Agco's Global Operations Create Opportunities; Harvesting Margin Improvements Remains a Challenge
Following our recent review of CNH Industrial and Deere, we turn to Agco. We are maintaining both our fair value estimate at $60 as well as our narrow moat and stable moat trend ratings. Our $60 fair value estimate equates to about 18.6 times and 8.7 times our base-case 2018 EPS and EBITDA estimates, respectively. Our 2018 base case estimates are moderately below the consensus forecast, but to achieve such figures in our DCF model, we would have to assume near-peak operating margins as well as i...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.
We have operations in 27 countries.
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