Intrinsic value of Polaris Industries - PII

Previous Close

$130.03

  Intrinsic Value

$296.75

stock screener

  Rating & Target

str. buy

+128%

Previous close

$130.03

 
Intrinsic value

$296.75

 
Up/down potential

+128%

 
Rating

str. buy

We calculate the intrinsic value of PII 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -4.28
  24.80
  22.82
  21.04
  19.43
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
Revenue, $m
  4,517
  5,637
  6,924
  8,380
  10,009
  11,810
  13,781
  15,920
  18,223
  20,688
  23,309
  26,084
  29,009
  32,082
  35,300
  38,664
  42,174
  45,830
  49,634
  53,591
  57,704
  61,978
  66,420
  71,036
  75,835
  80,824
  86,014
  91,415
  97,039
  102,896
  109,000
Variable operating expenses, $m
 
  4,770
  5,849
  7,070
  8,436
  9,946
  11,600
  13,394
  15,325
  17,392
  19,591
  21,875
  24,328
  26,905
  29,605
  32,426
  35,369
  38,435
  41,626
  44,945
  48,394
  51,979
  55,704
  59,575
  63,599
  67,784
  72,136
  76,666
  81,382
  86,294
  91,414
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
  4,166
  4,770
  5,849
  7,070
  8,436
  9,946
  11,600
  13,394
  15,325
  17,392
  19,591
  21,875
  24,328
  26,905
  29,605
  32,426
  35,369
  38,435
  41,626
  44,945
  48,394
  51,979
  55,704
  59,575
  63,599
  67,784
  72,136
  76,666
  81,382
  86,294
  91,414
Operating income, $m
  350
  867
  1,075
  1,310
  1,573
  1,863
  2,181
  2,526
  2,898
  3,296
  3,719
  4,208
  4,680
  5,176
  5,695
  6,238
  6,804
  7,394
  8,008
  8,647
  9,310
  10,000
  10,716
  11,461
  12,235
  13,040
  13,878
  14,749
  15,656
  16,601
  17,586
EBITDA, $m
  518
  1,054
  1,294
  1,566
  1,871
  2,207
  2,576
  2,976
  3,406
  3,867
  4,357
  4,876
  5,422
  5,997
  6,598
  7,227
  7,883
  8,566
  9,278
  10,017
  10,786
  11,585
  12,415
  13,278
  14,175
  15,108
  16,078
  17,087
  18,138
  19,233
  20,374
Interest expense (income), $m
  16
  40
  59
  81
  107
  135
  166
  200
  237
  277
  319
  365
  413
  463
  516
  572
  630
  691
  754
  820
  888
  959
  1,033
  1,110
  1,189
  1,272
  1,359
  1,448
  1,542
  1,639
  1,740
Earnings before tax, $m
  313
  827
  1,016
  1,228
  1,466
  1,728
  2,015
  2,326
  2,661
  3,019
  3,399
  3,844
  4,268
  4,713
  5,179
  5,666
  6,174
  6,704
  7,254
  7,827
  8,422
  9,041
  9,684
  10,352
  11,046
  11,768
  12,519
  13,301
  14,115
  14,963
  15,846
Tax expense, $m
  100
  223
  274
  332
  396
  467
  544
  628
  718
  815
  918
  1,038
  1,152
  1,273
  1,398
  1,530
  1,667
  1,810
  1,959
  2,113
  2,274
  2,441
  2,615
  2,795
  2,982
  3,177
  3,380
  3,591
  3,811
  4,040
  4,279
Net income, $m
  213
  604
  741
  897
  1,070
  1,262
  1,471
  1,698
  1,943
  2,204
  2,481
  2,806
  3,115
  3,440
  3,781
  4,136
  4,507
  4,894
  5,296
  5,714
  6,148
  6,600
  7,069
  7,557
  8,064
  8,591
  9,139
  9,710
  10,304
  10,923
  11,568

