Cnh Industrial

CNH Industrial is a holding company. Through its subsidiaries, Co. is engaged in the design, production, marketing, sale and financing of agricultural and construction equipment, trucks, commercial vehicles, buses and specialty vehicles for firefighting, defense and other uses, as well as engines, transmissions and axles for those vehicles and engines for marine and power generation applications. Co. divides its business activities into three operating segments: Agricultural Equipment, Construction Equipment, Commercial Vehicles, Powertrain, and Financial Services.
  • TickerCNHI
  • ISINNL0010545661
  • SectorIndustrial Engineering
  • CountryNetherlands
Dave Nicoski ...
  • Ross LaDuke

Vermilion Macro Vision: Sector Synopsis

STRATEGY: Up and to the Right In our September Macro Vision strategy, we suggested shifting towards value oriented names, which continue to outperform growth. We also believed breadth would improve followed by likely new highs and if the cyclicals could bottom it would reflect optimism that a recession has been shelved. In hindsight, there have been improvements in many of the cyclical Sectors (Manufacturing, Transportation, and Basic Materials) and a move away from defensive areas of the market (Services, Consumer Staples, and Utilities). Historically rotations such as this provide a favorab...

Jérôme VINERIER

Short term view - CNH INDUSTRIAL NV : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €8.400. The background trend would be questioned should prices rise above €10.860.

Jérôme VINERIER

Analyse court terme - CNH INDUSTRIAL NV : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 8,400 €. La tendance de fond serait remise en cause en cas de franchissement de 10,860 €.

Jérôme VINERIER

Analyse court terme - CNH INDUSTRIAL NV : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 8,400 €, puis 7,799 €. Le franchissement de 10,860 € remettrait en cause la suite de la baisse.

Jérôme VINERIER

Short term view - CNH INDUSTRIAL NV : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €8.400, then €7.799. Passing €10.860 would question the continuation of the fall.

Alfred Glaser ...
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 12/18/2019

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Alfred Glaser ...
  • Delphine Brault
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/12/2019

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François Maury ...
  • Georges Dieng

ODDO : Marché EU + EFTA : le rebond se poursuit en novembre (+4.5%), limitant la baisse sur 11 mois (-0.3%)

>Hausse de 4.5% en novembre sur base faible (-8.1% en novembre 2018) - Les immatriculations européennes (EU+EFTA) poursuivent leur hausse en novembre (+4.5% à 1 211 k-unités), soutenues par une base faible (-8.1% en novembre 2018). Sur onze mois, elles sont quasiment stables (-0.3% à 14.5m d’unités). Sur novembre, la quasi-totalité des marchés est en hausse. Pour mémoire, le marché Top 5 a progressé de 3.7% en novembre avec : Allemagne (+9.7%), Espagne (+2.3%), ...

François Maury ...
  • Georges Dieng

ODDO : EU + EFTA market: the upturn continued in November (+4.5%) which limits the decline over 11 months (-0.3%)

>4.5% increase in October on a low base (-8.1% in November 2018) - European (EU+EFTA) registrations continued to tick up in November (+4.5% at 1,211k units), helped by a low base (-8.1% in November 2018). Over 11 months, they are more or less stable (-0.3% at 14.5m units). In November, almost all markets were up. To recap, the Top 5 market posted an increase of 3.7% in November with: Germany (+9.7%), Spain (+2.3%), Italy (+2.2%) and France (+0.7%) but a -1.3% de...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Khaled Ben Amor

ODDO BHF Small & MIDCAP MORNING NEWS - 12/06/2019

Hornbach Holding, a leading DIY and garden centre operator in Germany and Europe, has the qualities of a well-managed family business with tremendous resilience. Thanks to all-organic growth and an omni-channel (online and offline) strategy, the group still has untapped potential. We are maintaining our Buy recommendation on the stock and lifting our target price to € 66 from € 62. - ...

CNH Industrial N.V. - March 2020 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

CNH Industrial N.V.: Update discussion

Strong competitive position in Agriculture Equipment and improving leverage support CNHI's credit profile

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 29/11/2019 - Zurich Insurance - EN

Zurich Insurance (O/P): A Targeted Acquisition, But No Interest In Major Cross Border Mergers Société Générale (O/P): Plans To Raise €120bn For Energy Transition (2019-2023) CNH Industrial (O/P): Announces A €300m Bond Tender Offer Louis Dreyfus (M/P): Will Overhaul Its Operations And Cut Costs Grupo Antolin (U/P) - 9M-19: Operating Income of €89m (-19.5%) Matterhorn Telecom - 9M-19: EBITDA of CHF385m (+7.4%) Petrobras (M/P): Plans To Reduce Its Net Debt / EBITDA ratio

