AGCO Corporation (AGCO)

Industry: Agricultural - Machinery Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
IVG.MI	10	Iveco Group N.V.	17,390	13.80	13.80	4.89	4.89	7.76	8.68
600710.SS	11	Sumec Corporation	16,699	10.97	9.27	3.11	2.86	2.97	2.96
MAN3.DE	12	MAN SE	16,089	74.00	101.88	7.47	7.89	-	189.05
000425.SZ	13	XCMG Construction	14,348	20.01	17.11	17.13	14.64	23.94	19.58
KGX.DE	14	Kion Group AG	13,231	27.71	27.35	7.31	6.89	18.21	25.11
600031.SS	15	Sany Heavy Industr	12,224	23.89	26.76	18.92	20.78	22.84	24.14
OSK	16	Oshkosh Corporatio	10,332	12.40	10.74	7.73	6.73	8.88	8.51
AGCO	17	AGCO Corporation	10,049	21.28	18.83	19.72	20.27	15.76	14.33
6305.T	18	Hitachi Constructi	8,734	11.52	8.22	6.29	5.21	9.65	7.80
NAV	19	Navistar Internati	7,714	-	-	32.41	36.54	55.48	-
000951.SZ	20	Sinotruk Jinan Tru	7,357	12.61	12.79	8.40	8.84	10.13	8.86
0YSU.L	21	Epiroc AB (publ)	6,791	27.84	25.21	16.46	14.75	21.31	18.36
1157.HK	22	Zoomlion Heavy Ind	6,500	11.73	12.64	10.24	11.22	8.80	12.33
KMAZ.ME	23	KAMAZ Publicly Tra	6,454	-	-	13.84	13.84	-	13.87
0631.HK	24	Sany Heavy Equipme	6,186	7.52	4.66	7.47	3.78	12.51	-
241560.KS	25	Doosan Bobcat Inc.	5,850	11.99	10.06	4.17	3.41	9.67	6.38

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.40	12.64	7.47	6.89	9.67	8.86
Full Range Median Multiple	12.61	12.79	7.73	7.89	10.13	12.33
Industry Multiple	20.46	21.58	11.05	10.82	16.32	26.59
Market Implied Multiple	22.13	19.58	20.35	20.91	16.26	14.79
Company (AGCO) Multiple	21.28	18.83	19.72	20.27	15.76	14.33
(*) Net Income / EBITDA / Revenue	375	424	511	497	639	703
Winsorized Enterprise Value	N/A	N/A	3,814	3,426	6,178	6,225
Full Range Median Enterprise Value	N/A	N/A	3,945	3,921	6,471	8,663
(-) Net Debt	2,083	2,083	2,083	2,083	2,083	2,083
Winsorized Equity Value	4,652	5,362	1,731	1,343	4,095	4,142
Full Range Median Equity Value	4,731	5,425	1,862	1,838	4,388	6,580
(/) Shares Outstanding	75	75	75	75	75	75
Winsorized Fair Value	$62.36	$71.87	$23.21	$18.00	$54.89	$55.52
Full Range Median Fair Value	$63.42	$72.72	$24.96	$24.64	$58.82	$88.20
Current Price	$111.35	$111.35	$111.35	$111.35	$111.35	$111.35
Upside / Downside	-43.99%	-35.45%	-79.16%	-83.83%	-50.70%	-50.14%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$43.65	$50.31	$16.25	$12.60	$38.43	$38.87
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy