Intrinsic value of BRP Inc. Subordinate Voting Shares - DOO

Previous Close

$45.17

  Intrinsic Value

$44.45

stock screener

  Rating & Target

hold

-2%

Previous close

$45.17

 
Intrinsic value

$44.45

 
Up/down potential

-2%

 
Rating

hold

We calculate the intrinsic value of DOO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.96
  20.00
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
Revenue, $m
  4,172
  5,006
  5,933
  6,950
  8,058
  9,253
  10,536
  11,902
  13,351
  14,881
  16,490
  18,177
  19,941
  21,783
  23,703
  25,701
  27,780
  29,941
  32,187
  34,521
  36,947
  39,468
  42,089
  44,815
  47,652
  50,605
  53,680
  56,884
  60,224
  63,708
  67,344
Variable operating expenses, $m
 
  4,393
  5,204
  6,094
  7,064
  8,110
  9,233
  10,429
  11,697
  13,036
  14,444
  15,909
  17,453
  19,065
  20,745
  22,494
  24,314
  26,205
  28,171
  30,214
  32,337
  34,543
  36,837
  39,223
  41,706
  44,290
  46,982
  49,786
  52,710
  55,759
  58,941
Fixed operating expenses, $m
 
  214
  220
  225
  231
  236
  242
  248
  255
  261
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  342
  351
  360
  369
  378
  387
  397
  407
  417
  428
  438
Total operating expenses, $m
  3,865
  4,607
  5,424
  6,319
  7,295
  8,346
  9,475
  10,677
  11,952
  13,297
  14,712
  16,183
  17,734
  19,353
  21,040
  22,797
  24,624
  26,523
  28,497
  30,548
  32,679
  34,894
  37,197
  39,592
  42,084
  44,677
  47,379
  50,193
  53,127
  56,187
  59,379
Operating income, $m
  306
  399
  509
  631
  763
  907
  1,061
  1,225
  1,400
  1,584
  1,778
  1,994
  2,207
  2,430
  2,662
  2,904
  3,156
  3,418
  3,690
  3,973
  4,268
  4,574
  4,892
  5,223
  5,568
  5,927
  6,301
  6,691
  7,098
  7,522
  7,965
EBITDA, $m
  439
  552
  688
  838
  1,002
  1,179
  1,370
  1,573
  1,788
  2,016
  2,255
  2,507
  2,770
  3,045
  3,331
  3,630
  3,940
  4,263
  4,599
  4,948
  5,310
  5,688
  6,080
  6,488
  6,913
  7,355
  7,816
  8,296
  8,797
  9,320
  9,865
Interest expense (income), $m
  48
  39
  46
  64
  85
  107
  131
  156
  184
  213
  244
  276
  310
  345
  382
  421
  461
  502
  546
  591
  638
  686
  737
  790
  844
  901
  960
  1,022
  1,086
  1,153
  1,223
Earnings before tax, $m
  327
  360
  464
  566
  679
  800
  930
  1,069
  1,216
  1,371
  1,535
  1,718
  1,897
  2,085
  2,280
  2,484
  2,695
  2,916
  3,145
  3,383
  3,630
  3,887
  4,155
  4,434
  4,724
  5,026
  5,341
  5,669
  6,011
  6,368
  6,742
Tax expense, $m
  70
  97
  125
  153
  183
  216
  251
  289
  328
  370
  414
  464
  512
  563
  616
  671
  728
  787
  849
  913
  980
  1,050
  1,122
  1,197
  1,275
  1,357
  1,442
  1,531
  1,623
  1,719
  1,820
Net income, $m
  257
  263
  338
  414
  495
  584
  679
  780
  888
  1,001
  1,120
  1,254
  1,385
  1,522
  1,665
  1,813
  1,968
  2,128
  2,296
  2,469
  2,650
  2,838
  3,033
  3,237
  3,448
  3,669
  3,899
  4,138
  4,388
  4,649
  4,921

