Intrinsic value of Harley-Davidson - HOG

Previous Close

$45.21

  Intrinsic Value

$21.92

stock screener

  Rating & Target

str. sell

-52%

Previous close

$45.21

 
Intrinsic value

$21.92

 
Up/down potential

-52%

 
Rating

str. 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 0001), $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 7.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

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
  5,893
  6,044
  6,214
  6,403
  6,609
  6,834
  7,078
  7,340
  7,622
  7,924
  8,245
  8,588
  8,951
  9,338
  9,747
  10,180
  10,638
  11,122
  11,633
  12,172
  12,741
  13,340
  13,972
  14,637
  15,337
  16,074
  16,850
  17,666
  18,524
Variable operating expenses, $m
  3,156
  3,229
  3,312
  3,405
  3,508
  3,621
  3,744
  3,877
  4,021
  4,175
  4,334
  4,510
  4,697
  4,896
  5,108
  5,332
  5,568
  5,819
  6,084
  6,363
  6,658
  6,969
  7,297
  7,643
  8,007
  8,390
  8,793
  9,217
  9,664
  10,133
Fixed operating expenses, $m
  1,735
  1,774
  1,813
  1,852
  1,893
  1,935
  1,977
  2,021
  2,065
  2,111
  2,157
  2,205
  2,253
  2,303
  2,353
  2,405
  2,458
  2,512
  2,567
  2,624
  2,682
  2,741
  2,801
  2,863
  2,926
  2,990
  3,056
  3,123
  3,192
  3,262
Total operating expenses, $m
  4,891
  5,003
  5,125
  5,257
  5,401
  5,556
  5,721
  5,898
  6,086
  6,286
  6,491
  6,715
  6,950
  7,199
  7,461
  7,737
  8,026
  8,331
  8,651
  8,987
  9,340
  9,710
  10,098
  10,506
  10,933
  11,380
  11,849
  12,340
  12,856
  13,395
Operating income, $m
  868
  890
  920
  957
  1,002
  1,053
  1,113
  1,180
  1,254
  1,336
  1,432
  1,530
  1,637
  1,752
  1,876
  2,010
  2,153
  2,307
  2,471
  2,646
  2,832
  3,031
  3,242
  3,467
  3,705
  3,958
  4,226
  4,510
  4,811
  5,130
EBITDA, $m
  1,078
  1,104
  1,139
  1,182
  1,234
  1,293
  1,360
  1,436
  1,520
  1,612
  1,713
  1,822
  1,941
  2,069
  2,207
  2,355
  2,514
  2,683
  2,864
  3,057
  3,263
  3,482
  3,714
  3,961
  4,223
  4,501
  4,795
  5,106
  5,436
  5,785
Interest expense (income), $m
  186
  377
  386
  397
  408
  422
  436
  452
  470
  489
  509
  531
  555
  580
  606
  634
  664
  696
  730
  766
  803
  843
  885
  929
  976
  1,025
  1,077
  1,131
  1,188
  1,249
  1,312
Earnings before tax, $m
  491
  504
  523
  549
  580
  617
  661
  710
  765
  827
  901
  976
  1,057
  1,146
  1,242
  1,346
  1,457
  1,577
  1,705
  1,842
  1,989
  2,146
  2,313
  2,491
  2,680
  2,881
  3,095
  3,322
  3,562
  3,817
Tax expense, $m
  133
  136
  141
  148
  157
  167
  178
  192
  207
  223
  243
  263
  285
  309
  335
  363
  393
  426
  460
  497
  537
  579
  624
  673
  724
  778
  836
  897
  962
  1,031
Net income, $m
  358
  368
  382
  400
  423
  451
  482
  518
  559
  604
  658
  712
  772
  837
  907
  982
  1,064
  1,151
  1,245
  1,345
  1,452
  1,567
  1,688
  1,818
  1,956
  2,103
  2,259
  2,425
  2,601
  2,787

