Intrinsic value of Brunswick - BC

Previous Close

$67.22

  Intrinsic Value

$60.34

stock screener

  Rating & Target

hold

-10%

Previous close

$67.22

 
Intrinsic value

$60.34

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of BC 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 6.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  4,898
  5,301
  5,721
  6,157
  6,611
  7,082
  7,571
  8,080
  8,609
  9,160
  9,733
  10,330
  10,951
  11,599
  12,274
  12,979
  13,714
  14,482
  15,285
  16,123
  17,000
  17,917
  18,877
  19,881
  20,932
  22,032
  23,185
  24,393
  25,659
  26,985
Variable operating expenses, $m
  4,413
  4,772
  5,145
  5,533
  5,936
  6,355
  6,791
  7,243
  7,714
  8,203
  8,656
  9,187
  9,739
  10,315
  10,916
  11,543
  12,197
  12,880
  13,594
  14,340
  15,119
  15,935
  16,788
  17,681
  18,616
  19,595
  20,620
  21,694
  22,820
  24,000
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
  4,413
  4,772
  5,145
  5,533
  5,936
  6,355
  6,791
  7,243
  7,714
  8,203
  8,656
  9,187
  9,739
  10,315
  10,916
  11,543
  12,197
  12,880
  13,594
  14,340
  15,119
  15,935
  16,788
  17,681
  18,616
  19,595
  20,620
  21,694
  22,820
  24,000
Operating income, $m
  485
  530
  576
  624
  674
  727
  781
  837
  896
  956
  1,077
  1,143
  1,212
  1,283
  1,358
  1,436
  1,517
  1,602
  1,691
  1,784
  1,881
  1,982
  2,088
  2,200
  2,316
  2,438
  2,565
  2,699
  2,839
  2,986
EBITDA, $m
  671
  726
  783
  843
  905
  970
  1,037
  1,106
  1,179
  1,254
  1,333
  1,415
  1,500
  1,588
  1,681
  1,777
  1,878
  1,983
  2,093
  2,208
  2,328
  2,454
  2,585
  2,722
  2,866
  3,017
  3,175
  3,340
  3,514
  3,695
Interest expense (income), $m
  30
  26
  36
  46
  56
  67
  79
  90
  102
  115
  128
  142
  156
  171
  187
  203
  220
  237
  256
  275
  295
  316
  338
  360
  384
  409
  436
  463
  492
  522
  553
Earnings before tax, $m
  459
  494
  530
  568
  607
  648
  690
  734
  780
  828
  935
  986
  1,040
  1,097
  1,155
  1,216
  1,280
  1,347
  1,416
  1,489
  1,565
  1,645
  1,728
  1,815
  1,907
  2,002
  2,102
  2,207
  2,317
  2,432
Tax expense, $m
  124
  133
  143
  153
  164
  175
  186
  198
  211
  224
  252
  266
  281
  296
  312
  328
  346
  364
  382
  402
  423
  444
  467
  490
  515
  541
  568
  596
  626
  657
Net income, $m
  335
  360
  387
  415
  443
  473
  504
  536
  570
  605
  682
  720
  759
  800
  843
  888
  934
  983
  1,034
  1,087
  1,143
  1,201
  1,261
  1,325
  1,392
  1,462
  1,535
  1,611
  1,691
  1,776

