Intrinsic value of Harley-Davidson - HOG

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$55.81

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$55.81

 
Intrinsic value

$32.34

 
Up/down potential

-42%

 
Rating

sell

 
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 HOG 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 2016), $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 9.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.02
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,996
  6,116
  6,257
  6,417
  6,598
  6,798
  7,017
  7,256
  7,515
  7,794
  8,093
  8,413
  8,754
  9,118
  9,504
  9,914
  10,349
  10,809
  11,295
  11,809
  12,351
  12,924
  13,528
  14,164
  14,835
  15,541
  16,285
  17,067
  17,891
  18,757
  19,669
Variable operating expenses, $m
 
  4,935
  5,049
  5,178
  5,324
  5,485
  5,662
  5,855
  6,063
  6,288
  6,529
  6,782
  7,057
  7,350
  7,662
  7,992
  8,342
  8,713
  9,105
  9,519
  9,957
  10,418
  10,905
  11,418
  11,958
  12,528
  13,127
  13,758
  14,422
  15,120
  15,855
Fixed operating expenses, $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
Total operating expenses, $m
  4,948
  4,935
  5,049
  5,178
  5,324
  5,485
  5,662
  5,855
  6,063
  6,288
  6,529
  6,782
  7,057
  7,350
  7,662
  7,992
  8,342
  8,713
  9,105
  9,519
  9,957
  10,418
  10,905
  11,418
  11,958
  12,528
  13,127
  13,758
  14,422
  15,120
  15,855
Operating income, $m
  1,049
  1,180
  1,208
  1,239
  1,274
  1,313
  1,355
  1,402
  1,452
  1,506
  1,564
  1,631
  1,697
  1,768
  1,843
  1,922
  2,006
  2,096
  2,190
  2,290
  2,395
  2,506
  2,623
  2,746
  2,876
  3,013
  3,157
  3,309
  3,469
  3,637
  3,813
EBITDA, $m
  1,259
  1,385
  1,417
  1,453
  1,494
  1,540
  1,589
  1,643
  1,702
  1,765
  1,833
  1,905
  1,983
  2,065
  2,153
  2,245
  2,344
  2,448
  2,558
  2,675
  2,797
  2,927
  3,064
  3,208
  3,360
  3,520
  3,688
  3,865
  4,052
  4,248
  4,455
Interest expense (income), $m
  186
  211
  217
  223
  229
  237
  245
  255
  265
  276
  287
  300
  313
  328
  343
  359
  377
  395
  414
  435
  456
  479
  503
  529
  555
  584
  613
  645
  678
  712
  749
Earnings before tax, $m
  1,024
  969
  991
  1,016
  1,045
  1,076
  1,110
  1,147
  1,187
  1,230
  1,276
  1,331
  1,384
  1,440
  1,500
  1,563
  1,630
  1,701
  1,776
  1,855
  1,938
  2,027
  2,120
  2,218
  2,321
  2,429
  2,544
  2,664
  2,791
  2,924
  3,065
Tax expense, $m
  332
  262
  268
  274
  282
  290
  300
  310
  321
  332
  345
  359
  374
  389
  405
  422
  440
  459
  479
  501
  523
  547
  572
  599
  627
  656
  687
  719
  754
  790
  827
Net income, $m
  692
  707
  723
  742
  762
  785
  810
  837
  867
  898
  932
  972
  1,010
  1,051
  1,095
  1,141
  1,190
  1,242
  1,296
  1,354
  1,415
  1,479
  1,547
  1,619
  1,694
  1,774
  1,857
  1,945
  2,038
  2,135
  2,237

