Intrinsic value of LCI Industries - LCII

Previous Close

$107.10

  Intrinsic Value

$339.31

stock screener

  Rating & Target

str. buy

+217%

  Value-price divergence*

0%

Previous close

$107.10

 
Intrinsic value

$339.31

 
Up/down potential

+217%

 
Rating

str. buy

 
Value-price divergence*

0%

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

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

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 2.5

 

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
  17.70
  16.43
  15.29
  14.26
  13.33
  12.50
  11.75
  11.07
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.61
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
Revenue, $m
  1,679
  1,976
  2,301
  2,653
  3,031
  3,435
  3,864
  4,318
  4,796
  5,299
  5,824
  6,373
  6,946
  7,542
  8,163
  8,808
  9,479
  10,176
  10,900
  11,653
  12,436
  13,250
  14,096
  14,977
  15,895
  16,850
  17,847
  18,885
  19,969
  21,100
  22,282
Variable operating expenses, $m
 
  1,366
  1,589
  1,830
  2,090
  2,368
  2,662
  2,974
  3,303
  3,647
  4,008
  4,377
  4,770
  5,179
  5,606
  6,049
  6,509
  6,988
  7,485
  8,002
  8,540
  9,098
  9,680
  10,285
  10,915
  11,571
  12,255
  12,969
  13,713
  14,490
  15,301
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
  1,698
  1,929
  2,179
  2,448
  2,735
  3,038
  3,359
  3,698
  4,052
  4,423
  4,802
  5,206
  5,626
  6,064
  6,518
  6,990
  7,481
  7,990
  8,520
  9,071
  9,642
  10,238
  10,857
  11,501
  12,172
  12,871
  13,600
  14,360
  15,153
  15,981
Operating income, $m
  201
  278
  372
  473
  583
  701
  826
  959
  1,099
  1,247
  1,401
  1,572
  1,740
  1,916
  2,100
  2,290
  2,489
  2,695
  2,910
  3,133
  3,365
  3,607
  3,859
  4,121
  4,394
  4,679
  4,976
  5,286
  5,609
  5,948
  6,301
EBITDA, $m
  247
  319
  417
  525
  640
  765
  897
  1,037
  1,185
  1,340
  1,503
  1,674
  1,852
  2,037
  2,230
  2,431
  2,640
  2,858
  3,084
  3,319
  3,564
  3,819
  4,084
  4,360
  4,648
  4,948
  5,261
  5,588
  5,929
  6,285
  6,658
Interest expense (income), $m
  2
  2
  4
  6
  7
  10
  12
  14
  17
  20
  22
  25
  28
  32
  35
  39
  42
  46
  50
  54
  58
  63
  67
  72
  77
  82
  88
  93
  99
  105
  112
Earnings before tax, $m
  199
  276
  368
  468
  576
  691
  814
  945
  1,082
  1,227
  1,379
  1,546
  1,712
  1,885
  2,065
  2,252
  2,447
  2,649
  2,860
  3,079
  3,307
  3,544
  3,791
  4,049
  4,317
  4,596
  4,888
  5,192
  5,510
  5,842
  6,190
Tax expense, $m
  69
  75
  99
  126
  155
  187
  220
  255
  292
  331
  372
  417
  462
  509
  557
  608
  661
  715
  772
  831
  893
  957
  1,024
  1,093
  1,166
  1,241
  1,320
  1,402
  1,488
  1,577
  1,671
Net income, $m
  130
  202
  269
  341
  420
  504
  594
  690
  790
  896
  1,006
  1,129
  1,250
  1,376
  1,507
  1,644
  1,786
  1,934
  2,088
  2,248
  2,414
  2,587
  2,768
  2,955
  3,151
  3,355
  3,568
  3,790
  4,023
  4,265
  4,518

