Agco Returns to Sales Growth Amidst Signs That the Global Agricultural Equipment Cycle Is Bottoming
We reiterate Agco’s $52 fair value estimate and no-moat rating following the company’s third-quarter earnings release. The company reiterated its 2016 outlook for $7.2 billion of revenue, $2.30 of EPS, and $150 million-$175 million of free cash flow. Similar to commentary from the Farm Progress show, South American conditions do appear to be improving and we’ve modestly increased our 2016 and 2017 EPS estimates to reflect these observations. Despite our EPS estimate increase, Agco shares look fa...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.
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