Intrinsic value of Harley-Davidson - HOG

Previous Close

$48.26

  Intrinsic Value

$32.11

stock screener

  Rating & Target

sell

-33%

  Value-price divergence*

-43%

Previous close

$48.26

 
Intrinsic value

$32.11

 
Up/down potential

-33%

 
Rating

sell

 
Value-price divergence*

-43%

*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 8.4

 

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
  1,285
  1,315
  1,349
  1,387
  1,429
  1,475
  1,525
  1,580
  1,638
  1,701
  1,768
  1,840
  1,916
  1,998
  2,084
  2,175
  2,272
  2,374
  2,482
  2,596
  2,716
  2,843
  2,977
  3,118
  3,266
  3,423
  3,587
  3,760
  3,942
  4,134
Interest expense (income), $m
  186
  231
  236
  242
  250
  258
  267
  277
  287
  299
  312
  325
  340
  355
  372
  389
  408
  427
  448
  470
  493
  518
  544
  571
  600
  630
  662
  696
  731
  768
  807
Earnings before tax, $m
  1,024
  950
  972
  997
  1,024
  1,055
  1,089
  1,125
  1,164
  1,207
  1,252
  1,306
  1,358
  1,413
  1,471
  1,533
  1,599
  1,668
  1,742
  1,819
  1,901
  1,988
  2,079
  2,175
  2,276
  2,383
  2,495
  2,613
  2,738
  2,868
  3,006
Tax expense, $m
  332
  256
  262
  269
  277
  285
  294
  304
  314
  326
  338
  353
  367
  381
  397
  414
  432
  450
  470
  491
  513
  537
  561
  587
  615
  643
  674
  706
  739
  774
  812
Net income, $m
  692
  693
  709
  728
  748
  770
  795
  821
  850
  881
  914
  953
  991
  1,031
  1,074
  1,119
  1,167
  1,218
  1,272
  1,328
  1,388
  1,451
  1,518
  1,588
  1,662
  1,740
  1,822
  1,908
  1,998
  2,094
  2,194

