Joy Global’s Soft Earnings Report Takes a Back Seat to the Pending Sale to Komatsu
We are maintaining our $28.30 fair value estimate for no-moat Joy Global. Concurrent with the announced sale to Komatsu, Joy Global is no longer providing financial guidance, which was previously anticipated to be $2.4 billion-$2.6 billion of sales, $0.10-$0.50 of EPS, and $200 million of free cash flow. In the near term, the company is now focused on maintaining its debt covenants, which allow up to a 4.5 times debt/EBITDA ratio, and successfully closing its sale to Komatsu.Overall results rem...
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