Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Polaris Industries: An 'Anything But Cars' Manufacturing Gem

Polaris Industries Inc. (NYSE:PII) sells ATVs and off-road vehicles (67% of sales), snowmobiles (8%), motorcycles (6%), small vehicles (3%) and related parts, garments and accessories (16%). The company was the first to manufacture snowmobiles, and its founder went on to co-found another two public companies: Arctic Cat (NASDAQ:ACAT) and ASV Inc. (which was acquired by Terex Corp. (NYSE:TEX) in 2008).

We are looking at Polaris because it is a great business, although it appears fully valued in today's markets. Hence, this article serves to alert the reader to a great business which, on some unknown day, will sell again at attractive prices. Let us take a look.

Great Business

For a manufacturing business, Polaris...

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