Intrinsic value of LCI Industries - LCII

Previous Close

$128.00

  Intrinsic Value

$969.37

stock screener

  Rating & Target

str. buy

+657%

Previous close

$128.00

 
Intrinsic value

$969.37

 
Up/down potential

+657%

 
Rating

str. buy

We calculate the intrinsic value of LCII 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, %
  19.67
  34.70
  31.73
  29.06
  26.65
  24.49
  22.54
  20.78
  19.21
  17.78
  16.51
  15.36
  14.32
  13.39
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
Revenue, $m
  1,679
  2,262
  2,979
  3,845
  4,870
  6,062
  7,428
  8,972
  10,695
  12,597
  14,677
  16,930
  19,355
  21,946
  24,700
  27,613
  30,683
  33,905
  37,280
  40,806
  44,483
  48,314
  52,300
  56,444
  60,752
  65,229
  69,881
  74,716
  79,743
  84,969
  90,406
Variable operating expenses, $m
 
  1,562
  2,055
  2,649
  3,353
  4,172
  5,110
  6,170
  7,353
  8,659
  10,087
  11,626
  13,291
  15,070
  16,962
  18,962
  21,070
  23,283
  25,600
  28,021
  30,547
  33,177
  35,914
  38,760
  41,719
  44,793
  47,987
  51,308
  54,759
  58,348
  62,082
Fixed operating expenses, $m
 
  332
  340
  349
  358
  367
  376
  385
  395
  405
  415
  425
  436
  447
  458
  469
  481
  493
  505
  518
  531
  544
  558
  572
  586
  601
  616
  631
  647
  663
  680
Total operating expenses, $m
  1,478
  1,894
  2,395
  2,998
  3,711
  4,539
  5,486
  6,555
  7,748
  9,064
  10,502
  12,051
  13,727
  15,517
  17,420
  19,431
  21,551
  23,776
  26,105
  28,539
  31,078
  33,721
  36,472
  39,332
  42,305
  45,394
  48,603
  51,939
  55,406
  59,011
  62,762
Operating income, $m
  201
  368
  584
  847
  1,159
  1,524
  1,943
  2,417
  2,947
  3,533
  4,175
  4,879
  5,628
  6,429
  7,281
  8,182
  9,132
  10,130
  11,175
  12,267
  13,406
  14,593
  15,828
  17,112
  18,448
  19,836
  21,278
  22,778
  24,337
  25,958
  27,645
EBITDA, $m
  247
  423
  655
  936
  1,269
  1,659
  2,106
  2,612
  3,178
  3,804
  4,488
  5,231
  6,030
  6,885
  7,794
  8,756
  9,770
  10,834
  11,949
  13,115
  14,330
  15,597
  16,914
  18,285
  19,710
  21,191
  22,730
  24,330
  25,994
  27,723
  29,523
Interest expense (income), $m
  2
  2
  5
  9
  14
  20
  27
  34
  43
  53
  64
  75
  88
  102
  116
  132
  148
  166
  184
  203
  223
  244
  265
  288
  311
  335
  361
  387
  414
  443
  472
Earnings before tax, $m
  199
  366
  579
  837
  1,145
  1,504
  1,916
  2,382
  2,904
  3,480
  4,111
  4,804
  5,540
  6,327
  7,164
  8,050
  8,984
  9,964
  10,991
  12,064
  13,183
  14,349
  15,562
  16,825
  18,137
  19,500
  20,917
  22,391
  23,922
  25,515
  27,173
Tax expense, $m
  69
  99
  156
  226
  309
  406
  517
  643
  784
  940
  1,110
  1,297
  1,496
  1,708
  1,934
  2,174
  2,426
  2,690
  2,967
  3,257
  3,559
  3,874
  4,202
  4,543
  4,897
  5,265
  5,648
  6,045
  6,459
  6,889
  7,337
Net income, $m
  130
  267
  423
  611
  836
  1,098
  1,399
  1,739
  2,120
  2,541
  3,001
  3,507
  4,044
  4,619
  5,230
  5,877
  6,558
  7,274
  8,023
  8,806
  9,624
  10,475
  11,361
  12,282
  13,240
  14,235
  15,270
  16,345
  17,463
  18,626
  19,836

