Report
Jaime Katz
EUR 101.80 For Business Accounts Only

Harley-Davidson Outlines Long-Term Outlook Supporting Brand Intangible Asset; Wide Moat Persists

On Feb. 28, wide-moat Harley-Davidson hosted an investor day focused on outlining the company’s long term plan to drive demand. The firm reiterated its 2017 outlook, including shipments expected to be flat to down modestly (our forecast calls for a 2.6% unit decline to 255,000 bikes) and flat gross margin and selling, general, and administrative ratios (which we model to improve 10 basis points each, to 35.2% and 20.4%, respectively). This drives motorcycle operating margins that remain below 15...
Underlying
Planet Fitness Inc. Class A

Planet Fitness is a holding company. Through its subsidiries, the company is engaged as a franchisor and operator of fitness centers. The company's stores include co-branded cardio equipment, free weights, strength machines, a workout area, a small retail area and a drink cooler. The company operates and manages its business in three business segments: Franchise, which includes operations related to its franchising business in the U.S., Puerto Rico, Canada, the Dominican Republic and Panama; Corporate-owned stores, which includes operations with respect to all corporate-owned stores throughout the U.S. and Canada; and Equipment, which includes the sale of equipment to franchisee-owned stores in the U.S.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Jaime Katz

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