Increasing our Fair Value Estimate for CNH Industrial due to Expected U.S. Tax Rate Reduction
We increase our fair value estimate for CNH Industrial slightly to $9.70 per U.S. share from $9.50 based chiefly on changes to our expectation of long-run U.S. tax rates. Recent quarterly earnings showed sales strength in three of four segments, but results are mostly in line with our expectations for 2017. Across our equity coverage, we believe it is more likely than not that the U.S. federal statutory tax rate will decline from 35% to 25% for earnings in this region in 2018 and beyond. We main...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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