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  86
  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
  787
  944
  1,244
  1,605
  2,033
  2,531
  3,102
  3,746
  4,466
  5,260
  6,128
  7,069
  8,081
  9,163
  10,313
  11,530
  12,811
  14,157
  15,566
  17,038
  18,573
  20,173
  21,837
  23,568
  25,366
  27,236
  29,178
  31,197
  33,295
  35,478
  37,748
Adjusted assets (=assets-cash), $m
  701
  944
  1,244
  1,605
  2,033
  2,531
  3,102
  3,746
  4,466
  5,260
  6,128
  7,069
  8,081
  9,163
  10,313
  11,530
  12,811
  14,157
  15,566
  17,038
  18,573
  20,173
  21,837
  23,568
  25,366
  27,236
  29,178
  31,197
  33,295
  35,478
  37,748
Revenue / Adjusted assets
  2.395
  2.396
  2.395
  2.396
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
  2.395
Average production assets, $m
  269
  362
  477
  615
  779
  970
  1,189
  1,436
  1,711
  2,016
  2,348
  2,709
  3,097
  3,511
  3,952
  4,418
  4,909
  5,425
  5,965
  6,529
  7,117
  7,730
  8,368
  9,031
  9,720
  10,437
  11,181
  11,955
  12,759
  13,595
  14,465
Working capital, $m
  218
  179
  235
  304
  385
  479
  587
  709
  845
  995
  1,159
  1,338
  1,529
  1,734
  1,951
  2,181
  2,424
  2,679
  2,945
  3,224
  3,514
  3,817
  4,132
  4,459
  4,799
  5,153
  5,521
  5,903
  6,300
  6,713
  7,142
Total debt, $m
  50
  132
  233
  356
  500
  669
  861
  1,079
  1,322
  1,591
  1,884
  2,202
  2,545
  2,910
  3,299
  3,710
  4,143
  4,598
  5,074
  5,572
  6,091
  6,631
  7,194
  7,779
  8,387
  9,019
  9,675
  10,358
  11,067
  11,804
  12,572
Total liabilities, $m
  237
  319
  420
  543
  687
  856
  1,048
  1,266
  1,509
  1,778
  2,071
  2,389
  2,732
  3,097
  3,486
  3,897
  4,330
  4,785
  5,261
  5,759
  6,278
  6,818
  7,381
  7,966
  8,574
  9,206
  9,862
  10,545
  11,254
  11,991
  12,759
Total equity, $m
  550
  625
  823
  1,063
  1,346
  1,676
  2,053
  2,480
  2,956
  3,482
  4,057
  4,680
  5,350
  6,066
  6,827
  7,633
  8,481
  9,372
  10,305
  11,279
  12,296
  13,354
  14,456
  15,602
  16,792
  18,030
  19,316
  20,652
  22,042
  23,486
  24,989
Total liabilities and equity, $m
  787
  944
  1,243
  1,606
  2,033
  2,532
  3,101
  3,746
  4,465
  5,260
  6,128
  7,069
  8,082
  9,163
  10,313
  11,530
  12,811
  14,157
  15,566
  17,038
  18,574
  20,172
  21,837
  23,568
  25,366
  27,236
  29,178
  31,197
  33,296
  35,477
  37,748
Debt-to-equity ratio
  0.091
  0.210
  0.280
  0.330
  0.370
  0.400
  0.420
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.490
  0.490
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
Adjusted equity ratio
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662
  0.662

