Winnebago Industries Inc

WGO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$83.00	Tllz	Tynkmvvw

Winnebago Earnings: Dealer Restocking Not Happening Until at Least Calendar 2025

David Whiston

Jun 20, 2024

Winnebago’s fiscal 2024 third-quarter results showed dealers continue to be unwilling to build inventory as they wait for interest rates to decline. Adjusted diluted EPS of $1.13 missed the $1.32 LSEG consensus and fell 46.9% year over year while revenue fell 12.7%. We are lowering our per share fair value estimate to $82 from $86, mostly on modeling 8.8% less revenue over our five-year explicit forecast period.

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