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  766
  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
  9,890
  9,309
  9,523
  9,768
  10,042
  10,347
  10,681
  11,045
  11,438
  11,863
  12,318
  12,805
  13,325
  13,878
  14,466
  15,090
  15,751
  16,451
  17,192
  17,974
  18,800
  19,671
  20,590
  21,559
  22,579
  23,654
  24,786
  25,977
  27,231
  28,550
  29,937
Adjusted assets (=assets-cash), $m
  9,124
  9,309
  9,523
  9,768
  10,042
  10,347
  10,681
  11,045
  11,438
  11,863
  12,318
  12,805
  13,325
  13,878
  14,466
  15,090
  15,751
  16,451
  17,192
  17,974
  18,800
  19,671
  20,590
  21,559
  22,579
  23,654
  24,786
  25,977
  27,231
  28,550
  29,937
Revenue / Adjusted assets
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
Average production assets, $m
  977
  997
  1,020
  1,046
  1,075
  1,108
  1,144
  1,183
  1,225
  1,270
  1,319
  1,371
  1,427
  1,486
  1,549
  1,616
  1,687
  1,762
  1,841
  1,925
  2,013
  2,107
  2,205
  2,309
  2,418
  2,533
  2,654
  2,782
  2,916
  3,057
  3,206
Working capital, $m
  991
  2,416
  2,471
  2,535
  2,606
  2,685
  2,772
  2,866
  2,968
  3,079
  3,197
  3,323
  3,458
  3,602
  3,754
  3,916
  4,088
  4,269
  4,462
  4,664
  4,879
  5,105
  5,343
  5,595
  5,860
  6,139
  6,432
  6,742
  7,067
  7,409
  7,769
Total debt, $m
  6,808
  6,192
  6,361
  6,554
  6,772
  7,012
  7,276
  7,563
  7,874
  8,210
  8,569
  8,954
  9,365
  9,802
  10,266
  10,759
  11,282
  11,835
  12,419
  13,037
  13,690
  14,378
  15,104
  15,869
  16,676
  17,525
  18,419
  19,360
  20,350
  21,392
  22,488
Total liabilities, $m
  7,970
  7,354
  7,523
  7,716
  7,934
  8,174
  8,438
  8,725
  9,036
  9,372
  9,731
  10,116
  10,527
  10,964
  11,428
  11,921
  12,444
  12,997
  13,581
  14,199
  14,852
  15,540
  16,266
  17,031
  17,838
  18,687
  19,581
  20,522
  21,512
  22,554
  23,650
Total equity, $m
  1,920
  1,955
  2,000
  2,051
  2,109
  2,173
  2,243
  2,319
  2,402
  2,491
  2,587
  2,689
  2,798
  2,914
  3,038
  3,169
  3,308
  3,455
  3,610
  3,775
  3,948
  4,131
  4,324
  4,527
  4,742
  4,967
  5,205
  5,455
  5,719
  5,995
  6,287
Total liabilities and equity, $m
  9,890
  9,309
  9,523
  9,767
  10,043
  10,347
  10,681
  11,044
  11,438
  11,863
  12,318
  12,805
  13,325
  13,878
  14,466
  15,090
  15,752
  16,452
  17,191
  17,974
  18,800
  19,671
  20,590
  21,558
  22,580
  23,654
  24,786
  25,977
  27,231
  28,549
  29,937
Debt-to-equity ratio
  3.546
  3.170
  3.180
  3.200
  3.210
  3.230
  3.240
  3.260
  3.280
  3.300
  3.310
  3.330
  3.350
  3.360
  3.380
  3.400
  3.410
  3.430
  3.440
  3.450
  3.470
  3.480
  3.490
  3.510
  3.520
  3.530
  3.540
  3.550
  3.560
  3.570
  3.580
Adjusted equity ratio
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  692
  707
  723
  742
  762
  785
  810
  837
  867
  898
  932
  972
  1,010
  1,051
  1,095
  1,141
  1,190
  1,242
  1,296
  1,354
  1,415
  1,479