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 29/11/2019 - Zurich Insurance - FR

Zurich Insurance (Achat) : Une acquisition ciblée, mais pas d’intérêt pour des fusions importantes Société Générale (Achat): Prévoit de lever €120 mds pour la transition énergétique (2019-2023) CNH Industrial (Achat) : Annonce un rachat obligataire de €300m sur 3 souches Louis Dreyfus (Conserver) : S'engage dans une réduction de ses coûts Grupo Antolin (Vente) - 9M-19 : Résultat opérationnel de €89m (-19,5%) Matterhorn Telecom - 9M-19 : EBITDA de CHF385m (+7,4%) Petrobras (Conserver) : Prévoit de réduire son levier dette nette / EBITDA

CNH Industrial N.V. - September 2019 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2019

While, since the creation of the banking union, Germany has steadfastly opposed the idea of setting up a common scheme to guarantee savers’ deposits, the article published in the Financial Times on Wednesday 6 November by the German finance minister has come as a bombshell. There is still a long way to go, but this statement responds to a real need for capital market unification and investors want to believe in this scenario. At the sector level, our analysts believe that it will rela...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2019

Alors que l’Allemagne s’est opposée depuis la création de l’Union Bancaire à la création d’un fonds de garantie des dépôts au niveau européen, l’article publié dans le FT du ministre allemand des finances a fait l’effet d’une « bombe ». Il y a loin encore de la coupe aux lèvres, mais cette déclaration répond à un vrai besoin d’unification des marchés de capitaux et les investisseurs veulent y croire. Sur le plan sectoriel, nos analystes pensent qu’elle relancera les scénarios de conso...

Bruno Cavalier ...
  • Emmanuel Matot
  • Georges Dieng
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/02/2019

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Bruno Cavalier ...
  • Emmanuel Matot
  • Georges Dieng
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/09/2019

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Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2019

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An increasingly favourable environment allows CNH INDUSTRIAL NV to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of CNH INDUSTRIAL NV (US), a company active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date June 16, 2020, the closing price was USD 7.04 and its expected value was estimated at USD 6.34.

Despite a better risk assessment and improving to Neutral, CNH INDUSTRIAL NV remains under pressure

CNH INDUSTRIAL NV (IT), a company active in the Commercial Vehicles & Trucks industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date May 12, 2020, the closing price was EUR 5.37 and its target price was estimated at EUR 4.82.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

CNH Industrial – AGM 16 April 2020

We have serious concerns over the executive variable remuneration, because the maximum 2020-2022 long-term incentive to be awarded to executive Directors is not disclosed, it will include an undisclosed portion of restricted shares, not depending on performance conditions, the CEO received a "golden hello" of USD 3.1 million in 2019, and severance payments are equal to 2 years of base salary, above the Dutch Corporate Governance Code's recommendation of 1 year. Therefore, we recommend shareholders to oppose the 2019 remuneration report (item 3.a), the remuneration policy (item 3.b) and the 202...

Expert Corporate Governance Service (ECGS)

CNH Industrial April 12, 2019

We have serious concerns over the CNH Industrial's corporate governance, as it does not respect the "one share rone vote" principle: all shareholders that have registered their shares for more than 3 years are entitled to receive an additional voting right. The major shareholder Exor (41.7% of votes with 26.9% of shares) holds 92.6% of special voting shares. Concerns also arise over the composition of the Board, as the Chairperson holds executive powers, the Senior Non-Executive Director is not independent as per our guidelines, having collected more than 12 years of association with the Group...

CNH Industrial – Proxinvest Corporate Governance Rating ® : E

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

CNH Industrial NV - 2018, November 29

In item 2, the EGM is called to appoint Mr. Hubertus M. Mühlhäuser as CEO, to replace Mr. Richard Tobin who resigned in April 2918. The position of Chair and CEO are split and we have not identified any specific concerns over the appointment of Mr.Mühlhäuser. Also taking into account his professional background and sector specific experience, we recommend approval. In item 3, the Board proposes to ratify the appointment of Ms. Suzanne Heywood as executive Chairwoman. Ms. Heywood has been a non-executive Director since 2016, representing the controlling shareholder Exor NV, and she was appoint...

Expert Corporate Governance Service (ECGS)

Proxy Report - 13/04/2018

We have serious concerns over the CNH Industrial's corporate governance, as it does not respect the "one share – one vote" principle: all shareholders that have registered their shares for more than 3 years are entitled to receive an additional voting right. The major shareholder Exor (26.9% of the share capital and 41.7% of votes) holds 92.9% of special voting rights. Concerns also arise over the composition of the Board, as it is chaired by the executive Director Mr. Sergio Marchionne, although the Bylaws provide that "the chairperson of the Board of Directors shall be a non-executive Direc...

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