I admit I haven't looked at this in a while but I remember CNH capitalizes R&D that makes a big expense free by EBITDA "logic"
but by far my biggest pushback is you never mentioned return on... login to read the rest
This is an interesting comment. DE>CNHI>AGCO. DE has 20% EBITDA margins, CNHI ag is 17-18%, AGCO = 10%. CNHI looks a lot more like DE than AGCO. as such, I think 8.0x is a floor. ... login to read the rest
Hi Blee - thanks for the post and for helpfully walking through the trading dynamics. A couple of questions.
CNH still has a good name recognition but is far inferior to Deere by brand, products, cumulative... login to read the rest
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