Intrinsic value of Polaris Industries - PII

Previous Close

$127.19

  Intrinsic Value

$243.21

stock screener

  Rating & Target

str. buy

+91%

Previous close

$127.19

 
Intrinsic value

$243.21

 
Up/down potential

+91%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.0

 

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
  20.70
  19.13
  17.72
  16.45
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
Revenue, $m
  4,517
  5,452
  6,495
  7,646
  8,903
  10,265
  11,730
  13,295
  14,959
  16,718
  18,570
  20,515
  22,552
  24,679
  26,898
  29,209
  31,614
  34,114
  36,713
  39,414
  42,221
  45,138
  48,170
  51,323
  54,604
  58,018
  61,572
  65,276
  69,135
  73,160
  77,359
Variable operating expenses, $m
 
  4,615
  5,489
  6,454
  7,509
  8,651
  9,880
  11,193
  12,587
  14,062
  15,616
  17,205
  18,913
  20,698
  22,558
  24,497
  26,513
  28,610
  30,790
  33,055
  35,409
  37,855
  40,398
  43,043
  45,794
  48,657
  51,638
  54,744
  57,981
  61,356
  64,878
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
  4,615
  5,489
  6,454
  7,509
  8,651
  9,880
  11,193
  12,587
  14,062
  15,616
  17,205
  18,913
  20,698
  22,558
  24,497
  26,513
  28,610
  30,790
  33,055
  35,409
  37,855
  40,398
  43,043
  45,794
  48,657
  51,638
  54,744
  57,981
  61,356
  64,878
Operating income, $m
  350
  837
  1,006
  1,191
  1,394
  1,614
  1,850
  2,103
  2,371
  2,655
  2,954
  3,310
  3,639
  3,982
  4,340
  4,713
  5,101
  5,504
  5,923
  6,359
  6,812
  7,283
  7,772
  8,281
  8,810
  9,361
  9,934
  10,532
  11,154
  11,804
  12,481
EBITDA, $m
  518
  1,019
  1,214
  1,429
  1,664
  1,919
  2,193
  2,485
  2,796
  3,125
  3,471
  3,835
  4,215
  4,613
  5,028
  5,460
  5,909
  6,377
  6,862
  7,367
  7,892
  8,437
  9,004
  9,593
  10,206
  10,845
  11,509
  12,201
  12,923
  13,675
  14,460
Interest expense (income), $m
  16
  40
  56
  74
  94
  116
  139
  165
  192
  220
  251
  283
  316
  352
  388
  427
  467
  508
  551
  596
  643
  691
  742
  794
  849
  905
  964
  1,026
  1,090
  1,157
  1,226
Earnings before tax, $m
  313
  798
  950
  1,117
  1,300
  1,498
  1,711
  1,938
  2,180
  2,435
  2,703
  3,027
  3,322
  3,630
  3,952
  4,286
  4,634
  4,996
  5,372
  5,763
  6,169
  6,591
  7,030
  7,486
  7,961
  8,455
  8,970
  9,506
  10,065
  10,647
  11,255
Tax expense, $m
  100
  215
  256
  302
  351
  405
  462
  523
  589
  657
  730
  817
  897
  980
  1,067
  1,157
  1,251
  1,349
  1,450
  1,556
  1,666
  1,780
  1,898
  2,021
  2,150
  2,283
  2,422
  2,567
  2,717
  2,875
  3,039
Net income, $m
  213
  582
  693
  816
  949
  1,094
  1,249
  1,415
  1,591
  1,777
  1,973
  2,210
  2,425
  2,650
  2,885
  3,129
  3,383
  3,647
  3,922
  4,207
  4,503
  4,812
  5,132
  5,465
  5,812
  6,172
  6,548
  6,939
  7,347
  7,773
  8,216

