Intrinsic value of AGCO - AGCO

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$63.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$63.99

 
Intrinsic value

$59.93

 
Up/down potential

-6%

 
Rating

hold

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AGCO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.75
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  7,411
  7,922
  8,454
  9,007
  9,582
  10,180
  10,804
  11,453
  12,130
  12,835
  13,572
  14,340
  15,143
  15,981
  16,857
  17,773
  18,731
  19,734
  20,783
  21,882
  23,032
  24,237
  25,499
  26,822
  28,208
  29,661
  31,184
  32,782
  34,457
  36,214
  38,058
Variable operating expenses, $m
 
  7,533
  8,029
  8,545
  9,082
  9,640
  10,222
  10,828
  11,460
  12,118
  12,806
  13,385
  14,135
  14,917
  15,735
  16,590
  17,485
  18,420
  19,400
  20,425
  21,499
  22,623
  23,802
  25,036
  26,330
  27,687
  29,109
  30,600
  32,164
  33,804
  35,524
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,122
  7,533
  8,029
  8,545
  9,082
  9,640
  10,222
  10,828
  11,460
  12,118
  12,806
  13,385
  14,135
  14,917
  15,735
  16,590
  17,485
  18,420
  19,400
  20,425
  21,499
  22,623
  23,802
  25,036
  26,330
  27,687
  29,109
  30,600
  32,164
  33,804
  35,524
Operating income, $m
  288
  390
  425
  462
  500
  540
  582
  625
  670
  717
  766
  955
  1,008
  1,064
  1,122
  1,183
  1,247
  1,314
  1,383
  1,457
  1,533
  1,613
  1,697
  1,785
  1,878
  1,974
  2,076
  2,182
  2,294
  2,411
  2,533
EBITDA, $m
  562
  705
  752
  802
  853
  906
  962
  1,019
  1,080
  1,142
  1,208
  1,276
  1,348
  1,422
  1,500
  1,582
  1,667
  1,756
  1,850
  1,948
  2,050
  2,157
  2,269
  2,387
  2,511
  2,640
  2,775
  2,918
  3,067
  3,223
  3,387
Interest expense (income), $m
  0
  56
  67
  77
  89
  100
  113
  125
  138
  152
  167
  182
  197
  213
  231
  248
  267
  286
  307
  328
  350
  374
  398
  424
  451
  479
  509
  540
  572
  606
  642
Earnings before tax, $m
  205
  333
  358
  384
  412
  440
  469
  500
  531
  565
  599
  773
  811
  850
  892
  935
  980
  1,027
  1,077
  1,128
  1,183
  1,239
  1,299
  1,361
  1,427
  1,495
  1,567
  1,643
  1,722
  1,804
  1,891
Tax expense, $m
  92
  90
  97
  104
  111
  119
  127
  135
  143
  152
  162
  209
  219
  230
  241
  252
  265
  277
  291
  305
  319
  335
  351
  368
  385
  404
  423
  443
  465
  487
  511
Net income, $m
  160
  243
  262
  281
  300
  321
  342
  365
  388
  412
  437
  564
  592
  621
  651
  682
  715
  750
  786
  824
  863
  905
  948
  994
  1,042
  1,092
  1,144
  1,199
  1,257
  1,317
  1,381

