Opinions
Colin Stewart
Brunswick Corp.
BC-N
PAST TOP PICK
Jul 27, 2010
$14.780
Stock price when the opinion was issued
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BUY
Yesterday, this boat maker reported the latest in a string of blowout reports, with a huge top and bottom line beat with nearly 50% revenue growth and over 100% earnings growth YOY. There's a huge boat shortage in the U.S. Even adding production doesn't meet demand. BC raised its forecast for 2021 and 2022 from $7 to $8.25-8.75.
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STRONG BUY
Last year's lockdown winners are perceived to be one-time winners as we reopen. Not so with BC. We're on the verge of the great outdoors season. Last week, they posted nearly 50% revenue growth, but shares barely budged though it made a new high today. They expanded capacity but still can't meet demand. There'll remain a boat shortage. It sells below next year's 13x earnings--cheap. It's a screaming buy, a secular grower.
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BUY
Like Thor, BC this has slid unfairly this year. Covid winners are unfairly pigeonholed as reopening losers. Brunswick's boats remain in high demand. Covid has given them not only a boost during the pandemic but represents a long-term game-change as Brunswick enjoys strong demand and back orders. Add to this excellent managers.
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(Top Short Aug 20/09. Down 83.90%.) Still sticking with it. Has a very small position. If the market weakens, this is one that will come off.