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Oshkosh Corp OSK

Morningstar Rating
$109.56 +0.09 (0.08%)
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Company Report

Oshkosh Earnings: We Raise Our Valuation 5% to $115 After Solid Result

We raised our fair value estimate by 5% to $115 per share (up from $110 previously), following solid fourth-quarter earnings. Oshkosh increased sales by nearly 12% year on year, thanks to solid growth in access equipment (up 7%) and defense segments (increased 7%). The AeroTech acquisition positively affected vocational business sales, which contributed $176 million to segment sales in the quarter, or 24% of sales. In total, the segment’s sales were up 26% compared with the same period last year.

Price vs Fair Value

OSK is trading at a 5% discount.
Price
$109.56
Fair Value
$867.00
Uncertainty
Medium
1-Star Price
$564.26
5-Star Price
$74.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Increased infrastructure spending in the U.S. and emerging markets could result in more aerial equipment purchases, driving higher revenue growth for Oshkosh.

Bears

As a viable number-two player, Terex’s Genie brand may lead customers to turn away from Oshkosh’s JLG brand.

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News

Trading Information

Previous Close Price
$109.47
Day Range
$109.01110.51
52-Week Range
$72.09113.77
Bid/Ask
$105.77 / $111.00
Market Cap
$7.17 Bil
Volume/Avg
445,835 / 460,720

Key Statistics

Price/Earnings (Normalized)
12.26
Price/Sales
0.75
Dividend Yield (Trailing)
1.54%
Dividend Yield (Forward)
1.68%
Total Yield
1.86%

Company Profile

Oshkosh is the top producer of access equipment, specialty vehicles, and military trucks. It serves diverse end markets, where it is typically the market share leader in North America, or, in the case of JLG aerial work platforms, a global leader. In recent years, the company has manufactured joint light tactical vehicles, or JLTV, for the U.S. Department of Defense. However, Oshkosh recently lost the JLTV recompete, bringing its U.S. Postal Service contract into focus, which calls for the electrification of U.S. postal vehicles. The company reports three segments—access equipment (52% of revenue), defense (22%), and vocational (27%)—and generated $9.6 billion in revenue in 2023.
Sector
Industrials
Industry
Farm & Heavy Construction Machinery
Stock Style Box
Small Growth
Total Number of Employees
15,000

Competitors

Valuation

Metric
OSK
TEX
GD
Price/Earnings (Normalized)
12.267.9722.82
Price/Book Value
1.932.243.52
Price/Sales
0.750.751.79
Price/Cash Flow
11.296.5818.56
Price/Earnings
OSK
TEX
GD

Financial Strength

Metric
OSK
TEX
GD
Quick Ratio
0.770.820.79
Current Ratio
1.452.011.44
Interest Coverage
12.7210.0410.84
Quick Ratio
OSK
TEX
GD

Profitability

Metric
OSK
TEX
GD
Return on Assets (Normalized)
7.50%16.45%6.55%
Return on Equity (Normalized)
18.23%39.25%17.61%
Return on Invested Capital (Normalized)
15.80%28.05%12.01%
Return on Assets
OSK
TEX
GD
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Farm & Heavy Construction Machinery Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
CAT
Caterpillar IncJpxb$164.6 Bil
DE
Deere & CoYgzvt$102.1 Bil
PCAR
PACCAR IncVrrfrj$58.3 Bil
VOLAF
Volvo AB Class ABwtkr$55.8 Bil
VOLVF
Volvo AB Class BQlsw$55.8 Bil
VLVLY
Volvo AB ADRDxlc$55.8 Bil
CNHI
CNH Industrial NVGjpwrk$15.3 Bil
AGCO
AGCO CorpLdyk$8.2 Bil
TEX
Terex CorpHbvwhh$3.8 Bil

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