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,647
  3,947
  4,260
  4,585
  4,922
  5,273
  5,638
  6,016
  6,411
  6,820
  7,247
  7,691
  8,154
  8,636
  9,139
  9,664
  10,212
  10,784
  11,381
  12,006
  12,658
  13,341
  14,056
  14,803
  15,586
  16,405
  17,264
  18,163
  19,105
  20,093
Adjusted assets (=assets-cash), $m
  3,647
  3,947
  4,260
  4,585
  4,922
  5,273
  5,638
  6,016
  6,411
  6,820
  7,247
  7,691
  8,154
  8,636
  9,139
  9,664
  10,212
  10,784
  11,381
  12,006
  12,658
  13,341
  14,056
  14,803
  15,586
  16,405
  17,264
  18,163
  19,105
  20,093
Revenue / Adjusted assets
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
  1.343
Average production assets, $m
  1,288
  1,394
  1,505
  1,619
  1,739
  1,862
  1,991
  2,125
  2,264
  2,409
  2,560
  2,717
  2,880
  3,050
  3,228
  3,413
  3,607
  3,809
  4,020
  4,240
  4,471
  4,712
  4,965
  5,229
  5,505
  5,795
  6,098
  6,415
  6,748
  7,097
Working capital, $m
  387
  419
  452
  486
  522
  559
  598
  638
  680
  724
  769
  816
  865
  916
  970
  1,025
  1,083
  1,144
  1,208
  1,274
  1,343
  1,415
  1,491
  1,571
  1,654
  1,741
  1,832
  1,927
  2,027
  2,132
Total debt, $m
  597
  765
  939
  1,120
  1,309
  1,505
  1,708
  1,919
  2,139
  2,368
  2,606
  2,854
  3,112
  3,381
  3,662
  3,955
  4,260
  4,580
  4,913
  5,261
  5,626
  6,007
  6,405
  6,822
  7,259
  7,716
  8,195
  8,697
  9,223
  9,774
Total liabilities, $m
  2,035
  2,203
  2,377
  2,558
  2,747
  2,942
  3,146
  3,357
  3,577
  3,806
  4,044
  4,292
  4,550
  4,819
  5,100
  5,393
  5,698
  6,017
  6,351
  6,699
  7,063
  7,444
  7,843
  8,260
  8,697
  9,154
  9,633
  10,135
  10,661
  11,212
Total equity, $m
  1,612
  1,745
  1,883
  2,026
  2,176
  2,331
  2,492
  2,659
  2,833
  3,015
  3,203
  3,400
  3,604
  3,817
  4,040
  4,272
  4,514
  4,766
  5,030
  5,306
  5,595
  5,897
  6,213
  6,543
  6,889
  7,251
  7,631
  8,028
  8,445
  8,881
Total liabilities and equity, $m
  3,647
  3,948
  4,260
  4,584
  4,923
  5,273
  5,638
  6,016
  6,410
  6,821
  7,247
  7,692
  8,154
  8,636
  9,140
  9,665
  10,212
  10,783
  11,381
  12,005
  12,658
  13,341
  14,056
  14,803
  15,586
  16,405
  17,264
  18,163
  19,106
  20,093
Debt-to-equity ratio
  0.370
  0.440
  0.500
  0.550
  0.600
  0.650
  0.690
  0.720
  0.760
  0.790
  0.810
  0.840
  0.860
  0.890
  0.910
  0.930
  0.940
  0.960
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
Adjusted equity ratio
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  335
  360
  387
  415
  443
  473
  504
  536
  570
  605
  682
  720
  759
  800
  843
  888
  934
  983
  1,034
  1,087
  1,143
  1,201
  1,261
  1,325
  1,392
  1,462
  1,535
  1,611
  1,691
  1,776
Depreciation, amort., depletion, $m
  186
  196
  207
  219
  231
  243
  256
  270
  283
  298
  256
  272
  288
  305
  323
  341
  361
  381
  402
  424
  447
  471
  496
  523
  551
  579
  610
  642
  675
  710
Funds from operations, $m
  521
  557
  594
  633
  674
  716
  760
  806
  853
  902
  938
  992
  1,047
  1,106
  1,166
  1,229
  1,295
  1,364
  1,436
  1,511
  1,590
  1,672
  1,758
  1,848
  1,942
  2,041
  2,144
  2,253
  2,366
  2,485
Change in working capital, $m
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
Cash from operations, $m
  490
  525
  561
  599
  638
  679
  721
  765
  811
  859
  893
  945
  998
  1,054
  1,113
  1,174
  1,237
  1,303
  1,373
  1,445
  1,520
  1,599
  1,682
  1,769
  1,859
  1,954
  2,053
  2,157
  2,266
  2,380
Maintenance CAPEX, $m
  -119
  -129
  -139
  -150
  -162
  -174
  -186
  -199
  -213
  -226
  -241
  -256
  -272
  -288
  -305
  -323
  -341
  -361
  -381
  -402
  -424
  -447
  -471
  -496
  -523
  -551
  -579
  -610
  -642
  -675
New CAPEX, $m
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -178
  -185
  -193
  -202
  -211
  -221
  -231
  -241
  -252
  -264
  -276
  -289
  -303
  -318
  -333
  -349
Cash from investing activities, $m
  -221
  -235
  -249
  -265
  -281
  -298
  -315
  -333
  -352
  -371
  -392
  -413
  -435
  -458
  -483
  -508
  -534
  -563
  -592
  -623
  -655
  -688
  -723
  -760
  -799
  -840
  -882
  -928
  -975
  -1,024
Free cash flow, $m
  269
  290
  311
  334
  357
  381
  406
  433
  460
  488
  501
  532
  563
  596
  630
  665
  702
  741
  781
  822
  866
  911
  959
  1,008
  1,060
  1,114
  1,171
  1,230
  1,292
  1,357
Issuance/(repayment) of debt, $m
  160
  168
  174
  181
  188
  196
  203
  211
  220
  229
  238
  248
  258
  269
  281
  293
  306
  319
  333
  348
  364
  381
  399
  417
  437
  457
  479
  502
  526
  551
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
Cash from financing (excl. dividends), $m  
  160
  168
  174
  181
  188
  196
  203
  211
  220
  229
  238
  248
  258
  269
  281
  293
  306
  319
  333
  348
  364
  381
  399
  417
  437
  457
  479
  502
  526
  551
Total cash flow (excl. dividends), $m
  429
  458
  486
  515
  545
  577
  610
  644
  679
  716
  740
  780
  821
  865
  911
  958
  1,008
  1,060
  1,114
  1,171
  1,230
  1,292
  1,357
  1,425
  1,497
  1,571
  1,650
  1,732
  1,818
  1,908
Retained Cash Flow (-), $m
  -129
  -133
  -138
  -144
  -149
  -155
  -161
  -167
  -174
  -181
  -189
  -196
  -205
  -213
  -222
  -232
  -242
  -253
  -264
  -276
  -289
  -302
  -316
  -330
  -346
  -362
  -379
  -398
  -417
  -437
Prev. year cash balance distribution, $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 flow adjustment, $m
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  72
  76
  80
  84
  88
  93
  98
  103
Cash available for distribution, $m
  300
  325
  348
  372
  396
  422
  449
  476
  505
  535
  551
  583
  617
  652
  688
  726
  766
  807
  850
  895
  942
  990
  1,041
  1,095
  1,151
  1,209
  1,270
  1,334
  1,401
  1,471
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
  288
  297
  303
  306
  307
  306
  303
  298
  290
  281
  262
  249
  235
  219
  202
  185
  167
  149
  131
  114
  97
  82
  68
  56
  45
  35
  27
  21
  15
  11
Current shareholders' claim on cash, %
  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