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
  3,589
  4,276
  5,033
  5,861
  6,758
  7,722
  8,753
  9,848
  11,006
  12,225
  13,506
  14,847
  16,247
  17,708
  19,229
  20,812
  22,458
  24,169
  25,947
  27,795
  29,715
  31,712
  33,788
  35,947
  38,195
  40,535
  42,973
  45,514
  48,163
  50,928
Adjusted assets (=assets-cash), $m
  2,973
  3,589
  4,276
  5,033
  5,861
  6,758
  7,722
  8,753
  9,848
  11,006
  12,225
  13,506
  14,847
  16,247
  17,708
  19,229
  20,812
  22,458
  24,169
  25,947
  27,795
  29,715
  31,712
  33,788
  35,947
  38,195
  40,535
  42,973
  45,514
  48,163
  50,928
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
  725
  864
  1,017
  1,184
  1,365
  1,560
  1,768
  1,989
  2,223
  2,470
  2,729
  2,999
  3,282
  3,577
  3,885
  4,205
  4,537
  4,883
  5,242
  5,615
  6,003
  6,407
  6,826
  7,262
  7,716
  8,189
  8,682
  9,195
  9,730
  10,289
Working capital, $m
  231
  131
  156
  183
  214
  246
  282
  319
  359
  401
  446
  492
  541
  592
  646
  701
  759
  819
  881
  946
  1,013
  1,083
  1,156
  1,232
  1,310
  1,392
  1,478
  1,567
  1,659
  1,756
  1,857
Total debt, $m
  1,142
  1,601
  2,116
  2,684
  3,305
  3,977
  4,701
  5,474
  6,295
  7,163
  8,078
  9,038
  10,044
  11,094
  12,190
  13,331
  14,518
  15,753
  17,036
  18,370
  19,755
  21,196
  22,693
  24,250
  25,869
  27,555
  29,310
  31,139
  33,044
  35,031
  37,105
Total liabilities, $m
  2,233
  2,692
  3,207
  3,775
  4,396
  5,068
  5,792
  6,565
  7,386
  8,254
  9,169
  10,129
  11,135
  12,185
  13,281
  14,422
  15,609
  16,844
  18,127
  19,461
  20,846
  22,287
  23,784
  25,341
  26,960
  28,646
  30,401
  32,230
  34,135
  36,122
  38,196
Total equity, $m
  867
  897
  1,069
  1,258
  1,465
  1,689
  1,931
  2,188
  2,462
  2,751
  3,056
  3,376
  3,712
  4,062
  4,427
  4,807
  5,203
  5,615
  6,042
  6,487
  6,949
  7,429
  7,928
  8,447
  8,987
  9,549
  10,134
  10,743
  11,378
  12,041
  12,732
Total liabilities and equity, $m
  3,100
  3,589
  4,276
  5,033
  5,861
  6,757
  7,723
  8,753
  9,848
  11,005
  12,225
  13,505
  14,847
  16,247
  17,708
  19,229
  20,812
  22,459
  24,169
  25,948
  27,795
  29,716
  31,712
  33,788
  35,947
  38,195
  40,535
  42,973
  45,513
  48,163
  50,928
Debt-to-equity ratio
  1.317
  1.780
  1.980
  2.130
  2.260
  2.350
  2.430
  2.500
  2.560
  2.600
  2.640
  2.680
  2.710
  2.730
  2.750
  2.770
  2.790
  2.810
  2.820
  2.830
  2.840
  2.850
  2.860
  2.870
  2.880
  2.890
  2.890
  2.900
  2.900
  2.910
  2.910
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
  582
  693
  816
  949
  1,094
  1,249
  1,415
  1,591
  1,777
  1,973
  2,210
  2,425
  2,650
  2,885
  3,129
  3,383
  3,647
  3,922
  4,207
  4,503
  4,812
  5,132
  5,465
  5,812
  6,172
  6,548
  6,939
  7,347
  7,773
  8,216
Depreciation, amort., depletion, $m
  168
  182
  208
  238
  270
  305
  342
  382
  425
  470
  517
  525
  577
  631
  688
  747
  809
  873
  939
  1,008
  1,080
  1,154
  1,232
  1,313
  1,397
  1,484
  1,575
  1,670
  1,768
  1,871
  1,979
Funds from operations, $m
  752
  764
  902
  1,053
  1,219
  1,399
  1,591
  1,797
  2,016
  2,247
  2,491
  2,735
  3,002
  3,281
  3,573
  3,876
  4,191
  4,520
  4,861
  5,215
  5,583
  5,966
  6,364
  6,778
  7,208
  7,656
  8,123
  8,609
  9,115
  9,644
  10,195
Change in working capital, $m
  180
  22
  25
  28
  30
  33
  35
  38
  40
  42
  44
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
Cash from operations, $m
  572
  741
  877
  1,026
  1,189
  1,366
  1,556
  1,760
  1,976
  2,205
  2,446
  2,688
  2,953
