Intrinsic value of LCI Industries - LCII

Previous Close

$118.45

  Intrinsic Value

$499.88

stock screener

  Rating & Target

str. buy

+322%

Previous close

$118.45

 
Intrinsic value

$499.88

 
Up/down potential

+322%

 
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

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 2.9

 

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
  24.00
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
Revenue, $m
  1,679
  2,082
  2,542
  3,060
  3,637
  4,273
  4,966
  5,715
  6,520
  7,380
  8,292
  9,256
  10,271
  11,335
  12,449
  13,613
  14,826
  16,089
  17,404
  18,770
  20,191
  21,666
  23,200
  24,794
  26,452
  28,175
  29,968
  31,834
  33,778
  35,803
  37,913
Variable operating expenses, $m
 
  1,439
  1,755
  2,110
  2,507
  2,943
  3,419
  3,934
  4,486
  5,077
  5,703
  6,356
  7,053
  7,784
  8,549
  9,348
  10,181
  11,049
  11,951
  12,890
  13,865
  14,878
  15,932
  17,026
  18,164
  19,348
  20,579
  21,861
  23,195
  24,586
  26,035
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
  1,771
  2,095
  2,459
  2,865
  3,310
  3,795
  4,319
  4,881
  5,482
  6,118
  6,781
  7,489
  8,231
  9,007
  9,817
  10,662
  11,542
  12,456
  13,408
  14,396
  15,422
  16,490
  17,598
  18,750
  19,949
  21,195
  22,492
  23,842
  25,249
  26,715
Operating income, $m
  201
  311
  447
  601
  773
  963
  1,171
  1,397
  1,639
  1,899
  2,174
  2,475
  2,782
  3,105
  3,443
  3,796
  4,164
  4,548
  4,947
  5,363
  5,795
  6,244
  6,711
  7,196
  7,701
  8,227
  8,773
  9,343
  9,936
  10,554
  11,199
EBITDA, $m
  247
  363
  509
  674
  858
  1,061
  1,283
  1,524
  1,784
  2,061
  2,355
  2,667
  2,995
  3,340
  3,701
  4,079
  4,472
  4,882
  5,309
  5,753
  6,214
  6,694
  7,193
  7,712
  8,251
  8,812
  9,396
  10,004
  10,638
  11,298
  11,986
Interest expense (income), $m
  2
  2
  4
  7
  10
  13
  17
  21
  25
  29
  34
  39
  45
  50
  57
  63
  69
  76
  83
  91
  98
  106
  115
  123
  132
  142
  152
  162
  172
  183
  195
Earnings before tax, $m
  199
  309
  443
  594
  763
  950
  1,154
  1,376
  1,614
  1,869
  2,140
  2,435
  2,737
  3,054
  3,386
  3,733
  4,095
  4,472
  4,864
  5,272
  5,696
  6,137
  6,596
  7,073
  7,569
  8,085
  8,622
  9,181
  9,764
  10,371
  11,004
Tax expense, $m
  69
  84
  120
  160
  206
  257
  312
  372
  436
  505
  578
  658
  739
  825
  914
  1,008
  1,106
  1,207
  1,313
  1,423
  1,538
  1,657
  1,781
  1,910
  2,044
  2,183
  2,328
  2,479
  2,636
  2,800
  2,971
Net income, $m
  130
  226
  323
  434
  557
  694
  843
  1,004
  1,179
  1,365
  1,562
  1,778
  1,998
  2,230
  2,472
  2,725
  2,989
  3,264
  3,551
  3,849
  4,158
  4,480
  4,815
  5,163
  5,525
  5,902
  6,294
  6,702
  7,127
  7,571
  8,033

