Brunswick Corporation


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Brunswick Corporation – Initiation Of Coverage – Does It Have A Sustainable Competitive Advantage?


This is our first report on recreation products manufacturer, Brunswick Corporation. Despite market headwinds, the company reports another successful year, claiming to have accomplished the second[1]highest sales and adjusted earnings per share in its existence. In particular, Brunswick stresses the progress of its strategic initiatives, continued market share increases, cost control, the launch of new products, and an enhancement in operational efficiency. The corporation ended the year with total net sales of $6.4 billion and adjusted earnings per share of $8.80, slightly below their guidance range due to a late-year softening in wholesale customer ordering patterns. Nonetheless, a focus on cash generation has allowed Brunswick to achieve near-record free cash flow of $473 million and a full-year free cash flow conversion of 76%. Furthermore, the company carried out $275 million of share repurchases.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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