You can see all the adjustments made to Polaris’ income statement here.īalance Sheet: I made $1.3 billion in adjustments to calculate invested capital with a net increase of $287 million. Income Statement: I made $557 million in adjustments, with a net effect of removing $381 million in non-operating expenses (5% of revenue).
Should the company grow NOPAT more in line with historical growth rates, the stock has even more upside.Ĭritical Details Found in Financial Filings by My Firm’s Robo-Analyst Technologyīelow are specifics on the adjustments I make based on Robo-Analyst findings in Polaris’s 10-K and 10-Qs: See the math behind this reverse DCF scenario. If Polaris can maintain 2020 NOPAT margins of 7% (margins were nearly 8% over the TTM) and grow NOPAT by 4.5% compounded annually over the next 10 years, then the stock is worth $148/share today – a 23% upside. This expectation seems overly pessimistic for a company that has grown NOPAT by 9% compounded annually over the past two decades. This ratio means the market expects Polaris’s NOPAT to permanently decline by 20%. Always wear a helmet, eye protection and protective clothing never carry passengers never engage in stunt riding riding and alcohol/drugs don’t mix avoid excessive speed and be particularly careful on difficult terrain.Polaris’s ROIC: 2016 – TTM New Constructs, LLCĪt its current price of $121/share, PII has a price-to-economic book value (PEBV) ratio of 0.8. For your safety: Always avoid paved surfaces.
Read the Owner’s Manual and the product warning labels before operation. For safety and training information, see your dealer or call the ATV Safety Institute at 1-80. Yamaha recommends that all ATV riders take an approved training course. Always wear a helmet, eye protection and protective clothing never carry passengers never engage in stunt riding riding and alcohol/drugs don’t mix avoid excessive speed and be particularly careful on difficult terrain.ĪTVs with engine sizes of greater than 90cc are recommended for use only by riders age 16 and older. All other ATV models are recommended for use only by riders 16 years and older. Raptor 90 and Grizzly 90 are recommended for use only by riders 10 years and older and always with adult supervision. YFZ50 is recommended for use only by riders 6 years and older and always with adult supervision. Our engineers developed the ultimate combination of chassis, suspension, steering geometry, AWD, and power to create an off-road vehicle with a level of high-performance handling and agility so responsive, it practically reads your mind.ĭisclaimer for YFZ50, Raptor 90 and Grizzly 90 INSTINCTIVE CONTROL: RZR industry-leading Agility is no accident.With an incredible usable travel and stage-tuned Walker Evans® Shocks, the race proven design has earned countless victories in the most rugged places on earth. This unrelenting onslaught is tamed with industry-leading suspension for unmatched control, confidence, and comfort. Rocks, stumps, silt sand, mud, all being encountered at high-speed. CONTROLLED CHAOS: The intense interaction between vehicle and terrain can be nothing short of ruthless.The new LED lighting package includes new blacked-out LED headlights, signature LED accent lights, and high-visibility LED taillights. PRIMAL ILLUMINATION: Visually assaulting LED lighting not only helps to define the menacing stature of the new RZR XP, it also greatly enhances visibility.The bold new sculpted dash houses a revised digital gauge cluster that offers greater diagnostic detail when navigating rugged terrain at speed. NICE INSIDE: A new driving position is mated to a sculpted hood design resulting in uncompromised sight lines and race-inspired, yet comfortable ergonomics.NASTY OUTSIDE: Cut more aggressively with menacing looks, the chiseled, muscular style, premium digital instruments, & wicked LED accents, all hint at the heart of the animal within.Premium Painted Panels, Menacing LED Lighting, Digital Display Cluster, Redesigned Interior, *Lower Doors. ALL NEW DESIGN: Inside the dark heart of the beast, the entire cockpit has been re-engineered - instinctive in nature, intuitive in control, and purposeful in detail.
Each RZR is extensively engineered to deliver an optimally balanced chassis, and the ultimate combination of power, suspension & agility. There’s more to achieving the pinnacle of Xtreme Performance than simply developing around just power or big travel. THE DRIVING FORCE IN OFF-ROAD: Through relentless innovation and a passion for the ride, RZR® is the world-leader in off-road domination.