50-70% market share in cruiser and touring bikes
Sales split: 70% US 30% International (Japan, Canada, Russia impt)
PE range 10-22x, now closer to 10x, median 15x
FCF ave 500m
A few big states in US account for bulk of Harley US sales, mostly oil producing states
rig counts have past correlation with Harley
Housing starts have high correlation as well
Parts sales 900m out of 5.5bn total sales
20% of OP from financial services
Risks
Weak yen - Japanese players becoming stronger
Demographics - Harley lovers not growing?
Oil producing states in decline
Lowest stock price $10, -ve FCF of 900m
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