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
  869
  1,061
  1,278
  1,519
  1,784
  2,073
  2,386
  2,723
  3,081
  3,462
  3,865
  4,288
  4,733
  5,198
  5,684
  6,190
  6,718
  7,267
  7,837
  8,430
  9,047
  9,687
  10,353
  11,045
  11,764
  12,513
  13,292
  14,103
  14,949
  15,830
Adjusted assets (=assets-cash), $m
  701
  869
  1,061
  1,278
  1,519
  1,784
  2,073
  2,386
  2,723
  3,081
  3,462
  3,865
  4,288
  4,733
  5,198
  5,684
  6,190
  6,718
  7,267
  7,837
  8,430
  9,047
  9,687
  10,353
  11,045
  11,764
  12,513
  13,292
  14,103
  14,949
  15,830
Revenue / Adjusted assets
  2.395
  2.396
  2.396
  2.394
  2.394
  2.395
  2.396
  2.395
  2.394
  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
  333
  407
  490
  582
  684
  794
  914
  1,043
  1,181
  1,327
  1,481
  1,643
  1,814
  1,992
  2,178
  2,372
  2,574
  2,785
  3,003
  3,230
  3,467
  3,712
  3,967
  4,232
  4,508
  4,795
  5,094
  5,404
  5,728
  6,066
Working capital, $m
  218
  164
  201
  242
  287
  338
  392
  452
  515
  583
  655
  731
  811
  895
  984
  1,075
  1,171
  1,271
  1,375
  1,483
  1,595
  1,712
  1,833
  1,959
  2,090
  2,226
  2,367
  2,515
  2,668
  2,828
  2,995
Total debt, $m
  50
  107
  172
  245
  326
  416
  514
  620
  733
  854
  983
  1,119
  1,262
  1,413
  1,570
  1,734
  1,905
  2,084
  2,269
  2,462
  2,662
  2,871
  3,087
  3,312
  3,546
  3,789
  4,042
  4,306
  4,580
  4,866
  5,164
Total liabilities, $m
  237
  294
  359
  432
  513
  603
  701
  807
  920
  1,041
  1,170
  1,306
  1,449
  1,600
  1,757
  1,921
  2,092
  2,271
  2,456
  2,649
  2,849
  3,058
  3,274
  3,499
  3,733
  3,976
  4,229
  4,493
  4,767
  5,053
  5,351
Total equity, $m
  550
  575
  703
  846
  1,005
  1,181
  1,373
  1,580
  1,802
  2,040
  2,292
  2,558
  2,839
  3,133
  3,441
  3,763
  4,098
  4,447
  4,811
  5,188
  5,581
  5,989
  6,413
  6,853
  7,311
  7,788
  8,283
  8,799
  9,337
  9,896
  10,480
Total liabilities and equity, $m
  787
  869
  1,062
  1,278
  1,518
  1,784
  2,074
  2,387
  2,722
  3,081
  3,462
  3,864
  4,288
  4,733
  5,198
  5,684
  6,190
  6,718
  7,267
  7,837
  8,430
  9,047
  9,687
  10,352
  11,044
  11,764
  12,512
  13,292
  14,104
  14,949
  15,831
Debt-to-equity ratio
  0.091
  0.190
  0.240
  0.290
  0.320
  0.350
  0.370
  0.390
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
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
  226
  323
  434
  557
  694
  843
  1,004
  1,179
  1,365
  1,562
  1,778
  1,998
  2,230
  2,472
  2,725
  2,989
  3,264
  3,551
  3,849
  4,158
  4,480
  4,815
  5,163
  5,525
  5,902
  6,294
  6,702
  7,127
  7,571
  8,033
Depreciation, amort., depletion, $m
  46
  52
  62
  72
  84
  98
  112
  128
  144
  162
  181
  192
  213
  236
  259
  283
  308
  334
  362
  390
  420
  450
  482
  515
  550
  585
  623
  661
  702
  744
  788
Funds from operations, $m
  216
  278
  385
  506
  642
  791
  955
  1,132
  1,323
  1,527
  1,743
  1,970
  2,212
  2,465
  2,731
  3,008
  3,297
  3,599
  3,912
  4,239
  4,578
  4,931
  5,297
  5,678
  6,075
  6,487
  6,917
  7,364
  7,829
  8,315
  8,821
Change in working capital, $m
  13
  32
  36
  41
  46
  50
  55
  59
  64
  68
  72
  76
  80
  84
  88
  92
  96
  100
  104
  108
  112
  117
  121
  126
  131
  136
  142
  147
  154
  160
  167
Cash from operations, $m
  203
  246
  349
