Intrinsic value of Winnebago Industries - WGO

Previous Close

$34.70

  Intrinsic Value

$116.88

stock screener

  Rating & Target

str. buy

+237%

  Value-price divergence*

+37%

Previous close

$34.70

 
Intrinsic value

$116.88

 
Up/down potential

+237%

 
Rating

str. buy

 
Value-price divergence*

+37%

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

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 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 1.1

 

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, %
  -0.20
  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
  975
  1,560
  2,410
  3,604
  5,230
  7,379
  10,144
  13,616
  17,879
  23,006
  29,058
  36,083
  44,115
  53,174
  63,266
  74,390
  86,534
  99,679
  113,806
  128,892
  144,912
  161,848
  179,680
  198,396
  217,987
  238,450
  259,788
  282,009
  305,128
  329,168
  354,153
Variable operating expenses, $m
 
  1,463
  2,261
  3,381
  4,905
  6,920
  9,514
  12,771
  16,769
  21,577
  27,253
  33,843
  41,376
  49,872
  59,337
  69,770
  81,160
  93,489
  106,739
  120,887
  135,913
  151,797
  168,522
  186,075
  204,450
  223,642
  243,654
  264,495
  286,179
  308,726
  332,160
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
  909
  1,463
  2,261
  3,381
  4,905
  6,920
  9,514
  12,771
  16,769
  21,577
  27,253
  33,843
  41,376
  49,872
  59,337
  69,770
  81,160
  93,489
  106,739
  120,887
  135,913
  151,797
  168,522
  186,075
  204,450
  223,642
  243,654
  264,495
  286,179
  308,726
  332,160
Operating income, $m
  66
  97
  150
  224
  325
  458
  630
  845
  1,110
  1,429
  1,804
  2,241
  2,740
  3,302
  3,929
  4,620
  5,374
  6,190
  7,068
  8,004
  8,999
  10,051
  11,159
  12,321
  13,538
  14,808
  16,133
  17,513
  18,949
  20,442
  21,994
EBITDA, $m
  72
  104
  161
  241
  350
  494
  679
  911
  1,196
  1,539
  1,944
  2,414
  2,951
  3,557
  4,233
  4,977
  5,789
  6,669
  7,614
  8,623
  9,695
  10,828
  12,021
  13,273
  14,584
  15,953
  17,380
  18,867
  20,414
  22,022
  23,694
Interest expense (income), $m
  0
  0
  3
  6
  12
  19
  28
  40
  56
  75
  97
  124
  155
  190
  230
  275
  324
  377
  435
  498
  564
  635
  710
  788
  871
  957
  1,048
  1,142
  1,240
  1,342
  1,448
Earnings before tax, $m
  66
  97
  147
  217
  313
  439
  602
  805
  1,054
  1,354
  1,707
  2,117
  2,585
  3,112
  3,699
  4,345
  5,050
  5,813
  6,632
  7,507
  8,435
  9,416
  10,449
  11,532
  12,667
  13,851
  15,086
  16,372
  17,709
  19,100
  20,546
Tax expense, $m
  20
  26
  40
  59
  85
  119
  162
  217
  285
  366
  461
  572
  698
  840
  999
  1,173
  1,364
  1,569
  1,791
  2,027
  2,277
  2,542
  2,821
  3,114
  3,420
  3,740
  4,073
  4,420
  4,782
  5,157
  5,547
Net income, $m
  46
  71
  107
  159
  229
  321
  439
  588
  770
  988
  1,246
  1,545
  1,887
  2,272
  2,700
  3,172
  3,687
  4,243
  4,841
  5,480
  6,158
  6,874
  7,628
  8,419
  9,247
  10,111
  11,013
  11,951
  12,928
  13,943
  14,998

