Discounted Cash Flow

Harley-davidson, Inc.

HOG · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $6.0b $692.2m $918.1m 11.5% $3.85
2017 $5.6b (-5.8%) $521.8m (-24.6%) $798.8m (-13.0%) 9.2% (-20.0%) $3.03 (-21.3%)
2018 $5.7b (1.2%) $531.5m (1.9%) $992.4m (24.2%) 9.3% (0.6%) $3.21 (5.9%)
2019 $5.4b (-6.2%) $423.6m (-20.3%) $686.8m (-30.8%) 7.9% (-15.0%) $2.70 (-15.9%)
2020 $4.1b (-24.4%) $1.3m (-99.7%) $1.0b (52.4%) 0.0% (-99.6%) $0.01 (-99.6%)
2021 $5.3b (31.6%) $650.0m (49978.9%) $855.5m (-18.3%) 12.2% (37948.5%) $4.23 (42200.0%)
2022 $5.8b (7.8%) $741.4m (14.1%) $396.8m (-53.6%) 12.9% (5.8%) $5.01 (18.4%)
2023 $5.8b (1.4%) $706.6m (-4.7%) $547.5m (38.0%) 12.1% (-6.0%) $4.96 (-1.0%)
2024 $5.2b (-11.1%) $455.4m (-35.6%) $867.3m (58.4%) 8.8% (-27.5%) $3.46 (-30.2%)
2025 $4.5b (-13.8%) $338.7m (-25.6%) $415.2m (-52.1%) 7.6% (-13.7%) $2.82 (-18.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model