Intrinsic value of Winnebago Industries - WGO

Previous Close

$55.65

  Intrinsic Value

$536.78

stock screener

  Rating & Target

str. buy

+865%

Previous close

$55.65

 
Intrinsic value

$536.78

 
Up/down potential

+865%

 
Rating

str. buy

We calculate the intrinsic value of WGO 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 2017), $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 1.8

 

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, %
  58.67
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,547
  2,475
  3,824
  5,719
  8,298
  11,707
  16,095
  21,604
  28,368
  36,502
  46,105
  57,252
  69,996
  84,369
  100,383
  118,032
  137,300
  158,158
  180,573
  204,508
  229,928
  256,799
  285,093
  314,789
  345,873
  378,341
  412,196
  447,454
  484,137
  522,280
  561,924
Variable operating expenses, $m
 
  2,206
  3,395
  5,064
  7,337
  10,342
  14,209
  19,064
  25,024
  32,193
  40,657
  50,456
  61,687
  74,354
  88,466
  104,021
  121,001
  139,383
  159,137
  180,231
  202,633
  226,315
  251,250
  277,421
  304,815
  333,429
  363,265
  394,338
  426,666
  460,281
  495,219
Fixed operating expenses, $m
 
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  55
  56
  58
  59
  60
  62
  64
  65
  67
  68
  70
  72
  74
  76
Total operating expenses, $m
  1,422
  2,243
  3,433
  5,103
  7,377
  10,383
  14,251
  19,107
  25,068
  32,238
  40,703
  50,503
  61,735
  74,404
  88,517
  104,073
  121,054
  139,438
  159,193
  180,289
  202,692
  226,375
  251,312
  277,485
  304,880
  333,496
  363,333
  394,408
  426,738
  460,355
  495,295
Operating income, $m
  125
  233
  392
  616
  921
  1,325
  1,845
  2,497
  3,299
  4,264
  5,403
  6,749
  8,261
  9,966
  11,865
  13,959
  16,245
  18,720
  21,379
  24,219
  27,235
  30,424
  33,781
  37,304
  40,993
  44,845
  48,863
  53,046
  57,399
  61,925
  66,629
EBITDA, $m
  157
  284
  459
  704
  1,037
  1,479
  2,047
  2,761
  3,638
  4,693
  5,938
  7,384
  9,037
  10,901
  12,978
  15,268
  17,767
  20,473
  23,381
  26,486
  29,784
  33,270
  36,941
  40,794
  44,826
  49,039
  53,431
  58,006
  62,765
  67,714
  72,858
Interest expense (income), $m
  12
  24
  48
  82
  131
  197
  285
  398
  540
  714
  924
  1,171
  1,458
  1,786
  2,156
  2,569
  3,023
  3,519
  4,056
  4,633
  5,250
  5,904
  6,596
  7,325
  8,089
  8,890
  9,726
  10,597
  11,505
  12,450
  13,432
Earnings before tax, $m
  109
  209
  344
  534
  790
  1,127
  1,559
  2,099
  2,759
  3,550
  4,479
  5,578
  6,803
  8,180
  9,709
  11,391
  13,222
  15,201
  17,323
  19,586
  21,986
  24,519
  27,185
  29,980
  32,903
  35,956
  39,137
  42,449
  45,894
  49,475
  53,197
Tax expense, $m
  38
  56
  93
  144
  213
  304
  421
  567
  745
  958
  1,209
  1,506
  1,837
  2,208
  2,621
  3,075
  3,570
  4,104
  4,677
  5,288
  5,936
  6,620
  7,340
  8,095
  8,884
  9,708
  10,567
  11,461
  12,391
  13,358
  14,363
Net income, $m
  71
  153
  251
  389
  577
  823
  1,138
  1,532
  2,014
  2,591
  3,270
  4,072
  4,966
  5,971
  7,088
  8,315
  9,652
  11,096
  12,646
  14,298
  16,049
  17,899
  19,845
  21,885
  24,020
  26,248
  28,570
  30,988
  33,502
  36,117
  38,834