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
  391
  488
  754
  1,127
  1,636
  2,308
  3,173
  4,259
  5,592
  7,196
  9,089
  11,287
  13,799
  16,632
  19,789
  23,269
  27,067
  31,179
  35,598
  40,316
  45,328
  50,625
  56,203
  62,057
  68,185
  74,586
  81,260
  88,210
  95,442
  102,961
  110,777
Adjusted assets (=assets-cash), $m
  305
  488
  754
  1,127
  1,636
  2,308
  3,173
  4,259
  5,592
  7,196
  9,089
  11,287
  13,799
  16,632
  19,789
  23,269
  27,067
  31,179
  35,598
  40,316
  45,328
  50,625
  56,203
  62,057
  68,185
  74,586
  81,260
  88,210
  95,442
  102,961
  110,777
Revenue / Adjusted assets
  3.197
  3.197
  3.196
  3.198
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
  3.197
Average production assets, $m
  47
  75
  116
  173
  251
  354
  487
  654
  858
  1,104
  1,395
  1,732
  2,118
  2,552
  3,037
  3,571
  4,154
  4,785
  5,463
  6,187
  6,956
  7,769
  8,625
  9,523
  10,463
  11,446
  12,470
  13,536
  14,646
  15,800
  16,999
Working capital, $m
  188
  164
  253
  378
  549
  775
  1,065
  1,430
  1,877
  2,416
  3,051
  3,789
  4,632
  5,583
  6,643
  7,811
  9,086
  10,466
  11,950
  13,534
  15,216
  16,994
  18,866
  20,832
  22,889
  25,037
  27,278
  29,611
  32,038
  34,563
  37,186
Total debt, $m
  0
  74
  181
  331
  536
  807
  1,156
  1,593
  2,131
  2,777
  3,540
  4,426
  5,438
  6,580
  7,852
  9,254
  10,785
  12,442
  14,223
  16,125
  18,144
  20,279
  22,527
  24,886
  27,356
  29,935
  32,625
  35,426
  38,340
  41,370
  44,520
Total liabilities, $m
  122
  197
  304
  454
  659
  930
  1,279
  1,716
  2,254
  2,900
  3,663
  4,549
  5,561
  6,703
  7,975
  9,377
  10,908
  12,565
  14,346
  16,248
  18,267
  20,402
  22,650
  25,009
  27,479
  30,058
  32,748
  35,549
  38,463
  41,493
  44,643
Total equity, $m
  268
  291
  450
  673
  977
  1,378
  1,894
  2,543
  3,339
  4,296
  5,426
  6,738
  8,238
  9,930
  11,814
  13,891
  16,159
  18,614
  21,252
  24,069
  27,061
  30,223
  33,553
  37,048
  40,706
  44,528
  48,512
  52,662
  56,979
  61,468
  66,134
Total liabilities and equity, $m
  390
  488
  754
  1,127
  1,636
  2,308
  3,173
  4,259
  5,593
  7,196
  9,089
  11,287
  13,799
  16,633
  19,789
  23,268
  27,067
  31,179
  35,598
  40,317
  45,328
  50,625
  56,203
  62,057
  68,185
  74,586
  81,260
  88,211
  95,442
  102,961
  110,777
Debt-to-equity ratio
  0.000
  0.250
  0.400
  0.490
  0.550
  0.590
  0.610
  0.630
  0.640
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  46
  71
  107
  159
  229
  321
  439
  588
  770
  988
  1,246
  1,545
  1,887
  2,272
  2,700
  3,172
  3,687
  4,243
  4,841
  5,480
  6,158
  6,874
  7,628
  8,419
  9,247
  10,111
  11,013
  11,951
  12,928
  13,943
  14,998
Depreciation, amort., depletion, $m
  6
  8
  12
  17
  25
  36
  49
  65
  86
  111
  140
  173
  212
  255
  304
  357
  415
  478
  546
  619
  696
  777
  862
  952
  1,046
  1,145
  1,247
  1,354
  1,465
  1,580
  1,700
Funds from operations, $m
  53
  78
  119
  176
  254
  356
  488
  653
  856
  1,099
  1,386
  1,719
  2,099
  2,527
  3,004
  3,529
  4,102
  4,722
  5,388
  6,099
  6,853
  7,651
  8,490
  9,371
  10,293
  11,256
  12,260
  13,305
  14,392
  15,523
  16,698
Change in working capital, $m
  0
  61
  89
  125
  171
  226
  290
  365
  448
  538
  635
  738
  843
  951
  1,060
  1,168
  1,275
  1,380
  1,483
  1,584
  1,682
  1,778
  1,872
  1,965
  2,057
  2,149
  2,240
  2,333
  2,428
  2,524
  2,623
Cash from operations, $m
  53
  17
  30
  51
  83
  131
  198
  289
  408
  561
  750
  981
  1,255
  1,576
  1,944
  2,361
  2,827
  3,342
  3,904
  4,515
  5,171
  5,872
  6,618
  7,406
  8,236
  9,107
  10,019
  10,972
  11,965
  12,999
  14,075
Maintenance CAPEX, $m
  0
  -5
  -7
  -12
  -17
  -25
  -35
  -49
  -65
  -86
  -110
  -139
  -173
  -212
  -255
  -304
  -357
  -415
  -478
  -546
  -619
  -696
  -777
  -862
  -952
  -1,046
  -1,145
  -1,247
  -1,354
  -1,465
  -1,580
New CAPEX, $m
  -25
  -28
  -41
  -57
  -78
  -103
  -133
  -167
  -205
  -246
  -291
  -337
  -386
  -435
  -484
  -534
  -583
  -631
  -678
  -724
  -769
  -813
  -856
  -898
  -940
  -982
  -1,024
  -1,067
  -1,110
  -1,154
  -1,199
Cash from investing activities, $m
  -23
  -33
  -48
  -69
  -95
  -128
  -168
  -216
  -270
  -332
  -401
  -476
  -559
  -647
  -739
  -838
  -940
  -1,046
  -1,156
  -1,270
  -1,388
  -1,509
  -1,633
  -1,760
  -1,892
  -2,028
  -2,169
  -2,314
  -2,464
  -2,619
  -2,779
Free cash flow, $m
  30
  -16
  -19
  -18
  -12
  2
  29
  73
  138
  229
  349
  504
  697
  929
  1,204
  1,523
  1,887
  2,295
  2,748
  3,244
  3,783
  4,364
  4,985
  5,645
  6,343
  7,079
  7,850
  8,658
  9,501
  10,381
  11,296
Issuance/(repayment) of debt, $m
  0
  74
  107
  151
  205
  271
  349
  438
  537
  646
  763
  886
  1,012
  1,142
  1,272
  1,402
  1,531
  1,657
  1,781
  1,902
  2,020
  2,135
  2,248
  2,359
  2,470
  2,579
  2,690
  2,801
  2,914
  3,030
  3,150
Issuance/(repurchase) of shares, $m
  -3
  39
  51
  64
  75
  81
  77
  61
  26
  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  
  -3
  113
  158
  215
  280
  352
  426
  499
  563
  646
  763
  886
  1,012
  1,142
  1,272
  1,402
  1,531
  1,657
  1,781
  1,902
  2,020
  2,135
  2,248
  2,359
  2,470
  2,579
  2,690
  2,801
  2,914
  3,030
  3,150
Total cash flow (excl. dividends), $m
  26
  96
  140
  197
  268
  354
  455
  572
  702
  875
  1,112
  1,390
  1,709
  2,071
  2,477
  2,926
  3,418
  3,952
  4,529
  5,146
  5,803
  6,499
  7,233
  8,004
  8,813
  9,658
  10,540
  11,459
  12,416
  13,411
  14,445
Retained Cash Flow (-), $m
  -47
  -109
  -159
  -223
  -304
  -401
  -516
  -648
  -796
  -957
  -1,130
  -1,312
  -1,500
  -1,692
  -1,885
  -2,077
  -2,268
  -2,455
  -2,638
  -2,817
  -2,992
  -3,162
  -3,330
  -3,495
  -3,658
  -3,821
  -3,985
  -4,150
  -4,317
  -4,489
  -4,666
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
 
