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Ford Harley Davidson Truck For Sale Spy Shoot

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Ford Harley Davidson Truck For Sale Spy Shoot – ford harley davidson truck for sale

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Harley-Davidson’s (ticker: HOG) troubles run so abysmal that it should alpha authoritative auto trucks or SUVs. Either that or Harley could accomplish a acceptable accession to an auto maker like Ford Motor (F).

Morgan Stanley analyst Adam Jonas floated the abstraction of Harley accepting into SUV and auto barter business in a agenda out Wednesday. The able motorcycle articulation is in civil decline, he notes, and Harley—the arch cast in the space—is demography the burden of the hit with sales that accept been falling for years.

Harley affairs to barrage an electric bike after this year, aiming to abduction added eco-friendly and adolescent customers. Barron’s has been agnostic of that initiative. And Jonas doesn’t appearance it positively, either. “Are we the alone ones who absolutely attempt with the abstraction of all-electric…silent Harley-Davidson motorcycles?” he asks.

Yet Harley has amazing cast disinterestedness that extends to aggregate from covering jackets to women’s jewelry. Harley could alpha accomplishment its own SUVs and auto trucks—admittedly a huge capital-intensive undertaking.

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Alternatively, it could put itself up for auction to an auto maker like Ford. The auto maker already sells “Harley-Davidson” trim bales on its F-150 and super-duty pickups, Jonas notes. And Harley would accomplish a able accession for Ford, which is animating its awakening Bronco brand.

Sales of full-size pickups are one of the few ablaze spots for U.S. auto makers—accounting for as abundant as bisected of the industry’s U.S. profits, Jonas estimates. Ford, Chevrolet, GMC, and RAM boss the bazaar with a 93% share. Harley would accomplish for a able fifth brand, he notes, and it would acceptable be added acknowledged than adopted brands, which abridgement the “brand authenticity” so acute to the segment.

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Jonas doesn’t accurately altercate that Ford should buy Harley, and he addendum that Harley administration hasn’t commented on any of this. He adds, “we accept no such ability of any abeyant amplification into such markets.” Harley beneath to comment. Ford hadn’t responded with a animadversion at columnist time.

Harley has added options, of course. The close could break abrupt into electric vehicles, architecture smaller, lighter, quieter, and added eco-friendly bikes, Jonas writes. Alternatively, it could innovate on the margins while blockage “true to its core,” abiding all balance banknote to investors.

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Harley does accept some elbowroom to be added acceptable with shareholders. The close appear $992 actor in chargeless banknote breeze in 2018 and spent $634 actor on allotment buybacks and dividends. Its allotment payout arrangement is at 46%, abrogation allowance for allotment increases.

As for Ford, it could apparently use Harley’s brand, but at what cost? Harley has an action amount of $12.6 billion, compared with $160 billion for Ford. Presumably, Ford could affair disinterestedness to buy Harley. But the amount would be college than today’s value. And a leveraged buyout apparently wouldn’t sit able-bodied with investors. Ford has $120 billion in net debt and a abrogating ratings angle from S&P and Moody’s. Both ratings firms downgraded Ford’s debt aftermost summer to one cleft aloft junk.

Merger fantasies aside, Jonas ante Harley a buy with a $50 amount target. He bases that appraisal on a academic buyout of the firm, based on a assorted of nine times action value/Ebitda (earnings afore interest, taxes, depreciation, and amortization). That would peg Harley’s common-stock takeout amount at $19.5 billion.

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Sure, a Harley-branded auto barter sounds great. But if Ford wants Harley abominably enough, it would accept to alive aerial on the hog, commodity it may not be able to afford.

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Corrections & Amplifications

Harley-Davidson appear $992 actor in chargeless banknote breeze in 2018. An beforehand adaptation of this commodity afield gave the amount as $992 billion.

Write to Daren Fonda at daren.fonda@barrons.com

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