  3,230
  3,519
  3,820
  4,134
  4,460
  4,798
  5,150
  5,516
  5,896
  6,291
  6,702
  7,129
  7,574
  8,037
  8,520
  9,023
  9,547
  10,094
Maintenance CAPEX, $m
  0
  -116
  -139
  -166
  -196
  -228
  -263
  -300
  -340
  -383
  -428
  -475
  -525
  -577
  -631
  -688
  -747
  -809
  -873
  -939
  -1,008
  -1,080
  -1,154
  -1,232
  -1,313
  -1,397
  -1,484
  -1,575
  -1,670
  -1,768
  -1,871
New CAPEX, $m
  -209
  -123
  -139
  -153
  -167
  -181
  -195
  -208
  -221
  -234
  -246
  -259
  -271
  -283
  -295
  -307
  -320
  -333
  -346
  -359
  -373
  -388
  -403
  -419
  -436
  -454
  -473
  -493
  -513
  -535
  -558
Cash from investing activities, $m
  -909
  -239
  -278
  -319
  -363
  -409
  -458
  -508
  -561
  -617
  -674
  -734
  -796
  -860
  -926
  -995
  -1,067
  -1,142
  -1,219
  -1,298
  -1,381
  -1,468
  -1,557
  -1,651
  -1,749
  -1,851
  -1,957
  -2,068
  -2,183
  -2,303
  -2,429
Free cash flow, $m
  -337
  503
  598
  707
  826
  957
  1,099
  1,252
  1,415
  1,588
  1,772
  1,954
  2,158
  2,371
  2,593
  2,825
  3,067
  3,318
  3,580
  3,852
  4,135
  4,428
  4,733
  5,051
  5,381
  5,724
  6,081
  6,453
  6,840
  7,244
  7,664
Issuance/(repayment) of debt, $m
  679
  463
  515
  568
  621
  673
  723
  773
  821
  868
  915
  960
  1,006
  1,050
  1,096
  1,141
  1,187
  1,235
  1,283
  1,334
  1,386
  1,440
  1,497
  1,557
  1,620
  1,686
  1,755
  1,828
  1,906
  1,987
  2,073
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
  463
  515
  568
  621
  673
  723
  773
  821
  868
  915
  960
  1,006
  1,050
  1,096
  1,141
  1,187
  1,235
  1,283
  1,334
  1,386
  1,440
  1,497
  1,557
  1,620
  1,686
  1,755
  1,828
  1,906
  1,987
  2,073
Total cash flow (excl. dividends), $m
  112
  965
  1,113
  1,275
  1,447
  1,630
  1,822
  2,024
  2,236
  2,457
  2,687
  2,915
  3,163
  3,421
  3,689
  3,966
  4,254
  4,553
  4,863
  5,185
  5,520
  5,868
  6,231
  6,608
  7,000
  7,409
  7,836
  8,281
  8,746
  9,231
  9,738
Retained Cash Flow (-), $m
  114
  -153
  -172
  -189
  -207
  -224
  -241
  -258
  -274
  -289
  -305
  -320
  -335
  -350
  -365
  -380
  -396
  -412
  -428
  -445
  -462
  -480
  -499
  -519
  -540
  -562
  -585
  -609
  -635
  -662
  -691
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
 
  935
  942
  1,085
  1,240
  1,405
  1,581
  1,767
  1,962
  2,167
  2,382
  2,595
  2,828
  3,071
  3,323
  3,586
  3,858
  4,141
  4,436
  4,741
  5,058
  5,388
  5,732
  6,089
  6,460
  6,847
  7,251
  7,672
  8,110
  8,568
  9,047
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
 
  877
  824
  879
  924
  955
  973
  976
  964
  938
  899
  844
  784
  716
  643
  568
  493
  420
  351
  288
  231
  182
  140
  105
  77
  55
  38
  26
  17
  11
  7
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 37.7
Price to Sales 1.8
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 22.1
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 20.7% 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 62.559 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 $8.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 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]
▶ Better Buy: Polaris Industries Inc. vs. Harley-Davidson   [Jul-22-17 10:33AM  Motley Fool]
▶ Polaris Industries beats Street 2Q forecasts   [12:21AM  Associated Press]
▶ Polaris Reports 2017 Second Quarter Results   [06:00AM  Business Wire]
▶ Polaris Recalling Thousands of ATVs Due to Fire, Fuel Leaks   [Jul-19-17 03:08PM  TheStreet.com]
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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