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Winnebago Industries Inc WGO

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Stock XNYS Rating as of
$62.26 −0.80 (1.27%)
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Company Report

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Winnebago Is a Growing Premium Outdoor Lifestyle Brand Company

David Whiston

Winnebago, which reinvented itself under CEO Mike Happe with the November 2016 acquisition of high-end towable maker Grand Design, sees itself as a leading outdoor lifestyle firm. It now has a marine segment with Chris-Craft and Barletta. Towables is an area the company had long wanted to grow in but had remained very small since acquiring SunnyBrook in 2011. Winnebago’s North American towables share is in the teens, up from under 2% before Grand Design, so we see a long growth runway if it can keep chipping into Thor's and Forest River's roughly 80% combined share. In fiscal 2023, towables were about 41% of total revenue compared with just 9% in fiscal 2016. Marine was about 13.5% of fiscal 2023 sales and Barletta is a top five pontoon brand. Management wants non-RV revenue to be 15%-20% of total sales.

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Price vs Fair Value

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WGO is trading at a 65% premium.
Price
$63.12
Fair Value
$44.00
Uncertainty
Very High
1-Star Price
$612.20
5-Star Price
$12.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The Grand Design acquisition materially raised Winnebago's operating margin, and future deals could do the same.

Bears

Management's desire to keep making acquisitions could prove to be a poor use of capital.

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Trading Information

Previous Close Price
$63.06
Day Range
$62.21–63.21
52-Week Range
$54.75–75.41
Bid/Ask
$62.15 / $62.31
Market Cap
$1.82 Bil
Volume/Avg
164,441 / 584,254

Key Statistics

Price/Earnings (Normalized)
11.33
Price/Sales
0.67
Dividend Yield (Trailing)
1.90%
Dividend Yield (Forward)
1.96%
Total Yield
6.96%

Company Profile

Winnebago Industries manufactures Class A, B, and C motor homes along with towables, customized specialty vehicles, boats, and parts. Headquartered in Eden Prairie, Minnesota, Winnebago has been producing recreational vehicles since 1958. Revenue was about $3.5 billion in fiscal 2023. Winnebago expanded into towables in 2011 with the acquisition of SunnyBrook and acquired Grand Design in November 2016. Towables made up 79% of the firm's RV unit volume, up from 31% in fiscal 2016. The company's total RV unit volume was 39,447 in fiscal 2023. Winnebago expanded into boating in 2018 with the purchase of Chris-Craft, bought premium motor home maker Newmar in November 2019, and bought Barletta pontoon boats in August 2021. It also is developing electric and autonomous technology.
Sector
Consumer Cyclical
Industry
Recreational Vehicles
Stock Style Box
Small Value
Total Number of Employees
6,250
Website
https://www.winnebagoind.com

Competitors

Valuation

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Metric
WGO
MBUU
BRK.B
Price/Earnings (Normalized)
 11.336.7822.10
Price/Book Value
 1.431.321.56
Price/Sales
 0.670.712.19
Price/Cash Flow
 9.2314.7224.13
Price/Earnings
WGO
MBUU
BRK.B

Financial Strength

Metric
WGO
MBUU
BRK.B
Quick Ratio
 1.420.60—
Current Ratio
 2.841.82—
Interest Coverage
 9.4839.1518.86
Quick Ratio
WGO
MBUU
BRK.B

Profitability

Metric
WGO
MBUU
BRK.B
Return on Assets (Normalized)
 5.17%12.81%3.90%
Return on Equity (Normalized)
 9.28%18.64%7.49%
Return on Invested Capital (Normalized)
 6.93%17.86%6.61%
Return on Assets
WGO
MBUU
BRK.B
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