Intrinsic value of Harley-Davidson - HOG

Previous Close

$42.26

  Intrinsic Value

$24.01

stock screener

  Rating & Target

sell

-43%

Previous close

$42.26

 
Intrinsic value

$24.01

 
Up/down potential

-43%

 
Rating

sell

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 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 7.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  5,760
  5,892
  6,044
  6,214
  6,402
  6,609
  6,834
  7,078
  7,340
  7,622
  7,923
  8,245
  8,587
  8,951
  9,337
  9,746
  10,179
  10,638
  11,122
  11,633
  12,172
  12,740
  13,340
  13,971
  14,636
  15,337
  16,074
  16,849
  17,665
  18,524
Variable operating expenses, $m
  3,162
  3,235
  3,318
  3,411
  3,514
  3,627
  3,751
  3,884
  4,028
  4,182
  4,342
  4,518
  4,706
  4,905
  5,117
  5,341
  5,578
  5,829
  6,095
  6,375
  6,670
  6,982
  7,310
  7,656
  8,021
  8,405
  8,809
  9,234
  9,681
  10,151
Fixed operating expenses, $m
  1,730
  1,768
  1,807
  1,847
  1,888
  1,929
  1,972
  2,015
  2,059
  2,105
  2,151
  2,198
  2,247
  2,296
  2,346
  2,398
  2,451
  2,505
  2,560
  2,616
  2,674
  2,733
  2,793
  2,854
  2,917
  2,981
  3,047
  3,114
  3,182
  3,252
Total operating expenses, $m
  4,892
  5,003
  5,125
  5,258
  5,402
  5,556
  5,723
  5,899
  6,087
  6,287
  6,493
  6,716
  6,953
  7,201
  7,463
  7,739
  8,029
  8,334
  8,655
  8,991
  9,344
  9,715
  10,103
  10,510
  10,938
  11,386
  11,856
  12,348
  12,863
  13,403
Operating income, $m
  868
  889
  919
  956
  1,001
  1,052
  1,112
  1,178
  1,253
  1,335
  1,430
  1,528
  1,635
  1,750
  1,874
  2,007
  2,150
  2,303
  2,467
  2,642
  2,828
  3,026
  3,237
  3,461
  3,699
  3,951
  4,218
  4,502
  4,802
  5,120
EBITDA, $m
  978
  1,002
  1,035
  1,075
  1,123
  1,178
  1,242
  1,313
  1,392
  1,479
  1,575
  1,678
  1,791
  1,913
  2,044
  2,185
  2,335
  2,497
  2,669
  2,853
  3,049
  3,258
  3,480
  3,715
  3,965
  4,230
  4,511
  4,809
  5,124
  5,457
Interest expense (income), $m
  186
  377
  386
  397
  408
  422
  436
  452
  470
  489
  509
  531
  554
  579
  606
  634
  664
  696
  730
  766
  803
  843
  885
  929
  976
  1,025
  1,076
  1,131
  1,188
  1,249
  1,312
Earnings before tax, $m
  490
  503
  522
  548
  579
  616
  659
  709
  764
  826
  899
  974
  1,055
  1,144
  1,239
  1,343
  1,454
  1,573
  1,701
  1,838
  1,985
  2,141
  2,308
  2,485
  2,674
  2,874
  3,088
  3,314
  3,554
  3,808
Tax expense, $m
  132
  136
  141
  148
  156
  166
  178
  191
  206
  223
  243
  263
  285
  309
  335
  363
  393
  425
  459
  496
  536
  578
  623
  671
  722
  776
  834
  895
  960
  1,028
Net income, $m
  358
  367
  381
  400
  423
  450
  481
  517
  558
  603
  656
  711
  770
  835
  905
  980
  1,061
  1,149
  1,242
  1,342
  1,449
  1,563
  1,685
  1,814
  1,952
  2,098
  2,254
  2,419
  2,594
  2,780

