Jeffrey Stacey presented his in-depth investment thesis on Polaris Industries (NYSE: PII) at Wide-Moat Investing Summit 2016.
Polaris Industries is a manufacturer and marketer of on and off road vehicles including all-terrain vehicles(ATV’s), snowmobiles and motorcycles. The company also supplies associated parts, garments and accessories. Polaris has strong market share positions in all of its product categories and it generates industry leading returns on assets and invested capital. It has increased its dividend per share for 21 consecutive years while maintaining a conservative dividend payout ratio. Polaris has also retired approximately one third of its shares outstanding over the last 15 years through on ongoing share repurchase plan and it has recently increased its share repurchase authorization significantly. At current prices, the shares are attractively valued at 13.1 times earnings. The company should be able to continue growing its top and bottom line at double digit rates over the long term through continued organic growth and bolt on acquisitions.
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About the instructor:
Jeffrey Stacey is the Founding Partner of Stacey Muirhead Capital Management. In addition to sharing responsibility for the overall direction of the firm, Jeff has acted as Portfolio Manager for the Stacey Muirhead Limited Partnership and the Stacey Muirhead RSP Fund since their inception. He is also responsible for client service efforts at the firm. Jeff has over 25 years of investment industry experience. Prior to starting Stacey Muirhead Capital Management, he was employed with a boutique Toronto investment firm where he was also a shareholder. Jeff has an Honours Bachelor of Business Administration degree from Wilfrid Laurier University and is a Chartered Financial Analyst. He is a member of the Finance and Investment Committee at the University of Waterloo and is a member of the Dean’s Advisory Council at the Wilfrid Laurier University School of Business and Economics. Additionally, Jeff currently serves on the Board of Trustees at Parkminster United Church. He is a former director of Rainmaker Entertainment Inc. and previously served on the Board of Trustees and Investment Management Committee at the University of Guelph.
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