Intrinsic value of Thor Industries - THO

Previous Close

$124.83

  Intrinsic Value

$398.27

stock screener

  Rating & Target

str. buy

+219%

Previous close

$124.83

 
Intrinsic value

$398.27

 
Up/down potential

+219%

 
Rating

str. buy

We calculate the intrinsic value of THO 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  58.16
  30.60
  28.04
  25.74
  23.66
  21.80
  20.12
  18.60
  17.24
  16.02
  14.92
  13.93
  13.03
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
Revenue, $m
  7,247
  9,465
  12,118
  15,237
  18,843
  22,950
  27,566
  32,695
  38,333
  44,474
  51,109
  58,226
  65,815
  73,865
  82,364
  91,306
  100,684
  110,495
  120,737
  131,413
  142,528
  154,090
  166,111
  178,604
  191,587
  205,078
  219,101
  233,680
  248,843
  264,619
  281,041
Variable operating expenses, $m
 
  8,658
  11,075
  13,916
  17,199
  20,940
  25,145
  29,816
  34,951
  40,544
  46,587
  53,032
  59,944
  67,275
  75,016
  83,160
  91,702
  100,637
  109,965
  119,689
  129,812
  140,343
  151,291
  162,670
  174,494
  186,782
  199,554
  212,832
  226,642
  241,011
  255,968
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
  6,691
  8,658
  11,075
  13,916
  17,199
  20,940
  25,145
  29,816
  34,951
  40,544
  46,587
  53,032
  59,944
  67,275
  75,016
  83,160
  91,702
  100,637
  109,965
  119,689
  129,812
  140,343
  151,291
  162,670
  174,494
  186,782
  199,554
  212,832
  226,642
  241,011
  255,968
Operating income, $m
  556
  807
  1,043
  1,322
  1,643
  2,010
  2,422
  2,879
  3,382
  3,930
  4,522
  5,195
  5,872
  6,590
  7,348
  8,146
  8,983
  9,858
  10,772
  11,724
  12,716
  13,747
  14,820
  15,934
  17,093
  18,296
  19,547
  20,848
  22,201
  23,608
  25,073
EBITDA, $m
  654
  934
  1,196
  1,503
  1,859
  2,264
  2,720
  3,226
  3,782
  4,388
  5,042
  5,745
  6,493
  7,288
  8,126
  9,008
  9,934
  10,901
  11,912
  12,965
  14,062
  15,203
  16,389
  17,621
  18,902
  20,233
  21,617
  23,055
  24,551
  26,107
  27,728
Interest expense (income), $m
  9
  5
  16
  29
  44
  62
  82
  104
  129
  157
  187
  219
  254
  290
  330
  371
  415
  460
  508
  558
  610
  664
  720
  779
  840
  903
  969
  1,037
  1,108
  1,182
  1,259
Earnings before tax, $m
  556
  801
  1,027
  1,293
  1,599
  1,948
  2,340
  2,775
  3,253
  3,773
  4,335
  4,976
  5,618
  6,299
  7,019
  7,775
  8,568
  9,398
  10,264
  11,166
  12,106
  13,083
  14,099
  15,155
  16,253
  17,393
  18,578
  19,811
  21,093
  22,426
  23,814
Tax expense, $m
  182
  216
  277
  349
  432
  526
  632
  749
  878
  1,019
  1,171
  1,343
  1,517
  1,701
  1,895
  2,099
  2,313
  2,537
  2,771
  3,015
  3,269
  3,532
  3,807
  4,092
  4,388
  4,696
  5,016
  5,349
  5,695
  6,055
  6,430
Net income, $m
  374
  585
  750
  944
  1,167
  1,422
  1,708
  2,026
  2,375
  2,755
  3,165
  3,632
  4,101
  4,599
  5,124
  5,676
  6,255
  6,860
  7,492
  8,151
  8,837
  9,551
  10,292
  11,063
  11,864
  12,697
  13,562
  14,462
  15,398
  16,371
  17,385

