Deutsche Bank Reports Harley-Davidson's Core Motorcycle Business Generates $454MM Of Free Cash Flow In 2010

In a report published by Deutsche Bank, Harley-Davidson's HOG core motorcycle business generated $454MM of free cash flow in 2010. In the report, Goldman Sachs said that HOG's pension underfunded status was $284MM at 2010 slightly larger than the $258MM underfunded status at 2009. “However, the post-retirement healthcare obligation improved to $257MM from $268MM at YE2009. We would also noted that HOG made a $200MM pension contribution in Q1'11. We maintain our Hold based on valuation.” Harley-Davidson closed yesterday at $40.82.