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  36
  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
  903
  1,387
  2,144
  3,206
  4,651
  6,562
  9,022
  12,110
  15,901
  20,461
  25,844
  32,092
  39,236
  47,292
  56,268
  66,162
  76,962
  88,654
  101,218
  114,635
  128,883
  143,945
  159,805
  176,451
  193,875
  212,074
  231,052
  250,815
  271,377
  292,758
  314,980
Adjusted assets (=assets-cash), $m
  867
  1,387
  2,144
  3,206
  4,651
  6,562
  9,022
  12,110
  15,901
  20,461
  25,844
  32,092
  39,236
  47,292
  56,268
  66,162
  76,962
  88,654
  101,218
  114,635
  128,883
  143,945
  159,805
  176,451
  193,875
  212,074
  231,052
  250,815
  271,377
  292,758
  314,980
Revenue / Adjusted assets
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
  1.784
Average production assets, $m
  142
  228
  352
  526
  763
  1,077
  1,481
  1,988
  2,610
  3,358
  4,242
  5,267
  6,440
  7,762
  9,235
  10,859
  12,632
  14,551
  16,613
  18,815
  21,153
  23,625
  26,229
  28,961
  31,820
  34,807
  37,922
  41,166
  44,541
  48,050
  51,697
Working capital, $m
  147
  183
  283
  423
  614
  866
  1,191
  1,599
  2,099
  2,701
  3,412
  4,237
  5,180
  6,243
  7,428
  8,734
  10,160
  11,704
  13,362
  15,134
  17,015
  19,003
  21,097
  23,294
  25,595
  27,997
  30,503
  33,112
  35,826
  38,649
  41,582
Total debt, $m
  275
  547
  946
  1,507
  2,270
  3,279
  4,578
  6,208
  8,210
  10,617
  13,460
  16,759
  20,530
  24,784
  29,524
  34,747
  40,450
  46,623
  53,257
  60,341
  67,864
  75,817
  84,191
  92,980
  102,180
  111,789
  121,809
  132,244
  143,101
  154,390
  166,123
Total liabilities, $m
  461
  733
  1,132
  1,693
  2,456
  3,465
  4,764
  6,394
  8,396
  10,803
  13,646
  16,945
  20,716
  24,970
  29,710
  34,933
  40,636
  46,809
  53,443
  60,527
  68,050
  76,003
  84,377
  93,166
  102,366
  111,975
  121,995
  132,430
  143,287
  154,576
  166,309
Total equity, $m
  442
  655
  1,012
  1,513
  2,195
  3,097
  4,258
  5,716
  7,505
  9,658
  12,198
  15,147
  18,519
  22,322
  26,559
  31,228
  36,326
  41,844
  47,775
  54,107
  60,833
  67,942
  75,428
  83,285
  91,509
  100,099
  109,056
  118,385
  128,090
  138,182
  148,670
Total liabilities and equity, $m
  903
  1,388
  2,144
  3,206
  4,651
  6,562
  9,022
  12,110
  15,901
  20,461
  25,844
  32,092
  39,235
  47,292
  56,269
  66,161
  76,962
  88,653
  101,218
  114,634
  128,883
  143,945
  159,805
  176,451
  193,875
  212,074
  231,051
  250,815
  271,377
  292,758
  314,979
Debt-to-equity ratio
  0.622
  0.830
  0.930
  1.000
  1.030
  1.060
  1.070
  1.090
  1.090
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.468
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  71
  153
  251
  389
  577
  823
  1,138
  1,532
  2,014
  2,591
  3,270
  4,072
  4,966
  5,971
  7,088
  8,315
  9,652
  11,096
  12,646
  14,298
  16,049
  17,899
  19,845
  21,885
  24,020
  26,248
  28,570
  30,988
  33,502
  36,117
  38,834
Depreciation, amort., depletion, $m
  32
  52
  67
  88
  116
  154
  203
  264
  339
  429
  535
  635
  776
  935
  1,113
  1,308
  1,522
  1,753
  2,002
  2,267
  2,549
  2,846
  3,160
  3,489
  3,834
  4,194
  4,569
  4,960
  5,366
  5,789
  6,229
Funds from operations, $m
  100
  204
  318
  477
  693
  977
  1,341
  1,796
  2,353
  3,020
  3,805
  4,707
  5,742
  6,906
  8,200
  9,623
  11,174
  12,850
  14,647
  16,564
  18,598
  20,746
  23,005
  25,374
  27,853
  30,441
  33,139
  35,947
  38,869
  41,906
  45,063
Change in working capital, $m
  3
  69
  100
  140
  191
  252
  325
  408
  500
  602
  711
  825
  943
  1,064
  1,185
  1,306
  1,426
  1,543
  1,659
  1,771
  1,881
  1,988
  2,094
  2,198
  2,300
  2,403
  2,505
  2,609
  2,715
  2,823
  2,934
Cash from operations, $m
  97
  136
  218
  337
  502
  725
  1,016
  1,389
  1,852
  2,418
  3,094
  3,882
  4,799
  5,843
  7,015
  8,317
  9,748
  11,306
  12,989
  14,793
  16,717
  18,757
  20,911
  23,177
  25,553
  28,039
  30,634
  33,338
  36,154
  39,083
  42,129
Maintenance CAPEX, $m
  0
  -17
  -27
  -42
  -63
  -92
  -130
  -178
  -239
  -314
  -405
  -511
  -635
  -776
  -935
  -1,113
  -1,308
  -1,522
  -1,753
  -2,002
  -2,267
  -2,549
  -2,846
  -3,160
  -3,489
  -3,834
  -4,194
  -4,569
  -4,960
  -5,366
  -5,789
New CAPEX, $m
  -14
  -86
  -124
  -174
  -237
  -314
  -404
  -507
  -622
  -748
  -883
  -1,026
  -1,172
  -1,322
  -1,473
  -1,624
  -1,773
  -1,919
  -2,062
  -2,202
  -2,339
  -2,472
  -2,603
  -2,732
  -2,860
  -2,987
  -3,115
  -3,244
  -3,375
  -3,509
  -3,647
Cash from investing activities, $m
  -405
  -103
  -151
  -216
  -300
  -406
  -534
  -685
  -861
  -1,062
  -1,288
  -1,537
  -1,807
  -2,098
  -2,408
  -2,737
  -3,081
  -3,441
  -3,815
  -4,204
  -4,606
  -5,021
  -5,449
  -5,892
  -6,349
  -6,821
  -7,309
  -7,813
  -8,335
  -8,875
  -9,436
Free cash flow, $m
  -308
  33
  67
  120
  201
  319
  483
  703
  991
  1,355
  1,806
  2,345
  2,992
  3,744
  4,607
  5,581
  6,667
  7,865
  9,173
  10,590
  12,112
  13,736
  15,462
  17,285
  19,204
  21,218
  23,325
  25,526
  27,820
  30,208
  32,693
Issuance/(repayment) of debt, $m
  284
  275
  399
  561
  763
  1,009
  1,299
  1,631
  2,002
  2,408
  2,842
  3,299
  3,772
  4,254
  4,739
  5,224
  5,703
  6,173
  6,634
  7,084
  7,523
  7,953
  8,374
  8,789
  9,200
  9,609
  10,020
  10,435
  10,857
  11,289
  11,733
Issuance/(repurchase) of shares, $m
  -2
  93
  106
  112
  106
  79
  23
  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  
  272
  368
  505
  673
  869
  1,088
  1,322
  1,631
  2,002
  2,408
  2,842
  3,299
  3,772
  4,254
  4,739
  5,224
  5,703
  6,173
  6,634
  7,084
  7,523
  7,953
  8,374
  8,789
  9,200
  9,609
  10,020
  10,435
  10,857
  11,289
  11,733
Total cash flow (excl. dividends), $m
  -37
  401
  571
  793
  1,070
  1,407
  1,804
  2,334
  2,992
  3,763
  4,648
  5,644
  6,764
  7,998
  9,346
  10,805
  12,370
  14,038
  15,807
  17,674
  19,635
  21,689
  23,836
  26,074
  28,404
  30,827
  33,345
  35,961
  38,677
  41,497
  44,426
Retained Cash Flow (-), $m
  -174
  -246
  -357
  -501
  -682
  -902
  -1,161
  -1,458
  -1,789
  -2,152
  -2,541
  -2,949
  -3,372
  -3,803
  -4,237
  -4,670
  -5,098
  -5,518
  -5,930
  -6,333
  -6,725
  -7,109
  -7,486
  -7,857
  -8,224
  -8,590
  -8,957
  -9,328
  -9,705
  -10,091
  -10,489
Prev. year cash balance distribution, $m
 
