Intrinsic value of LCI Industries - LCII

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$111.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$111.70

 
Intrinsic value

$431.24

 
Up/down potential

+286%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 2.7

 

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
  20.70
  19.13
  17.72
  16.45
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
Revenue, $m
  1,679
  2,027
  2,414
  2,842
  3,309
  3,816
  4,360
  4,942
  5,560
  6,214
  6,903
  7,626
  8,383
  9,174
  9,998
  10,857
  11,751
  12,681
  13,647
  14,651
  15,694
  16,778
  17,905
  19,077
  20,297
  21,566
  22,887
  24,263
  25,698
  27,194
  28,755
Variable operating expenses, $m
 
  1,401
  1,667
  1,960
  2,281
  2,629
  3,003
  3,403
  3,827
  4,276
  4,749
  5,237
  5,756
  6,299
  6,866
  7,456
  8,069
  8,708
  9,371
  10,060
  10,777
  11,521
  12,295
  13,100
  13,938
  14,809
  15,716
  16,662
  17,647
  18,674
  19,746
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
  1,733
  2,007
  2,309
  2,639
  2,996
  3,379
  3,788
  4,222
  4,681
  5,164
  5,662
  6,192
  6,746
  7,324
  7,925
  8,550
  9,201
  9,876
  10,578
  11,308
  12,065
  12,853
  13,672
  14,524
  15,410
  16,332
  17,293
  18,294
  19,337
  20,426
Operating income, $m
  201
  294
  407
  533
  670
  820
  981
  1,154
  1,338
  1,533
  1,739
  1,964
  2,191
  2,427
  2,675
  2,932
  3,201
  3,480
  3,770
  4,072
  4,386
  4,712
  5,052
  5,405
  5,773
  6,156
  6,555
  6,971
  7,404
  7,857
  8,329
EBITDA, $m
  247
  341
  461
  595
  741
  901
  1,072
  1,256
  1,452
  1,659
  1,878
  2,107
  2,348
  2,600
  2,863
  3,136
  3,421
  3,718
  4,027
  4,347
  4,681
  5,028
  5,388
  5,764
  6,154
  6,561
  6,985
  7,427
  7,887
  8,368
  8,870
Interest expense (income), $m
  2
  2
  3
  5
  7
  10
  12
  15
  18
  21
  24
  27
  31
  35
  39
  43
  47
  51
  56
  61
  66
  71
  76
  82
  87
  93
  100
  106
  113
  120
  127
Earnings before tax, $m
  199
  292
  404
  527
  663
  810
  969
  1,139
  1,321
  1,512
  1,715
  1,937
  2,160
  2,393
  2,636
  2,890
  3,154
  3,429
  3,714
  4,011
  4,320
  4,642
  4,976
  5,324
  5,686
  6,063
  6,455
  6,865
  7,292
  7,737
  8,202
Tax expense, $m
  69
  79
  109
  142
  179
  219
  262
  308
  357
  408
  463
  523
  583
  646
  712
  780
  852
  926
  1,003
  1,083
  1,167
  1,253
  1,343
  1,437
  1,535
  1,637
  1,743
  1,853
  1,969
  2,089
  2,215
Net income, $m
  130
  213
  295
  385
  484
  591
  707
  832
  964
  1,104
  1,252
  1,414
  1,576
  1,747
  1,924
  2,109
  2,302
  2,503
  2,711
  2,928
  3,154
  3,388
  3,632
  3,886
  4,150
  4,426
  4,712
  5,011
  5,323
  5,648
  5,988