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  267
  423
  611
  836
  1,098
  1,399
  1,739
  2,120
  2,541
  3,001
  3,507
  4,044
  4,619
  5,230
  5,877
  6,558
  7,274
  8,023
  8,806
  9,624
  10,475
  11,361
  12,282
  13,240
  14,235
  15,270
  16,345
  17,463
  18,626
  19,836
Depreciation, amort., depletion, $m
  46
  56
  71
  89
  110
  135
  163
  195
  231
  271
  314
  352
  402
  456
  513
  574
  638
  705
  775
  848
  924
  1,004
  1,087
  1,173
  1,262
  1,355
  1,452
  1,553
  1,657
  1,766
  1,879
Funds from operations, $m
  216
  323
  493
  700
  946
  1,233
  1,562
  1,935
  2,351
  2,811
  3,315
  3,859
  4,446
  5,075
  5,743
  6,450
  7,196
  7,978
  8,798
  9,654
  10,548
  11,479
  12,447
  13,455
  14,502
  15,591
  16,722
  17,898
  19,120
  20,392
  21,715
Change in working capital, $m
  13
  46
  57
  68
  81
  94
  108
  122
  136
  150
  164
  178
  192
  205
  218
  230
  242
  255
  267
  279
  291
  303
  315
  327
  340
  354
  368
  382
  397
  413
  430
Cash from operations, $m
  203
  277
  437
  632
  865
  1,138
  1,454
  1,813
  2,215
  2,661
  3,151
  3,681
  4,255
  4,870
  5,526
  6,220
  6,953
  7,724
  8,531
  9,376
  10,257
  11,176
  12,132
  13,127
  14,162
  15,237
  16,354
  17,516
  18,723
  19,979
  21,285
Maintenance CAPEX, $m
  0
  -35
  -47
  -62
  -80
  -101
  -126
  -154
  -186
  -222
  -262
  -305
  -352
  -402
  -456
  -513
  -574
  -638
  -705
  -775
  -848
  -924
  -1,004
  -1,087
  -1,173
  -1,262
  -1,355
  -1,452
  -1,553
  -1,657
  -1,766
New CAPEX, $m
  -45
  -93
  -115
  -139
  -164
  -191
  -219
  -247
  -276
  -304
  -333
  -361
  -388
  -415
  -441
  -466
  -491
  -516
  -540
  -564
  -588
  -613
  -638
  -663
  -689
  -716
  -744
  -774
  -804
  -836
  -870
Cash from investing activities, $m
  -92
  -128
  -162
  -201
  -244
  -292
  -345
  -401
  -462
  -526
  -595
  -666
  -740
  -817
  -897
  -979
  -1,065
  -1,154
  -1,245
  -1,339
  -1,436
  -1,537
  -1,642
  -1,750
  -1,862
  -1,978
  -2,099
  -2,226
  -2,357
  -2,493
  -2,636
Free cash flow, $m
  111
  149
  275
  431
  621
  846
  1,109
  1,411
  1,753
  2,134
  2,556
  3,015
  3,515
  4,053
  4,629
  5,241
  5,888
  6,570
  7,287
  8,037
  8,821
  9,639
  10,491
  11,377
  12,300
  13,258
  14,255
  15,290
  16,366
  17,486
  18,649
Issuance/(repayment) of debt, $m
  0
  82
  101
  122
  145
  168
  193
  218
  243
  268
  293
  318
  342
  366
  389
  411
  433
  455
  476
  498
  519
  541
  563
  585
  608
  632
  657
  682
  709
  738
  767
Issuance/(repurchase) of shares, $m
  3
  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  
  -4
  82
  101
  122
  145
  168
  193
  218
  243
  268
  293
  318
  342
  366
  389
  411
  433
  455
  476
  498
  519
  541
  563
  585
  608
  632
  657
  682
  709
  738
  767
Total cash flow (excl. dividends), $m
  108
  231
  376
  554
  766
  1,015
  1,302
  1,629
  1,996
  2,403
  2,850
  3,333
  3,857
  4,419
  5,018
  5,652
  6,321
  7,025
  7,763
  8,535
  9,340
  10,179
  11,053
  11,962
  12,908
  13,890
  14,911
  15,972
  17,076
  18,223
  19,417
Retained Cash Flow (-), $m
  -111
  -161
  -198
  -239
  -283
  -330
  -378
  -427
  -476
  -526
  -575
  -623
  -670
  -716
  -761
  -805
  -848
  -891
  -933
  -975
  -1,016
  -1,059
  -1,102
  -1,146
  -1,191
  -1,237
  -1,286
  -1,336
  -1,389
  -1,445
  -1,503
Prev. year cash balance distribution, $m
 
  86
  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
 
  156
  178
  314
  482
  685
  925
  1,202
  1,520
  1,877
  2,275
  2,710
  3,187
  3,703
  4,256
  4,847
  5,473
  6,134
  6,830
  7,560
  8,324
  9,121
  9,952
  10,817
  11,717
  12,653
  13,625
  14,636
  15,686
  16,778
  17,914
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
 
  149
  163
  273
  397
  531
  671
  812
  950
  1,078
  1,193
  1,287
  1,360
  1,408
  1,429
  1,423
  1,391
  1,335
  1,258
  1,164
  1,058
  943
  826
  709
  597
  492
  398
  314
  243
  183
  135
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

LCI Industries, formerly Drew Industries Incorporated, through its subsidiary, Lippert Components, Inc. and its subsidiaries (LCI), supplies an array of components for the original equipment manufacturers (OEMs) of recreational vehicles (RVs) and adjacent industries. The Company's segments include OEM Segment and Aftermarket Segment. The OEM Segment manufactures or distributes an array of components for the OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; manufactured homes; modular housing, and mobile office units. The Aftermarket Segment supplies components to the related aftermarket channels of the RV and adjacent industries, primarily to retail dealers, wholesale distributors and service centers. The Aftermarket Segment also includes the sale of replacement glass and awnings to fulfill insurance claims.

