Intrinsic value of Polaris Industries - PII

Previous Close

$107.77

  Intrinsic Value

$152.08

stock screener

  Rating & Target

buy

+41%

Previous close

$107.77

 
Intrinsic value

$152.08

 
Up/down potential

+41%

 
Rating

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

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 6.8

 

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, %
  20.20
  18.68
  17.31
  16.08
  14.97
  13.98
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
Revenue, $m
  6,524
  7,743
  9,084
  10,544
  12,123
  13,818
  15,625
  17,542
  19,567
  21,697
  23,932
  26,270
  28,711
  31,256
  33,906
  36,662
  39,528
  42,506
  45,602
  48,818
  52,161
  55,637
  59,251
  63,012
  66,927
  71,003
  75,251
  79,678
  84,296
  89,114
Variable operating expenses, $m
  6,006
  7,114
  8,332
  9,659
  11,093
  12,633
  14,275
  16,017
  17,857
  19,792
  21,745
  23,869
  26,087
  28,400
  30,807
  33,312
  35,916
  38,622
  41,434
  44,357
  47,394
  50,552
  53,836
  57,253
  60,810
  64,514
  68,374
  72,397
  76,592
  80,970
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
  6,006
  7,114
  8,332
  9,659
  11,093
  12,633
  14,275
  16,017
  17,857
  19,792
  21,745
  23,869
  26,087
  28,400
  30,807
  33,312
  35,916
  38,622
  41,434
  44,357
  47,394
  50,552
  53,836
  57,253
  60,810
  64,514
  68,374
  72,397
  76,592
  80,970
Operating income, $m
  518
  630
  752
  886
  1,030
  1,185
  1,350
  1,525
  1,710
  1,905
  2,187
  2,401
  2,624
  2,856
  3,099
  3,351
  3,612
  3,885
  4,167
  4,461
  4,767
  5,085
  5,415
  5,759
  6,116
  6,489
  6,877
  7,282
  7,704
  8,144
EBITDA, $m
  780
  925
  1,085
  1,260
  1,449
  1,651
  1,867
  2,096
  2,338
  2,593
  2,860
  3,139
  3,431
  3,735
  4,051
  4,381
  4,723
  5,079
  5,449
  5,833
  6,233
  6,648
  7,080
  7,529
  7,997
  8,484
  8,992
  9,521
  10,072
  10,648
Interest expense (income), $m
  16
  49
  73
  99
  128
  159
  193
  229
  268
  309
  353
  398
  446
  496
  549
  603
  660
  719
  781
  845
  911
  980
  1,052
  1,126
  1,204
  1,285
  1,369
  1,456
  1,547
  1,642
  1,741
Earnings before tax, $m
  469
  557
  653
  758
  871
  992
  1,121
  1,257
  1,401
  1,552
  1,789
  1,955
  2,128
  2,308
  2,495
  2,690
  2,893
  3,104
  3,323
  3,550
  3,787
  4,033
  4,289
  4,555
  4,832
  5,120
  5,421
  5,735
  6,062
  6,403
Tax expense, $m
  127
  150
  176
  205
  235
  268
  303
  339
  378
  419
  483
  528
  574
  623
  674
  726
  781
  838
  897
  959
  1,022
  1,089
  1,158
  1,230
  1,305
  1,382
  1,464
  1,548
  1,637
  1,729
Net income, $m
  342
  406
  477
  553
  636
  724
  818
  918
  1,023
  1,133
  1,306
  1,427
  1,553
  1,685
  1,822
  1,964
  2,112
  2,266
  2,426
  2,592
  2,764
  2,944
  3,131
  3,325
  3,527
  3,738
  3,957
  4,186
  4,425
  4,674

