Report
Nick Mokha
EUR 101.80 For Business Accounts Only

Global operations create opportunities, but harvesting margin improvements remains a challenge.

It appears that heavy equipment investors are in for a first-quarter 2018 earnings season even more stellar than we previously expected. In our view, first-quarter performance for companies within the heavy-equipment industry was already likely to be strong, particularly given recent U.S. tax reform, which we believe incentivized both customers and manufacturers to move orders from the fourth quarter of 2017 to the first quarter of 2018 to take advantage of immediate depreciation allowance and l...
Underlying
AGCO Corporation

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.

Provider
Morningstar
Morningstar

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.

Analysts
Nick Mokha

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