Transitioning Coverage of CNH Industrial to New Analyst; Increasing FVE to $10.40
We are transitioning coverage of CNH Industrial to a new analyst and increasing our fair value estimate to $10.40 from $9.70 as well as our moat rating to narrow from none. Our $10.40 fair value estimate equates to about 23.5 times and 7.8 times our base-case 2018 EPS and EBITDA estimates, respectively. CNH's current forward P/E and EV/EBITDA multiples are moderately above the implied multiples on our base-case fair value estimate, but to achieve these multiples in our DCF model, we would have t...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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