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  10,177
  10,411
  10,678
  10,979
  11,311
  11,677
  12,074
  12,505
  12,968
  13,466
  13,999
  14,567
  15,172
  15,815
  16,497
  17,220
  17,985
  18,794
  19,649
  20,552
  21,505
  22,509
  23,568
  24,684
  25,859
  27,097
  28,399
  29,769
  31,211
  32,727
Adjusted assets (=assets-cash), $m
  10,177
  10,411
  10,678
  10,979
  11,311
  11,677
  12,074
  12,505
  12,968
  13,466
  13,999
  14,567
  15,172
  15,815
  16,497
  17,220
  17,985
  18,794
  19,649
  20,552
  21,505
  22,509
  23,568
  24,684
  25,859
  27,097
  28,399
  29,769
  31,211
  32,727
Revenue / Adjusted assets
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
Average production assets, $m
  1,048
  1,072
  1,100
  1,131
  1,165
  1,203
  1,244
  1,288
  1,336
  1,387
  1,442
  1,501
  1,563
  1,629
  1,699
  1,774
  1,853
  1,936
  2,024
  2,117
  2,215
  2,319
  2,428
  2,543
  2,664
  2,791
  2,925
  3,067
  3,215
  3,371
Working capital, $m
  317
  324
  332
  342
  352
  363
  376
  389
  404
  419
  436
  453
  472
  492
  514
  536
  560
  585
  612
  640
  669
  701
  734
  768
  805
  844
  884
  927
  972
  1,019
Total debt, $m
  7,153
  7,344
  7,562
  7,807
  8,078
  8,376
  8,700
  9,051
  9,429
  9,834
  10,268
  10,731
  11,224
  11,748
  12,304
  12,893
  13,517
  14,177
  14,874
  15,609
  16,386
  17,205
  18,068
  18,977
  19,935
  20,943
  22,004
  23,121
  24,296
  25,532
Total liabilities, $m
  8,294
  8,485
  8,703
  8,948
  9,219
  9,516
  9,841
  10,191
  10,569
  10,975
  11,409
  11,872
  12,365
  12,889
  13,445
  14,034
  14,658
  15,317
  16,014
  16,750
  17,526
  18,345
  19,208
  20,118
  21,075
  22,084
  23,145
  24,262
  25,437
  26,673
Total equity, $m
  1,883
  1,926
  1,975
  2,031
  2,093
  2,160
  2,234
  2,313
  2,399
  2,491
  2,590
  2,695
  2,807
  2,926
  3,052
  3,186
  3,327
  3,477
  3,635
  3,802
  3,978
  4,164
  4,360
  4,567
  4,784
  5,013
  5,254
  5,507
  5,774
  6,055
Total liabilities and equity, $m
  10,177
  10,411
  10,678
  10,979
  11,312
  11,676
  12,075
  12,504
  12,968
  13,466
  13,999
  14,567
  15,172
  15,815
  16,497
  17,220
  17,985
  18,794
  19,649
  20,552
  21,504
  22,509
  23,568
  24,685
  25,859
  27,097
  28,399
  29,769
  31,211
  32,728
Debt-to-equity ratio
  3.800
  3.810
  3.830
  3.840
  3.860
  3.880
  3.890
  3.910
  3.930
  3.950
  3.960
  3.980
  4.000
  4.020
  4.030
  4.050
  4.060
  4.080
  4.090
  4.110
  4.120
  4.130
  4.140
  4.160
  4.170
  4.180
  4.190
  4.200
  4.210
  4.220
Adjusted equity ratio
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  358
  367
  381
  400
  423
  450
  481
  517
  558
  603
  656
  711
  770
  835
  905
  980
  1,061
  1,149
  1,242
  1,342
  1,449
  1,563
  1,685
  1,814
  1,952
  2,098
  2,254
  2,419
  2,594
  2,780
Depreciation, amort., depletion, $m
  110
  113
  116
  119
  122
  126
  130
  134
  139
  144
  144
  150
  156
  163
  170
  177
  185
  194
  202
  212
  222
  232
  243
  254
  266
  279
  293
  307
  322
  337
Funds from operations, $m
  468
  480
  497
  519
  545
  576
  611
  652
  697
  747
  801
  861
  927
  998
  1,075
  1,158
  1,247
  1,342
  1,444
  1,554
  1,670
  1,795
  1,927
  2,068
  2,218
  2,377
  2,546
  2,726
  2,916
  3,117
Change in working capital, $m
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
Cash from operations, $m
  462
  473
  489