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  223
  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
  2,558
  3,049
  3,904
  4,909
  6,070
  7,394
  8,881
  10,533
  12,350
  14,328
  16,465
  18,758
  21,203
  23,797
  26,535
  29,416
  32,437
  35,597
  38,897
  42,337
  45,917
  49,642
  53,515
  57,540
  61,723
  66,069
  70,587
  75,284
  80,169
  85,251
  90,542
Adjusted assets (=assets-cash), $m
  2,335
  3,049
  3,904
  4,909
  6,070
  7,394
  8,881
  10,533
  12,350
  14,328
  16,465
  18,758
  21,203
  23,797
  26,535
  29,416
  32,437
  35,597
  38,897
  42,337
  45,917
  49,642
  53,515
  57,540
  61,723
  66,069
  70,587
  75,284
  80,169
  85,251
  90,542
Revenue / Adjusted assets
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
  3.104
Average production assets, $m
  860
  1,126
  1,442
  1,813
  2,242
  2,731
  3,280
  3,891
  4,562
  5,292
  6,082
  6,929
  7,832
  8,790
  9,801
  10,865
  11,981
  13,149
  14,368
  15,638
  16,961
  18,337
  19,767
  21,254
  22,799
  24,404
  26,073
  27,808
  29,612
  31,490
  33,444
Working capital, $m
  399
  227
  291
  366
  452
  551
  662
  785
  920
  1,067
  1,227
  1,397
  1,580
  1,773
  1,977
  2,191
  2,416
  2,652
  2,898
  3,154
  3,421
  3,698
  3,987
  4,287
  4,598
  4,922
  5,258
  5,608
  5,972
  6,351
  6,745
Total debt, $m
  145
  445
  804
  1,226
  1,714
  2,269
  2,894
  3,588
  4,351
  5,182
  6,080
  7,043
  8,069
  9,159
  10,309
  11,519
  12,788
  14,115
  15,501
  16,945
  18,449
  20,014
  21,640
  23,331
  25,087
  26,913
  28,810
  30,783
  32,835
  34,969
  37,191
Total liabilities, $m
  981
  1,281
  1,640
  2,062
  2,550
  3,105
  3,730
  4,424
  5,187
  6,018
  6,916
  7,879
  8,905
  9,995
  11,145
  12,355
  13,624
  14,951
  16,337
  17,781
  19,285
  20,850
  22,476
  24,167
  25,923
  27,749
  29,646
  31,619
  33,671
  35,805
  38,027
Total equity, $m
  1,577
  1,769
  2,264
  2,847
  3,521
  4,288
  5,151
  6,109
  7,163
  8,310
  9,550
  10,880
  12,298
  13,802
  15,390
  17,061
  18,813
  20,647
  22,560
  24,555
  26,632
  28,793
  31,039
  33,373
  35,799
  38,320
  40,940
  43,665
  46,498
  49,446
  52,514
Total liabilities and equity, $m
  2,558
  3,050
  3,904
  4,909
  6,071
  7,393
  8,881
  10,533
  12,350
  14,328
  16,466
  18,759
  21,203
  23,797
  26,535
  29,416
  32,437
  35,598
  38,897
  42,336
  45,917
  49,643
  53,515
  57,540
  61,722
  66,069
  70,586
  75,284
  80,169
  85,251
  90,541
Debt-to-equity ratio
  0.092
  0.250
  0.350
  0.430
  0.490
  0.530
  0.560
  0.590
  0.610
  0.620
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
Adjusted equity ratio
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  374
  585
  750
  944
  1,167
  1,422
  1,708
  2,026
  2,375
  2,755
  3,165
  3,632
  4,101
  4,599
  5,124
  5,676
  6,255
  6,860
  7,492
  8,151
  8,837
  9,551
  10,292
  11,063
  11,864
  12,697
  13,562
  14,462
  15,398
  16,371
  17,385
Depreciation, amort., depletion, $m
  98
  127
  152
  182
  216
  255
  298
  347
  400
  458
  520
  550
  622
  698
  778
  862
  951
  1,044
  1,140
