Morningstar

CNH Industrial NV CNH

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Stock XNYS Rating as of
$13.47 +0.62 (4.82%)
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As of Delayed Price Post-Trading: $13.66 +0.18

Company Report

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CNH Industrial Plants the Seeds for Agriculture Sector Recovery

George Maglares

CNH Industrial has a somewhat complicated history dating back to 2013 when the legacy Case New Holland business was combined with the nonautomotive activities of Italy’s Fiat Group to form CNH Industrial. After the pandemic, CNH’s management decided to further separate the company’s off-road and on-road assets. This resulted in the 2022 demerger of Iveco Group, which represented the remaining “on-road” commercial vehicle and powertrain assets. Remaining CNH Industrial is now focused on its agriculture business (most of its industrial sales), construction, and the captive finance subsidiary. Management is also exploring construction options, which are subscale and weigh on group returns.

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Price vs Fair Value

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CNH is trading at a LOCK|zFh?wL% premium.
Price
$12.85
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

CNH will keep up with technological developments in precision agriculture and narrow its performance gap versus Deere.

Bears

The company loses share because it can’t keep up as the “fast follower.”

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Trading Information

Previous Close Price
$12.85
Day Range
$12.91–13.58
52-Week Range
$9.00–14.46
Bid/Ask
$13.00 / $14.28
Shares Outstanding
1.61B
Market Cap
$21.66B
Volume/Avg
17M / 17M

Key Statistics

Price/Earnings (Normalized)
31.39
Price/Sales
0.88
Dividend Yield (Trailing)
0.78%
Dividend Yield (Forward)
0.78%
Dividend Payment Schedule
May
Total Yield
1.54%

Company Profile

CNH Industrial is the world’s second largest manufacturer of agricultural machinery (82% of industrial net sales) as well as a major player in construction equipment (18% of industrial net sales). Its Case and New Holland brands have served farmers for generations. Geographically, agricultural sales are 40% in North America, 32% in Europe, the Middle East, and Africa, 18% in South America, and 10% in Asia-Pacific. CNH’s products are available through a robust independent dealer network, which includes over 2,600 dealer and distribution locations and reach into 164 countries. The construction business leverages over 400 dealers. The company’s captive finance arm provides retail financing to its customers and wholesale financing to dealers to maintain inventory, thereby supporting sales.
Sector
Industrials
Industry
Farm & Heavy Construction Machinery
Stock Style Box
Mid Core
Total Number of Employees
34,197
Website
https://www.cnh.com

Competitors

Valuation

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Metric
CNH
DE
AGCO
Price/Earnings (Normalized)
 31.3937.3418.98
Price/Book Value
 2.666.441.92
Price/Sales
 0.883.860.79
Price/Cash Flow
 9.7924.3016.11
Price/Earnings
CNH
DE
AGCO

Financial Strength

Metric
CNH
DE
AGCO
Quick Ratio
 5.731.980.45
Current Ratio
 7.062.201.32
Interest Coverage
 1.253.226.02
Quick Ratio
CNH
DE
AGCO

Profitability

Metric
CNH
DE
AGCO
Return on Assets (Normalized)
 2.32%4.68%3.56%
Return on Equity (Normalized)
 12.84%18.74%10.14%
Return on Invested Capital (Normalized)
 5.90%7.86%6.47%
Return on Assets
CNH
DE
AGCO

Farm & Heavy Construction Machinery Industry Comparables

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Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Caterpillar Inc
CAT
LOCK|Tqd&B&g?LOCK|%%$380B
 Deere & Co
DE
LOCK|J@DNC^lLOCK|Qp$$180B
 Volvo AB Class A
VOLAF
—LOCK|J&<wz$65B
 Volvo AB Class B
VOLVF
—LOCK|#^nZ$65B
 Volvo AB ADR
VLVLY
—LOCK|H@MYs$65B
 PACCAR Inc
PCAR
LOCK|>jv$%wLOCK|KlwR$58B
 Oshkosh Corp
OSK
LOCK|JQYk#xvLOCK|!qC$$8B
 AGCO Corp
AGCO
LOCK|Y>%>XhxLOCK|wp$8B
 Terex Corp
TEX
LOCK|%XJxQwLOCK|^k><$6B

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