Intrinsic value of LCI Industries - LCII

Previous Close

$94.35

  Intrinsic Value

$226.15

stock screener

  Rating & Target

str. buy

+140%

Previous close

$94.35

 
Intrinsic value

$226.15

 
Up/down potential

+140%

 
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
  27.90
  25.61
  23.55
  21.69
  20.02
  18.52
  17.17
  15.95
  14.86
  13.87
  12.98
  12.19
  11.47
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.51
  7.26
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
Revenue, $m
  1,679
  2,747
  3,451
  4,264
  5,188
  6,227
  7,381
  8,648
  10,028
  11,518
  13,115
  14,818
  16,624
  18,531
  20,536
  22,638
  24,838
  27,134
  29,527
  32,018
  34,609
  37,303
  40,103
  43,013
  46,036
  49,179
  52,446
  55,845
  59,381
  63,061
  66,894
Variable operating expenses, $m
 
  2,411
  3,021
  3,727
  4,530
  5,432
  6,433
  7,534
  8,731
  10,025
  11,412
  12,865
  14,433
  16,088
  17,829
  19,654
  21,564
  23,557
  25,634
  27,797
  30,047
  32,386
  34,816
  37,342
  39,967
  42,696
  45,533
  48,483
  51,553
  54,748
  58,076
Fixed operating expenses, $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
Total operating expenses, $m
  1,478
  2,411
  3,021
  3,727
  4,530
  5,432
  6,433
  7,534
  8,731
  10,025
  11,412
  12,865
  14,433
  16,088
  17,829
  19,654
  21,564
  23,557
  25,634
  27,797
  30,047
  32,386
  34,816
  37,342
  39,967
  42,696
  45,533
  48,483
  51,553
  54,748
  58,076
Operating income, $m
  201
  337
  430
  537
  659
  796
  948
  1,115
  1,297
  1,493
  1,704
  1,953
  2,191
  2,443
  2,707
  2,984
  3,274
  3,577
  3,892
  4,221
  4,562
  4,917
  5,287
  5,670
  6,069
  6,483
  6,914
  7,362
  7,828
  8,313
  8,818
EBITDA, $m
  247
  417
  524
  647
  788
  945
  1,121
  1,313
  1,522
  1,749
  1,991
  2,250
  2,524
  2,813
  3,118
  3,437
  3,771
  4,120
  4,483
  4,861
  5,255
  5,664
  6,089
  6,530
  6,989
  7,467
  7,963
  8,479
  9,015
  9,574
  10,156
Interest expense (income), $m
  2
  3
  7
  12
  18
  25
  33
  41
  51
  61
  72
  84
  96
  109
  123
  138
  154
  170
  187
  205
  223
  242
  262
  282
  304
  326
  349
  373
  399
  425
  452
Earnings before tax, $m
  199
  334
  422
  524
  640
  770
  915
  1,073
  1,246
  1,432
  1,632
  1,870
  2,095
  2,333
  2,584
  2,846
  3,120
  3,407
  3,705
  4,016
  4,339
  4,675
  5,025
  5,388
  5,765
  6,157
  6,564
  6,988
  7,429
  7,888
  8,367
Tax expense, $m
  69
  90
  114
  142
  173
  208
  247
  290
  336
  387
  441
  505
  566
  630
  698
  768
  843
  920
  1,000
  1,084
  1,172
  1,262
  1,357
  1,455
  1,556
  1,662
  1,772
  1,887
  2,006
  2,130
  2,259
Net income, $m
  130
  244
  308
  383
  467
  562
  668
  784
  909
  1,045
  1,191
  1,365
  1,530
  1,703
  1,886
  2,078
  2,278
  2,487
  2,705
  2,932
  3,168
  3,413
  3,668
  3,933
  4,208
  4,494
  4,792
  5,101
  5,423
  5,759
  6,108