  33
  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
 
  188
  215
  292
  388
  505
  643
  876
  1,203
  1,611
  2,108
  2,695
  3,392
  4,196
  5,110
  6,135
  7,272
  8,520
  9,877
  11,341
  12,909
  14,580
  16,350
  18,217
  20,180
  22,237
  24,388
  26,632
  28,971
  31,405
  33,937
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  178
  191
  244
  302
  363
  425
  528
  656
  788
  916
  1,032
  1,132
  1,207
  1,253
  1,267
  1,249
  1,199
  1,124
  1,027
  915
  795
  673
  556
  447
  350
  267
  198
  142
  99
  67
Current shareholders' claim on cash, %
  100
  94.6
  90.9
  88.4
  86.9
  86.1
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0
  86.0

Winnebago Industries, Inc. is a manufacturer of recreation vehicles (RVs) used primarily in leisure travel and outdoor recreation activities. The Company designs, develops, manufactures and markets motorized and towable recreation products along with supporting products and services. Its other products manufactured by the Company consist of original equipment manufacturer (OEM) parts, including extruded aluminum and other component products for other manufacturers and commercial vehicles. The Company offers products under categories, which include motorhomes, towables and other manufactured products. The Company produces all of its motorhomes in vertically integrated manufacturing facilities in Iowa and it produces all travel trailer and fifth wheel trailers in Indiana. The Company operates under the brand, Winnebago. The Company distributes its products primarily through independent dealers throughout the United States and Canada, who then retail the products to the end consumer.

