Intrinsic value of Brunswick - BC

Previous Close

$59.00

  Intrinsic Value

$101.00

stock screener

  Rating & Target

str. buy

+71%

  Value-price divergence*

+16%

Previous close

$59.00

 
Intrinsic value

$101.00

 
Up/down potential

+71%

 
Rating

str. buy

 
Value-price divergence*

+16%

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

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 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 5.3

 

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, %
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  4,489
  4,889
  5,305
  5,737
  6,187
  6,655
  7,141
  7,646
  8,171
  8,717
  9,284
  9,875
  10,489
  11,129
  11,796
  12,491
  13,216
  13,972
  14,762
  15,586
  16,448
  17,348
  18,290
  19,274
  20,305
  21,383
  22,512
  23,694
  24,933
  26,230
  27,590
Variable operating expenses, $m
 
  3,902
  4,231
  4,573
  4,928
  5,297
  5,681
  6,080
  6,495
  6,926
  7,374
  7,799
  8,284
  8,790
  9,316
  9,865
  10,438
  11,035
  11,659
  12,310
  12,990
  13,701
  14,445
  15,222
  16,036
  16,888
  17,780
  18,713
  19,691
  20,716
  21,790
Fixed operating expenses, $m
 
  518
  531
  544
  557
  571
  586
  600
  615
  631
  646
  663
  679
  696
  714
  731
  750
  768
  788
  807
  828
  848
  869
  891
  913
  936
  960
  984
  1,008
  1,033
  1,059
Total operating expenses, $m
  4,080
  4,420
  4,762
  5,117
  5,485
  5,868
  6,267
  6,680
  7,110
  7,557
  8,020
  8,462
  8,963
  9,486
  10,030
  10,596
  11,188
  11,803
  12,447
  13,117
  13,818
  14,549
  15,314
  16,113
  16,949
  17,824
  18,740
  19,697
  20,699
  21,749
  22,849
Operating income, $m
  409
  469
  543
  621
  702
  786
  874
  966
  1,061
  1,160
  1,264
  1,413
  1,526
  1,643
  1,766
  1,895
  2,029
  2,169
  2,316
  2,469
  2,630
  2,799
  2,975
  3,161
  3,355
  3,559
  3,773
  3,997
  4,233
  4,481
  4,741
EBITDA, $m
  513
  580
  660
  744
  832
  923
  1,017
  1,116
  1,219
  1,326
  1,438
  1,554
  1,676
  1,802
  1,935
  2,073
  2,217
  2,368
  2,526
  2,692
  2,865
  3,046
  3,236
  3,436
  3,645
  3,864
  4,094
  4,336
  4,589
  4,855
  5,134
Interest expense (income), $m
  30
  29
  40
  52
  64
  76
  89
  102
  116
  130
  145
  161
  177
  194
  212
  230
  249
  269
  290
  311
  334
  358
  382
  408
  435
  464
  493
  524
  557
  591
  626
Earnings before tax, $m
  390
  439
  503
  569
  638
  710
  785
  864
  945
  1,030
  1,119
  1,252
  1,349
  1,449
  1,555
  1,665
  1,780
  1,900
  2,026
  2,158
  2,296
  2,441
  2,593
  2,752
  2,920
  3,095
  3,280
  3,473
  3,676
  3,890
  4,114
Tax expense, $m
  116
  119
  136
  154
  172
  192
  212
  233
  255
  278
  302
  338
  364
  391
  420
  449
  480
  513
  547
  583
  620
  659
  700
  743
  788
  836
  885
  938
  993
  1,050
  1,111
Net income, $m
  276
  321
  367
  416
  466
  519
  573
  630
  690
  752
  817
  914
  985
  1,058
  1,135
  1,215
  1,299
  1,387
  1,479
  1,575
  1,676
  1,782
  1,893
  2,009
  2,131
  2,260
  2,394
  2,535
  2,684
  2,840
  3,003

