Intrinsic value of BRP Inc. Subordinate Voting Shares - DOO

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$31.80

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$31.80

 
Intrinsic value

$88.12

 
Up/down potential

+177%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 3.5

 

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
  17.70
  16.43
  15.29
  14.26
  13.33
  12.50
  11.75
  11.07
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.61
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
Revenue, $m
  4,172
  4,910
  5,717
  6,591
  7,531
  8,535
  9,602
  10,730
  11,918
  13,166
  14,472
  15,836
  17,259
  18,741
  20,283
  21,887
  23,554
  25,286
  27,085
  28,956
  30,900
  32,923
  35,026
  37,216
  39,495
  41,870
  44,345
  46,927
  49,619
  52,430
  55,365
Variable operating expenses, $m
 
  4,309
  5,015
  5,780
  6,603
  7,482
  8,415
  9,403
  10,443
  11,535
  12,678
  13,860
  15,106
  16,403
  17,752
  19,156
  20,615
  22,130
  23,706
  25,343
  27,045
  28,815
  30,656
  32,572
  34,567
  36,646
  38,812
  41,071
  43,428
  45,888
  48,457
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
  4,523
  5,235
  6,005
  6,834
  7,718
  8,657
  9,651
  10,698
  11,796
  12,946
  14,134
  15,387
  16,691
  18,047
  19,459
  20,925
  22,448
  24,032
  25,677
  27,387
  29,166
  31,016
  32,941
  34,945
  37,033
  39,209
  41,478
  43,845
  46,316
  48,895
Operating income, $m
  306
  387
  482
  586
  697
  817
  944
  1,079
  1,221
  1,370
  1,527
  1,702
  1,873
  2,050
  2,236
  2,428
  2,629
  2,837
  3,054
  3,279
  3,513
  3,757
  4,011
  4,275
  4,550
  4,837
  5,136
  5,448
  5,774
  6,115
  6,470
EBITDA, $m
  439
  537
  655
  783
  922
  1,069
  1,227
  1,393
  1,569
  1,753
  1,947
  2,149
  2,360
  2,579
  2,808
  3,046
  3,293
  3,551
  3,818
  4,096
  4,385
  4,686
  4,999
  5,325
  5,665
  6,019
  6,388
  6,773
  7,174
  7,594
  8,032
Interest expense (income), $m
  48
  39
  44
  60
  77
  96
  116
  138
  160
  184
  209
  235
  263
  291
  321
  352
  384
  418
  452
  488
  526
  565
  606
  648
  692
  737
  785
  835
  887
  941
  997
Earnings before tax, $m
  327
  348
  439
  526
  620
  721
  828
  941
  1,061
  1,186
  1,317
  1,466
  1,610
  1,759
  1,915
  2,076
  2,245
  2,419
  2,601
  2,791
  2,987
  3,192
  3,405
  3,627
  3,858
  4,100
  4,351
  4,614
  4,888
  5,174
  5,473
Tax expense, $m
  70
  94
  118
  142
  167
  195
  224
  254
  286
  320
  356
  396
  435
  475
  517
  561
  606
  653
  702
  753
  807
  862
  919
  979
  1,042
  1,107
  1,175
  1,246
  1,320
  1,397
  1,478
Net income, $m
  257
  254
  320
  384
  453
  526
  604
  687
  774
  866
  962
  1,070
  1,175
  1,284
  1,398
  1,516
  1,639
  1,766
  1,899
  2,037
  2,181
  2,330
  2,486
  2,648
  2,817
  2,993
  3,176
  3,368
  3,568
  3,777
  3,995