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
  1,210
  1,520
  1,877
  2,285
  2,742
  3,250
  3,808
  4,416
  5,072
  5,775
  6,525
  7,320
  8,160
  9,043
  9,969
  10,937
  11,948
  13,002
  14,099
  15,240
  16,426
  17,659
  18,940
  20,271
  21,655
  23,094
  24,590
  26,147
  27,768
  29,456
Adjusted assets (=assets-cash), $m
  701
  1,210
  1,520
  1,877
  2,285
  2,742
  3,250
  3,808
  4,416
  5,072
  5,775
  6,525
  7,320
  8,160
  9,043
  9,969
  10,937
  11,948
  13,002
  14,099
  15,240
  16,426
  17,659
  18,940
  20,271
  21,655
  23,094
  24,590
  26,147
  27,768
  29,456
Revenue / Adjusted assets
  2.395
  2.270
  2.270
  2.272
  2.270
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
  2.271
Average production assets, $m
  269
  549
  690
  853
  1,038
  1,245
  1,476
  1,730
  2,006
  2,304
  2,623
  2,964
  3,325
  3,706
  4,107
  4,528
  4,968
  5,427
  5,905
  6,404
  6,922
  7,461
  8,021
  8,603
  9,207
  9,836
  10,489
  11,169
  11,876
  12,612
  13,379
Working capital, $m
  218
  250
  314
  388
  472
  567
  672
  787
  913
  1,048
  1,194
  1,348
  1,513
  1,686
  1,869
  2,060
  2,260
  2,469
  2,687
  2,914
  3,149
  3,395
  3,649
  3,914
  4,189
  4,475
  4,773
  5,082
  5,404
  5,739
  6,087
Total debt, $m
  50
  132
  228
  339
  465
  607
  765
  938
  1,126
  1,329
  1,547
  1,780
  2,026
  2,287
  2,560
  2,847
  3,148
  3,461
  3,788
  4,128
  4,481
  4,849
  5,231
  5,628
  6,041
  6,470
  6,916
  7,380
  7,863
  8,365
  8,888
Total liabilities, $m
  237
  375
  471
  582
  708
  850
  1,008
  1,181
  1,369
  1,572
  1,790
  2,023
  2,269
  2,530
  2,803
  3,090
  3,390
  3,704
  4,030
  4,371
  4,724
  5,092
  5,474
  5,871
  6,284
  6,713
  7,159
  7,623
  8,106
  8,608
  9,131
Total equity, $m
  550
  835
  1,048
  1,295
  1,576
  1,892
  2,243
  2,628
  3,047
  3,499
  3,985
  4,502
  5,051
  5,630
  6,239
  6,878
  7,546
  8,244
  8,971
  9,728
  10,515
  11,334
  12,185
  13,069
  13,987
  14,942
  15,935
  16,967
  18,042
  19,160
  20,325
Total liabilities and equity, $m
  787
  1,210
  1,519
  1,877
  2,284
  2,742
  3,251
  3,809
  4,416
  5,071
  5,775
  6,525
  7,320
  8,160
  9,042
  9,968
  10,936
  11,948
  13,001
  14,099
  15,239
  16,426
  17,659
  18,940
  20,271
  21,655
  23,094
  24,590
  26,148
  27,768
  29,456
Debt-to-equity ratio
  0.091
  0.160
  0.220
  0.260
  0.300
  0.320
  0.340
  0.360
  0.370
  0.380
  0.390
  0.400
  0.400
  0.410
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
Adjusted equity ratio
  0.662
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  244
  308
  383
  467
  562
  668
  784
  909
  1,045
  1,191
  1,365
  1,530
  1,703
  1,886
  2,078
  2,278
  2,487
  2,705
  2,932
  3,168
  3,413
  3,668
  3,933
  4,208
  4,494
  4,792
  5,101
  5,423
  5,759
  6,108
Depreciation, amort., depletion, $m
  46
  80
  94
  111
  129
  150
  173
  198
  226
  256
  288
  296
  332
  371
  411
  453
  497
  543
  591
  640
  692
  746
  802
  860
  921
  984
  1,049
  1,117
  1,188
  1,261
  1,338
Funds from operations, $m
  216
  324
  403
  493
  597
  712
  841
  982
  1,135
  1,301
  1,479
  1,661
  1,862
  2,074
  2,297
  2,530
  2,775
  3,030
  3,296
  3,572
  3,860
  4,159
  4,470
  4,793
  5,129
  5,478
  5,841
  6,218
  6,611
  7,020
  7,446
Change in working capital, $m
  13
  55
  64
  74
  84
  95
  105
  115
  126
  136
  145
  155
  164
  173
  182
  191
  200
  209
  218
  227
  236
  245
  255
  265
  275
  286
  297
  309
  322
  335
  349
Cash from operations, $m
  203
  270
  339
  419
  512
  618
  736
  867
  1,010
  1,166
  1,334
  1,506
  1,698
  1,901
  2,114
  2,339
  2,575
  2,821
  3,078
  3,345
  3,624
  3,914
  4,215
  4,528
  4,854
  5,192
  5,544
  5,909
  6,289
  6,685
  7,097
Maintenance CAPEX, $m
  0
  -43
  -55
  -69
  -85
  -104
  -125
  -148
  -173
  -201
  -230
  -262
  -296
  -332
  -371
  -411
  -453
  -497
  -543
  -591
  -640
  -692
  -746
  -802
  -860
  -921
  -984
  -1,049
  -1,117
  -1,188
  -1,261
New CAPEX, $m
  -45
  -120
  -141
  -163
  -185
  -208
  -231
  -253
  -276
  -298
  -320
  -341
  -361
  -381
  -401
  -421
  -440
  -459
  -479
  -498
  -518
  -539
  -560
  -582
  -605
  -629
  -653
  -680
  -707
  -736
  -767
Cash from investing activities, $m
  -92
  -163
  -196
  -232
  -270
  -312
  -356
  -401
  -449
  -499
  -550
  -603
  -657
  -713
  -772
  -832
  -893
  -956
  -1,022
  -1,089
  -1,158
  -1,231
  -1,306
  -1,384
  -1,465
  -1,550
  -1,637
  -1,729
  -1,824
  -1,924
  -2,028
Free cash flow, $m
  111
  106
  143
  188
  242
  306
  381
  466
  561
  667
  784
  904
  1,040
  1,187
  1,343
  1,508
  1,682
  1,865
  2,056
  2,257
  2,466
  2,683
  2,909
  3,144
  3,389
  3,643
  3,906
  4,180
  4,465
  4,761
  5,069
Issuance/(repayment) of debt, $m
  0
  82
  96
  111
  126
  142
  157
  173
  188
  203
  218
  232
  247
  260
  274
  287
  300
  313
  327
  340
  354
  368
  382
  397
  413
  429
  446
  464
  483
  502
  523
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
  96
  111
  126
  142
  157
  173
  188
  203
  218
  232
  247
  260
  274
  287
  300
  313
  327
  340
  354
  368
  382
  397
  413
  429
  446
  464
  483
  502
  523
Total cash flow (excl. dividends), $m
  108
  189
  239
  299
  368
  448
  538
  639
  749
  870
  1,002
  1,136
  1,287
  1,447
  1,616
  1,795
  1,982
  2,178
  2,383
  2,597
  2,819
  3,051
  3,291
  3,542
  3,802
  4,072
  4,353
  4,644
  4,948
  5,264
  5,592
Retained Cash Flow (-), $m
  -111
  -182
  -214
  -247
  -281
  -316
  -350
  -385
  -419
  -453
  -485
  -517
  -549
  -579
  -609
  -639
  -668
  -698
  -727
  -757
  -787
  -819
  -851
  -884
  -919
  -955
  -993
  -1,033
  -1,074
  -1,118
  -1,165
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  19
  25
  31
  38
  47
  56
  66
  78
  90
  104
  118
  133
  150
  167
  185
  204
  224
  244
  266
  288
  311
  336
  361
  387
  414
  443
  472
  503
  534
  568
Cash available for distribution, $m
 