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
  825
  961
  1,108
  1,265
  1,434
  1,613
  1,803
  2,003
  2,212
  2,432
  2,661
  2,900
  3,149
  3,408
  3,678
  3,958
  4,249
  4,551
  4,866
  5,192
  5,532
  5,886
  6,254
  6,637
  7,036
  7,452
  7,885
  8,338
  8,810
  9,303
Adjusted assets (=assets-cash), $m
  701
  825
  961
  1,108
  1,265
  1,434
  1,613
  1,803
  2,003
  2,212
  2,432
  2,661
  2,900
  3,149
  3,408
  3,678
  3,958
  4,249
  4,551
  4,866
  5,192
  5,532
  5,886
  6,254
  6,637
  7,036
  7,452
  7,885
  8,338
  8,810
  9,303
Revenue / Adjusted assets
  2.395
  2.395
  2.394
  2.394
  2.396
  2.395
  2.396
  2.395
  2.394
  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
Average production assets, $m
  269
  316
  368
  424
  485
  550
  618
  691
  767
  848
  932
  1,020
  1,111
  1,207
  1,306
  1,409
  1,517
  1,628
  1,744
  1,865
  1,990
  2,120
  2,255
  2,396
  2,543
  2,696
  2,855
  3,022
  3,195
  3,376
  3,565
Working capital, $m
  218
  156
  182
  210
  239
  271
  305
  341
  379
  419
  460
  503
  549
  596
  645
  696
  749
  804
  861
  921
  982
  1,047
  1,114
  1,183
  1,256
  1,331
  1,410
  1,492
  1,578
  1,667
  1,760
Total debt, $m
  50
  92
  138
  187
  241
  298
  358
  422
  490
  561
  635
  712
  793
  877
  965
  1,056
  1,151
  1,249
  1,351
  1,458
  1,568
  1,683
  1,802
  1,927
  2,056
  2,191
  2,332
  2,478
  2,631
  2,791
  2,958
Total liabilities, $m
  237
  279
  325
  374
  428
  485
  545
  609
  677
  748
  822
  899
  980
  1,064
  1,152
  1,243
  1,338
  1,436
  1,538
  1,645
  1,755
  1,870
  1,989
  2,114
  2,243
  2,378
  2,519
  2,665
  2,818
  2,978
  3,145
Total equity, $m
  550
  546
  636
  733
  838
  949
  1,068
  1,194
  1,326
  1,465
  1,610
  1,762
  1,920
  2,085
  2,256
  2,435
  2,620
  2,813
  3,013
  3,221
  3,437
  3,662
  3,896
  4,140
  4,393
  4,658
  4,933
  5,220
  5,520
  5,832
  6,159
Total liabilities and equity, $m
  787
  825
  961
  1,107
  1,266
  1,434
  1,613
  1,803
  2,003
  2,213
  2,432
  2,661
  2,900
  3,149
  3,408
  3,678
  3,958
  4,249
  4,551
  4,866
  5,192
  5,532
  5,885
  6,254
  6,636
  7,036
  7,452
  7,885
  8,338
  8,810
  9,304
Debt-to-equity ratio
  0.091
  0.170
  0.220
  0.260
  0.290
  0.310
  0.340
  0.350
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.440
  0.450
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
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
  202
  269
  341
  420
  504
  594
  690
  790
  896
  1,006
  1,129
  1,250
  1,376
  1,507
  1,644
  1,786
  1,934
  2,088
  2,248
  2,414
  2,587
  2,768
  2,955
  3,151
  3,355
  3,568
  3,790
  4,023
  4,265
  4,518
Depreciation, amort., depletion, $m
  46
  41
  46
  51
  57
  64
  71
  78
  86
  94
  102
  102
  111
  121
  131
  141
  152
  163
  174
  186
  199
  212
  226
  240
  254
  270
  286
  302
  320
  338
  357
Funds from operations, $m
  216
  242
  314
  393
  478
  568
  665
  768
  876
  989
  1,108
  1,231
  1,361
  1,496
  1,638
  1,785
  1,938
  2,097
  2,262
  2,434
  2,613
  2,799
  2,993
  3,195
  3,406
  3,625
  3,854
  4,093
  4,342
  4,603
  4,875
Change in working capital, $m
  13
  23
  26
  28
  30
  32
  34
  36
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  72
  76
  79
  82
  86
  89
  93
Cash from operations, $m
  203
  219
  289
  365
  448
  536
  631
  732
  838
  950
  1,067
  1,187
  1,316
  1,449
  1,589
  1,734
  1,885
  2,042
  2,205
  2,375
  2,551
  2,735
  2,926
  3,125
  3,333
  3,549
  3,775
  4,011
  4,256
  4,513
  4,782
Maintenance CAPEX, $m
  0
  -27
  -32
  -37
  -42
  -48
  -55
  -62
  -69
  -77
  -85
  -93
  -102
  -111
  -121
  -131
  -141
  -152
  -163
  -174
  -186
  -199
  -212
  -226
  -240
  -254
  -270
  -286
  -302
  -320
  -338
New CAPEX, $m
  -45
  -48
  -52
  -56
  -61
  -65
  -69
  -73
  -77
  -80
  -84
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
Cash from investing activities, $m
  -92
  -75
  -84
  -93
  -103
  -113
  -124
  -135
  -146
  -157
  -169
  -181
  -194
  -206
  -220
  -234
  -248
  -264
  -279
  -294
  -311
  -329
  -347
  -367
  -387
  -407
  -429
  -452
  -475
  -501
  -527
Free cash flow, $m
  111
  144
  205
  272
  345
  423
  507
  597
  692
  793
  898
  1,006
  1,122
  1,243
  1,369
  1,500
  1,636
  1,778
  1,926
  2,080
  2,240
  2,406
  2,579
  2,759
  2,947
  3,142
  3,346
  3,559
  3,781
  4,013
  4,255
Issuance/(repayment) of debt, $m
  0
  42
  46
  50
  53
  57
  61
  64
  67
  71
  74
  77
  81
  84
  88
  91
  95
  98
  102
  106
  110
  115
  119
  124
  129
  135
  141
  147
  153
  160
  167
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
  42
  46
  50
  53
  57
  61
  64
  67
  71
  74
  77
  81
  84
  88
  91
  95
  98
  102
  106
  110
  115
  119
  124
  129
  135
  141
  147
  153
  160
  167
Total cash flow (excl. dividends), $m
  108
  186
  251
  322
  398
  480
  568
  661
  760
  863
  972
  1,084
  1,203
  1,327
  1,456
  1,591
  1,731
  1,877
  2,028
  2,186
  2,350
  2,521
  2,698
  2,883
  3,076
  3,277
  3,487
  3,705
  3,934
  4,172
  4,422
Retained Cash Flow (-), $m
  -111
  -82
  -90
  -97
  -105
  -112
  -119
  -125
  -132
  -139
  -145
  -152
  -158
  -165
  -172
  -178
  -185
  -193
  -200
  -208
  -216
  -225
  -234
  -244
  -254
  -264
  -275
  -287
  -300
  -313
  -327
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
 
