Agricultural sector is improving, but CNH needs operating margin improvement to propel its stock.
We are maintaining our fair value estimate for no-moat CNH Industrial at $9.70 to reflect the time value of money since our last corporate update. Broadly speaking, CNH’s businesses appear to be budding, with two quarters of consistent sales growth in the agricultural segment, and healthy low-teens sales growth in the powertrain segment. Moreover, S&P’s recent credit rating increase from BB+ to BBB- allowed the firm to refinance a portion of long-term debt at more favorable rates. In respons...CNH Industrial is a holding company. Through its subsidiaries, Co. is engaged in the design, production, marketing, sale and financing of agricultural and construction equipment, trucks, commercial vehicles, buses and specialty vehicles for firefighting, defense and other uses, as well as engines, transmissions and axles for those vehicles and engines for marine and power generation applications. Co. divides its business activities into three operating segments: Agricultural Equipment, Construction Equipment, Commercial Vehicles, Powertrain, and Financial Services.
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