Intrinsic value of Brunswick - BC

Previous Close

$57.83

  Intrinsic Value

$106.00

stock screener

  Rating & Target

str. buy

+83%

Previous close

$57.83

 
Intrinsic value

$106.00

 
Up/down potential

+83%

 
Rating

str. buy

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  4,489
  4,906
  5,342
  5,795
  6,266
  6,756
  7,266
  7,795
  8,345
  8,917
  9,511
  10,129
  10,772
  11,442
  12,139
  12,865
  13,623
  14,412
  15,236
  16,096
  16,995
  17,933
  18,914
  19,940
  21,013
  22,136
  23,311
  24,541
  25,830
  27,179
  28,593
Variable operating expenses, $m
 
  3,916
  4,260
  4,618
  4,990
  5,377
  5,780
  6,198
  6,632
  7,084
  7,553
  8,000
  8,508
  9,037
  9,587
  10,161
  10,759
  11,382
  12,033
  12,713
  13,422
  14,163
  14,938
  15,748
  16,596
  17,482
  18,411
  19,382
  20,400
  21,466
  22,582
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
  4,434
  4,791
  5,162
  5,547
  5,948
  6,366
  6,798
  7,247
  7,715
  8,199
  8,663
  9,187
  9,733
  10,301
  10,892
  11,509
  12,150
  12,821
  13,520
  14,250
  15,011
  15,807
  16,639
  17,509
  18,418
  19,371
  20,366
  21,408
  22,499
  23,641
Operating income, $m
  409
  472
  551
  633
  718
  808
  900
  997
  1,098
  1,202
  1,312
  1,467
  1,585
  1,709
  1,838
  1,973
  2,114
  2,261
  2,415
  2,577
  2,745
  2,922
  3,107
  3,301
  3,504
  3,717
  3,941
  4,176
  4,422
  4,680
  4,952
EBITDA, $m
  513
  584
  669
  757
  849
  945
  1,045
  1,150
  1,258
  1,371
  1,489
  1,611
  1,739
  1,872
  2,012
  2,157
  2,308
  2,467
  2,633
  2,806
  2,988
  3,178
  3,377
  3,585
  3,804
  4,033
  4,273
  4,526
  4,790
  5,068
  5,360
Interest expense (income), $m
  30
  29
  41
  53
  65
  78
  92
  106
  120
  135
  151
  167
  184
  202
  220
  239
  259
  280
  302
  324
  348
  373
  399
  426
  454
  483
  514
  546
  580
  615
  653
Earnings before tax, $m
  390
  443
  510
  580
  653
  729
  809
  891
  978
  1,067
  1,161
  1,300
  1,401
  1,507
  1,618
  1,734
  1,855
  1,981
  2,114
  2,252
  2,397
  2,549
  2,708
  2,875
  3,050
  3,234
  3,427
  3,629
  3,842
  4,065
  4,299
Tax expense, $m
  116
  120
  138
  157
  176
  197
  218
  241
  264
  288
  313
  351
  378
  407
  437
  468
  501
  535
  571
  608
  647
  688
  731
  776
  824
  873
  925
  980
  1,037
  1,098
  1,161
Net income, $m
  276
  324
  372
  424
  477
  533
  590
  651
  714
  779
  847
  949
  1,023
  1,100
  1,181
  1,266
  1,354
  1,446
  1,543
  1,644
  1,750
  1,861
  1,977
  2,099
  2,227
  2,361
  2,502
  2,649
  2,804
  2,967
  3,138