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  458
  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
  3,285
  3,078
  3,340
  3,613
  3,896
  4,191
  4,497
  4,815
  5,145
  5,489
  5,847
  6,218
  6,605
  7,008
  7,428
  7,866
  8,322
  8,799
  9,296
  9,815
  10,358
  10,925
  11,517
  12,137
  12,786
  13,465
  14,176
  14,921
  15,701
  16,518
  17,374
Adjusted assets (=assets-cash), $m
  2,827
  3,078
  3,340
  3,613
  3,896
  4,191
  4,497
  4,815
  5,145
  5,489
  5,847
  6,218
  6,605
  7,008
  7,428
  7,866
  8,322
  8,799
  9,296
  9,815
  10,358
  10,925
  11,517
  12,137
  12,786
  13,465
  14,176
  14,921
  15,701
  16,518
  17,374
Revenue / Adjusted assets
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
Average production assets, $m
  570
  621
  674
  729
  786
  845
  907
  971
  1,038
  1,107
  1,179
  1,254
  1,332
  1,413
  1,498
  1,586
  1,678
  1,774
  1,875
  1,979
  2,089
  2,203
  2,323
  2,448
  2,579
  2,716
  2,859
  3,009
  3,166
  3,331
  3,504
Working capital, $m
  724
  298
  324
  350
  377
  406
  436
  466
  498
  532
  566
  602
  640
  679
  720
  762
  806
  852
  900
  951
  1,003
  1,058
  1,116
  1,176
  1,239
  1,304
  1,373
  1,445
  1,521
  1,600
  1,683
Total debt, $m
  442
  601
  772
  949
  1,133
  1,325
  1,524
  1,732
  1,947
  2,170
  2,403
  2,645
  2,897
  3,159
  3,433
  3,718
  4,015
  4,325
  4,649
  4,987
  5,340
  5,709
  6,095
  6,498
  6,921
  7,363
  7,826
  8,311
  8,818
  9,350
  9,908
Total liabilities, $m
  1,845
  2,004
  2,175
  2,352
  2,536
  2,728
  2,927
  3,135
  3,350
  3,573
  3,806
  4,048
  4,300
  4,562
  4,836
  5,121
  5,418
  5,728
  6,052
  6,390
  6,743
  7,112
  7,498
  7,901
  8,324
  8,766
  9,229
  9,714
  10,221
  10,753
  11,311
Total equity, $m
  1,440
  1,074
  1,166
  1,261
  1,360
  1,463
  1,569
  1,680
  1,796
  1,916
  2,040
  2,170
  2,305
  2,446
  2,592
  2,745
  2,905
  3,071
  3,244
  3,425
  3,615
  3,813
  4,020
  4,236
  4,462
  4,699
  4,948
  5,207
  5,480
  5,765
  6,064
Total liabilities and equity, $m
  3,285
  3,078
  3,341
  3,613
  3,896
  4,191
  4,496
  4,815
  5,146
  5,489
  5,846
  6,218
  6,605
  7,008
  7,428
  7,866
  8,323
  8,799
  9,296
  9,815
  10,358
  10,925
  11,518
  12,137
  12,786
  13,465
  14,177
  14,921
  15,701
  16,518
  17,375
Debt-to-equity ratio
  0.307
  0.560
  0.660
  0.750
  0.830
  0.910
  0.970
  1.030
  1.080
  1.130
  1.180
  1.220
  1.260
  1.290
  1.320
  1.350
  1.380
  1.410
  1.430
  1.460
  1.480
  1.500
  1.520
  1.530
  1.550
  1.570
  1.580
  1.600
  1.610
  1.620
  1.630
Adjusted equity ratio
  0.347
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  276
  321
  367
  416
  466
  519
  573
  630
  690
  752
  817
  914
  985
  1,058
  1,135
  1,215
  1,299
  1,387
  1,479
  1,575
  1,676
  1,782
  1,893
  2,009
  2,131
  2,260
  2,394
  2,535
  2,684
  2,840
  3,003
Depreciation, amort., depletion, $m
  104
  111
  117
  123
  130
  136
  143
  151
  158
  166
  174
  141
  150
  159
  168
  178
  189
  199
  211
  222
  235
  248
  261
  275
  290
  305
  321
  338
  356
  374
  394
Funds from operations, $m
  428
  432
  484
  539
  596
  655
  717
  781
  848
  918
  990
  1,055
  1,134
  1,217
  1,303
  1,393
  1,488
  1,586
  1,690
  1,798
  1,911
  2,029
  2,154
  2,284
  2,421
  2,565
  2,715
  2,873
  3,040
  3,214
  3,397
Change in working capital, $m
  6
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  53
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
Cash from operations, $m
  422
  408
  459
  512
  568
  626
  687
  750
  816
  884
  956
  1,019
  1,097
  1,178
  1,262
  1,351
  1,443
  1,540
  1,641
  1,747
  1,858
  1,975
  2,096
  2,224
  2,358
  2,499
  2,646
  2,801
  2,964
  3,135
  3,314
Maintenance CAPEX, $m
  0
  -64
  -70
  -76
  -82
  -88
  -95
  -102
  -109
  -117
  -124
  -132
  -141
  -150
  -159
  -168
  -178
  -189
  -199
  -211
  -222
  -235
  -248
  -261
  -275
  -290
  -305
  -321
  -338
  -356
  -374
New CAPEX, $m
  -194
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
Cash from investing activities, $m
  -485
  -115
  -123
  -131
  -139
  -147
  -157
  -166
  -176
  -186
  -196
  -207
  -219
  -231
  -244
  -256
  -270
  -285
  -299
  -316
  -331
  -349
  -368
  -386
  -406
  -427
  -448
  -471
  -495
  -521
  -547
Free cash flow, $m
  -63
  293
  336
  382
  429
  479
  530
  584
  640
  698
  759
  812
  878
  947
  1,019
  1,094
  1,173
  1,256
  1,342
  1,432
  1,526
  1,626
  1,729
  1,838
  1,952
  2,072
  2,198
  2,330
  2,469
  2,614
  2,767
Issuance/(repayment) of debt, $m
  -2
  165
  171
  177
  184
  192
  199
  207
  215
  224
  233
  242
  252
  262
  273
  285
  297
  310
  324
  338
  353
  369
  386
  404
  422
  442
  463
  485
  508
  532
  557
Issuance/(repurchase) of shares, $m
  -120
  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  
  -117
  165
  171
  177
  184
  192
  199
  207
  215
  224
  233
  242
  252
  262
  273
  285
  297
  310
  324
  338
  353
  369
  386
  404
  422
  442
  463
  485
  508
  532
  557
Total cash flow (excl. dividends), $m
  -180
  458
  507
  559
  614
  670
  730
  791
  855
  922
  992
  1,054
  1,130
  1,209
  1,292
  1,379
  1,470
  1,566
  1,665
  1,770
  1,880
  1,995
  2,115
  2,242
  2,375
  2,514
  2,661
  2,815
  2,976
  3,146
  3,325
Retained Cash Flow (-), $m
  -159
  -86
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -174
  -181
  -189
  -198
  -207
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -299
Prev. year cash balance distribution, $m
 
