Harley-Davidson Inc. produces motorcycles, motorcycle parts and related accessories and merchandise in the United States and internationally. It is headquartered in Milwaukee, Wisconsin. Use the following information on Harley-Davidson and five other similar companies to value Harley-Davidson as of December 31, 2004.

Net income	889.77
Number of common shares, millions	294.31
Earnings before interest and tax	$1,506.16
Tax rate	35.0%
Book value of equity	$3,218.47
Book value interest-bearing debt	$1,295.44
Total Sales	$5,320.45
Total Assets	$5,483.29

	Harley-Davidson	Artic Cat	Brunswick	Polaris Industries	Marine Products	Winnebago
5-yr growth rate in sales (%)	15.5	6.2	4.1	6.1	15.5	10.8
5-Yr growth rate in eps (%)	28.1	11.1	47.1	15.9	25.1	17.2
Interest coverage ratio	60.9	*	8.9	85.1	*	*
total liabilities to assets (%)	0.4	0.3	0.6	0.5	0.2	0.5
total assets ($ mil)	5483	286	4346	793	110	395
Price/earnings (x)		16.9	17.8	27.8	28.6	18.6
MV firm/EBIT(1-tax rate)(x)		17.3	19.4	24.3	29	17.6
MV equity/BV equity (x)		2.8	2.8	8.0	7.7	6.5
MV firm/BV firm (x)		2.8	2.3	7.7	7.7	6.5
Price/Sales (x)		0.8	0.9	1.6	2.7	1.2
MV firm/sales (x)		0.8	1.1	1.7	2.7	1.2

*These companies have little or no interest-bearing debt outstanding