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Deere & Company - Farm and Construction Machinery

Deere & Company - Farm and Construction Machinery. Bill Dailey 04/23/2014. Deere & Company. Segments Agriculture and Turf - $29.1B Construction and Forestry - $5.9B Power Systems (engines) Parts and Services - $682M Financial Services - $2.1B 2013

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Deere & Company - Farm and Construction Machinery

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  1. Deere & Company - Farm and Construction Machinery Bill Dailey 04/23/2014

  2. Deere & Company • Segments • Agriculture and Turf - $29.1B • Construction and Forestry - $5.9B • Power Systems (engines) • Parts and Services - $682M • Financial Services - $2.1B • 2013 • Income of $3.54B on revenues of $37.8B • Third consecutive year of record earnings, eighth time in last ten years • Quarterly dividend increased by 11% • Annual dividend now $1.99/share

  3. Company Comparisons • Caterpillar is most similar • Both have financing operations • Caterpillar’s revenues come mainly from their construction and mining divisions • Joy Global • Operates in the mining industry • Much smaller revenue numbers • Komatsu • Operates mainly in the construction industry • Very small portion in the farming industry • Tractor and Agriculture Machinery Manufacturing • Deere holds 40%, followed by CNH Industrial with 11.7%

  4. Net Sales

  5. NEA – Enterprise Assets

  6. LIFO – FIFO Conversion

  7. NEA – Enterprise Liabilities

  8. NFL

  9. Benefits – Gross Up

  10. EPAT

  11. Effective Tax Rate

  12. Common Size NEA - EATO

  13. Common Size NEA - EATO

  14. Common Size EPAT - EPM

  15. WACC

  16. Sales Growth Assumptions

  17. DCF

  18. Residual Income

  19. Abnormal Enterprise Income Growth

  20. Value Estimate

  21. Per Share Calculations

  22. Sensitivity Analysis

  23. Questions?

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