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
  845
  1,006
  1,185
  1,379
  1,591
  1,818
  2,060
  2,318
  2,590
  2,877
  3,179
  3,494
  3,824
  4,168
  4,526
  4,898
  5,286
  5,688
  6,107
  6,542
  6,994
  7,464
  7,952
  8,460
  8,989
  9,540
  10,114
  10,712
  11,336
  11,986
Adjusted assets (=assets-cash), $m
  701
  845
  1,006
  1,185
  1,379
  1,591
  1,818
  2,060
  2,318
  2,590
  2,877
  3,179
  3,494
  3,824
  4,168
  4,526
  4,898
  5,286
  5,688
  6,107
  6,542
  6,994
  7,464
  7,952
  8,460
  8,989
  9,540
  10,114
  10,712
  11,336
  11,986
Revenue / Adjusted assets
  2.395
  2.399
  2.400
  2.398
  2.400
  2.398
  2.398
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
  2.399
Average production assets, $m
  269
  221
  263
  310
  361
  416
  475
  539
  606
  677
  752
  831
  914
  1,000
  1,090
  1,183
  1,281
  1,382
  1,487
  1,597
  1,711
  1,829
  1,952
  2,079
  2,212
  2,351
  2,495
  2,645
  2,801
  2,964
  3,134
Working capital, $m
  218
  160
  191
  225
  261
  301
  344
  390
  439
  491
  545
  602
  662
  725
  790
  858
  928
  1,002
  1,078
  1,157
  1,240
  1,325
  1,415
  1,507
  1,603
  1,704
  1,808
  1,917
  2,030
  2,148
  2,272
Total debt, $m
  50
  99
  153
  213
  279
  350
  427
  508
  595
  687
  784
  885
  992
  1,103
  1,219
  1,339
  1,465
  1,595
  1,731
  1,872
  2,019
  2,171
  2,329
  2,494
  2,665
  2,843
  3,029
  3,222
  3,424
  3,634
  3,853
Total liabilities, $m
  237
  285
  339
  399
  465
  536
  613
  694
  781
  873
  970
  1,071
  1,178
  1,289
  1,405
  1,525
  1,651
  1,781
  1,917
  2,058
  2,205
  2,357
  2,515
  2,680
  2,851
  3,029
  3,215
  3,408
  3,610
  3,820
  4,039
Total equity, $m
  550
  560
  667
  785
  915
  1,055
  1,205
  1,366
  1,537
  1,717
  1,908
  2,107
  2,317
  2,535
  2,763
  3,001
  3,248
  3,504
  3,771
  4,049
  4,337
  4,637
  4,948
  5,272
  5,609
  5,960
  6,325
  6,706
  7,102
  7,516
  7,947
Total liabilities and equity, $m
  787
  845
  1,006
  1,184
  1,380
  1,591
  1,818
  2,060
  2,318
  2,590
  2,878
  3,178
  3,495
  3,824
  4,168
  4,526
  4,899
  5,285
  5,688
  6,107
  6,542
  6,994
  7,463
  7,952
  8,460
  8,989
  9,540
  10,114
  10,712
  11,336
  11,986
Debt-to-equity ratio
  0.091
  0.180
  0.230
  0.270
  0.300
  0.330
  0.350
  0.370
  0.390
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.450
  0.450
  0.460
  0.460
  0.460
  0.470
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
Adjusted equity ratio
  0.662
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  213
  295
  385
  484
  591
  707
  832
  964
  1,104
  1,252
  1,414
  1,576
  1,747
  1,924
  2,109
  2,302
  2,503
  2,711
  2,928
  3,154
  3,388
  3,632
  3,886
  4,150
  4,426
  4,712
  5,011
  5,323
  5,648
  5,988
Depreciation, amort., depletion, $m
  46
  47
  54
  62
  71
  81
  91
  102
  113
  126
  139
  143
  158
  172
  188
  204
  221
  238
  256
  275
  295
  315
  336
  359
  381
  405
  430
  456
  483
  511
  540
Funds from operations, $m
  216
  260
  349
  447
  555
  672
  798
  934
  1,077
  1,230
  1,391
  1,557
  1,734
  1,919
  2,112
  2,314
  2,523
  2,741
  2,968
  3,204
  3,449
  3,704
  3,969
  4,245
  4,532
  4,831
  5,142
  5,467
  5,806
  6,159
  6,528
Change in working capital, $m
  13
  27
  31
  34
  37
  40
  43
  46
  49
  52
