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  5. DOO: Has your thesis changed from a sell to hold/buy based on news that Boisjoli will be retiring, their latest results, and better momentum (up 29% since early May)? [BRP Inc. Subordinate Voting Shares]
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Q: Has your thesis changed from a sell to hold/buy based on news that Boisjoli will be retiring, their latest results, and better momentum (up 29% since early May)?
Asked by Marco on June 02, 2025
5i Research Answer:

 The quarter was solid, with a 17% beat on earnings and a 5% beat on sales. A management change should be good, and consensus calls for earnings growth in 2025 (very high with a recovery year) and 2026 (still 20%+). Offsetting this is continued economic/tariff/inflation uncertainty. The momentum shift is positive. We would move to a HOLD but have less confidence still in a BUY on this for now. 

 

Here are some other third-party comments: Despite planning for a flat industry in January, management noted that the overall industry declined 5% (excl. snowmobiles), with the weakness persisting into May. In addition, we would like to see improvements for entry-level vehicles, which continue to see softer demand and lower financing approvals, before revisiting our stance on the shares.