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
  2,606
  3,035
  3,499
  3,997
  4,530
  5,097
  5,695
  6,326
  6,988
  7,681
  8,406
  9,161
  9,948
  10,766
  11,617
  12,502
  13,421
  14,377
  15,369
  16,402
  17,475
  18,591
  19,754
  20,964
  22,224
  23,538
  24,908
  26,337
  27,829
  29,387
Adjusted assets (=assets-cash), $m
  2,214
  2,606
  3,035
  3,499
  3,997
  4,530
  5,097
  5,695
  6,326
  6,988
  7,681
  8,406
  9,161
  9,948
  10,766
  11,617
  12,502
  13,421
  14,377
  15,369
  16,402
  17,475
  18,591
  19,754
  20,964
  22,224
  23,538
  24,908
  26,337
  27,829
  29,387
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
  1,012
  1,178
  1,358
  1,551
  1,758
  1,978
  2,210
  2,455
  2,712
  2,981
  3,262
  3,555
  3,861
  4,178
  4,509
  4,852
  5,209
  5,580
  5,965
  6,365
  6,782
  7,215
  7,666
  8,136
  8,625
  9,135
  9,667
  10,222
  10,801
  11,405
Working capital, $m
  279
  113
  131
  152
  173
  196
  221
  247
  274
  303
  333
  364
  397
  431
  467
  503
  542
  582
  623
  666
  711
  757
  806
  856
  908
  963
  1,020
  1,079
  1,141
  1,206
  1,273
Total debt, $m
  1,047
  1,038
  1,423
  1,841
  2,290
  2,769
  3,279
  3,818
  4,385
  4,981
  5,605
  6,257
  6,937
  7,645
  8,382
  9,148
  9,944
  10,771
  11,631
  12,524
  13,453
  14,419
  15,424
  16,470
  17,559
  18,694
  19,876
  21,109
  22,396
  23,738
  25,140
Total liabilities, $m
  2,355
  2,346
  2,731
  3,149
  3,598
  4,077
  4,587
  5,126
  5,693
  6,289
  6,913
  7,565
  8,245
  8,953
  9,690
  10,456
  11,252
  12,079
  12,939
  13,832
  14,761
  15,727
  16,732
  17,778
  18,867
  20,002
  21,184
  22,417
  23,704
  25,046
  26,448
Total equity, $m
  161
  261
  303
  350
  400
  453
  510
  570
  633
  699
  768
  841
  916
  995
  1,077
  1,162
  1,250
  1,342
  1,438
  1,537
  1,640
  1,747
  1,859
  1,975
  2,096
  2,222
  2,354
  2,491
  2,634
  2,783
  2,939
Total liabilities and equity, $m
  2,516
  2,607
  3,034
  3,499
  3,998
  4,530
  5,097
  5,696
  6,326
  6,988
  7,681
  8,406
  9,161
  9,948
  10,767
  11,618
  12,502
  13,421
  14,377
  15,369
  16,401
  17,474
  18,591
  19,753
  20,963
  22,224
  23,538
  24,908
  26,338
  27,829
  29,387
Debt-to-equity ratio
  6.503
  3.980
  4.690
  5.260
  5.730
  6.110
  6.430
  6.700
  6.930
  7.130
  7.300
  7.440
  7.570
  7.690
  7.790
  7.870
  7.950
  8.030
  8.090
  8.150
  8.200
  8.250
  8.300
  8.340
  8.380
  8.410
  8.440
  8.470
  8.500
  8.530
  8.550
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
  254
  320
  384
  453
  526
  604
  687
  774
  866
  962
  1,070
  1,175
  1,284
  1,398
  1,516
  1,639
  1,766
  1,899
  2,037
  2,181
  2,330
  2,486
  2,648
  2,817
  2,993
  3,176
  3,368
  3,568
  3,777
  3,995
Depreciation, amort., depletion, $m
  133
  150
  173
  198
  224
  252
  283
  314
  348
  383
  420
  447
  487
  529
  572
  618
  665
  714
  764
  817
  872
  929
  988
  1,050
  1,115
  1,182
  1,251
  1,324
  1,400
  1,480
  1,562
Funds from operations, $m
  477
  404
  493
  582
  677
  779
  887
  1,001
  1,122
  1,249
  1,382
  1,517
  1,662
  1,813
  1,970
  2,133
  2,303
  2,480
  2,663
  2,854
  3,053
  3,259
  3,474
  3,698
  3,931
  4,174
  4,428
  4,692
  4,968
  5,257
  5,558
Change in working capital, $m
  -29
  17
  19
  20
  22
  23
  25
  26
  27
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  48
  50
  52
  55
  57
  59
  62
  65
  68
Cash from operations, $m
  506
  402
  475
  561
  655
  756
  862
  975
  1,095
  1,220
  1,352
  1,486
  1,629
  1,779
  1,935
  2,096
  2,265
  2,440
  2,622
  2,811
  3,008
  3,213
  3,426
  3,648
  3,879
  4,120
  4,371
  4,633
  4,906
  5,192
  5,490
Maintenance CAPEX, $m
  0
  -118
  -139
  -161
  -186
  -213
  -241
  -271
  -303
  -336
  -372
  -408
  -447
  -487
  -529
  -572
  -618
  -665
  -714
  -764
  -817
  -872
  -929
  -988
  -1,050
  -1,115
  -1,182
  -1,251
  -1,324
  -1,400
  -1,480
New CAPEX, $m
  -187
  -152
  -166
  -180
  -194
  -207
  -220
  -232
  -245
  -257
  -269
  -281
  -293
  -305
  -318
  -330
  -343
  -357
  -371
  -385
  -401
  -417
  -433
  -451
  -470
  -489
  -510
  -532
  -555
  -579
  -605
Cash from investing activities, $m
  -185
  -270
  -305
  -341
  -380
  -420
  -461
  -503
  -548
  -593
  -641
  -689
  -740
  -792
  -847
  -902
  -961
  -1,022
  -1,085
  -1,149
  -1,218
  -1,289
  -1,362
  -1,439
  -1,520
  -1,604
  -1,692
  -1,783
  -1,879
  -1,979
  -2,085
Free cash flow, $m
  321
  132
  170
  220
  276
  336
  402
  472
  547
  627
  711
  797
  889
  987
  1,088
  1,194
  1,304
  1,418
  1,538
  1,662
  1,790
  1,924
  2,063
  2,208
  2,359
  2,516
  2,679
  2,850
  3,027
  3,213
  3,406
Issuance/(repayment) of debt, $m
  -130
  108
  385
  418
  449
  480
  510
  539
  568
  596
  624
  652
  680
  708
  737
  766
  796
  827
  860
  894
  929
  966
  1,005
  1,046
  1,089
  1,134
  1,182
  1,233
  1,286
  1,343
  1,402
Issuance/(repurchase) of shares, $m
  -72
  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 from financing (excl. dividends), $m  
  -271
  108
  385
  418
  449
  480
  510
  539
  568
  596
  624
  652
  680
  708
  737
  766
  796
  827
  860
  894
  929
  966
  1,005
  1,046
  1,089
  1,134
  1,182
  1,233
  1,286
  1,343
  1,402
Total cash flow (excl. dividends), $m
  64
  240
  555
  638
  725
  816
  911
  1,011
  1,115
  1,223
  1,335
  1,448
  1,569
  1,695
  1,825
  1,960
  2,100
  2,246
  2,397
  2,555
  2,719
  2,890
  3,068
  3,254
  3,448
  3,650
  3,862
  4,083
  4,314
  4,555
  4,808
Retained Cash Flow (-), $m
  -180
  -285
  -43
  -46
  -50
  -53
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
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
 