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
  9,864
  10,091
  10,351
  10,642
  10,964
  11,318
  11,704
  12,121
  12,571
  13,053
  13,569
  14,120
  14,706
  15,329
  15,991
  16,691
  17,433
  18,218
  19,047
  19,922
  20,845
  21,819
  22,845
  23,927
  25,066
  26,265
  27,528
  28,856
  30,254
  31,723
Adjusted assets (=assets-cash), $m
  9,124
  9,864
  10,091
  10,351
  10,642
  10,964
  11,318
  11,704
  12,121
  12,571
  13,053
  13,569
  14,120
  14,706
  15,329
  15,991
  16,691
  17,433
  18,218
  19,047
  19,922
  20,845
  21,819
  22,845
  23,927
  25,066
  26,265
  27,528
  28,856
  30,254
  31,723
Revenue / Adjusted assets
  0.657
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
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
  6,739
  6,921
  7,129
  7,362
  7,620
  7,904
  8,213
  8,547
  8,907
  9,294
  9,707
  10,148
  10,618
  11,117
  11,647
  12,208
  12,802
  13,430
  14,094
  14,795
  15,535
  16,315
  17,137
  18,003
  18,916
  19,877
  20,888
  21,952
  23,071
  24,249
Total liabilities, $m
  7,970
  7,901
  8,083
  8,291
  8,524
  8,782
  9,066
  9,375
  9,709
  10,069
  10,456
  10,869
  11,310
  11,780
  12,279
  12,809
  13,370
  13,964
  14,592
  15,256
  15,957
  16,697
  17,477
  18,299
  19,165
  20,078
  21,039
  22,050
  23,114
  24,233
  25,411
Total equity, $m
  1,920
  1,963
  2,008
  2,060
  2,118
  2,182
  2,252
  2,329
  2,412
  2,502
  2,598
  2,700
  2,810
  2,927
  3,051
  3,182
  3,322
  3,469
  3,625
  3,790
  3,964
  4,148
  4,342
  4,546
  4,761
  4,988
  5,227
  5,478
  5,742
  6,020
  6,313
Total liabilities and equity, $m
  9,890
  9,864
  10,091
  10,351
  10,642
  10,964
  11,318
  11,704
  12,121
  12,571
  13,054
  13,569
  14,120
  14,707
  15,330
  15,991
  16,692
  17,433
  18,217
  19,046
  19,921
  20,845
  21,819
  22,845
  23,926
  25,066
  26,266
  27,528
  28,856
  30,253
  31,724
Debt-to-equity ratio
  3.546
  3.430
  3.450
  3.460
  3.480
  3.490
  3.510
  3.530
  3.540
  3.560
  3.580
  3.590
  3.610
  3.630
  3.640
  3.660
  3.680
  3.690
  3.700
  3.720
  3.730
  3.750
  3.760
  3.770
  3.780
  3.790
  3.800
  3.810
  3.820
  3.830
  3.840
Adjusted equity ratio
  0.210
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  692
  693
  709
  728
  748
  770
  795
  821
  850
  881
  914
  953
  991
  1,031
  1,074
  1,119
  1,167
  1,218
  1,272
  1,328
  1,388
  1,451
  1,518
  1,588
  1,662
  1,740
  1,822
  1,908
  1,998
  2,094
  2,194
Depreciation, amort., depletion, $m
  210
  105
  107
  110
  113
  116
  120
  124
  128
  132
  137
  137
  143
  149
  155
  162
  169
  176
  184
  192
  201
  211
  221
  231
  242
  253
  265
  278
  292
  306
  321
Funds from operations, $m
  1,219
  798
  817
  837
  861
  886
  914
  945
  978
  1,013
  1,051
  1,090
  1,134
  1,180
  1,229
  1,281
  1,336
  1,394
  1,456
  1,521
  1,589
  1,662
  1,738
  1,819
  1,904
  1,993
  2,087
  2,186
  2,290
  2,400
  2,515
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
  751
  761
  774
  789
  807
  828
  850
  876
  903
  933
  964
  999
  1,036
  1,076
  1,119
  1,164
  1,212
  1,264
  1,318
  1,375
  1,436
  1,500
  1,567
  1,639
  1,714
  1,793
  1,877
  1,965
  2,057
  2,155
Maintenance CAPEX, $m
  0
  -98
  -100
  -102
  -105
  -108
  -111
  -114
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -192
  -201
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -292
  -306
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
  -118
  -123
  -128
  -134
  -141
  -147
  -153
  -160
  -167
  -176
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -255
  -268
  -280
  -294
  -309
  -325
  -340
  -357
  -374
  -393
  -412
  -433
  -455
Free cash flow, $m
  781
  633
  639
  646
  655
  667
  681
  697
  715
  735
  757
  780
  806
  834
  865
  897
  932
  969
  1,008
  1,050
  1,094
  1,141
  1,191
  1,243
  1,299
  1,357
  1,419
  1,484
  1,552
  1,625
  1,701
Issuance/(repayment) of debt, $m
  -78
  149
  182
  208
  233
  258
  284
  309
  334
  360
  386
  413
  441
  470
  499
  530
  561
  594
  628
  664
  701
  740
  780
  822
  866
  912
  961
  1,011
  1,064
  1,119
  1,177
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
  149
  182
  208
  233
  258
  284
  309
  334
  360
  386
  413
  441
  470
  499
  530
  561
  594
  628
  664
  701
  740
  780
  822
  866
  912
  961
  1,011
  1,064
  1,119
  1,177
Total cash flow (excl. dividends), $m
  290
  782
  820
  854
  889
  926
  965
  1,006
  1,049
  1,095
  1,144
  1,193
  1,247
  1,304
  1,364
  1,427
  1,493
  1,563
  1,636
  1,714
  1,795
  1,881
  1,971
  2,065
  2,165
  2,269
  2,379
  2,495
  2,616
  2,744
  2,878
Retained Cash Flow (-), $m
  -80
  -43
  -45
  -52
  -58
  -64
  -70
  -77
  -83
  -89
  -96
  -103
  -110
  -117
  -124
  -132
  -139
  -148
  -156
  -165
  -174
  -184
  -194
  -204
  -215
  -227
  -239
  -251
  -264
  -278
  -293
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
 