FINANCIAL RATIOS  of  Winnebago Industries (WGO)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 1.1
Price to Book 4
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow 21.2
Growth Rates
Sales Growth Rate 58.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 61.5%
Total Debt to Equity 62.2%
Interest Coverage 10
Management Effectiveness
Return On Assets 12.2%
Ret/ On Assets - 3 Yr. Avg. 11.9%
Return On Total Capital 14.4%
Ret/ On T. Cap. - 3 Yr. Avg. 17.7%
Return On Equity 20%
Return On Equity - 3 Yr. Avg. 19.5%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 14.4%
Gross Margin - 3 Yr. Avg. 12.3%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 8%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 7%
Pre-Tax Margin 7%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.3%
Payout Ratio 18.3%

WGO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WGO stock intrinsic value calculation we used $1547 million for the last fiscal year's total revenue generated by Winnebago Industries. The default revenue input number comes from 2017 income statement of Winnebago 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 WGO stock valuation model: a) initial revenue growth rate of 60% 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 5.6%, whose default value for WGO is calculated based on our internal credit rating of Winnebago 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 Winnebago 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 WGO stock the variable cost ratio is equal to 89.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $36 million in the base year in the intrinsic value calculation for WGO 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 8.7% for Winnebago Industries.

Corporate tax rate of 27% is the nominal tax rate for Winnebago 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 WGO 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 WGO are equal to 9.2%.

Life of production assets of 8.3 years is the average useful life of capital assets used in Winnebago 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 WGO is equal to 7.4%. 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 - $442 million for Winnebago 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 31.623 million for Winnebago 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 Winnebago Industries at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ 3 Stocks to Hold for the Next 20 Years   [Dec-11-17 02:00PM  Motley Fool]
▶ U.S. boom in RV shipments keeps rolling   [Nov-28-17 10:25AM  Reuters]
▶ IBD 50's Thor Industries Brings The Hammer, Crushes Q1 Earnings   [Nov-27-17 04:18PM  Investor's Business Daily]
▶ Winnebago Industries to Host Investor Day in New York City   [Oct-26-17 05:00PM  GlobeNewswire]
▶ Winnebago Reports Strong Earnings, New Buyback; Stock Rallies   [04:02PM  Investor's Business Daily]
▶ Winnebago tops Street 4Q forecasts   [07:30AM  Associated Press]
▶ 3 Things to Watch in the Stock Market This Week   [Oct-15-17 12:00PM  Motley Fool]
▶ Nasdaq, S&P 500 Make It Seven In A Row; Netflix Jumps On UBS Note   [Oct-04-17 04:12PM  Investor's Business Daily]
▶ 3 Companies Whose Sales Could Jump 50% in 2017   [Oct-02-17 07:03AM  Motley Fool]
▶ Millennials are making RV stocks rev up   [Sep-28-17 01:37PM  CNBC Videos]
▶ Stock Indexes Fall; Dow's Win Streak in Jeopardy   [Sep-21-17 11:56AM  Investor's Business Daily]
▶ Winnebago Launches New Products at Open House in Elkhart   [Sep-18-17 11:15AM  GlobeNewswire]
▶ SoftBank wants to drive Uber at a massive discount   [Sep-15-17 11:38AM  Yahoo Finance Video]
▶ Winnebago has parked its leadership in the Twin Cities. Here's why.   [06:39AM  American City Business Journals]
▶ Breakout Watch: Winnebago Drives Into New Buy Zone; Still In Range   [Sep-06-17 11:06AM  Investor's Business Daily]
▶ Cubs manager Joe Maddon (and wife) doing digital sitcom for Winnebago   [01:55PM  American City Business Journals]
▶ It's 2017: Under Armour Price Target Raised On Hiring Kendall Jenner's Beau   [Jul-07-17 04:19PM  Investor's Business Daily]
▶ Is Winnebago a Great Stock for Value Investors?   [Jul-03-17 09:51AM  Zacks]
▶ Which Stocks May Motor Into New Buy Zones? Here's One   [Jun-27-17 04:17PM  Investor's Business Daily]
▶ RV Maker Drives Closer To Buy Zone On Earnings And Sales Beat   [Jun-22-17 04:49PM  Investor's Business Daily]
▶ Winnebago tops Street 3Q forecasts   [Jun-21-17 08:59PM  Associated Press]
▶ Software Names, Biotechs Lift Nasdaq; Oil Down Hard Again   [01:30PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:34AM  Briefing.com]
▶ How to Uncover Institutional Buying   [Jun-20-17 05:37PM  Zacks]
▶ Oracle and 4 More Could Squeeze Bears When They Report   [Jun-19-17 01:25PM  TheStreet.com]
▶ Winnebago shares slide as major stakeholder seeks exit   [Apr-05-17 04:47PM  MarketWatch]
Financial statements of WGO
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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