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
  10,679
  10,979
  11,312
  11,677
  12,075
  12,505
  12,969
  13,467
  13,999
  14,567
  15,172
  15,815
  16,497
  17,220
  17,986
  18,795
  19,650
  20,553
  21,506
  22,510
  23,569
  24,685
  25,860
  27,098
  28,400
  29,770
  31,212
  32,729
Adjusted assets (=assets-cash), $m
  10,177
  10,411
  10,679
  10,979
  11,312
  11,677
  12,075
  12,505
  12,969
  13,467
  13,999
  14,567
  15,172
  15,815
  16,497
  17,220
  17,986
  18,795
  19,650
  20,553
  21,506
  22,510
  23,569
  24,685
  25,860
  27,098
  28,400
  29,770
  31,212
  32,729
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
  1,020
  1,043
  1,070
  1,100
  1,133
  1,170
  1,210
  1,253
  1,299
  1,349
  1,402
  1,459
  1,520
  1,584
  1,653
  1,725
  1,802
  1,883
  1,969
  2,059
  2,154
  2,255
  2,361
  2,473
  2,591
  2,715
  2,845
  2,982
  3,127
  3,279
Working capital, $m
  2,442
  2,498
  2,563
  2,635
  2,715
  2,802
  2,898
  3,001
  3,112
  3,232
  3,360
  3,496
  3,641
  3,795
  3,959
  4,133
  4,316
  4,510
  4,716
  4,932
  5,161
  5,402
  5,656
  5,924
  6,206
  6,503
  6,816
  7,144
  7,490
  7,854
Total debt, $m
  7,154
  7,345
  7,563
  7,807
  8,079
  8,376
  8,701
  9,051
  9,429
  9,835
  10,269
  10,732
  11,225
  11,749
  12,305
  12,894
  13,518
  14,178
  14,874
  15,610
  16,387
  17,206
  18,069
  18,978
  19,936
  20,944
  22,006
  23,123
  24,298
  25,534
Total liabilities, $m
  8,294
  8,485
  8,703
  8,948
  9,219
  9,517
  9,841
  10,192
  10,570
  10,975
  11,409
  11,872
  12,365
  12,889
  13,445
  14,035
  14,658
  15,318
  16,015
  16,751
  17,527
  18,346
  19,209
  20,118
  21,076
  22,085
  23,146
  24,263
  25,438
  26,674
Total equity, $m
  1,883
  1,926
  1,976
  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
  3,979
  4,164
  4,360
  4,567
  4,784
  5,013
  5,254
  5,508
  5,774
  6,055
Total liabilities and equity, $m
  10,177
  10,411
  10,679
  10,979
  11,312
  11,677
  12,075
  12,505
  12,969
  13,466
  13,999
  14,567
  15,172
  15,815
  16,497
  17,221
  17,985
  18,795
  19,650
  20,553
  21,506
  22,510
  23,569
  24,685
  25,860
  27,098
  28,400
  29,771
  31,212
  32,729
Debt-to-equity ratio
  3.800
  3.810
  3.830
  3.840
  3.860
  3.880
  3.890
  3.910
  3.930
  3.950
  3.970
  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
  368
  382
  400
  423
  451
  482
  518
  559
  604
  658
  712
  772
  837
  907
  982
  1,064
  1,151
  1,245
  1,345
  1,452
  1,567
  1,688
  1,818
  1,956
  2,103
  2,259
  2,425
  2,601
  2,787
Depreciation, amort., depletion, $m
  210
  214
  220
  226
  232
  240
  248
  256
  265
  275
  280
  292
  304
  317
  331
  345
  360
  377
  394
  412
  431
  451
  472
  495
  518
  543
  569
  596
  625
  656
Funds from operations, $m
  568
  582
  601
  626
  656
  690
  730
  774
  824
  879
  938
  1,004
  1,076
  1,153
  1,237
  1,327
  1,424
  1,528
  1,638
  1,757
  1,883
  2,018
  2,161
  2,313
  2,475
  2,646
  2,828
  3,021
  3,226
  3,443
Change in working capital, $m
  48
  56
  64
  72
  80
  88
  95
  103
  111
  119
  128
  136
  145
  154
  164
  174
  184
  194
  205
  217
  229
  241
  254
  268
  282
  297
  313
  329
  346
  364
Cash from operations, $m
  520
  526
  537
  554
  576
  602
  634
  671
  713
  760
  810
  868
  931
  999
  1,073
  1,154
  1,240
  1,333
  1,433
  1,540
  1,654
  1,776
  1,907
  2,045
  2,193
  2,349
  2,516
  2,692
  2,880
  3,079
Maintenance CAPEX, $m
  -200
  -204
  -209
  -214
  -220
  -227
  -234
  -242
  -251
  -260
  -270
  -280
  -292
  -304
  -317
  -331
  -345
  -360
  -377
  -394
  -412
  -431
  -451
  -472
  -495
  -518
  -543
  -569
  -596
  -625
New CAPEX, $m
  -18
  -23
  -27
  -30
  -33
  -37
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -64
  -68
  -72
  -77
  -81
  -86
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -152
Cash from investing activities, $m
  -218
  -227
  -236
  -244
  -253
  -264
  -274
  -285
  -297
  -310
  -323
  -337
  -353
  -368
  -385
  -403
  -422
  -441
  -463
  -484
  -507
  -532
  -557
  -584
  -613
  -642
  -673
  -706
  -740
  -777
Free cash flow, $m
  302
  298
  302
  310
  322
  339
  360
  386
  416
  450
  487
  530
  578
  631
  688
  751
  819
  892
  971
  1,056
  1,147
  1,245
  1,349
  1,461
  1,580
  1,707
  1,842
  1,986
  2,139
  2,301
Issuance/(repayment) of debt, $m
  166
  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  
  166
  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
  468
  489
  520
  555
  594
  637
  685
  737
  794
  856
  921
  993
  1,071
  1,155
  1,244
  1,340
  1,442
  1,552
  1,668
  1,792
  1,924
  2,064
  2,213
  2,370
  2,538
  2,716
  2,904
  3,103
  3,314
  3,537
Retained Cash Flow (-), $m
  -38
  -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
  429
  446
  470
  499
  532
  569
  611
  657
  708
  764
  823
  888
  959
  1,036
  1,118
  1,206
  1,301
  1,402
  1,510
  1,625
  1,747
  1,878
  2,017
  2,164
  2,321
  2,487
  2,663
  2,850
  3,047
  3,257
Discount rate, %
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
  390
  365
  344
  322
  300
  277
  253
  229
  205
  181
  156
  134
  112
  92
  74
  59
  45
  34
  25
  18
  12
  8
  6
  3
  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 11.5
Price to Sales 1.3
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 8.7
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 $5647.224 million for the last fiscal year's total revenue generated by Harley-Davidson. The default revenue input number comes from 0001 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%, 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 54.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1698 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 17.7%.