  1,241
  1,346
  1,455
  1,569
  1,687
  1,809
  1,937
  2,069
  2,207
  2,350
  2,499
  2,654
Funds from operations, $m
  394
  712
  902
  1,125
  1,383
  1,677
  2,006
  2,372
  2,775
  3,212
  3,685
  4,182
  4,723
  5,296
  5,901
  6,538
  7,206
  7,904
  8,633
  9,392
  10,183
  11,006
  11,861
  12,750
  13,674
  14,634
  15,632
  16,669
  17,748
  18,870
  20,039
Change in working capital, $m
  -25
  53
  64
  75
  87
  99
  111
  123
  135
  147
  159
  171
  182
  193
  204
  215
  225
  235
  246
  256
  267
  277
  288
  300
  312
  324
  337
  350
  364
  379
  394
Cash from operations, $m
  419
  659
  839
  1,051
  1,297
  1,578
  1,895
  2,249
  2,639
  3,065
  3,526
  4,011
  4,541
  5,103
  5,697
  6,323
  6,980
  7,668
  8,387
  9,136
  9,917
  10,728
  11,573
  12,450
  13,362
  14,310
  15,295
  16,319
  17,384
  18,492
  19,645
Maintenance CAPEX, $m
  0
  -68
  -89
  -114
  -144
  -178
  -217
  -260
  -309
  -362
  -420
  -483
  -550
  -622
  -698
  -778
  -862
  -951
  -1,044
  -1,140
  -1,241
  -1,346
  -1,455
  -1,569
  -1,687
  -1,809
  -1,937
  -2,069
  -2,207
  -2,350
  -2,499
New CAPEX, $m
  -115
  -266
  -316
  -371
  -429
  -489
  -549
  -610
  -671
  -731
  -790
  -847
  -903
  -958
  -1,011
  -1,064
  -1,116
  -1,167
  -1,219
  -1,270
  -1,323
  -1,376
  -1,430
  -1,487
  -1,545
  -1,605
  -1,669
  -1,735
  -1,804
  -1,877
  -1,954
Cash from investing activities, $m
  -117
  -334
  -405
  -485
  -573
  -667
  -766
  -870
  -980
  -1,093
  -1,210
  -1,330
  -1,453
  -1,580
  -1,709
  -1,842
  -1,978
  -2,118
  -2,263
  -2,410
  -2,564
  -2,722
  -2,885
  -3,056
  -3,232
  -3,414
  -3,606
  -3,804
  -4,011
  -4,227
  -4,453
Free cash flow, $m
  302
  324
  433
  565
  724
  911
  1,129
  1,379
  1,659
  1,972
  2,317
  2,682
  3,088
  3,524
  3,988
  4,481
  5,002
  5,550
  6,124
  6,725
  7,353
  8,006
  8,687
  9,395
  10,131
  10,895
  11,689
  12,515
  13,373
  14,264
  15,191
Issuance/(repayment) of debt, $m
  -215
  300
  359
  422
  488
  556
  625
  694
  763
  831
  898
  963
  1,027
  1,089
  1,150
  1,210
  1,269
  1,327
  1,386
  1,445
  1,504
  1,564
  1,627
  1,690
  1,757
  1,826
  1,897
  1,973
  2,052
  2,135
  2,222
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -220
  300
  359
  422
  488
  556
  625
  694
  763
  831
  898
  963
  1,027
  1,089
  1,150
  1,210
  1,269
  1,327
  1,386
  1,445
  1,504
  1,564
  1,627
  1,690
  1,757
  1,826
  1,897
  1,973
  2,052
  2,135
  2,222
Total cash flow (excl. dividends), $m
  82
  624
  792
  987
  1,212
  1,467
  1,754
  2,073
  2,422
  2,803
  3,214
  3,645
  4,115
  4,613
  5,138
  5,691
  6,271
  6,877
  7,510
  8,170
  8,857
  9,571
  10,314
  11,085
  11,887
  12,721
  13,587
  14,487
  15,424
  16,399
  17,413
Retained Cash Flow (-), $m
  -312
  -415
  -496
  -583
  -674
  -767
  -863
  -958
  -1,054
  -1,147
  -1,240
  -1,330
  -1,418
  -1,504
  -1,588
  -1,671
  -1,752
  -1,833
  -1,914
  -1,995
  -2,077
  -2,160
  -2,246
  -2,334
  -2,426
  -2,521
  -2,620
  -2,724
  -2,833
  -2,948
  -3,068
Prev. year cash balance distribution, $m
 