  509
  534
  564
  599
  638
  683
  732
  784
  843
  908
  978
  1,053
  1,135
  1,223
  1,317
  1,418
  1,526
  1,641
  1,764
  1,894
  2,034
  2,182
  2,339
  2,506
  2,683
  2,871
  3,070
Maintenance CAPEX, $m
  -103
  -105
  -107
  -110
  -113
  -117
  -120
  -124
  -129
  -134
  -139
  -144
  -150
  -156
  -163
  -170
  -177
  -185
  -194
  -202
  -212
  -222
  -232
  -243
  -254
  -266
  -279
  -293
  -307
  -322
New CAPEX, $m
  -19
  -24
  -28
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -149
  -156
Cash from investing activities, $m
  -122
  -129
  -135
  -141
  -147
  -155
  -161
  -168
  -177
  -185
  -194
  -203
  -212
  -222
  -233
  -244
  -256
  -268
  -282
  -295
  -310
  -325
  -341
  -358
  -375
  -393
  -413
  -434
  -456
  -478
Free cash flow, $m
  340
  344
  354
  368
  387
  410
  438
  470
  506
  547
  591
  641
  695
  755
  820
  891
  967
  1,048
  1,136
  1,230
  1,331
  1,439
  1,553
  1,676
  1,806
  1,945
  2,093
  2,249
  2,416
  2,592
Issuance/(repayment) of debt, $m
  165
  191
  218
  245
  271
  298
  324
  351
  378
  406
  434
  463
  493
  524
  556
  589
  624
  660
  697
  736
  776
  819
  863
  909
  958
  1,008
  1,061
  1,117
  1,175
  1,236
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  165
  191
  218
  245
  271
  298
  324
  351
  378
  406
  434
  463
  493
  524
  556
  589
  624
  660
  697
  736
  776
  819
  863
  909
  958
  1,008
  1,061
  1,117
  1,175
  1,236
Total cash flow (excl. dividends), $m
  505
  535
  572
  613
  658
  708
  762
  820
  884
  952
  1,024
  1,104
  1,188
  1,279
  1,376
  1,480
  1,590
  1,708
  1,833
  1,966
  2,107
  2,257
  2,417
  2,585
  2,764
  2,953
  3,154
  3,366
  3,591
  3,828
Retained Cash Flow (-), $m
  -39
  -43
  -49
  -56
  -62
  -68
  -74
  -80
  -86
  -92
  -99
  -105
  -112
  -119
  -126
  -134
  -142
  -150
  -158
  -167
  -176
  -186
  -196
  -206
  -217
  -229
  -241
  -254
  -267
  -281
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
  467
  491
  522
  557
  597
  640
  688
  741
  798
  860
  926
  999
  1,077
  1,160
  1,250
  1,346
  1,449
  1,558
  1,675
  1,799
  1,931
  2,072
  2,221
  2,379
  2,547
  2,725
  2,913
  3,113
  3,324
  3,548
Discount rate, %
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
  424
  402
  381
  358
  334
  309
  283
  256
  228
  201
  173
  148
  123
  101
  81
  64
  49
  37
  27
  19
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  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. is the parent company for the groups of companies doing business as Harley-Davidson Motor Company (HDMC) and Harley-Davidson Financial Services (HDFS). The Company operates in two segments: the Motorcycles & Related Products (Motorcycles) and the Financial Services. The Motorcycles segment consists of HDMC, which designs, manufactures and sells at wholesale on-road Harley-Davidson motorcycles, as well as motorcycle parts, accessories, general merchandise and related services. The Company manufactures and sells at wholesale cruiser and touring motorcycles. The Financial Services segment consists of HDFS, which provides wholesale and retail financing and insurance-related programs to the Harley-Davidson dealers and their retail customers. HDFS is engaged in the business of financing and servicing wholesale inventory receivables and retail consumer loans for the purchase of Harley-Davidson motorcycles.

