Company Valuation: Harley-Davidson, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,738 5,625 5,800 6,081 5,131 3,658 3,658 -
Change - -1.97% 3.1% 4.86% -15.63% -28.7% 0% -
Enterprise Value (EV) 1 12,349 11,355 10,685 11,798 10,618 8,624 8,949 9,086
Change - -8.05% -5.9% 10.41% -10% -18.78% 3.78% 1.53%
P/E ratio 13.9x 3,670x 9x 8.39x 7.56x 7.87x 6.99x 6.25x
PBR 3.17x 3.26x 2.27x 2.12x 1.61x 1.19x 1.1x 0.98x
PEG - -36.8x 0x 0.5x -4.17x -0.3x 0.6x 0.5x
Capitalization / Revenue 1.25x 1.72x 1.28x 1.24x 1.06x 0.88x 0.87x 0.83x
EV / Revenue 2.7x 3.48x 2.35x 2.41x 2.19x 2.07x 2.12x 2.07x
EV / EBITDA 13.3x 32.5x 10.8x 11.1x 10.3x 11.6x 11x 10.4x
EV / EBIT 17.7x 69.2x 12.9x 13x 13.6x 17.6x 15x 14.4x
EV / FCF 18x 10.8x 12.5x 29.7x 19.4x 11.7x 21.1x 18x
FCF Yield 5.56% 9.22% 8.01% 3.36% 5.16% 8.53% 4.74% 5.55%
Dividend per Share 2 1.5 0.44 0.6 0.63 0.66 0.69 0.6932 0.7537
Rate of return 4.03% 1.2% 1.59% 1.51% 1.79% 2.4% 2.41% 2.62%
EPS 2 2.68 0.01 4.19 4.96 4.87 3.652 4.109 4.596
Distribution rate 56% 4,400% 14.3% 12.7% 13.6% 18.9% 16.9% 16.4%
Net sales 1 4,573 3,264 4,540 4,888 4,845 4,173 4,214 4,388
EBITDA 1 928.7 349.9 992 1,061 1,035 742.4 814.4 873.8
EBIT 1 696.1 164.1 826.9 908.7 779.1 490.2 595 629.2
Net income 1 423.6 1.298 650 741 706.6 481.6 521.6 545.1
Net Debt 1 6,611 5,730 4,886 5,717 5,487 4,965 5,291 5,428
Reference price 2 37.19 36.70 37.69 41.60 36.84 28.73 28.73 28.73
Nbr of stocks (in thousands) 154,292 153,279 153,877 146,184 139,270 127,327 127,327 -
Announcement Date 1/28/20 2/2/21 2/8/22 2/2/23 2/8/24 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield Capi. ($)
7.87x2.07x11.62x+2.40%3.66B
26.94x4.1x20.3x+2.60%27.14B
30.96x7.14x27.21x+1.10%16.22B
41.24x3.02x25.62x+0.46%12.63B
17.51x1.68x11.69x+3.78%9.49B
7.8x0.68x5.51x+3.90%8.11B
18.15x0.98x11.22x+2.66%5.01B
17.89x - - - 2.8B
16.39x - - +4.28%1.41B
Average 20.53x 2.81x 16.17x +2.65% 9.61B
Weighted average by Cap. 25.17x 3.64x 19.09x +2.27%
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Year-on-year evolution of the PER

evolution-chart HARLEY-DAVIDSON-INC

Historical PBR trend

evolution-chart HARLEY-DAVIDSON-INC

Evolution Enterprise Value / Sales

evolution-chart HARLEY-DAVIDSON-INC

Change in Enterprise Value/EBITDA

evolution-chart HARLEY-DAVIDSON-INC

Year-on-year evolution of the Yield

evolution-chart HARLEY-DAVIDSON-INC
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