  223
  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
 
  433
  297
  404
  538
  700
  891
  1,114
  1,369
  1,656
  1,975
  2,315
  2,697
  3,109
  3,550
  4,020
  4,519
  5,044
  5,597
  6,175
  6,780
  7,410
  8,067
  8,751
  9,461
  10,200
  10,967
  11,763
  12,591
  13,451
  14,345
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
 
  415
  271
  352
  443
  542
  647
  753
  856
  951
  1,035
  1,099
  1,151
  1,182
  1,192
  1,180
  1,148
  1,098
  1,031
  951
  861
  766
  669
  574
  482
  397
  320
  252
  195
  147
  108
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

Thor Industries, Inc. manufactures a range of recreational vehicles (RVs) in the United States and sells those vehicles primarily in the United States and Canada. The Company's segments include towable recreational vehicles, which consists of the operations of Airstream, Inc. (Airstream) (towable); Heartland Recreational Vehicles, LLC (Heartland) (including Bison Coach, LLC (Bison), Cruiser RV, LLC (CRV) and DRV, LLC (DRV)); Jayco, Corp. (Jayco) (including Jayco towable, Starcraft and Highland Ridge), Keystone RV Company (Keystone) (including CrossRoads and Dutchmen) and K.Z., Inc. (KZ) (including Livin' Lite RV, Inc. (Livin' Lite)); motorized recreational vehicles, which consists of the operations of Airstream (motorized), Jayco (including Jayco motorized and Entegra Coach) and Thor Motor Coach, Inc. (Thor Motor Coach), and Other, which includes the operations of its subsidiary, Postle Operating, LLC (Postle).

FINANCIAL RATIOS  of  Thor Industries (THO)

Valuation Ratios
P/E Ratio 17.6
Price to Sales 0.9
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 21.6
Growth Rates
Sales Growth Rate 58.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 121.2%
Cap. Spend. - 3 Yr. Gr. Rate 30.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 9.2%
Total Debt to Equity 9.2%
Interest Coverage 63
Management Effectiveness
Return On Assets 15.6%
Ret/ On Assets - 3 Yr. Avg. 14.2%
Return On Total Capital 22.3%
Ret/ On T. Cap. - 3 Yr. Avg. 20.3%
Return On Equity 26.3%
Return On Equity - 3 Yr. Avg. 22.6%
Asset Turnover 3
Profitability Ratios
Gross Margin 14.4%
Gross Margin - 3 Yr. Avg. 14.7%
EBITDA Margin 9.1%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 7.7%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 5.2%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.1%
Payout Ratio 18.4%

THO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the THO stock intrinsic value calculation we used $7247 million for the last fiscal year's total revenue generated by Thor Industries. The default revenue input number comes from 2017 income statement of Thor 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 THO stock valuation model: a) initial revenue growth rate of 30.6% 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 THO is calculated based on our internal credit rating of Thor 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 Thor 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 THO stock the variable cost ratio is equal to 91.6%.

