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CNH Industrial NV

CNHI: XNYS (USA)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$12.60	Ynmvdn	Fttygyzj

CNH Earnings: Ag Demand Remains Solid; We View Shares as Slightly Undervalued

Dawit Woldemariam

Jul 28, 2023

We raised our fair value estimate for CNH to $16.60 from $16.10, largely reflecting the time value of money since our last update. We maintain our view that ag demand will remain solid in 2023. Our thinking is underpinned by the continued undersupply of crops globally, which will drive farmers to plant more. Crop supplies are slightly above cycle lows currently and are showing few signs of improving in the balance of the year. With constrained crop supplies comes higher crop prices, which is putting more income in farmers' pockets. Crop prices remain elevated, albeit at slightly lower levels compared with the highs seen in 2022.

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