FINANCIAL RATIOS  of  LCI Industries (LCII)

Valuation Ratios
P/E Ratio 24.4
Price to Sales 1.9
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 20.1
Growth Rates
Sales Growth Rate 19.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.2%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 9.1%
Total Debt to Equity 9.1%
Interest Coverage 101
Management Effectiveness
Return On Assets 18.6%
Ret/ On Assets - 3 Yr. Avg. 14.7%
Return On Total Capital 23.9%
Ret/ On T. Cap. - 3 Yr. Avg. 19.1%
Return On Equity 26.3%
Return On Equity - 3 Yr. Avg. 20.5%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 25.6%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.8%
Payout Ratio 26.2%

LCII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LCII stock intrinsic value calculation we used $1679 million for the last fiscal year's total revenue generated by LCI Industries. The default revenue input number comes from 2016 income statement of LCI Industries. 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 LCII stock valuation model: a) initial revenue growth rate of 34.7% 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 LCII is calculated based on our internal credit rating of LCI Industries, 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 LCI Industries.
    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 LCII stock the variable cost ratio is equal to 69.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $324 million in the base year in the intrinsic value calculation for LCII 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 4% for LCI Industries.

Corporate tax rate of 27% is the nominal tax rate for LCI Industries. 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 LCII 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 LCII are equal to 16%.

Life of production assets of 7.7 years is the average useful life of capital assets used in LCI Industries 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 LCII is equal to 7.9%. 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 - $550 million for LCI Industries - 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 25.231 million for LCI Industries 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 LCI Industries at the current share price and the inputted number of shares is $3.2 billion.

RELATED COMPANIES Price Int.Val. Rating
LCII LCI Industries 128.00 969.37  str.buy
THO Thor Industrie 155.41 398.27  str.buy
WGO Winnebago Indu 54.40 483.44  str.buy
PATK Patrick Indust 65.10 90.67  buy
SPAR Spartan Motors 15.10 262.53  str.buy
MNTX Manitex Intern 9.63 5.09  sell

COMPANY NEWS

▶ LCI Industries Earns RS Rating Upgrade   [Jan-18-18 03:00AM  Investor's Business Daily]
▶ LCI Industries Adds Ron Fenech to Board of Directors   [Nov-16-17 04:15PM  PR Newswire]
▶ LCI Industries Increases Quarterly Cash Dividend   [Nov-06-17 04:30PM  PR Newswire]
▶ Higher Costs Hold Back LCI Industries   [09:23AM  Motley Fool]
▶ Stocks To Watch: LCI Industries Sees RS Rating Rise To 81   [03:00AM  Investor's Business Daily]
▶ LCI Industries Reports 2017 Third Quarter Results   [Nov-02-17 07:30AM  PR Newswire]
▶ LCI Industries Clears Key Benchmark, Hitting 80-Plus RS Rating   [Nov-01-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: LCI Industries   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ LCI Industries Declares Quarterly Cash Dividend   [Aug-07-17 04:45PM  PR Newswire]
▶ RV Strength Keeps Lifting LCI Industries   [Aug-04-17 10:29AM  Motley Fool]
▶ 3 Dividend Stocks for Shrewd Investors   [Jun-09-17 11:09AM  Motley Fool]
▶ LCI Industries Declares Quarterly Cash Dividend   [May-08-17 04:15PM  PR Newswire]
▶ LCI Industries Sees a Strong Road Ahead for RVs   [May-04-17 09:54AM  Motley Fool]
▶ LCI Industries Declares Quarterly Cash Dividend   [Feb-24-17 04:15PM  PR Newswire]
▶ Drew Industries posts 4Q profit   [07:57AM  Associated Press]
Financial statements of LCII
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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