BRP Grabs Share in Most Segments, Supporting Our Narrow Moat Rating; Shares Modestly Undervalued
Narrow-moat BRP posted another solid quarter of market share gains, handily outperforming the industry in every category it operates in, with the exception of snowmobiles. Most impressive were side-by-side retail sales (year-round represents 41% of 2017 sales), rising at a mid-20% clip, while the industry posted mid-single-digit gains, and the personal watercraft segment (seasonal represented 35% of 2017 sales), which ticked up at a high-20% rate, versus an industry that grew in the low teens. F...BRP is engaged in the design, development, manufacturing, distribution and marketing of powersports vehicles and propulsion systems. Co's diversified portfolio of brands and products includes Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercraft ("PWCs"), Can-Am all-terrain vehicles ("ATVs"), side-by-side vehicles ("SSVs") and Spyder roadsters, and propulsion systems composed of Evinrude outboard engines and Rotax engines for jet boats, karts, motorcycles and recreational aircraft. Additionally, Co. supports its line of products with a dedicated PAC business.
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