Agco Continues Margin Expansion, but Our Long-Term View Remains Unchanged; Maintaining FVE
No-moat Agco was able to increase its operating margin in the fourth quarter to 6.1% from 5.7% in the same quarter last year. Agco’s fourth-quarter revenue of $2.59 billion beat consensus by $15 million, while GAAP EPS of $1.26 beat consensus by $0.05. Management provided an upbeat outlook on 2019, suggesting 3% revenue growth and 28% EPS growth. Despite this optimism and Agco’s ongoing margin expansion, we remain skeptical of management’s stated goal of reaching 10% operating margin and are mai...AGCO is a manufacturer and distributor of agricultural equipment and related replacement parts. The company sells a range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems. The company's products are used in the agricultural equipment industry and are marketed under the Challenger?, Fendt?, GSI?, Massey Ferguson? and Valtra? brands. The company distributes its products through independent dealers and distributors. In addition, the company provides retail and wholesale financing through its finance joint ventures with Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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