CNH Industrial Reiterates 2016 Outlook on Stabilizing Sales Trends
We are increasing no-moat CNH Industrial’s fair value estimate to $9.50 from $9 to reflect the time value of money since our last corporate update. Broadly speaking, CNH’s businesses appear to be stabilizing, with declines in agricultural sales finally moderating, while commercial vehicle sales are flattening. In response, the company reiterated an outlook for $23 billion-$24 billion of industrial sales and a 5.2%-5.8% operating margin. After our latest fair value revision, CNH Industrial shares...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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