Transitioning Coverage of Deere to New Analyst; Maintain $118 Fair Value Estimate, Wide-Moat Rating
We are transitioning coverage of Deere to a new analyst and maintaining our $118 fair value estimate along with our wide moat and stable moat trend ratings.Our $118 fair value estimate equates to about 28 times and 11.5 times our base-case 2017 EPS and EBITDA estimates, respectively. Deere's current forward P/E and EV/EBITDA multiples are moderately above the implied multiples on our $118 per share base-case fair value estimate, but to achieve these multiples in our DCF model, we would have to ...
Deere & Co. operates the following segments: Agriculture and Turf, which manufactures and distributes a line of agriculture and turf equipment and related service parts, including utility tractors, tractor loaders, combines, cotton pickers, cotton strippers, and sugarcane harvesters; Construction and Forestry, which manufactures and distributes a range of machines and service parts used in construction, earthmoving, road building, material handling and timber harvesting, including backhoe loaders and crawler dozers and loaders; and Financial Services, which finances sales and leases by the company's dealers of new and used agriculture and turf equipment and construction and forestry equipment.
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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