FINANCIAL RATIOS  of  Harley-Davidson (HOG)

Valuation Ratios
P/E Ratio 10.7
Price to Sales 1.2
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 8.1
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 $5647 million for the last fiscal year's total revenue generated by Harley-Davidson. The default revenue input number comes from 2017 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 10.1%, 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 54.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1693 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 5.4% 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 18.2%.

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 5.5%. 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 - $1844 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 168 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 $7.1 billion.

RELATED COMPANIES Price Int.Val. Rating
PII Polaris Indust 108.25 152.08  buy

COMPANY NEWS

▶ Harley-Davidson Stock Nears Breakdown After Trump Tweet   [Aug-15-18 09:24AM  Investopedia]
▶ Harley-Davidson CEO Levatich addresses 'misinformation' in employee memo   [Aug-14-18 06:02PM  American City Business Journals]
▶ Company News For Aug 14, 2018   [10:32AM  Zacks]
▶ Trump supports possible Harley-Davidson boycott   [Aug-13-18 06:20PM  Fox Business Videos]
▶ The Brief, August 13   [04:13PM  Barrons.com]
▶ The Afternoon Rundown: August 13, 2018   [02:21PM  CNBC Videos]
▶ The Trump, Harley-Davidson Feud Explained   [01:18PM  Investopedia]
▶ Trump Tweet Pushes Harley Into New Skid   [11:56AM  Barrons.com]
▶ Is Polaris Industries Inc. a Buy?   [Aug-10-18 06:06AM  Motley Fool]
▶ Chinese leadership faces backlash at home over trade war - rpt   [Aug-09-18 12:52PM  Yahoo Finance Video]
▶ China slaps tariffs on $16B of US goods   [Aug-08-18 12:54PM  Yahoo Finance Video]
▶ China to US: We will not surrender   [Aug-07-18 01:00PM  Yahoo Finance Video]
▶ [$$] Trump considers raising tariffs on Chinese imports to 25%   [Aug-02-18 05:21AM  Financial Times]
▶ Union helps laid-off Harley employees retrain for new KC-area jobs   [Aug-01-18 03:11PM  American City Business Journals]
▶ Harley-Davidson CEO Levatich calls President Trump controversy 'unfortunate'   [Jul-31-18 05:15PM  American City Business Journals]
▶ [$$] Harley Plans Smaller Motorcycles to Woo Young Riders   [Jul-30-18 07:44PM  The Wall Street Journal]
▶ [$$] Harley Plans Smaller Motorcycles to Woo Young Riders   [05:19PM  The Wall Street Journal]
▶ Middleweight and electric bikes driving Harley-Davidson's strategy   [04:36PM  American City Business Journals]
▶ Harley drives deeper into Asia   [04:06PM  Reuters Videos]
▶ Harley Davidson CEO on going electric   [11:21AM  CNBC Videos]
▶ Harley-Davidson Hopes These Sleek New Bikes Will Boost Growth   [10:57AM  Investor's Business Daily]
▶ Company News For Jul 25, 2018   [10:49AM  Zacks]
▶ [$$] Tariffs Dent Harley-Davidson Profit   [Jul-24-18 08:06PM  The Wall Street Journal]
▶ [$$] Many Manufacturers Take Tariffs in Stride   [08:05PM  The Wall Street Journal]
▶ [$$] Harley-Davidson Rumbles Towards the Border   [08:05PM  The Wall Street Journal]
▶ Levatich hints at Harley-Davidson's 'accelerated strategy' for growth   [05:17PM  American City Business Journals]
▶ Harley-Davidson's profit beats, shares rally   [04:48PM  Reuters Videos]
▶ What Happened in the Stock Market Today   [04:33PM  Motley Fool]
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