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  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
  3,100
  3,711
  4,558
  5,517
  6,589
  7,775
  9,072
  10,480
  11,997
  13,619
  15,345
  17,172
  19,097
  21,120
  23,239
  25,454
  27,764
  30,171
  32,676
  35,281
  37,988
  40,802
  43,726
  46,765
  49,924
  53,209
  56,626
  60,181
  63,883
  67,739
  71,758
Adjusted assets (=assets-cash), $m
  2,973
  3,711
  4,558
  5,517
  6,589
  7,775
  9,072
  10,480
  11,997
  13,619
  15,345
  17,172
  19,097
  21,120
  23,239
  25,454
  27,764
  30,171
  32,676
  35,281
  37,988
  40,802
  43,726
  46,765
  49,924
  53,209
  56,626
  60,181
  63,883
  67,739
  71,758
Revenue / Adjusted assets
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
  1.519
Average production assets, $m
  602
  750
  921
  1,115
  1,331
  1,571
  1,833
  2,117
  2,424
  2,751
  3,100
  3,469
  3,858
  4,267
  4,695
  5,142
  5,609
  6,095
  6,601
  7,128
  7,675
  8,243
  8,834
  9,448
  10,086
  10,750
  11,440
  12,158
  12,906
  13,685
  14,497
Working capital, $m
  231
  135
  166
  201
  240
  283
  331
  382
  437
  497
  559
  626
  696
  770
  847
  928
  1,012
  1,100
  1,191
  1,286
  1,385
  1,487
  1,594
  1,705
  1,820
  1,940
  2,064
  2,194
  2,329
  2,470
  2,616
Total debt, $m
  1,142
  1,692
  2,328
  3,047
  3,851
  4,740
  5,713
  6,769
  7,907
  9,124
  10,418
  11,788
  13,232
  14,749
  16,338
  17,999
  19,732
  21,537
  23,416
  25,369
  27,400
  29,511
  31,704
  33,983
  36,352
  38,816
  41,378
  44,045
  46,821
  49,713
  52,727
Total liabilities, $m
  2,233
  2,783
  3,419
  4,138
  4,942
  5,831
  6,804
  7,860
  8,998
  10,215
  11,509
  12,879
  14,323
  15,840
  17,429
  19,090
  20,823
  22,628
  24,507
  26,460
  28,491
  30,602
  32,795
  35,074
  37,443
  39,907
  42,469
  45,136
  47,912
  50,804
  53,818
Total equity, $m
  867
  928
  1,140
  1,379
  1,647
  1,944
  2,268
  2,620
  2,999
  3,405
  3,836
  4,293
  4,774
  5,280
  5,810
  6,363
  6,941
  7,543
  8,169
  8,820
  9,497
  10,201
  10,932
  11,691
  12,481
  13,302
  14,156
  15,045
  15,971
  16,935
  17,939
Total liabilities and equity, $m
  3,100
  3,711
  4,559
  5,517
  6,589
  7,775
  9,072
  10,480
  11,997
  13,620
  15,345
  17,172
  19,097
  21,120
  23,239
  25,453
  27,764
  30,171
  32,676
  35,280
  37,988
  40,803
  43,727
  46,765
  49,924
  53,209
  56,625
  60,181
  63,883
  67,739
  71,757
Debt-to-equity ratio
  1.317
  1.820
  2.040
  2.210
  2.340
  2.440
  2.520
  2.580
  2.640
  2.680
  2.720
  2.750
  2.770
  2.790
  2.810
  2.830
  2.840
  2.860
  2.870
  2.880
  2.890
  2.890
  2.900
  2.910
  2.910
  2.920
  2.920
  2.930
  2.930
  2.940
  2.940
Adjusted equity ratio
  0.249
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  213
  604
  741
  897
  1,070
  1,262
  1,471
  1,698
  1,943
  2,204
  2,481
  2,806
  3,115
  3,440
  3,781
  4,136
  4,507
  4,894
  5,296
  5,714
  6,148
  6,600
  7,069
  7,557
  8,064
  8,591
  9,139
  9,710
  10,304
  10,923
  11,568
Depreciation, amort., depletion, $m
  168
  186
  219
  257
  298
  344
  395
  449
  508
  571
  638
  667
  742
  821
  903
  989
  1,079
  1,172
  1,269
  1,371
  1,476
  1,585
  1,699
  1,817
  1,940
  2,067
  2,200
  2,338
  2,482
  2,632
  2,788
Funds from operations, $m
  752
  790
  961
  1,153
  1,368
  1,606
  1,866
  2,148
  2,451
  2,775
  3,120
  3,473
  3,857
  4,261
  4,684
  5,125
  5,586
  6,066
  6,565
  7,084
  7,624
  8,185
  8,768
  9,374
  10,003
  10,658
  11,339
  12,048
  12,786
  13,555
  14,356
Change in working capital, $m
  180
  27
  31
  35
  39
  43
  47
  51
  55
  59
  63
  67
  70
  74
  77
  81
  84
  88
  91
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
Cash from operations, $m
  572
  764
  930
  1,118
  1,329
  1,563
  1,819
  2,096
  2,396
  2,716
  3,057
  3,407
  3,787
  4,187
  4,606
  5,045
  5,502
  5,978
  6,474
  6,989
  7,525
  8,082
  8,661
  9,263
  9,888
  10,538
  11,214
  11,918
  12,651
  13,414
  14,209
Maintenance CAPEX, $m
  0
  -116
  -144
  -177
  -214
  -256
  -302
  -352
  -407
  -466
  -529
  -596
  -667
  -742
  -821
  -903
  -989
  -1,079
  -1,172
  -1,269
  -1,371
  -1,476
  -1,585
  -1,699
  -1,817
  -1,940
  -2,067
  -2,200
  -2,338
  -2,482
  -2,632
New CAPEX, $m
  -209
  -148
  -171
  -194
  -217
  -239
  -262
  -285
  -306
  -328
  -349
  -369
  -389
  -409
  -428
  -447
  -467
  -486
  -506
  -526
  -547
  -568
  -591
  -614
  -638
  -664
  -690
  -718
  -748
  -779
  -812
Cash from investing activities, $m
  -909
  -264
  -315
  -371
  -431
  -495
  -564
  -637
  -713
  -794
  -878
  -965
  -1,056
  -1,151
  -1,249
  -1,350
  -1,456
  -1,565
  -1,678
  -1,795
  -1,918
  -2,044
  -2,176
  -2,313
  -2,455
  -2,604
  -2,757
  -2,918
  -3,086
  -3,261
  -3,444
Free cash flow, $m
  -337
  500
  615
  748
  898
  1,067
  1,254
  1,459
  1,682
  1,922
  2,179
  2,441
  2,731
  3,037
  3,358
  3,694
  4,046
  4,413
  4,796
  5,194
  5,608
  6,038
  6,485
  6,950
  7,433
  7,935
  8,457
  9,000
  9,565
  10,153
  10,766
Issuance/(repayment) of debt, $m
  679
  554
  635
  719
  804
  889
  973
  1,056
  1,137
  1,217
  1,294
  1,370
  1,444
  1,517
  1,589
  1,661
  1,733
  1,805
  1,879
  1,954
  2,031
  2,110
  2,193
  2,279
  2,369
  2,464
  2,563
  2,667
  2,776
  2,892
  3,014
Issuance/(repurchase) of shares, $m
  -228
  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  
  454
  554
  635
  719
  804
  889
  973
  1,056
  1,137
  1,217
  1,294
  1,370
  1,444
  1,517
  1,589
  1,661
  1,733
  1,805
  1,879
  1,954
  2,031
  2,110
  2,193
  2,279
  2,369
  2,464
  2,563
  2,667
  2,776
  2,892
  3,014
Total cash flow (excl. dividends), $m
  112
  1,054
  1,250
  1,467
  1,702
  1,956
  2,228
  2,516
  2,819
  3,139
  3,473
  3,811
  4,175
  4,554
  4,947
  5,355
  5,779
  6,218
  6,674
  7,147
  7,638
  8,148
  8,678
  9,229
  9,802
  10,398
  11,019
  11,667
  12,341
  13,045
  13,780
Retained Cash Flow (-), $m
  114
  -184
  -212
  -240
  -268
  -296
  -324
  -352
  -379
  -406
  -431
  -457
  -481
  -506
  -530
  -554
  -578
  -602
  -626
  -651
  -677
  -703
  -731
  -760
  -790
  -821
  -854
  -889
  -925
  -964
  -1,005
Prev. year cash balance distribution, $m
 
