Discounted Cash Flow

Thor Industries Inc.

THO · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $4.6b $256.5m $289.2m 5.6% $4.89
2017 $7.2b (58.2%) $374.3m (45.9%) $304.3m (5.2%) 5.2% (-7.8%) $7.12 (45.6%)
2018 $8.3b (14.9%) $430.2m (14.9%) $328.3m (7.9%) 5.2% (0.0%) $8.17 (14.7%)
2019 $7.9b (-5.6%) $133.3m (-69.0%) $507.3m (54.5%) 1.7% (-67.2%) $2.47 (-69.8%)
2020 $8.2b (3.9%) $223.0m (67.3%) $537.0m (5.8%) 2.7% (61.1%) $4.04 (63.6%)
2021 $12.3b (50.8%) $659.9m (195.9%) $525.3m (-2.2%) 5.4% (96.2%) $11.93 (195.3%)
2022 $16.3b (32.4%) $1.1b (72.4%) $982.7m (87.1%) 7.0% (30.2%) $20.67 (73.3%)
2023 $11.1b (-31.8%) $374.3m (-67.1%) $978.3m (-0.4%) 3.4% (-51.8%) $7.00 (-66.1%)
2024 $10.0b (-9.7%) $265.3m (-29.1%) $536.0m (-45.2%) 2.6% (-21.5%) $4.98 (-28.9%)
2025 $9.6b (-4.6%) $258.6m (-2.5%) $553.5m (3.3%) 2.7% (2.2%) $4.87 (-2.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model