  1,547
  1,619
  1,694
  1,774
  1,857
  1,945
  2,038
  2,135
  2,237
Depreciation, amort., depletion, $m
  210
  205
  209
  215
  220
  227
  234
  242
  250
  259
  269
  274
  285
  297
  310
  323
  337
  352
  368
  385
  403
  421
  441
  462
  484
  507
  531
  556
  583
  611
  641
Funds from operations, $m
  1,219
  912
  933
  956
  983
  1,012
  1,044
  1,079
  1,117
  1,157
  1,201
  1,246
  1,296
  1,348
  1,405
  1,464
  1,527
  1,594
  1,664
  1,739
  1,818
  1,901
  1,988
  2,081
  2,178
  2,280
  2,388
  2,501
  2,621
  2,746
  2,878
Change in working capital, $m
  45
  47
  56
  64
  71
  79
  87
  94
  102
  110
  118
  126
  135
  144
  153
  162
  172
  182
  192
  203
  214
  226
  238
  251
  265
  279
  294
  309
  325
  342
  360
Cash from operations, $m
  1,174
  881
  877
  893
  912
  933
  958
  985
  1,015
  1,047
  1,083
  1,120
  1,161
  1,205
  1,252
  1,302
  1,356
  1,412
  1,472
  1,536
  1,603
  1,675
  1,750
  1,829
  1,913
  2,001
  2,094
  2,192
  2,295
  2,404
  2,518
Maintenance CAPEX, $m
  0
  -195
  -199
  -204
  -209
  -215
  -222
  -229
  -237
  -245
  -254
  -264
  -274
  -285
  -297
  -310
  -323
  -337
  -352
  -368
  -385
  -403
  -421
  -441
  -462
  -484
  -507
  -531
  -556
  -583
  -611
New CAPEX, $m
  -256
  -20
  -23
  -26
  -29
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -149
Cash from investing activities, $m
  -393
  -215
  -222
  -230
  -238
  -248
  -258
  -268
  -279
  -290
  -303
  -316
  -330
  -344
  -360
  -377
  -394
  -412
  -431
  -452
  -473
  -496
  -519
  -545
  -571
  -599
  -628
  -659
  -690
  -724
  -760
Free cash flow, $m
  781
  665
  655
  663
  673
  685
  700
  717
  736
  757
  780
  804
  831
  860
  892
  926
  962
  1,000
  1,041
  1,084
  1,130
  1,179
  1,230
  1,284
  1,342
  1,402
  1,466
  1,534
  1,605
  1,680
  1,758
Issuance/(repayment) of debt, $m
  -78
  150
  169
  193
  217
  241
  264
  287
  311
  335
  360
  385
  411
  437
  465
  493
  522
  553
  585
  618
  652
  688
  726
  765
  806
  849
  894
  941
  990
  1,042
  1,096
Issuance/(repurchase) of shares, $m
  -450
  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  
  -482
  150
  169
  193
  217
  241
  264
  287
  311
  335
  360
  385
  411
  437
  465
  493
  522
  553
  585
  618
  652
  688
  726
  765
  806
  849
  894
  941
  990
  1,042
  1,096
Total cash flow (excl. dividends), $m
  290
  815
  824
  856
  890
  926
  964
  1,004
  1,047
  1,092
  1,140
  1,188
  1,241
  1,297
  1,356
  1,418
  1,484
  1,553
  1,626
  1,702
  1,782
  1,867
  1,956
  2,050
  2,148
  2,252
  2,360
  2,475
  2,595
  2,721
  2,854
Retained Cash Flow (-), $m
  -80
  -35
  -45
  -51
  -58
  -64
  -70
  -76
  -83
  -89
  -96
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -250
  -263
  -277
  -291
Prev. year cash balance distribution, $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 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
 