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 THO 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 3.6% for Thor Industries.

Corporate tax rate of 27% is the nominal tax rate for Thor 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 THO 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 THO are equal to 11.9%.

Life of production assets of 12.6 years is the average useful life of capital assets used in Thor 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 THO is equal to 2.4%. 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 - $1577 million for Thor 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 53.477 million for Thor 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 Thor Industries at the current share price and the inputted number of shares is $6.7 billion.

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COMPANY NEWS

▶ Thor Announces Global Joint Venture   [Feb-15-18 08:20AM  Business Wire]
▶ Why RV Stocks Can Beat the Market in the Years Ahead   [Feb-12-18 11:12AM  Motley Fool]
▶ A Bullish Case for Winnebago and Thor Industries   [Feb-07-18 07:42PM  Motley Fool]
▶ When To Sell A Top Growth Stock: Go For More Than A 20% Gain?   [Feb-02-18 03:45PM  Investor's Business Daily]
▶ Why Shares of Winnebago and Thor Dropped Today   [Jan-26-18 04:50PM  Motley Fool]
▶ Scott Black: A No-Performance-Fee Hedge Fund Manager   [Jan-22-18 04:35PM  GuruFocus.com]
▶ Will Thor Industries Continue to Climb in 2018?   [Jan-10-18 05:35PM  Motley Fool]
▶ Christmas Glamping: Can Younger Buyers Help Break The RV Industry Cycle?   [Dec-22-17 10:21AM  Investor's Business Daily]
▶ RV Icon Winnebago Crushes Earnings Forecasts, But Stock Falls   [Dec-20-17 04:07PM  Investor's Business Daily]
▶ REV Group Dives After Q4 Earnings, Sales Miss; Winnebago Next   [Dec-19-17 04:51PM  Investor's Business Daily]
▶ Thor Announces Regular Quarterly Dividend   [04:15PM  PR Newswire]
▶ 3 Stocks to Hold for the Next 20 Years   [02:00PM  Motley Fool]
▶ Disney, Banks Rally, But Nvidia Sinks; Ready For Bitcoin Futures?   [Dec-04-17 02:00PM  Investor's Business Daily]
▶ See which stocks fund managers are buying   [Nov-29-17 03:09PM  American City Business Journals]
▶ RV industry points to strong sales growth   [12:42PM  Associated Press]
▶ Company News For Nov 29, 2017   [09:22AM  Zacks]
▶ Thor Industries: Cramer's Top Takeaways   [06:44AM  TheStreet.com]
▶ Cramer Remix: Its time to buy the stock of Macys   [Nov-28-17 07:05PM  CNBC Videos]
▶ What Happened in the Stock Market Today   [04:55PM  Motley Fool]
▶ Exceptional Growth Sends Thor Soaring   [09:33AM  Motley Fool]
▶ Thor Industries beats on bottom line   [04:58PM  CNBC Videos]
▶ Thor Industries beats Street 1Q forecasts   [04:23PM  Associated Press]
▶ What To Expect From These Four IBD 50 Earnings Reports   [09:50AM  Investor's Business Daily]
▶ Thor Names Senior Director Of Investor Relations   [Nov-20-17 04:15PM  PR Newswire]
▶ Thor Industries (THO) Is A Great Growth Stock   [Nov-09-17 01:46PM  Zacks]
▶ Thor Industries Inc (THO): Will The Growth Last?   [Nov-06-17 06:22PM  Simply Wall St.]
▶ Airstream unveils innovation and research lab   [Nov-02-17 05:40AM  American City Business Journals]
▶ Starcraft RV Enters into Agreement with Mossy Oak   [Oct-25-17 10:45AM  PR Newswire]
▶ Winnebago Reports Strong Earnings, New Buyback; Stock Rallies   [Oct-19-17 04:02PM  Investor's Business Daily]
Financial statements of THO
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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