Weak farm income in 2014 and 2015 is a challenge; look for Agco to buffer margins by cutting costs.
We reiterate Agco’s $60 fair value estimate and no-moat rating following the company’s second-quarter earnings release. The company slightly raised its 2017 outlook to $8.0 billion of revenue, $3.00 of EPS, and $225 million-$250 million in free cash flow, reflecting improved sales volumes and positive pricing. South American conditions continue to improve and overall company margins continue to improve due to management’s restructuring efforts. As such, we’ve conservatively increased our 2017 an...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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