Brunswick Corporation is a designer, manufacturer and marketer of recreation products. The Company operates through three segments: Marine Engine, Boat and Fitness. The Company's product includes marine engines, boats, fitness equipment and active recreation products. The Company's engine-related products include outboard, sterndrive and inboard engines; trolling motors; propellers; engine control systems; and marine parts and accessories. Its boat offerings include: fiberglass pleasure boats; yachts and sport yachts; sport cruisers and sport boats; offshore fishing boats; aluminum and fiberglass fishing boats; pontoon boats; utility boats; deck boats; inflatable boats; and heavy-gauge aluminum boats. Its fitness products include cardiovascular and strength training equipment for both the commercial and consumer markets. It also sells products for active aging, rehabilitation, productive well-being, a complete line of billiards tables and other game room tables and accessories.

FINANCIAL RATIOS  of  Brunswick (BC)

Valuation Ratios
P/E Ratio 21.8
Price to Sales 1.3
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 26.3
Growth Rates
Sales Growth Rate 9.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.9%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio 76
Current Ratio 0
LT Debt to Equity 30.3%
Total Debt to Equity 30.7%
Interest Coverage 14
Management Effectiveness
Return On Assets 9.2%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 15.3%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 20.3%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 27.4%
Gross Margin - 3 Yr. Avg. 27.2%
EBITDA Margin 11.7%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 19.9%

BC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BC stock intrinsic value calculation we used $4510 million for the last fiscal year's total revenue generated by Brunswick. The default revenue input number comes from 2017 income statement of Brunswick. 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 BC stock valuation model: a) initial revenue growth rate of 8.6% 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 BC is calculated based on our internal credit rating of Brunswick, 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 Brunswick.
    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 BC stock the variable cost ratio is equal to 90.2%.

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 BC 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 6% for Brunswick.

Corporate tax rate of 27% is the nominal tax rate for Brunswick. 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 BC stock is equal to 0.4%.

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 BC are equal to 26.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Brunswick 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 BC 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 - $1483 million for Brunswick - 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 89 million for Brunswick 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 Brunswick at the current share price and the inputted number of shares is $6.0 billion.

RELATED COMPANIES Price Int.Val. Rating
MPX Marine Product 19.71 18.31  buy
MBUU Malibu Boats C 38.58 43.38  buy
MCFT MCBC Holdings 26.75 14.27  sell
CMI Cummins 135.81 301.74  str.buy
TWIN Twin Disc 25.52 2.68  str.sell
BGG Briggs&Stratto 16.83 7.06  str.sell

COMPANY NEWS

▶ [$$] From Brunswick to Florence: treasures on the doorstep   [Jul-13-18 06:01AM  Financial Times]
▶ Mercury Marine parent to buy Menomonee Falls marine business for $910 million   [Jun-29-18 03:00PM  American City Business Journals]
▶ Life Fitness Brings Apple GymKit to Canada   [May-03-18 10:54AM  CNW Group]
▶ Joystick control, virtual anchoring among high-tech features lifting Mercury Marine   [Apr-27-18 02:33PM  American City Business Journals]
▶ A Look At The Fair Value Of Brunswick Corporation (NYSE:BC)   [Apr-26-18 10:50AM  Simply Wall St.]
▶ Brunswick: 1Q Earnings Snapshot   [07:02AM  Associated Press]
▶ [$$] Alan Parker resigns as chair of Save the Children charity   [Apr-19-18 03:03AM  Financial Times]
▶ Edited Transcript of BC presentation 7-Mar-17 9:00pm GMT   [Apr-10-18 11:00AM  Thomson Reuters StreetEvents]
▶ Mercury Marine breaks ground on $10M expansion of Fond du Lac headquarters   [Apr-05-18 03:38PM  American City Business Journals]
▶ Life Fitness Launches Digital Ventures Group   [Mar-14-18 07:00AM  PR Newswire]
▶ [$$] All change for Sir Alan Parker   [Feb-09-18 07:01AM  Financial Times]
▶ Mercury Marine releases 2017 Sustainability Report   [Nov-27-17 09:26AM  PR Newswire]
▶ ETFs with exposure to Brunswick Corp. : November 13, 2017   [Nov-13-17 11:48AM  Capital Cube]
▶ This Just In: Brunswick Corporation Upgraded   [Nov-03-17 11:59AM  Motley Fool]
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