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CNH Industrial NV CNHI

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Stock XNYS Rating as of
$11.81 +0.16 (1.37%)
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As of Delayed Price Post-Trading: $11.91 +0.09
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Company Report

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CNH Earnings: Management Lowers Agriculture Sales and Margin Guidance for 2024

Dawit Woldemariam

Narrow-moat CNH reported first-quarter earnings slightly below our expectations. Our fair value estimate decreased 1% to $15.10, down from $15.30 previously. The decline was largely due to slight tweaks in our near-term sales and margin expectations. We lowered our 2024 estimates following management's lower agriculture segment guidance. For 2024, we're forecasting sales to be down 13% year on year.

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Price vs Fair Value

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CNHI is trading at a 628% premium.
Price
$11.65
Fair Value
$93.70
Uncertainty
High
1-Star Price
$35.62
5-Star Price
$3.98
Economic Moat
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Capital Allocation
Mhwzwcl

Bulls Say, Bears Say

Bulls

Higher crop prices increase farmers’ profitability, allowing them to purchase new agriculture equipment, which substantially boosts CNH's revenue growth.

Bears

China could pull back on agriculture imports, weakening global demand for crops. The fallout would lead to lower crop prices, largely due to higher supplies, pushing farmers to delay equipment purchases.

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Trading Information

Previous Close Price
$11.65
Day Range
$11.63–11.82
52-Week Range
$9.77–15.74
Bid/Ask
$11.65 / $11.91
Market Cap
$14.85 Bil
Volume/Avg
5.6 Mil / 11.1 Mil

Key Statistics

Price/Earnings (Normalized)
6.88
Price/Sales
0.64
Dividend Yield (Trailing)
3.09%
Dividend Yield (Forward)
4.03%
Total Yield
11.02%

Company Profile

CNH Industrial is a global manufacturer of heavy machinery, with a range of products including agricultural and construction equipment. One of its most recognizable brands, Case IH, has served farmers for generations. The company's products are available through a robust dealer network, which includes over 3,600 dealer and distribution locations worldwide. CNH’s finance arm provides retail financing for equipment to its customers in addition to wholesale financing for dealers, which increases the likelihood of product sales.
Sector
Industrials
Industry
Farm & Heavy Construction Machinery
Stock Style Box
Mid Value
Total Number of Employees
40,220
Website
https://www.cnhindustrial.com

Competitors

Valuation

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Metric
CNHI
AGCO
CAT
Price/Earnings (Normalized)
 6.887.9315.73
Price/Book Value
 1.861.799.56
Price/Sales
 0.640.612.61
Price/Cash Flow
 5.567.3113.44
Price/Earnings
CNHI
AGCO
CAT

Financial Strength

Metric
CNHI
AGCO
CAT
Quick Ratio
 1.670.510.73
Current Ratio
 2.021.461.35
Interest Coverage
 3.0119.4526.54
Quick Ratio
CNHI
AGCO
CAT

Profitability

Metric
CNHI
AGCO
CAT
Return on Assets (Normalized)
 5.17%9.20%13.02%
Return on Equity (Normalized)
 29.09%24.39%59.16%
Return on Invested Capital (Normalized)
 10.13%15.85%19.73%
Return on Assets
CNHI
AGCO
CAT
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