  190
  161
  224
  294
  369
  449
  536
  628
  725
  827
  932
  1,045
  1,162
  1,285
  1,413
  1,546
  1,684
  1,828
  1,978
  2,134
  2,296
  2,464
  2,640
  2,823
  3,013
  3,211
  3,418
  3,634
  3,860
  4,095
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
 
  182
  148
  195
  242
  286
  326
  362
  392
  416
  434
  443
  446
  442
  431
  415
  393
  366
  337
  305
  271
  237
  204
  173
  144
  117
  94
  73
  56
  42
  31
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 manufactures and supplies components for the manufacturers of recreational vehicles and manufactured homes in the United States. The company operates through two segments, Recreational Vehicle Products (RV) and Manufactured Housing Products (MH). The RV segment manufactures and markets various products used primarily in the production of RVs, including steel chassis for towable RVs; furniture and mattresses; axles and suspension solutions for towable RVs; entry, luggage, patio, and ramp doors; slide-out mechanisms and solutions; electric and manual entry steps; thermoformed bath, kitchen, and other products; awnings and awning accessories; windows; electronic components; manual, electric, and hydraulic stabilizer and leveling systems; LED televisions, sound systems, navigation systems, and wireless backup cameras; chassis components; and other accessories. This segment sells its products to the manufacturers of RVs, the other OEMs, manufacturers in adjacent industries, and distributors and retail dealers of aftermarket products. The MH segment manufactures and markets various products that are used primarily in the production of manufactured homes, such as vinyl and aluminum windows, aluminum and vinyl patio doors, thermoformed bath and kitchen products, steel chassis and related components, steel and fiberglass entry doors, and axles. This segment sells its products to producers of manufactured homes, other OEMs, manufacturers in adjacent industries, and distributors of aftermarket products. It also offers components for adjacent industries, including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; modular housing; and factory-built mobile office units. The company was formerly known as Drew Industries Incorporated and changed its name to LCI Industries in December 2016. LCI Industries was founded in 1962 and is based in Elkhart, Indiana.

FINANCIAL RATIOS  of  LCI Industries (LCII)

Valuation Ratios
P/E Ratio 20.4
Price to Sales 1.6
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 16.8
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 $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 17.7% 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 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 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 23.776 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 $2.5 billion.

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COMPANY NEWS

▶ 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]
Stock chart of LCII Financial statements of LCII Annual reports 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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