Harley Davidson

In this pitch deck, analysts Kaspar Appelholm, Stephanie Jirhage, and Sebastian Brock
present a comprehensive buyout assessment of Harley-Davidson, Inc. (NYSE: HOG),
an iconic American heavyweight motorcycle manufacturer with a globally recognized
premium brand, but currently facing depressed earnings and significant repositioning
potential. The investment case is underpinned by the divestment of the loss-making
LiveWire electric motorcycle segment, a sale-leaseback of the Company’s owned real
estate, an organisational reset to simplify the leadership structure, and a refocusing of
the sales mix toward Harley’s core, higher-margin cruiser bikes. The proposed value
creation strategy would allow Harley-Davidson to restore margins and unlock capital
tied up in non-core assets, supporting an illustrative LBO IRR of 20.8%. Using a multi-
method valuation framework, including discounted cash flow, trading comparables,
precedent transactions, and leveraged buyout analysis, the analysts estimate Harley-
Davidson’s enterprise value to be in the range of USD 1,920-4,083m