  73
  -19
  -26
  -36
  -47
  -61
  -77
  -94
  -82
  -18
  78
  209
  380
  592
  848
  1,150
  1,497
  1,891
  2,329
  2,811
  3,336
  3,903
  4,509
  5,154
  5,837
  6,556
  7,310
  8,099
  8,922
  9,779
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
 
  70
  -17
  -23
  -30
  -37
  -44
  -52
  -59
  -47
  -9
  37
  89
  144
  199
  249
  292
  326
  348
  359
  357
  345
  324
  296
  263
  227
  191
  157
  125
  97
  74
Current shareholders' claim on cash, %
  100
  95.0
  90.9
  87.8
  85.4
  83.7
  82.6
  81.9
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7
  81.7

Winnebago Industries, Inc. manufactures and sells recreation vehicles primarily for use in leisure travel and outdoor recreation activities. The company manufactures motor homes, which are self-propelled mobile dwellings that provide living accommodations and include kitchen, dining, sleeping, and bath areas, as well as a lounge. It also provides travel trailers and fifth wheel trailers under the Winnebago brand name; component parts for other manufacturers; motorhome shells for law enforcement command centers, mobile medical clinics, and mobile office space; and commercial vehicles as bare shells to third-party upfitters. The company sells its products primarily through independent dealers in the United States and Canada. Winnebago Industries, Inc. was founded in 1958 and is headquartered in Forest City, Iowa.

FINANCIAL RATIOS  of  Winnebago Industries (WGO)

Valuation Ratios
P/E Ratio 20.3
Price to Sales 1
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 33.3
Growth Rates
Sales Growth Rate -0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.1%
Cap. Spend. - 3 Yr. Gr. Rate 44.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 12.2%
Ret/ On Assets - 3 Yr. Avg. 12.4%
Return On Total Capital 18.8%
Ret/ On T. Cap. - 3 Yr. Avg. 21.1%
Return On Equity 18.8%
Return On Equity - 3 Yr. Avg. 21.1%
Asset Turnover 2.6
Profitability Ratios
Gross Margin 11.6%
Gross Margin - 3 Yr. Avg. 11.1%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 7.1%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 30.3%
Eff/ Tax Rate - 3 Yr. Avg. 30.9%
Payout Ratio 23.9%

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 $975 million for the last fiscal year's total revenue generated by Winnebago Industries. The default revenue input number comes from 2016 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 4.3%, 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 93.8%.

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 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 3.5% 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 4.8%.

Life of production assets of 10 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 10.5%. 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 - $268 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 30.904 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 $1.1 billion.

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COMPANY NEWS

▶ 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]
▶ Company News for March 23, 2017   [10:10AM  Zacks]
▶ [$$] Why Winnebago Can Keep Riding the RV Boom   [12:06AM  at The Wall Street Journal]
▶ [$$] Why Winnebago Can Keep Riding the RV Boom   [Mar-21-17 05:15PM  at The Wall Street Journal]
▶ Why Finisar, Zumiez, and Winnebago Industries Slumped Today   [Mar-10-17 04:50PM  at Motley Fool]
▶ 6 Top Stocks to Buy in January   [Jan-03-17 09:24AM  at Motley Fool]
Stock chart of WGO 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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