Financials Harley-Davidson, Inc. Buenos Aires S.E.

Equities

HOG

ARDEUT111069

Auto & Truck Manufacturers

End-of-day quote Buenos Aires S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
13,064 ^ARS	+0.50%		+4.44%	+9.17%

05-17	Harley-Davidson Keeps Quarterly Dividend at $0.1725 a Share, Payable June 21 to Shareholders of Record June 5	MT
05-17	Harley-Davidson, Inc. Declares Dividend for the Second Quarter of 2024, Payable on June 21, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,738	5,625	5,800	6,081	5,131	4,760	-	-
Enterprise Value (EV) ¹	12,349	11,355	10,685	11,798	10,618	10,167	10,098	9,868
P/E ratio	13.9 x	3,670 x	9 x	8.39 x	7.56 x	7.95 x	7.38 x	6.96 x
Yield	4.03%	1.2%	1.59%	1.51%	1.79%	1.94%	2%	2.15%
Capitalization / Revenue	1.25 x	1.72 x	1.28 x	1.24 x	1.06 x	1.02 x	0.99 x	0.99 x
EV / Revenue	2.7 x	3.48 x	2.35 x	2.41 x	2.19 x	2.19 x	2.1 x	2.04 x
EV / EBITDA	13.3 x	32.5 x	10.8 x	11.1 x	11.3 x	11.5 x	10.5 x	10.1 x
EV / FCF	18 x	10.8 x	12.5 x	29.7 x	19.4 x	18.2 x	12.8 x	-
FCF Yield	5.56%	9.22%	8.01%	3.36%	5.16%	5.5%	7.8%	-
Price to Book	3.17 x	3.26 x	2.27 x	2.12 x	1.61 x	1.4 x	1.23 x	1.08 x
Nbr of stocks (in thousands)	154,292	153,279	153,877	146,184	139,270	134,506	-	-
Reference price ²	37.19	36.70	37.69	41.60	36.84	35.39	35.39	35.39
Announcement Date	20-01-28	21-02-02	22-02-08	23-02-02	24-02-08	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,573	3,264	4,540	4,888	4,845	4,646	4,808	4,826
EBITDA ¹	928.7	349.9	992	1,061	937.2	884.7	962.8	980.6
EBIT ¹	696.1	164.1	826.9	908.7	779.1	696.9	773.8	866.5
Operating Margin	15.22%	5.03%	18.21%	18.59%	16.08%	15%	16.09%	17.95%
Earnings before Tax (EBT) ¹	557.4	-15.73	819.2	931.2	866.9	763.8	810.7	808.3
Net income ¹	423.6	1.298	650	741	706.6	605.2	637.1	635
Net margin	9.26%	0.04%	14.32%	15.16%	14.59%	13.02%	13.25%	13.16%
EPS ²	2.680	0.0100	4.190	4.960	4.870	4.453	4.793	5.085
Free Cash Flow ¹	686.8	1,047	855.5	396.8	547.5	559.1	787.2	-
FCF margin	15.02%	32.07%	18.84%	8.12%	11.3%	12.03%	16.37%	-
FCF Conversion (EBITDA)	73.96%	299.22%	86.24%	37.41%	58.42%	63.19%	81.76%	-
FCF Conversion (Net income)	162.13%	80,650.23%	131.61%	53.55%	77.48%	92.38%	123.56%	-
Dividend per Share ²	1.500	0.4400	0.6000	0.6300	0.6600	0.6860	0.7093	0.7622
Announcement Date	20-01-28	21-02-02	22-02-08	23-02-02	24-02-08	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	816	1,303	1,266	1,437	918.7	1,558	1,198	1,297	791.6	1,476	1,271	1,134	758.7	1,515	1,335
EBITDA ¹	37.64	328.5	315.7	376.2	40.63	-	259.2	249.7	24.37	-	282.7	224	39.25	339.9	287.3
EBIT ¹	-5.059	289.2	277.6	338.7	3.558	369.6	221.3	209.3	-21.15	263.1	242	190.1	0.6249	285.1	254.3
Operating Margin	-0.62%	22.19%	21.92%	23.57%	0.39%	23.73%	18.47%	16.14%	-2.67%	17.82%	19.04%	16.76%	0.08%	18.82%	19.05%
Earnings before Tax (EBT) ¹	5.544	290.6	276.4	341.7	22.57	392	232	238.3	4.57	290.4	248.3	207	14.06	295.2	252.4
Net income ¹	21.57	222.5	215.8	261.2	42	304.1	178	198.6	25.81	234.9	195.7	163.6	12.73	235.4	201.6
Net margin	2.64%	17.07%	17.04%	18.18%	4.57%	19.52%	14.86%	15.32%	3.26%	15.92%	15.4%	14.43%	1.68%	15.54%	15.1%
EPS ²	0.1400	1.450	1.460	1.780	0.2800	2.040	1.220	1.380	0.1800	1.720	1.452	1.183	0.1054	1.718	1.684
Dividend per Share ²	0.1500	0.1575	0.1575	0.1575	0.1575	0.1650	0.1650	0.1650	0.1650	-	0.1692	0.1692	0.1692	0.1815	0.1815
Announcement Date	22-02-08	22-04-27	22-07-28	22-10-26	23-02-02	23-04-27	23-07-27	23-10-26	24-02-08	24-04-25	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,611	5,730	4,886	5,717	5,487	5,407	5,338	5,107
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.119 x	16.38 x	4.925 x	5.39 x	5.855 x	6.111 x	5.544 x	5.209 x
Free Cash Flow ¹	687	1,047	856	397	547	559	787	-
ROE (net income / shareholders' equity)	23.7%	6.7%	30.5%	27.2%	22.9%	17.2%	16.2%	15.8%
ROA (Net income/ Total Assets)	4%	1.05%	5.66%	6.57%	5.98%	5%	5.3%	5.3%
Assets ¹	10,597	123.6	11,484	11,272	11,817	12,103	12,020	11,982
Book Value Per Share ²	11.70	11.30	16.60	19.60	22.80	25.30	28.80	32.60
Cash Flow per Share ²	5.600	-	6.300	3.670	5.200	8.910	8.470	-
Capex ¹	181	131	120	152	207	228	256	230
Capex / Sales	3.97%	4.01%	2.65%	3.1%	4.28%	4.9%	5.32%	4.76%
Announcement Date	20-01-28	21-02-02	22-02-08	23-02-02	24-02-08	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Harley-Davidson, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

35.39 USD

Average target price

42.67 USD

Spread / Average Target

+20.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Motorcycles & Scooters

	1st Jan change	Capi.
BAJAJ AUTO LIMITED	+29.18%	29.43B
EICHER MOTORS LIMITED	+12.98%	15.43B
TVS MOTOR COMPANY LIMITED	+8.19%	12.46B
HERO MOTOCORP LTD	+23.31%	12.22B
YAMAHA MOTOR CO., LTD.	+16.59%	9.27B
YADEA GROUP HOLDINGS LTD.	+10.35%	5.81B
LONCIN MOTOR CO., LTD.	+50.19%	2.2B
SANYANG MOTOR CO., LTD.	+13.03%	1.99B
ZHEJIANG QIANJIANG MOTORCYCLE CO., LTD.	+66.88%	1.52B

Motorcycles & Scooters