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
  3,090
  3,364
  3,649
  3,946
  4,255
  4,575
  4,909
  5,255
  5,615
  5,989
  6,379
  6,784
  7,205
  7,644
  8,102
  8,578
  9,076
  9,595
  10,136
  10,702
  11,293
  11,911
  12,557
  13,232
  13,939
  14,679
  15,454
  16,266
  17,115
  18,006
Adjusted assets (=assets-cash), $m
  2,827
  3,090
  3,364
  3,649
  3,946
  4,255
  4,575
  4,909
  5,255
  5,615
  5,989
  6,379
  6,784
  7,205
  7,644
  8,102
  8,578
  9,076
  9,595
  10,136
  10,702
  11,293
  11,911
  12,557
  13,232
  13,939
  14,679
  15,454
  16,266
  17,115
  18,006
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
  623
  678
  736
  796
  858
  923
  990
  1,060
  1,132
  1,208
  1,286
  1,368
  1,453
  1,542
  1,634
  1,730
  1,830
  1,935
  2,044
  2,158
  2,278
  2,402
  2,532
  2,669
  2,811
  2,960
  3,117
  3,280
  3,452
  3,631
Working capital, $m
  724
  299
  326
  353
  382
  412
  443
  475
  509
  544
  580
  618
  657
  698
  740
  785
  831
  879
  929
  982
  1,037
  1,094
  1,154
  1,216
  1,282
  1,350
  1,422
  1,497
  1,576
  1,658
  1,744
Total debt, $m
  442
  608
  787
  973
  1,166
  1,367
  1,576
  1,793
  2,018
  2,252
  2,496
  2,750
  3,013
  3,288
  3,573
  3,871
  4,182
  4,505
  4,843
  5,196
  5,564
  5,949
  6,351
  6,771
  7,211
  7,672
  8,153
  8,658
  9,186
  9,739
  10,319
Total liabilities, $m
  1,845
  2,011
  2,190
  2,376
  2,569
  2,770
  2,979
  3,196
  3,421
  3,655
  3,899
  4,153
  4,416
  4,691
  4,976
  5,274
  5,585
  5,908
  6,246
  6,599
  6,967
  7,352
  7,754
  8,174
  8,614
  9,075
  9,556
  10,061
  10,589
  11,142
  11,722
Total equity, $m
  1,440
  1,078
  1,174
  1,274
  1,377
  1,485
  1,597
  1,713
  1,834
  1,960
  2,090
  2,226
  2,368
  2,515
  2,668
  2,827
  2,994
  3,167
  3,349
  3,538
  3,735
  3,941
  4,157
  4,382
  4,618
  4,865
  5,123
  5,394
  5,677
  5,973
  6,284
Total liabilities and equity, $m
  3,285
  3,089
  3,364
  3,650
  3,946
  4,255
  4,576
  4,909
  5,255
  5,615
  5,989
  6,379
  6,784
  7,206
  7,644
  8,101
  8,579
  9,075
  9,595
  10,137
  10,702
  11,293
  11,911
  12,556
  13,232
  13,940
  14,679
  15,455
  16,266
  17,115
  18,006
Debt-to-equity ratio
  0.307
  0.560
  0.670
  0.760
  0.850
  0.920
  0.990
  1.050
  1.100
  1.150
  1.190
  1.240
  1.270
  1.310
  1.340
  1.370
  1.400
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.610
  1.620
  1.630
  1.640
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
  324
  372
  424
  477
  533
  590
  651
  714
  779
  847
  949
  1,023
  1,100
  1,181
  1,266
  1,354
  1,446
  1,543
  1,644
  1,750
  1,861
  1,977
  2,099
  2,227
  2,361
  2,502
  2,649
  2,804
  2,967
  3,138
Depreciation, amort., depletion, $m
  104
  111
  118
  124
  131
  138
  145
  153
  160
  169
  177
  145
  154
  163
  173
  184
  194
  206
  217
  230
  243
  256
  270
  285
  300
  316
  333
  350
  369
  388
  408
Funds from operations, $m
  428
  435
  490
  548
  608
  670
  735
  803
  874
  948
  1,024
  1,093
  1,177
  1,264
  1,354
  1,449
  1,548
  1,652
  1,760
  1,874
  1,992
  2,117
  2,247
  2,383
  2,527
  2,677
  2,834
  3,000
  3,173
  3,355
  3,546
Change in working capital, $m
  6
  25
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
  68
  72
  75
  79
  82
  86
Cash from operations, $m
  422
  409
  464
  520
  579
  640
  704
  771
  841
  913
  988
  1,056
  1,137
  1,223
  1,312
  1,405
  1,502
  1,604
  1,710
  1,821
  1,938
  2,059
  2,187
  2,321
  2,461
  2,608
  2,763
  2,924
  3,094
  3,273
  3,460
Maintenance CAPEX, $m
  0
  -64
  -70
  -76
  -83
  -89
  -96
  -104
  -111
  -119
  -127
  -136
  -145
  -154
  -163
  -173
  -184
  -194
  -206
  -217
  -230
  -243
  -256
  -270
  -285
  -300
  -316
  -333
  -350
  -369
  -388
New CAPEX, $m
  -194
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -130
  -136
  -143
  -149
  -156
  -164
  -171
  -180
Cash from investing activities, $m
  -485
  -117
  -125
  -134
  -143
  -151
  -161
  -171
  -181
  -192
  -202
  -215
  -227
  -239
  -252
  -265
  -280
  -294
  -311
  -326
  -344
  -362
  -381
  -400
  -421
  -443
  -465
  -489
  -514
  -540
  -568
Free cash flow, $m
  -63
  292
  338
  386
  436
  489
  543
  600
  659
  721
  785
  841
  911
  984
  1,060
  1,139
  1,222
  1,309
  1,400
  1,495
  1,594
  1,698
  1,807
  1,921
  2,040
  2,166
  2,297
  2,436
  2,581
  2,733
  2,893
Issuance/(repayment) of debt, $m
  -2
  172
  178
  186
  193
  201
  209
  217
  225
  234
  244
  253
  264
  274
  286
  298
  310
  324
  338
  353
  368
  385
  402
  421
  440
  460
  482
  504
  528
  553
  580
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
  172
  178
  186
  193
  201
  209
  217
  225
  234
  244
  253
  264
  274
  286
  298
  310
  324
  338
  353
  368
  385
  402
  421
  440
  460
  482
  504
  528
  553
  580
Total cash flow (excl. dividends), $m
  -180
  465
  517
  572
  630
  690
  752
  817
  885
  956
  1,029
  1,095
  1,175
  1,258
  1,346
  1,437
  1,533
  1,633
  1,738
  1,847
  1,962
  2,082
  2,209
  2,341
  2,480
  2,626
  2,779
  2,940
  3,109
  3,286
  3,472
Retained Cash Flow (-), $m
  -159
  -90
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -160
  -166
  -174
  -181
  -189
  -197
  -206
  -216
  -225
  -236
  -247
  -258
  -270
  -283
  -297
  -311
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
 