  123
  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
 
  994
  1,038
  1,227
  1,434
  1,660
  1,903
  2,163
  2,440
  2,733
  3,042
  3,355
  3,694
  4,048
  4,417
  4,802
  5,201
  5,617
  6,048
  6,496
  6,962
  7,445
  7,947
  8,469
  9,012
  9,577
  10,165
  10,778
  11,416
  12,081
  12,775
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  932
  908
  994
  1,069
  1,129
  1,171
  1,195
  1,199
  1,183
  1,148
  1,091
  1,024
  944
  855
  761
  665
  570
  479
  395
  318
  251
  194
  146
  107
  77
  54
  36
  24
  15
  9
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

Polaris Industries Inc. designs, engineers and manufactures powersports vehicles, which include Off-Road Vehicles (ORV), including All-Terrain Vehicles (ATV) and side-by-side vehicles for recreational and utility use; Snowmobiles, Motorcycles and Global Adjacent Markets vehicles, including Work and Transportation and military vehicles. The Company's segments include ORV/Snowmobiles, Motorcycles, Global Adjacent Markets, and Other. Its ORVs includes the RZR sport side-by-side, the RANGER utility side-by-side, the GENERAL crossover side-by-side, the Sportsman ATV and the Polaris ACE. It produces a range of snowmobiles consisting of approximately 40 models. It offers a range of motorcycles under Indian motorcycles and Slingshot brands. The Global Adjacent Markets vehicles include low emission vehicles, light duty hauling, passenger vehicles and industrial vehicles. The Other segment includes business of TAP Automotive Holdings, LLC, a manufacturer of off-road Jeep and truck accessories.

