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Agco Posts Solid Q2 Results as Agriculture Markets Continue to Be Above Midcycle

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Agco reported second-quarter results that were above our expectations, leading us to raise our fair value estimate to $116 from $110. The changes to our valuation were primarily focused on near-term revenue, as Agco posted strong top-line growth in the quarter, up 43% year on year. We now expect sales to reach close to $11.4 billion (24% growth in 2021), which is at the midpoint of management’s guidance ($11.3 billion to $11.5 billion). The company saw strong growth across its regions globally, with South America up the highest. The region surged 53% compared with the prior-year quarter on stronger demand for agricultural equipment in Brazil (up over 65% year on year).

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Company Profile

Business Description

Agco is a global manufacturer of agricultural equipment. The company has five principal brands: Fendt, Massey Ferguson, Challenger, Valtra, and GSI. Unlike its competitors, Agco's product line extends beyond self-propelled equipment and implements by offering grain handling systems and livestock management solutions. Its products are available through a global dealer network, which includes over 3,200 dealer and distribution locations. Additionally, Agco offers both retail and wholesale financing to customers through its joint venture with Rabobank, a European food and agriculture focused bank.

4205 River Green Parkway
Duluth, GA, 30096
T +1 770 813-9200
Sector Industrials
Industry Farm & Heavy Construction Machinery
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 21,400