Ford Closes 2017 With Cost Headwinds That Will Continue in 2018
We are not changing our fair value estimate for Ford after the company reported lackluster fourth-quarter numbers that were not a surprise given the announcement on Jan. 16 as discussed in our note on that date. As always however, we will reassess our model in February after incorporating the 10-K. We are willing to be patient with CEO Jim Hackett’s turnaround plan centered on cost fitness (as discussed in our Oct. 4 note) but we also stress that although Ford’s stock to us is undervalued, we do...Ford Motor designs, manufactures, markets, and services a line of Ford cars, trucks, sport utility vehicles, electrified vehicles, and Lincoln vehicles, as well as provides financial services through its subsidiary, Ford Motor Credit Company LLC. The company is engaged in electrification; mobility solutions, including self-driving services; and connected vehicle services. The company has three operating segments: Automotive, which includes the sale of Ford and Lincoln vehicles, service parts, and accessories; Mobility, which includes its autonomous vehicles and its investment in mobility through Ford Smart Mobility LLC; and Ford Credit, which includes vehicle-related financing and leasing activities.
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