FINANCIAL RATIOS  of  Polaris Industries (PII)

Valuation Ratios
P/E Ratio 38.5
Price to Sales 1.8
Price to Book 9.5
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 22.6
Growth Rates
Sales Growth Rate -4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.6%
Financial Strength
Quick Ratio 32
Current Ratio 0
LT Debt to Equity 131.3%
Total Debt to Equity 131.7%
Interest Coverage 21
Management Effectiveness
Return On Assets 8.2%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 12.3%
Ret/ On T. Cap. - 3 Yr. Avg. 31.9%
Return On Equity 23.1%
Return On Equity - 3 Yr. Avg. 45.8%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 27.4%
EBITDA Margin 11%
EBITDA Margin - 3 Yr. Avg. 15.9%
Operating Margin 7.8%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 33.6%
Payout Ratio 65.7%

PII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PII stock intrinsic value calculation we used $4517 million for the last fiscal year's total revenue generated by Polaris Industries. The default revenue input number comes from 2016 income statement of Polaris Industries. 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 PII stock valuation model: a) initial revenue growth rate of 24.8% 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 6.6%, whose default value for PII is calculated based on our internal credit rating of Polaris Industries, 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 Polaris Industries.
    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 PII stock the variable cost ratio is equal to 84.8%.

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 PII 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 Polaris Industries.

Corporate tax rate of 27% is the nominal tax rate for Polaris Industries. 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 PII 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 PII are equal to 13.3%.

Life of production assets of 5.2 years is the average useful life of capital assets used in Polaris Industries 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 PII is equal to 2.4%. 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 - $867 million for Polaris Industries - 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 63.876 million for Polaris Industries 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 Polaris Industries at the current share price and the inputted number of shares is $8.3 billion.

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COMPANY NEWS

▶ Why Shares of Polaris Industries Inc. Popped 54% in 2017   [Jan-14-18 12:22PM  Motley Fool]
▶ Polaris Names Lucy Clark Dougherty General Counsel and SVP   [Jan-09-18 11:30AM  Business Wire]
▶ Where Harley-Davidson is investing $562,500 to fend off surging rival Indian   [Dec-25-17 07:09PM  American City Business Journals]
▶ 3 Consumer Facing Growth Stocks to Buy For 2018   [Dec-18-17 07:03PM  Zacks]
▶ Does Harley-Davidson Need a New CEO and Board?   [Dec-11-17 08:02AM  Motley Fool]
▶ Polaris® Launches Polaris Adventures   [Nov-30-17 08:00AM  PR Newswire]
▶ Polaris® to Celebrate One-Million RANGER® Vehicles   [Nov-27-17 12:33PM  Business Wire]
▶ Will 2018 Be Polaris Industries' Best Year Yet?   [Nov-18-17 10:31AM  Motley Fool]
▶ Why Shares of Polaris Industries Inc. Popped in October   [Nov-07-17 10:51AM  Motley Fool]
▶ Polaris Industries Sees Composite Rating Move Up To 96   [03:00AM  Investor's Business Daily]
▶ Why Polaris Industries, Corning, and Conn's Jumped Today   [Oct-24-17 04:30PM  Motley Fool]
▶ Dow Storms Higher Led By 3M, Caterpillar; ATV Maker Blasts Off   [03:12PM  Investor's Business Daily]
▶ Polaris, 3M results wow Wall Street, stocks soar   [12:45PM  American City Business Journals]
▶ Big Morning of Q3 Earnings Beats   [10:13AM  Zacks]
▶ Polaris Industries tops Street 3Q forecasts   [06:15AM  Associated Press]
▶ Polaris Reports 2017 Third Quarter Results   [06:00AM  Business Wire]
▶ Chris Musso Joins Polaris as President, Off-Road Vehicles   [Oct-12-17 04:30PM  Business Wire]
▶ Is Polaris Industries Inc. a Buy?   [08:30AM  Motley Fool]
▶ Team Polaris Stands Out in Army SMET Program   [Sep-25-17 12:00PM  Business Wire]
▶ Polaris Industries Clears Key Benchmark, Hitting 80-Plus RS Rating   [Sep-14-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: Polaris Industries   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ Autonomous Shuttles Are Coming To Downtown Detroit   [Sep-08-17 02:35PM  Benzinga]
▶ Polaris Industries Clears Key Benchmark, Hitting 80-Plus RS Rating   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ 2 Rock Solid Consumer Goods Stocks with P/Es Under 15   [Sep-01-17 01:00PM  Motley Fool]
▶ Polaris Industries Sees Relative Strength Rating Rise To 73   [Aug-30-17 03:00AM  Investor's Business Daily]
▶ 19 Stocks on a Roll, With More Room to Run   [Aug-02-17 06:00AM  Morningstar]
▶ Indian Motorcycle Announces Its 2018 Lineup   [Jul-30-17 08:13PM  Forbes]
▶ Polaris Declares Regular Cash Dividend   [06:00PM  Business Wire]
Financial statements of PII
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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