Report
Jaime Katz
EUR 101.80 For Business Accounts Only

Weak Industry Trends Weigh on Harley's Growth Opportunities; Shares Fairly Valued

With motorcycle industry sales continuing to languish, wide-moat Harley-Davidson has struggled to increase sales and operating profits in 2017. Despite the tough environment, the brand continues to take share domestically, representing 53.1% of heavyweight retail sales in the third quarter, up 80 basis points from last year. With mix dependent on timing of product launches and the used-bike market remaining favorable for consumers, we think pricing gains could be more inconsistent ahead (price p...
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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