  465
  596
  741
  900
  1,073
  1,259
  1,459
  1,671
  1,894
  2,131
  2,381
  2,643
  2,916
  3,201
  3,499
  3,808
  4,131
  4,466
  4,814
  5,176
  5,552
  5,944
  6,351
  6,775
  7,216
  7,676
  8,155
  8,654
Maintenance CAPEX, $m
  0
  -35
  -43
  -53
  -64
  -76
  -89
  -103
  -119
  -135
  -153
  -172
  -192
  -213
  -236
  -259
  -283
  -308
  -334
  -362
  -390
  -420
  -450
  -482
  -515
  -550
  -585
  -623
  -661
  -702
  -744
New CAPEX, $m
  -45
  -65
  -74
  -83
  -92
  -102
  -111
  -120
  -129
  -137
  -146
  -154
  -162
  -170
  -178
  -186
  -194
  -202
  -210
  -219
  -227
  -236
  -245
  -255
  -265
  -276
  -287
  -299
  -311
  -324
  -338
Cash from investing activities, $m
  -92
  -100
  -117
  -136
  -156
  -178
  -200
  -223
  -248
  -272
  -299
  -326
  -354
  -383
  -414
  -445
  -477
  -510
  -544
  -581
  -617
  -656
  -695
  -737
  -780
  -826
  -872
  -922
  -972
  -1,026
  -1,082
Free cash flow, $m
  111
  147
  232
  330
  440
  564
  700
  850
  1,012
  1,186
  1,372
  1,568
  1,777
  1,997
  2,229
  2,471
  2,724
  2,989
  3,264
  3,550
  3,848
  4,158
  4,480
  4,815
  5,164
  5,526
  5,903
  6,295
  6,703
  7,129
  7,572
Issuance/(repayment) of debt, $m
  0
  57
  65
  73
  81
  90
  98
  106
  114
  121
  129
  136
  143
  150
  157
  164
  171
  178
  185
  193
  200
  208
  216
  225
  234
  243
  253
  263
  274
  286
  298
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
  57
  65
  73
  81
  90
  98
  106
  114
  121
  129
  136
  143
  150
  157
  164
  171
  178
  185
  193
  200
  208
  216
  225
  234
  243
  253
  263
  274
  286
  298
Total cash flow (excl. dividends), $m
  108
  203
  297
  403
  522
  653
  798
  956
  1,125
  1,307
  1,501
  1,704
  1,920
  2,147
  2,386
  2,635
  2,896
  3,167
  3,449
  3,743
  4,049
  4,367
  4,697
  5,040
  5,397
  5,769
  6,156
  6,558
  6,978
  7,415
  7,870
Retained Cash Flow (-), $m
  -111
  -111
  -127
  -143
  -159
  -176
  -192
  -207
  -223
  -238
  -252
  -266
  -280
  -294
  -308
  -322
  -335
  -349
  -363
  -378
  -393
  -408
  -424
  -441
  -458
  -476
  -496
  -516
  -537
  -560
  -583
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
 
  178
  170
  259
  362
  478
  607
  748
  903
  1,070
  1,249
  1,437
  1,640
  1,853
  2,078
  2,314
  2,560
  2,818
  3,086
  3,366
  3,656
  3,959
  4,273
  4,600
  4,939
  5,293
  5,660
  6,042
  6,440
  6,855
  7,287
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
 
  171
  155
  226
  298
  370
  440
  506
  564
  614
  655
  682
  700
  705
  698
  679
  651
  613
  568
  518
  465
  409
  355
  301
  252
  206
  165
  130
  100
  75
  55
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 22.6
Price to Sales 1.7
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow 18.6
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 24% 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 24.889 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 $2.9 billion.

RELATED COMPANIES Price Int.Val. Rating
LCII LCI Industries 118.45 499.88  str.buy
THO Thor Industrie 133.87 1,049.87  str.buy
WGO Winnebago Indu 49.50 524.00  str.buy
PATK Patrick Indust 90.65 127.94  str.buy
SPAR Spartan Motors 14.80 18.12  hold
MNTX Manitex Intern 8.04 4.91  sell

COMPANY NEWS

▶ 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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