  140
  512
  591
  675
  763
  855
  951
  1,052
  1,157
  1,266
  1,376
  1,494
  1,616
  1,743
  1,875
  2,012
  2,154
  2,302
  2,456
  2,616
  2,783
  2,957
  3,138
  3,327
  3,524
  3,730
  3,946
  4,171
  4,406
  4,652
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  133
  460
  499
  532
  558
  577
  588
  592
  587
  574
  553
  527
  496
  459
  420
  378
  335
  292
  251
  212
  176
  143
  114
  89
  68
  51
  37
  27
  18
  12
Current shareholders' claim on cash, %
  100
  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
  100.0

BRP Inc., together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and propulsion systems worldwide. The company offers all-terrain vehicles, side-by-side vehicles, and roadsters under the Can-Am brand name; roadsters under the Spyder brand; snowmobiles under the Ski-Doo and Lynx brands; personal watercrafts under the Sea-Doo brand name; and propulsion systems comprising outboard marine engines under the Evinrude brand name, as well as engines for jet boats, karts, motorcycles, and recreational aircraft under the Rotax brand name. It also provides parts, accessories, and complementary clothing, as well as other services. The company sells its products through a network of independent dealers and distributors, as well as to original equipment manufacturers. BRP Inc. was founded in 1937 and is headquartered in Valcourt, Canada.

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

Valuation Ratios
P/E Ratio 17.9
Price to Sales 1.1
Price to Book 28.5
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 14.4
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 17.7% 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 5.3%, 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 110.968 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 $3.5 billion.


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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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