Report
David Whiston, CFA, CPA, CFE
EUR 101.80 For Business Accounts Only

Winnebago's Fiscal 3Q Driven by Grand Design Much Like 2Q

Winnebago Industries' fiscal 2017 third quarter gave us no reason to change our thesis, so we are leaving our moat rating and fair value estimate in place. The Grand Design towable acquisition closed in November during fiscal first quarter and continues to cause dramatically larger year-over-year improvements in profitability. Revenue increased by 75%, while diluted EPS excluding $10.2 million of amortization for Grand Design’s intangible assets came in at $0.82, easily beating consensus of $0.7...
Underlying
Target Corporation

Target provides its customers everyday essentials and merchandise. The company sells an assortment of general merchandise and food. The majority of the company's general merchandise stores provide an edited food assortment, including perishables, dry grocery, dairy, and frozen items. The company's small format stores provide curated general merchandise and food assortments. The company's digital channels include merchandise assortment, including various items found in its stores, along with a complementary assortment. The company also sells merchandise through periodic design and partnerships. The company's owned brands merchandise include: A New Day?, Archer Farms?, Art Class?, Ava & Viv?, Cat & Jack?, and Cloud Island?, among others.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
David Whiston, CFA, CPA, CFE

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