  452
  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
 
  823
  415
  464
  515
  568
  623
  680
  740
  802
  867
  924
  995
  1,069
  1,146
  1,227
  1,311
  1,399
  1,492
  1,589
  1,690
  1,797
  1,908
  2,025
  2,148
  2,277
  2,413
  2,555
  2,704
  2,861
  3,026
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
 
  789
  380
  404
  424
  440
  452
  459
  462
  461
  455
  439
  424
  406
  385
  360
  333
  304
  275
  245
  215
  186
  158
  133
  109
  89
  70
  55
  42
  31
  23
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

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 19.1
Price to Sales 1.2
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 23.1
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 $4489 million for the last fiscal year's total revenue generated by Brunswick. The default revenue input number comes from 2016 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 8.9% 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 79.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $505 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 6.7% 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%.

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 12.7%.

Life of production assets of 8.9 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 6.1%. 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 - $1440 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 89.673 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 $5.3 billion.

RELATED COMPANIES Price Int.Val. Rating
MPX Marine Product 15.40 9.08  sell
MBUU Malibu Boats C 31.65 40.76  buy
MCFT MCBC Holdings 22.69 8.53  str.sell
CMI Cummins 175.02 155.55  hold
TWIN Twin Disc 22.03 2.58  str.sell
BGG Briggs&Stratto 23.70 11.74  sell

COMPANY NEWS

▶ Brunswick Corporation Selects Mitratechs TeamConnect   [Oct-12-17 09:00AM  GlobeNewswire]
▶ Brunswick Corp.: Cramer's Top Takeaways   [06:41AM  TheStreet.com]
▶ Cramer Remix: Why the auto slowdown thesis is kaput   [Sep-14-17 07:31PM  CNBC Videos]
▶ Brunswick beats Street 2Q forecasts   [01:24AM  Associated Press]
▶ ETFs with exposure to Brunswick Corp. : June 15, 2017   [Jun-15-17 01:14PM  Capital Cube]
▶ Yachts down, boats up   [May-26-17 03:27PM  CNBC Videos]
▶ Boat sales rise as yacht sales sink   [07:53AM  CNBC Videos]
▶ ETFs with exposure to Brunswick Corp. : May 23, 2017   [May-23-17 12:27PM  Capital Cube]
▶ ETFs with exposure to Brunswick Corp. : May 12, 2017   [May-12-17 03:41PM  Capital Cube]
▶ Brunswick Corp. Value Analysis (NYSE:BC) : April 28, 2017   [Apr-28-17 04:39PM  Capital Cube]
▶ Brunswick beats Street 1Q forecasts   [08:00AM  Associated Press]
▶ Mercury Marine awarded five dozen patents in 2016   [Feb-14-17 12:45PM  at bizjournals.com]
Financial statements of BC
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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