  739
  775
  802
  831
  861
  894
  929
  966
  1,006
  1,048
  1,091
  1,138
  1,187
  1,240
  1,295
  1,354
  1,415
  1,480
  1,549
  1,621
  1,697
  1,777
  1,861
  1,950
  2,043
  2,141
  2,244
  2,352
  2,466
  2,586
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
 
  673
  636
  588
  538
  488
  438
  388
  340
  294
  251
  211
  174
  141
  113
  88
  68
  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 12.3
Price to Sales 1.4
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow 9.2
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 10 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 174.315 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 $8.4 billion.

RELATED COMPANIES Price Int.Val. Rating
PII Polaris Indust 94.33 204.96  str.buy

COMPANY NEWS

▶ Feds drop Harley-Davidsons $3M pollution penalty   [Jul-21-17 01:39PM  American City Business Journals]
▶ DOJ seeks to waive Harley Davidson air-pollution punishment   [Jul-20-17 05:58PM  Associated Press]
▶ Harley's stock slide expected continue   [10:06AM  CNBC Videos]
▶ Why Harley-Davidsons Revenues Fell in 2Q17   [03:35PM  Market Realist]
▶ Why Harley-Davidson Is Looking Scary   [11:38AM  TheStreet.com]
▶ Harley-Davidson tops 2Q profit forecasts   [Jul-18-17 10:06PM  Associated Press]
▶ [$$] Harley Shares Fall Sharply on Weak Hog Sales   [06:20PM  The Wall Street Journal]
▶ Harley-Davidson Slashes Shipment Guidance; Stock Plunges   [04:10PM  Investor's Business Daily]
▶ Harley-Davidson Is Losing Its Cool   [12:52PM  Bloomberg]
▶ Story Stocks from Briefing.com   [08:12AM  Briefing.com]
▶ Mapping the Obstacles Ahead for Harley-Davidson   [Jul-16-17 07:00AM  Motley Fool]
▶ It's Not a Great Time to Be a Great American Brand   [Jul-15-17 02:24PM  Motley Fool]
▶ Harley-Davidson roaring into the 'hood that the Chicago Cubs call home   [Jul-14-17 04:10PM  American City Business Journals]
▶ Whats HOGs Valuation ahead of 2Q17 Earnings?   [07:36AM  Market Realist]
▶ What to Look for in HOGs 2Q17 Earnings Event   [10:37AM  Market Realist]
▶ Does Harley-Davidson Really Want In on Ducati?   [Jul-08-17 10:31AM  Motley Fool]
▶ The Motorcycle Industry Is Dying   [03:00AM  Bloomberg]
▶ What Analysts Recommend for HOG Stock at End of 1H17   [Jun-29-17 05:05PM  Market Realist]
▶ July's Tough, but These Stocks Tend to Do Well   [Jun-28-17 01:00PM  Investopedia]
▶ Harley-Davidson Is Hurt by Trade Laws It Once Championed   [Jun-25-17 11:34AM  Motley Fool]
▶ [$$] Harley-Davidson Discussing Purchase of Italian Rival Ducati From VW   [Jun-23-17 10:52PM  The Wall Street Journal]
▶ [$$] Harley-Davidson Discussing Purchase of Ducati From VW   [11:41AM  The Wall Street Journal]
▶ [$$] Harley/Ducati: not such an easy rider   [10:31AM  Financial Times]
Stock chart of HOG Financial statements of HOG Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.