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Deere Delves Into its Precision Agriculture and Sustainability Strategy at its 2022 Analyst Day

Equity Analyst Dawit Woldemariam

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam | May 26, 2022

Wide-moat-rated Deere held its analyst day on May 26, where it walked through its strategy around precision agriculture and sustainability. Following the event, our $294 fair value estimate remains unchanged. During the company’s fiscal first-quarter earnings call, management announced its 2030 profitability target, which calls for operating margins (in equipment operations) to reach approximately 20% through the economic cycle. Prior to that announcement, Deere had been targeting 15% midcycle operating margins. In our view, Deere is adept at developing and delivering innovative products to its customers, but we believe it will take some time for digital adoption rates to reach critical scale.

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Deere & Co's Company Profile

Business Description

Deere is the world’s leading manufacturer of agricultural equipment, producing some of the most recognizable machines in the heavy machinery industry. The company is divided into four reportable segments: production and precision agriculture, small agriculture and turf, construction and forestry, and John Deere Capital. Its products are available through a robust dealer network, which includes over 1,900 dealer locations in North America and approximately 3,700 locations globally. John Deere Capital provides retail financing for machinery to its customers, in addition to wholesale financing for dealers, which increases the likelihood of Deere product sales.

Contact

One John Deere Place
Moline, IL, 61265

T +1 309 765-8000

Sector Industrials

Industry Farm & Heavy Construction Machinery

Most Recent Earnings Apr 30, 2022

Fiscal Year End Oct 31, 2022

Stock Type Cyclical

Employees 75,600

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