Life of production assets of 0 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 42.4%. 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 - $1844.277 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 166.554 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 $7.5 billion.

RELATED COMPANIES Price Int.Val. Rating
PII Polaris Indust 109.13 124.89  hold

COMPANY NEWS

▶ U.S. Secret Service orders Harley-Davidson motorcycle despite Trump's boycott calls   [Sep-17-18 12:42PM  American City Business Journals]
▶ [$$] Harley-Davidson Is Right. Trump Is Wrong   [Sep-13-18 08:05PM  The Wall Street Journal]
▶ [$$] Harley-Davidson Is Right. Trump Is Wrong   [02:03PM  The Wall Street Journal]
▶ Harley-Davidson 'gold-level' sponsor of national Manufacturing Day   [Sep-12-18 01:28PM  American City Business Journals]
▶ [$$] New Harleys May Be Cool but Wont be Quiet   [Sep-06-18 11:56PM  The Wall Street Journal]
▶ Harley-Davidson, Inc. Declares Dividend   [Sep-05-18 05:43PM  GlobeNewswire]
▶ 150,000 Harley-Davidson riders generate $95M in economic impact, says Visit Milwaukee   [Sep-04-18 03:46PM  American City Business Journals]
▶ Is Harley-Davidson's Vision for the Future Realistic?   [Sep-02-18 11:33AM  Motley Fool]
▶ Indian Motorcycle introduces 2019 lineup: Slideshow   [Sep-01-18 02:00PM  American City Business Journals]
▶ [$$] Harley-Davidson CEO Made a Startling Discovery: The Problem Was Us   [Aug-31-18 07:52PM  The Wall Street Journal]
▶ Harley-Davidson street parties making 115th more inclusive than ever   [03:49PM  American City Business Journals]
▶ Malenshek's passion powers Harley-Davidson's 115th anniversary   [02:56PM  American City Business Journals]
▶ Harley-Davidson adds 115th anniversary features to new mobile app   [Aug-29-18 04:50PM  American City Business Journals]
▶ [$$] Keep Your Tariffs off My Harley   [Aug-27-18 10:18PM  The Wall Street Journal]
▶ 3 Stocks to Buy If Trump Is Impeached   [Aug-24-18 08:49AM  InvestorPlace]
▶ Harley-Davidson Is a Value Trap   [Aug-23-18 06:07PM  GuruFocus.com]
▶ Harley-Davidson collaborates with Good City, MKE and Third Space on anniversary beer   [Aug-22-18 06:03PM  American City Business Journals]
▶ Harley-Davidson unveils 2019 models ahead of 115th anniversary event   [Aug-21-18 03:01PM  American City Business Journals]
▶ Harley-Davidson Stock Nears Breakdown After Trump Tweet   [Aug-15-18 09:24AM  Investopedia]
▶ Harley-Davidson CEO Levatich addresses 'misinformation' in employee memo   [Aug-14-18 06:02PM  American City Business Journals]
▶ Company News For Aug 14, 2018   [10:32AM  Zacks]
▶ Trump supports possible Harley-Davidson boycott   [Aug-13-18 06:20PM  Fox Business Videos]
▶ The Brief, August 13   [04:13PM  Barrons.com]
▶ The Afternoon Rundown: August 13, 2018   [02:21PM  CNBC Videos]
▶ The Trump, Harley-Davidson Feud Explained   [01:18PM  Investopedia]
▶ Trump Tweet Pushes Harley Into New Skid   [11:56AM  Barrons.com]
▶ Is Polaris Industries Inc. a Buy?   [Aug-10-18 06:06AM  Motley Fool]
▶ Chinese leadership faces backlash at home over trade war - rpt   [Aug-09-18 12:52PM  Yahoo Finance Video]
▶ China slaps tariffs on $16B of US goods   [Aug-08-18 12:54PM  Yahoo Finance Video]
▶ China to US: We will not surrender   [Aug-07-18 01:00PM  Yahoo Finance Video]
▶ [$$] 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]

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