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  302
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,516
  2,657
  3,149
  3,689
  4,277
  4,912
  5,592
  6,318
  7,087
  7,899
  8,753
  9,648
  10,584
  11,562
  12,581
  13,642
  14,745
  15,892
  17,085
  18,323
  19,611
  20,949
  22,340
  23,787
  25,293
  26,860
  28,492
  30,193
  31,966
  33,816
  35,745
Adjusted assets (=assets-cash), $m
  2,214
  2,657
  3,149
  3,689
  4,277
  4,912
  5,592
  6,318
  7,087
  7,899
  8,753
  9,648
  10,584
  11,562
  12,581
  13,642
  14,745
  15,892
  17,085
  18,323
  19,611
  20,949
  22,340
  23,787
  25,293
  26,860
  28,492
  30,193
  31,966
  33,816
  35,745
Revenue / Adjusted assets
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
  1.884
Average production assets, $m
  860
  1,031
  1,222
  1,432
  1,660
  1,906
  2,170
  2,452
  2,750
  3,065
  3,397
  3,744
  4,108
  4,487
  4,883
  5,294
  5,723
  6,168
  6,631
  7,111
  7,611
  8,130
  8,670
  9,232
  9,816
  10,425
  11,058
  11,718
  12,406
  13,124
  13,873
Working capital, $m
  279
  115
  136
  160
  185
  213
  242
  274
  307
  342
  379
  418
  459
  501
  545
  591
  639
  689
  740
  794
  850
  908
  968
  1,031
  1,096
  1,164
  1,235
  1,308
  1,385
  1,465
  1,549
Total debt, $m
  1,047
  1,084
  1,526
  2,012
  2,541
  3,112
  3,725
  4,378
  5,070
  5,801
  6,569
  7,375
  8,218
  9,098
  10,015
  10,970
  11,963
  12,995
  14,068
  15,183
  16,342
  17,546
  18,798
  20,101
  21,456
  22,866
  24,335
  25,866
  27,462
  29,126
  30,863
Total liabilities, $m
  2,355
  2,392
  2,834
  3,320
  3,849
  4,420
  5,033
  5,686
  6,378
  7,109
  7,877
  8,683
  9,526
  10,406
  11,323
  12,278
  13,271
  14,303
  15,376
  16,491
  17,650
  18,854
  20,106
  21,409
  22,764
  24,174
  25,643
  27,174
  28,770
  30,434
  32,171
Total equity, $m
  161
  266
  315
  369
  428
  491
  559
  632
  709
  790
  875
  965
  1,058
  1,156
  1,258
  1,364
  1,475
  1,589
  1,708
  1,832
  1,961
  2,095
  2,234
  2,379
  2,529
  2,686
  2,849
  3,019
  3,197
  3,382
  3,575
Total liabilities and equity, $m
  2,516
  2,658
  3,149
  3,689
  4,277
  4,911
  5,592
  6,318
  7,087
  7,899
  8,752
  9,648
  10,584
  11,562
  12,581
  13,642
  14,746
  15,892
  17,084
  18,323
  19,611
  20,949
  22,340
  23,788
  25,293
  26,860
  28,492
  30,193
  31,967
  33,816
  35,746
Debt-to-equity ratio
  6.503
  4.080
  4.850
  5.450
  5.940
  6.340
  6.660
  6.930
  7.150
  7.340
  7.510
  7.640
  7.760
  7.870
  7.960
  8.040
  8.110
  8.180
  8.230
  8.290
  8.330
  8.380
  8.410
  8.450
  8.480
  8.510
  8.540
  8.570
  8.590
  8.610
  8.630
Adjusted equity ratio
  -0.064
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  257
  263
  338
  414
  495
  584
  679
  780
  888
  1,001
  1,120
  1,254
  1,385
  1,522
  1,665
  1,813
  1,968
  2,128
  2,296
  2,469
  2,650
  2,838
  3,033
  3,237
  3,448
  3,669
  3,899
  4,138
  4,388
  4,649
  4,921
Depreciation, amort., depletion, $m
  133
  153
  179
  208
  239
  273
  309
  347
  388
  432
  477
  513
  563
  615
  669
  725
  784
  845
  908
  974
  1,043
  1,114
  1,188
  1,265
  1,345
  1,428
  1,515
  1,605
  1,699
  1,798
  1,900
Funds from operations, $m
  568
  416
  517
  621
  734
  857
  988
  1,128
  1,276
  1,433
  1,597
  1,767
  1,948
  2,137
  2,333
  2,538
  2,752
  2,973
  3,204
  3,443
  3,693
  3,952
  4,221
  4,501
  4,793
  5,097
  5,413
  5,743
  6,088
  6,447
  6,822
Change in working capital, $m
  62
  19
  21
  23
  25
  28
  29
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
Cash from operations, $m
  506
  396
  496
  598
  709
  829
  958
  1,096
  1,243
  1,397
  1,560
  1,728
  1,907
  2,094
  2,289
  2,492
  2,704
  2,924
  3,152
  3,390
  3,637
  3,894
  4,161
  4,439
  4,728
  5,029
  5,343
  5,670
  6,011
  6,367
  6,738
Maintenance CAPEX, $m
  0
  -118
  -141
  -167
  -196
  -227
  -261
  -297
  -336
  -377
  -420
  -465
  -513
  -563
  -615
  -669
  -725
  -784
  -845
  -908
  -974
  -1,043
  -1,114
  -1,188
  -1,265
  -1,345
  -1,428
  -1,515
  -1,605
  -1,699
  -1,798
New CAPEX, $m
  -187
  -172
  -191
  -210
  -228
  -246
  -264
  -282
  -299
  -315
  -331
  -348
  -363
  -379
  -395
  -412
  -428
  -445
  -463
  -481
  -500
  -519
  -540
  -562
  -584
  -608
  -633
  -660
  -688
  -718
  -749
Cash from investing activities, $m
  -185
  -290
  -332
  -377
  -424
  -473
  -525
  -579
  -635
  -692
  -751
  -813
  -876
  -942
  -1,010
  -1,081
  -1,153
  -1,229
  -1,308
  -1,389
  -1,474
  -1,562
  -1,654
  -1,750
  -1,849
  -1,953
  -2,061
  -2,175
  -2,293
  -2,417
  -2,547
Free cash flow, $m
  321
  107
  164
  221
  285
  355
  433
  517
  608
  706
  809
  915
  1,031
  1,152
  1,279
  1,412
  1,550
  1,694
  1,845
  2,001
  2,163
  2,332
  2,507
  2,689
  2,879
  3,076
  3,281
  3,495
  3,717
  3,949
  4,191
Issuance/(repayment) of debt, $m
  -130
  154
  442
  486
  529
  571
  613
  653
  692
  731
  769
  806
  843
  880
  917
  955
  993
  1,032
  1,073
  1,115
  1,159
  1,204
  1,252
  1,302
  1,355
  1,411
  1,469
  1,531
  1,596
  1,664
  1,737
Issuance/(repurchase) of shares, $m
  -72
  27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -271
  181
  442
  486
  529
  571
  613
  653
  692
  731
  769
  806
  843
  880
  917
  955
  993
  1,032
  1,073
  1,115
  1,159
  1,204
  1,252
  1,302
  1,355
  1,411
  1,469
  1,531
  1,596
  1,664
  1,737
Total cash flow (excl. dividends), $m
  64
  287
  606
  707
  814
  927
  1,046
  1,170
  1,300
  1,436
  1,578
  1,721
  1,874
  2,032
  2,196
  2,367
  2,543
  2,727
  2,918
  3,116
  3,322
  3,536
  3,759
  3,992
  4,234
  4,487
  4,750
  5,026
  5,313
  5,614
  5,928
Retained Cash Flow (-), $m
  -180
  -290
  -49
  -54
  -59
  -63
  -68
  -73
  -77
  -81
  -85
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -177
  -185
  -193
Prev. year cash balance distribution, $m
 