  781
  779
  805
  832
  862
  894
  928
  964
  1,003
  1,044
  1,086
  1,132
  1,181
  1,233
  1,287
  1,345
  1,406
  1,470
  1,538
  1,609
  1,684
  1,763
  1,846
  1,934
  2,026
  2,123
  2,225
  2,332
  2,445
  2,563
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  710
  639
  590
  539
  488
  438
  388
  340
  294
  250
  210
  173
  141
  112
  88
  67
  51
  37
  27
  19
  13
  8
  5
  3
  2
  1
  1
  0
  0
  0
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

Harley-Davidson, Inc. primarily manufactures and sells cruiser and touring motorcycles. The company operates through two segments, Motorcycles & Related Products, and Financial Services. The Motorcycles & Related Products segment designs, manufactures, and sells wholesale on-road Harley-Davidson motorcycles, as well as motorcycle parts, accessories, general merchandise, and related services. It offers motorcycle parts and accessories, such as replacement parts, and mechanical and cosmetic accessories; general merchandise, including MotorClothes apparel and riding gears; and various services to its independent dealers comprising motorcycle services, business management training programs, and customized dealer software packages. This segment also licenses the Harley-Davidson name and other trademarks. It sells its products to retail customers through a network of independent dealers, as well as ecommerce channels in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific. The Financial Services segment provides wholesale and retail financing services; and insurance and insurance-related programs primarily to Harley-Davidson dealers and retail customers in the United States and Canada. This segment offers wholesale financial services, such as floorplan and open account financing of motorcycles, and motorcycle parts and accessories; and retail financing services, including installment lending for the purchase of new and used Harley-Davidson motorcycles. It also operates as an agent providing point-of-sale protection products, including motorcycle insurance, extended service contracts, credit protection, and motorcycle maintenance protection. Harley-Davidson, Inc. was founded in 1903 and is based in Milwaukee, Wisconsin.

FINANCIAL RATIOS  of  Harley-Davidson (HOG)

Valuation Ratios
P/E Ratio 14.2
Price to Sales 1.6
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 10.7
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.5%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 243.1%
Total Debt to Equity 354.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 8.2%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 36.8%
Return On Equity - 3 Yr. Avg. 32.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 40.1%
Gross Margin - 3 Yr. Avg. 40.6%
EBITDA Margin 23.7%
EBITDA Margin - 3 Yr. Avg. 24.9%
Operating Margin 17.5%
Oper. Margin - 3 Yr. Avg. 19.1%
Pre-Tax Margin 17.1%
Pre-Tax Margin - 3 Yr. Avg. 19%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 12.6%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 36.4%

HOG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HOG stock intrinsic value calculation we used $5996 million for the last fiscal year's total revenue generated by Harley-Davidson. The default revenue input number comes from 2016 income statement of Harley-Davidson. 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 HOG stock valuation model: a) initial revenue growth rate of 2% 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 9.9%, whose default value for HOG is calculated based on our internal credit rating of Harley-Davidson, 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 Harley-Davidson.
    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 HOG stock the variable cost ratio is equal to 80.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HOG 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 3.5% for Harley-Davidson.

Corporate tax rate of 27% is the nominal tax rate for Harley-Davidson. 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 HOG 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 HOG are equal to 16.3%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Harley-Davidson 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 HOG is equal to 39.5%. 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 - $1920 million for Harley-Davidson - 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 174.215 million for Harley-Davidson 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 Harley-Davidson at the current share price and the inputted number of shares is $9.7 billion.


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COMPANY NEWS

▶ The Fall in Harley-Davidsons 1Q17 Margins   [07:38AM  Market Realist]
▶ The Positives of Harley-Davidsons International Market Sales   [Apr-19-17 02:05PM  Market Realist]
▶ Story Stocks from Briefing.com   [12:51PM  Briefing.com]
▶ Harley Davidson: We Told You So   [12:18PM  Barrons.com]
▶ Harley-Davidson tops 1Q profit forecasts   [07:02AM  Associated Press]
▶ Harley-Davidsons 1Q17 Margins Might Shrink   [09:06AM  Market Realist]
▶ Analysts Recommendations before Harley-Davidsons Earnings   [Apr-14-17 10:36AM  Market Realist]
▶ Harley-Davidson partners with Sailor Jerry Spiced Rum   [02:15PM  American City Business Journals]
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▶ Why Harley Davidson Wants to Meet Investors in Australia   [Mar-26-17 07:27PM  Bloomberg Video]
▶ This Used Car Is Worth More Now Than When New   [Mar-25-17 10:11AM  Motley Fool]
▶ Harley-Davidson Stock Could Disappoint in 2017   [Mar-21-17 09:05AM  Market Realist]
▶ Harley Davidson seeks Downunder debt   [Mar-19-17 06:28PM  AAP]
▶ Harley Davidson: Is Barron's Wrong?   [12:31PM  at Barrons.com]
▶ Indian and Jack Daniel's return with second co-branded motorcycle   [Mar-14-17 02:35PM  at bizjournals.com]
▶ Harley Ready for a Bullish Ride   [12:42PM  at Investopedia]
▶ 12 Motorcycle Statistics That'll Floor You   [Mar-05-17 10:16AM  at Motley Fool]
▶ [$$] Harley-Davidson Is Doing Pretty Well Overseas   [12:37AM  at The Wall Street Journal]
Stock chart of HOG Financial statements of HOG
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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