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
  3,713
  4,407
  5,170
  6,001
  6,900
  7,864
  8,893
  9,984
  11,136
  12,349
  13,621
  14,952
  16,341
  17,790
  19,298
  20,866
  22,497
  24,193
  25,954
  27,785
  29,688
  31,666
  33,723
  35,863
  38,091
  40,412
  42,829
  45,349
  47,977
  50,720
Adjusted assets (=assets-cash), $m
  3,713
  4,407
  5,170
  6,001
  6,900
  7,864
  8,893
  9,984
  11,136
  12,349
  13,621
  14,952
  16,341
  17,790
  19,298
  20,866
  22,497
  24,193
  25,954
  27,785
  29,688
  31,666
  33,723
  35,863
  38,091
  40,412
  42,829
  45,349
  47,977
  50,720
Revenue / Adjusted assets
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
  1.757
Average production assets, $m
  1,833
  2,176
  2,553
  2,963
  3,407
  3,883
  4,391
  4,929
  5,498
  6,097
  6,725
  7,382
  8,068
  8,783
  9,528
  10,302
  11,107
  11,944
  12,814
  13,718
  14,657
  15,634
  16,650
  17,706
  18,806
  19,952
  21,145
  22,390
  23,687
  25,041
Working capital, $m
  561
  666
  781
  907
  1,043
  1,188
  1,344
  1,509
  1,683
  1,866
  2,058
  2,259
  2,469
  2,688
  2,916
  3,153
  3,399
  3,656
  3,922
  4,198
  4,486
  4,785
  5,096
  5,419
  5,756
  6,106
  6,472
  6,852
  7,249
  7,664
Total debt, $m
  1,347
  1,832
  2,364
  2,944
  3,572
  4,245
  4,963
  5,724
  6,529
  7,375
  8,263
  9,192
  10,162
  11,173
  12,225
  13,320
  14,459
  15,642
  16,871
  18,149
  19,477
  20,858
  22,294
  23,788
  25,343
  26,963
  28,650
  30,409
  32,244
  34,158
Total liabilities, $m
  2,592
  3,076
  3,609
  4,189
  4,816
  5,489
  6,207
  6,969
  7,773
  8,620
  9,507
  10,436
  11,406
  12,417
  13,470
  14,565
  15,703
  16,886
  18,116
  19,394
  20,722
  22,103
  23,539
  25,033
  26,588
  28,207
  29,895
  31,654
  33,488
  35,402
Total equity, $m
  1,121
  1,331
  1,561
  1,812
  2,084
  2,375
  2,686
  3,015
  3,363
  3,729
  4,114
  4,515
  4,935
  5,372
  5,828
  6,302
  6,794
  7,306
  7,838
  8,391
  8,966
  9,563
  10,184
  10,831
  11,504
  12,204
  12,934
  13,695
  14,489
  15,317
Total liabilities and equity, $m
  3,713
  4,407
  5,170
  6,001
  6,900
  7,864
  8,893
  9,984
  11,136
  12,349
  13,621
  14,951
  16,341
  17,789
  19,298
  20,867
  22,497
  24,192
  25,954
  27,785
  29,688
  31,666
  33,723
  35,864
  38,092
  40,411
  42,829
  45,349
  47,977
  50,719
Debt-to-equity ratio
  1.200
  1.380
  1.510
  1.620
  1.710
  1.790
  1.850
  1.900
  1.940
  1.980
  2.010
  2.040
  2.060
  2.080
  2.100
  2.110
  2.130
  2.140
  2.150
  2.160
  2.170
  2.180
  2.190
  2.200
  2.200
  2.210
  2.220
  2.220
  2.230
  2.230
Adjusted equity ratio
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  342
  406
  477
  553
  636
  724
  818
  918
  1,023
  1,133
  1,306
  1,427
  1,553
  1,685
  1,822
  1,964
  2,112
  2,266
  2,426
  2,592
  2,764
  2,944
  3,131
  3,325
  3,527
  3,738
  3,957
  4,186
  4,425
  4,674
Depreciation, amort., depletion, $m
  261
  296
  333
  374
  419
  466
  517
  571
  628
  688
  672
  738
  807
  878
  953
  1,030
  1,111
  1,194
  1,281
  1,372
  1,466
  1,563
  1,665
  1,771
  1,881
  1,995
  2,115
  2,239
  2,369
  2,504
Funds from operations, $m
  604
  702
  810
  928
  1,054
  1,190
  1,335
  1,489
  1,651
  1,821
  1,978
  2,165
  2,360
  2,563
  2,774
  2,994
  3,223
  3,460
  3,707
  3,964
  4,230
