DCF Tool

WGO

Winnebago Industries, Inc. – Motor Home Manufacturing
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, and Newmar brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds quality motorhomes, travel trailers, fifth wheel products and boats. Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company's common stock is listed on the New York Stock Exchange.
Analysis Results
Intrinsic Value $977.51
Latest Price $45.31
Relative Value 95% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 47.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 47.4%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.555 0.513
2023 0.819 0.699
2024 1.21 0.952
2025 1.78 1.3
2026 2.62 1.77
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 43.1 billion. This corresponds to a present value of 26.8 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 5.23 billion. Adding in the terminal value gives a total present value of 32.0 billion.

There are presently 32.8 million outstanding shares, so the intrinsic value per share is 977.51.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,058,913,000
Current Cash 434,563,000
Current Liabilities 407,276,000
Current Debt 0
Non-Cash Working Capital (NCWC) 217,074,000
Change in NCWC 96,429,000
EBIT 407,421,000
Tax Provision 85,579,000
Depreciation and Amortization 32,562,000
Capital Expenditure -44,891,000
Unlevered Free Cash Flow 396,632,765
Current Assets 713,610,000
Current Cash 292,575,000
Current Liabilities 300,390,000
Current Debt 0
Non-Cash Working Capital (NCWC) 120,645,000
Change in NCWC -63,729,000
EBIT 113,763,000
Tax Provision 15,834,000
Depreciation and Amortization 38,101,000
Capital Expenditure -32,377,000
Unlevered Free Cash Flow 32,447,744
Current Assets 410,657,000
Current Cash 37,431,000
Current Liabilities 197,744,000
Current Debt 8,892,000
Non-Cash Working Capital (NCWC) 184,374,000
Change in NCWC 18,963,000
EBIT 155,267,000
Tax Provision 27,111,000
Depreciation and Amortization 23,317,000
Capital Expenditure -40,858,000
Unlevered Free Cash Flow 126,385,393
Current Assets 371,938,000
Current Cash 2,342,000
Current Liabilities 204,185,000
Current Debt 0
Non-Cash Working Capital (NCWC) 165,411,000
Change in NCWC 51,527,000
EBIT 162,569,000
Tax Provision 40,283,000
Depreciation and Amortization 19,177,000
Capital Expenditure -28,668,000
Unlevered Free Cash Flow 158,693,845
Current Assets 314,137,000
Current Cash 35,945,000
Current Liabilities 167,158,000
Current Debt 2,850,000
Non-Cash Working Capital (NCWC) 113,884,000
Change in NCWC 11,827,000
EBIT 131,698,000
Tax Provision 37,269,000
Depreciation and Amortization 31,975,000
Capital Expenditure -13,993,000
Unlevered Free Cash Flow 116,310,886
Current Assets 280,589,000
Current Cash 85,583,000
Current Liabilities 92,949,000
Current Debt 0
Non-Cash Working Capital (NCWC) 102,057,000
Change in NCWC -12,311,000
EBIT 65,741,000
Tax Provision 20,702,000
Depreciation and Amortization 5,745,000
Capital Expenditure -24,551,000
Unlevered Free Cash Flow 14,064,916
Current Assets 266,217,000
Current Cash 70,239,000
Current Liabilities 81,610,000
Current Debt 0
Non-Cash Working Capital (NCWC) 114,368,000
Change in NCWC 16,176,000
EBIT 59,881,000
Tax Provision 18,324,000
Depreciation and Amortization 4,513,000
Capital Expenditure -16,573,000
Unlevered Free Cash Flow 45,566,196
Current Assets 271,693,000
Current Cash 73,782,000
Current Liabilities 99,719,000
Current Debt 0
Non-Cash Working Capital (NCWC) 98,192,000
Change in NCWC 8,973,000
EBIT 63,280,000
Tax Provision 19,624,000
Depreciation and Amortization 3,997,000
Capital Expenditure -10,476,000
Unlevered Free Cash Flow 46,573,871
Current Assets 223,850,000
Current Cash 64,277,000
Current Liabilities 70,354,000
Current Debt 0
Non-Cash Working Capital (NCWC) 89,219,000
Change in NCWC 25,852,000
EBIT 44,426,000
Tax Provision 13,141,000
Depreciation and Amortization 4,764,000
Capital Expenditure -4,422,000
Unlevered Free Cash Flow 57,673,664
Current Assets 187,068,000
Current Cash 62,683,000
Current Liabilities 61,018,000
Current Debt 0
Non-Cash Working Capital (NCWC) 63,367,000
Change in NCWC 19,138,000
EBIT 9,576,000
Tax Provision -34,865,000
Depreciation and Amortization 4,872,000
Capital Expenditure -2,213,000
Unlevered Free Cash Flow 31,373,000

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