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Arctic Cat (ACAT) is a maker of snowmobiles and all terrain vehicles (ATVs) through a network of independent dealers in the US and around the world. The company also makes garments and accessories that complement its products. The small ~$600 million dollar market cap firm looks undervalued compared with its closest competitor Polaris (PII) especially considering the growth the firm is seeing. This undervaluation is probably due to market inattention given the small size of Arctic Cat and, as I will explain throughout this article, the company represents a good opportunity for investors looking for undervalued growth plays.

Both Arctic Cat and Polaris are nicely positioned to expand earnings over the next few years as...

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