  826
  421
  472
  526
  582
  640
  701
  764
  830
  898
  959
  1,033
  1,111
  1,193
  1,278
  1,366
  1,459
  1,556
  1,658
  1,765
  1,876
  1,993
  2,116
  2,244
  2,379
  2,521
  2,670
  2,826
  2,990
  3,162
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
 
  792
  385
  411
  433
  451
  465
  473
  478
  477
  471
  455
  441
  423
  400
  375
  347
  318
  287
  255
  224
  194
  165
  139
  114
  93
  74
  57
  44
  33
  24
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 is a designer, manufacturer and marketer of recreation products. The Company operates through three segments: Marine Engine, Boat and Fitness. The Company's product includes marine engines, boats, fitness equipment and active recreation products. The Company's engine-related products include outboard, sterndrive and inboard engines; trolling motors; propellers; engine control systems; and marine parts and accessories. Its boat offerings include: fiberglass pleasure boats; yachts and sport yachts; sport cruisers and sport boats; offshore fishing boats; aluminum and fiberglass fishing boats; pontoon boats; utility boats; deck boats; inflatable boats; and heavy-gauge aluminum boats. Its fitness products include cardiovascular and strength training equipment for both the commercial and consumer markets. It also sells products for active aging, rehabilitation, productive well-being, a complete line of billiards tables and other game room tables and accessories.

FINANCIAL RATIOS  of  Brunswick (BC)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 1.2
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 22.7
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 9.3% 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 8.9 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 88.193 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 $5.1 billion.

RELATED COMPANIES Price Int.Val. Rating
MPX Marine Product 13.18 6.72  sell
MBUU Malibu Boats C 29.85 844.55  str.buy
MCFT MCBC Holdings 21.98 18.60  hold
CMI Cummins 183.72 283.28  str.buy
TWIN Twin Disc 26.73 2.54  str.sell
BGG Briggs&Stratto 26.59 10.42  str.sell

COMPANY NEWS

▶ Mercury Marine releases 2017 Sustainability Report   [Nov-27-17 09:26AM  PR Newswire]
▶ ETFs with exposure to Brunswick Corp. : November 13, 2017   [Nov-13-17 11:48AM  Capital Cube]
▶ This Just In: Brunswick Corporation Upgraded   [Nov-03-17 11:59AM  Motley Fool]
▶ Brunswick misses Street 3Q forecasts   [07:48AM  Associated Press]
▶ Brunswick Corporation Selects Mitratechs TeamConnect   [Oct-12-17 09:00AM  GlobeNewswire]
▶ Brunswick Corp.: Cramer's Top Takeaways   [06:41AM  TheStreet.com]
▶ Cramer Remix: Why the auto slowdown thesis is kaput   [Sep-14-17 07:31PM  CNBC Videos]
▶ Brunswick beats Street 2Q forecasts   [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]
Financial statements 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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