  54
  57
  60
  62
  65
  68
  71
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  109
  113
  118
  123
Cash from operations, $m
  203
  163
  318
  413
  518
  632
  755
  888
  1,029
  1,178
  1,336
  1,500
  1,674
  1,857
  2,047
  2,246
  2,452
  2,668
  2,892
  3,124
  3,366
  3,618
  3,880
  4,152
  4,436
  4,731
  5,038
  5,358
  5,692
  6,041
  6,405
Maintenance CAPEX, $m
  0
  -31
  -38
  -45
  -53
  -62
  -72
  -82
  -93
  -104
  -117
  -130
  -143
  -158
  -172
  -188
  -204
  -221
  -238
  -256
  -275
  -295
  -315
  -336
  -359
  -381
  -405
  -430
  -456
  -483
  -511
New CAPEX, $m
  -45
  -38
  -42
  -47
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -86
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -163
  -170
Cash from investing activities, $m
  -92
  -69
  -80
  -92
  -104
  -117
  -131
  -145
  -160
  -175
  -192
  -209
  -226
  -244
  -262
  -282
  -301
  -322
  -343
  -365
  -389
  -413
  -438
  -464
  -492
  -519
  -549
  -580
  -612
  -646
  -681
Free cash flow, $m
  111
  93
  238
  321
  414
  515
  624
  742
  868
  1,002
  1,144
  1,291
  1,448
  1,613
  1,785
  1,964
  2,151
  2,346
  2,548
  2,759
  2,977
  3,205
  3,442
  3,688
  3,944
  4,211
  4,489
  4,778
  5,080
  5,395
  5,723
Issuance/(repayment) of debt, $m
  0
  49
  54
  60
  66
  71
  76
  82
  87
  92
  97
  102
  106
  111
  116
  121
  126
  131
  136
  141
  147
  152
  158
  165
  171
  178
  186
  193
  202
  210
  219
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
  49
  54
  60
  66
  71
  76
  82
  87
  92
  97
  102
  106
  111
  116
  121
  126
  131
  136
  141
  147
  152
  158
  165
  171
  178
  186
  193
  202
  210
  219
Total cash flow (excl. dividends), $m
  108
  142
  292
  381
  479
  586
  701
  824
  955
  1,094
  1,241
  1,393
  1,555
  1,724
  1,901
  2,085
  2,277
  2,476
  2,684
  2,900
  3,124
  3,357
  3,600
  3,853
  4,115
  4,389
  4,674
  4,972
  5,282
  5,605
  5,943
Retained Cash Flow (-), $m
  -111
  -96
  -107
  -118
  -129
  -140
  -150
  -161
  -171
  -181
  -190
  -200
  -209
  -219
  -228
  -237
  -247
  -257
  -267
  -277
  -288
  -300
  -311
  -324
  -337
  -351
  -365
  -380
  -396
  -413
  -431
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
 
  132
  185
  263
  350
  446
  550
  663
  784
  914
  1,051
  1,193
  1,346
  1,505
  1,673
  1,847
  2,030
  2,219
  2,417
  2,622
  2,836
  3,058
  3,289
  3,529
  3,778
  4,038
  4,309
  4,591
  4,885
  5,192
  5,511
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
 
  127
  170
  229
  288
  346
  399
  448
  490
  525
  551
  567
  574
  572
  562
  542
  516
  483
  445
  404
  360
  316
  273
  231
  192
  157
  126
  99
  76
  57
  41
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 21.3
Price to Sales 1.6
Price to Book 5
Price to Tangible Book
Price to Cash Flow 13.6
Price to Free Cash Flow 17.5
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 20.7% 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 3.5% 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 10.9%.

Life of production assets of 5.8 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 $2.7 billion.


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COMPANY NEWS

▶ 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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