  4,507
  4,796
  5,096
  5,408
  5,733
  6,072
  6,425
  6,794
  7,178
Change in working capital, $m
  94
  105
  115
  126
  136
  146
  155
  165
  174
  183
  192
  201
  210
  219
  228
  237
  246
  256
  266
  277
  288
  299
  311
  323
  337
  351
  365
  381
  397
  414
Cash from operations, $m
  509
  597
  695
  802
  919
  1,045
  1,180
  1,324
  1,476
  1,638
  1,786
  1,964
  2,150
  2,344
  2,546
  2,757
  2,976
  3,204
  3,441
  3,687
  3,943
  4,208
  4,485
  4,772
  5,071
  5,382
  5,707
  6,044
  6,397
  6,764
Maintenance CAPEX, $m
  -152
  -183
  -218
  -255
  -296
  -341
  -388
  -439
  -493
  -550
  -610
  -672
  -738
  -807
  -878
  -953
  -1,030
  -1,111
  -1,194
  -1,281
  -1,372
  -1,466
  -1,563
  -1,665
  -1,771
  -1,881
  -1,995
  -2,115
  -2,239
  -2,369
New CAPEX, $m
  -309
  -342
  -377
  -410
  -444
  -476
  -508
  -539
  -569
  -599
  -628
  -657
  -686
  -715
  -745
  -775
  -805
  -837
  -870
  -904
  -939
  -977
  -1,016
  -1,057
  -1,100
  -1,146
  -1,194
  -1,244
  -1,298
  -1,354
Cash from investing activities, $m
  -461
  -525
  -595
  -665
  -740
  -817
  -896
  -978
  -1,062
  -1,149
  -1,238
  -1,329
  -1,424
  -1,522
  -1,623
  -1,728
  -1,835
  -1,948
  -2,064
  -2,185
  -2,311
  -2,443
  -2,579
  -2,722
  -2,871
  -3,027
  -3,189
  -3,359
  -3,537
  -3,723
Free cash flow, $m
  48
  72
  101
  136
  179
  228
  284
  346
  415
  489
  548
  634
  726
  822
  924
  1,030
  1,141
  1,256
  1,377
  1,502
  1,631
  1,766
  1,906
  2,050
  2,201
  2,356
  2,518
  2,686
  2,860
  3,041
Issuance/(repayment) of debt, $m
  434
  484
  533
  580
  627
  673
  718
  762
  804
  846
  888
  929
  970
  1,011
  1,053
  1,095
  1,138
  1,183
  1,230
  1,278
  1,328
  1,381
  1,436
  1,494
  1,555
  1,620
  1,687
  1,759
  1,834
  1,914
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  
  434
  484
  533
  580
  627
  673
  718
  762
  804
  846
  888
  929
  970
  1,011
  1,053
  1,095
  1,138
  1,183
  1,230
  1,278
  1,328
  1,381
  1,436
  1,494
  1,555
  1,620
  1,687
  1,759
  1,834
  1,914
Total cash flow (excl. dividends), $m
  482
  556
  633
  717
  806
  901
  1,002
  1,108
  1,219
  1,336
  1,436
  1,563
  1,696
  1,833
  1,976
  2,125
  2,279
  2,440
  2,606
  2,779
  2,960
  3,147
  3,342
  3,544
  3,756
  3,976
  4,205
  4,445
  4,694
  4,955
Retained Cash Flow (-), $m
  -189
  -209
  -230
  -251
  -271
  -291
  -311
  -330
  -348
  -366
  -384
  -402
  -420
  -437
  -455
  -474
  -493
  -512
  -532
  -553
  -575
  -597
  -621
  -646
  -673
  -701
  -730
  -761
  -794
  -828
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
  49
  59
  70
  82
  95
  109
  124
  141
  158
  176
  195
  215
  236
  258
  281
  305
  330
  356
  383
  410
  439
  469
  501
  533
  567
  602
  639
  677
  717
  759
Cash available for distribution, $m
  293
  346
  403
  466
  535
  610
  691
  778
  871
  969
  1,052
  1,161
  1,276
  1,396
  1,521
  1,651
  1,787
  1,928
  2,074
  2,227
  2,385
  2,549
  2,720
  2,898
  3,083
  3,275
  3,475
  3,684
  3,901
  4,127
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  281
  317
  350
  383
  414
  443
  467
  486
  500
  508
  500
  496
  485
  469
  446
  420
  389
  355
  319
  283
  247
  212
  178
  148
  120
  96
  75
  57
  43
  31
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

