Initiating Coverage on No-moat Navistar with a FVE of $28.50 and Extreme Uncertainty Rating
We are initiating coverage on truck and school bus manufacturer Navistar with a no-moat rating and a fair value estimate of $28.50. Navistar is famously known for having pursued an unconventional diesel emissions technology, exhaust gas recirculation, or EGR, to meet EPA requirements, which ultimately failed and led to numerous lawsuits with regulators and customers. It subsequently abandoned its proprietary EGR technology and adopted industry-standard selective catalyst reduction, or SCR, in 20...Navistar International is a holding company. Through its subsidiaries, the company is a manufacturer of International? brand commercial trucks, proprietary diesel engines, and IC Bus? (IC) brand school and commercial buses. The company's segments include: Truck, which manufactures and distributes trucks and buses along with production of proprietary engines; Parts, which provides proprietary products to support the International commercial truck, IC Bus, proprietary engine lines, and export parts business; and Global Operations, which consists of the operations of its subsidiary, International Industria Automotiva da America do Sul Ltda that manufactures and distributes mid-range diesel engines.
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