC Annual reports of BC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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