Acquisiton of TAP boosts intrinsic value, offering growth from the truck afterparts market.
Wide-moat Polaris has announced the purchase of Transamerican Auto Parts Company, or TAP, for $665 million (net of $115 million in estimated future tax benefits) funded through an existing term loan and revolver. With cash of only $147 million on the balance sheet at the end of the last quarter, and a delay on model year Off-Road shipments crunching near-term cash flow, we suspect that most of the transaction was financed. This will meaningfully raise interest expense over the next few years as ...Polaris designs, engineers and manufactures powersports vehicles which include, off-road vehicles, including all-terrain vehicles and side-by-side vehicles for recreational and utility use, snowmobiles, motorcycles, global adjacent markets vehicles, including commercial, government and defense vehicles, and boats. The company's products, together with related Parts, Garments and Accessories, as well as aftermarket accessories and apparel, are sold through dealers, distributors and retail stores principally located in the United States, Canada, Western Europe, Australia and Mexico.
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.
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