  7
  25
  52
  87
  132
  188
  253
  330
  418
  516
  619
  738
  868
  1,007
  1,156
  1,314
  1,481
  1,656
  1,840
  2,032
  2,232
  2,441
  2,658
  2,883
  3,117
  3,360
  3,612
  3,874
  4,145
  4,427
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
 
  7
  23
  45
  72
  103
  136
  171
  206
  240
  271
  294
  315
  330
  338
  339
  334
  322
  305
  283
  258
  231
  203
  174
  147
  121
  98
  78
  60
  45
  33
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 18
Price to Sales 1.4
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 14.8
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 $2148 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 27.9% 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 88%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 0.9%.

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 20%.

Life of production assets of 10 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 9.1%. 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 - $653 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 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 $2.4 billion.

RELATED COMPANIES Price Int.Val. Rating
LCII LCI Industries 94.35 226.15  str.buy
THO Thor Industrie 92.11 1,188.64  str.buy
WGO Winnebago Indu 37.35 489.87  str.buy
PATK Patrick Indust 61.35 96.75  str.buy
SPAR Spartan Motors 14.35 10.10  sell
MNTX Manitex Intern 11.50 0.25  str.sell

COMPANY NEWS

▶ LCI Industries Declares Quarterly Cash Dividend   [Aug-16-18 05:10PM  PR Newswire]
▶ LCI: 2Q Earnings Snapshot   [11:13AM  Associated Press]
▶ At $91.75, Is It Time To Buy LCI Industries (NYSE:LCII)?   [Jun-01-18 04:50PM  Simply Wall St.]
▶ LCI Industries Increases Quarterly Cash Dividend   [May-24-18 04:30PM  PR Newswire]
▶ May Top Undervalued Transport Stocks   [09:02AM  Simply Wall St.]
▶ Is LCI Industriess (NYSE:LCII) Liquidity Good Enough?   [May-11-18 11:39AM  Simply Wall St.]
▶ LCI: 1Q Earnings Snapshot   [07:59AM  Associated Press]
▶ LCI Industries Declares Quarterly Cash Dividend   [Mar-06-18 04:30PM  PR Newswire]
▶ LCI Industries Shows No Signs of Hitting the Brakes   [Feb-08-18 09:07AM  Motley Fool]
▶ LCI Industries to Host Earnings Call   [08:45AM  ACCESSWIRE]
▶ High Growth Stocks To Invest In   [Jan-19-18 11:02AM  Simply Wall St.]
▶ 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]
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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