  185
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  183
  557
  653
  755
  863
  977
  1,098
  1,224
  1,355
  1,492
  1,632
  1,780
  1,934
  2,094
  2,260
  2,433
  2,612
  2,798
  2,992
  3,193
  3,402
  3,620
  3,847
  4,083
  4,330
  4,587
  4,856
  5,136
  5,429
  5,735
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  172
  493
  539
  577
  607
  628
  639
  640
  631
  613
  585
  551
  511
  467
  420
  371
  322
  275
  231
  190
  153
  121
  93
  70
  52
  37
  26
  18
  12
  8
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

BRP Inc. is engaged in the design, development, manufacturing, distribution and marketing of power sports vehicles and propulsion systems. The Company manufactures and sells Year-Round Products consisting of all-terrain vehicles (ATVs), side-by-side vehicles (SSVs) and roadsters; Seasonal Products consisting of snowmobiles and personal watercrafts (PWCs), and Propulsion Products consisting of engines for outboard and jet boats, karts, motorcycles and recreational aircraft. The Company's diversified portfolio of brands and products includes Can-Am ATVs, SSVs and roadsters, Ski-Doo and Lynx snowmobiles, Sea-Doo PWCs, and propulsion systems consisting of Evinrude outboard boat engines and Rotax engines for jet boats, karts, motorcycles and recreational aircraft. Additionally, the Company supports its line of products with a parts, accessories and clothing (PAC) business. Its products are sold through a network of dealers, distributors and to original equipment manufacturers.

FINANCIAL RATIOS  of  BRP Inc. Subordinate Voting Shares (DOO)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 1.6
Price to Book 40.5
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 20.4
Growth Rates
Sales Growth Rate 9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 577.6%
Total Debt to Equity 650.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 11.9%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 21%
Ret/ On T. Cap. - 3 Yr. Avg. 10.7%
Return On Equity 362%
Return On Equity - 3 Yr. Avg. -14%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 24.2%
Gross Margin - 3 Yr. Avg. 24%
EBITDA Margin 12.2%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 7.8%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

DOO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DOO stock intrinsic value calculation we used $4172 million for the last fiscal year's total revenue generated by BRP Inc. Subordinate Voting Shares. The default revenue input number comes from 2017 income statement of BRP Inc. Subordinate Voting Shares. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DOO stock valuation model: a) initial revenue growth rate of 20% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6%, whose default value for DOO is calculated based on our internal credit rating of BRP Inc. Subordinate Voting Shares, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of BRP Inc. Subordinate Voting Shares.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DOO stock the variable cost ratio is equal to 87.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $209 million in the base year in the intrinsic value calculation for DOO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.2% for BRP Inc. Subordinate Voting Shares.

Corporate tax rate of 27% is the nominal tax rate for BRP Inc. Subordinate Voting Shares. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DOO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DOO are equal to 20.6%.

Life of production assets of 7.3 years is the average useful life of capital assets used in BRP Inc. Subordinate Voting Shares operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DOO is equal to 2.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $161 million for BRP Inc. Subordinate Voting Shares - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 113.203 million for BRP Inc. Subordinate Voting Shares is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of BRP Inc. Subordinate Voting Shares at the current share price and the inputted number of shares is $5.1 billion.

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Financial statements of DOO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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