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 31.9
Price to Sales 1.5
Price to Book 7.8
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 18.7
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 $5428 million for the last fiscal year's total revenue generated by Polaris Industries. The default revenue input number comes from 2017 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 20.2% 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 4.3%, 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 92.3%.

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 5.4% 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 0.9%.

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 28.1%.

Life of production assets of 10 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 8.6%. 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 - $932 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 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 $6.8 billion.

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COMPANY NEWS

▶ Is Polaris Industries Inc. a Buy?   [Aug-10-18 06:06AM  Motley Fool]
▶ 4 Key Takeaways From Polaris Industries Earnings   [Aug-07-18 08:35AM  Motley Fool]
▶ Motorcycle maker to boost output in Poland after EU tariffs   [Jul-25-18 07:00PM  Associated Press]
▶ Polaris Declares Regular Cash Dividend   [04:15PM  Business Wire]
▶ Polaris Industries: 2Q Earnings Snapshot   [06:12AM  Associated Press]
▶ Polaris Reports 2018 Second Quarter Results   [06:00AM  Business Wire]
▶ EU, Mexico automakers blast Trump auto tariff plan   [Jul-19-18 06:49PM  Reuters]
▶ Boat-builders on trade war: 'We hope it's short'   [Jul-09-18 08:13AM  American City Business Journals]
▶ Another motorcycle maker considers moving output overseas   [Jun-29-18 06:25PM  Associated Press]
▶ Polaris motorcycles may follow Harley-Davidson out of U.S. to beat tariffs   [Jun-26-18 03:45PM  American City Business Journals]
▶ EU motorcycle tariff aims at Harley, but hits Polaris, too   [07:47AM  American City Business Journals]
▶ Bet on These 5 Stocks With Strong Sales Growth Right Away   [Jun-22-18 11:43AM  InvestorPlace]
▶ Polaris to build new aftermarket distribution facility in Nevada   [Jun-21-18 03:07PM  American City Business Journals]
▶ How Julie Gilbert plans to build Polaris brand   [09:43AM  American City Business Journals]
▶ Best-In-Class Cyclical Dividend Stocks   [08:02AM  Simply Wall St.]
▶ Polaris hits the water with $805 million deal for Boat Holdings   [08:01AM  American City Business Journals]
▶ Polaris exec to lead Liberty Diversified International as Mike Fiterman steps aside   [May-23-18 02:03PM  American City Business Journals]
▶ New Polaris exec Julie Gilbert plans to build brand with women, minorities   [May-22-18 08:15AM  American City Business Journals]
▶ Polaris Named to Fortune 500 List   [10:17AM  Business Wire]
▶ 2 Dividend Stocks Investors Should Stop Overlooking   [May-16-18 09:31AM  Motley Fool]
▶ Polaris picks Morsekode for digital-strategy contract   [May-10-18 12:01PM  American City Business Journals]
▶ Harley-Davidson Sales Go From Bad to Worse   [May-03-18 07:46AM  Motley Fool]
▶ Polaris Declares Regular Cash Dividend   [Apr-25-18 07:02PM  Business Wire]
▶ Why Polaris Industries Inc's Shares Plunged 10% Today   [Apr-24-18 04:47PM  Motley Fool]
▶ Polaris says 2018 is looking smoother, but Wall Street's still bumpy   [08:30AM  American City Business Journals]
▶ Polaris Industries: 1Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Polaris Reports 2018 First Quarter Results   [06:00AM  Business Wire]
▶ 3,300 Indian motorcycles recalled after engines start themselves   [Apr-19-18 03:33PM  American City Business Journals]
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