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  430
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,168
  7,202
  7,685
  8,188
  8,711
  9,255
  9,821
  10,412
  11,027
  11,668
  12,338
  13,036
  13,766
  14,528
  15,325
  16,158
  17,029
  17,940
  18,894
  19,892
  20,938
  22,033
  23,181
  24,383
  25,643
  26,964
  28,350
  29,802
  31,325
  32,922
  34,598
Adjusted assets (=assets-cash), $m
  6,738
  7,202
  7,685
  8,188
  8,711
  9,255
  9,821
  10,412
  11,027
  11,668
  12,338
  13,036
  13,766
  14,528
  15,325
  16,158
  17,029
  17,940
  18,894
  19,892
  20,938
  22,033
  23,181
  24,383
  25,643
  26,964
  28,350
  29,802
  31,325
  32,922
  34,598
Revenue / Adjusted assets
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
Average production assets, $m
  1,912
  2,044
  2,181
  2,324
  2,472
  2,627
  2,787
  2,955
  3,129
  3,312
  3,501
  3,700
  3,907
  4,123
  4,349
  4,586
  4,833
  5,091
  5,362
  5,645
  5,942
  6,253
  6,579
  6,920
  7,278
  7,653
  8,046
  8,458
  8,890
  9,343
  9,819
Working capital, $m
  1,021
  721
  769
  820
  872
  926
  983
  1,042
  1,104
  1,168
  1,235
  1,305
  1,378
  1,454
  1,534
  1,617
  1,705
  1,796
  1,891
  1,991
  2,096
  2,206
  2,320
  2,441
  2,567
  2,699
  2,838
  2,983
  3,136
  3,296
  3,463
Total debt, $m
  1,695
  1,905
  2,214
  2,535
  2,869
  3,217
  3,579
  3,956
  4,349
  4,759
  5,187
  5,633
  6,099
  6,586
  7,095
  7,628
  8,184
  8,767
  9,376
  10,014
  10,682
  11,382
  12,116
  12,884
  13,689
  14,533
  15,418
  16,346
  17,320
  18,340
  19,411
Total liabilities, $m
  4,392
  4,602
  4,911
  5,232
  5,566
  5,914
  6,276
  6,653
  7,046
  7,456
  7,884
  8,330
  8,796
  9,283
  9,792
  10,325
  10,881
  11,464
  12,073
  12,711
  13,379
  14,079
  14,813
  15,581
  16,386
  17,230
  18,115
  19,043
  20,017
  21,037
  22,108
Total equity, $m
  2,776
  2,600
  2,774
  2,956
  3,145
  3,341
  3,546
  3,759
  3,981
  4,212
  4,454
  4,706
  4,970
  5,245
  5,532
  5,833
  6,147
  6,476
  6,821
  7,181
  7,559
  7,954
  8,368
  8,802
  9,257
  9,734
  10,234
  10,758
  11,308
  11,885
  12,490
Total liabilities and equity, $m
  7,168
  7,202
  7,685
  8,188
  8,711
  9,255
  9,822
  10,412
  11,027
  11,668
  12,338
  13,036
  13,766
  14,528
  15,324
  16,158
  17,028
  17,940
  18,894
  19,892
  20,938
  22,033
  23,181
  24,383
  25,643
  26,964
  28,349
  29,801
  31,325
  32,922
  34,598
Debt-to-equity ratio
  0.611
  0.730
  0.800
  0.860
  0.910
  0.960
  1.010
  1.050
  1.090
  1.130
  1.160
  1.200
  1.230
  1.260
  1.280
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.430
  1.450
  1.460
  1.480
  1.490
  1.510
  1.520
  1.530
  1.540
  1.550
Adjusted equity ratio
  0.348
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  160
  243
  262
  281
  300
  321
  342
  365
  388
  412
  437
  564
  592
  621
  651
  682
  715
  750
  786
  824
  863
  905
  948
  994
  1,042
  1,092
  1,144
  1,199
  1,257
  1,317
  1,381
Depreciation, amort., depletion, $m
  274
  315
  327
  340
  353
  366
  380
  395
  410
  426
  442
  322
  340
  359
  378
  399
  420
  443
  466
  491
  517
  544
  572
  602
  633
  665
  700
  735
  773
  812
  854
Funds from operations, $m
  276
  559
  589
  620
  653
  687
  722
  759
  798
  838
  880
  886
  932
  979
  1,029
  1,081
  1,136
  1,193
  1,252
  1,315
  1,380
  1,449
  1,520
  1,596
  1,674
  1,757
  1,844
  1,935
  2,030
  2,130
  2,235
Change in working capital, $m
  -94
  47
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  105
  110
  115
  120
  126
  132
  139
  145
  152
  160
  168
Cash from operations, $m
  370
  569
  541
  570
  601
  632
  666
  700
  736
  773
  813
  816
  859
  903
  949
  998
  1,048
  1,101
  1,157
  1,215
  1,275
  1,339
  1,405
  1,475
  1,548
  1,625
  1,705
  1,789
  1,877
  1,970
  2,067
Maintenance CAPEX, $m
  0
  -166
  -178
  -190
  -202
  -215
  -228
  -242
  -257
  -272
  -288
  -304
  -322
  -340
  -359
  -378
  -399
  -420
  -443
  -466
  -491
  -517
  -544
  -572
  -602
  -633
  -665
  -700
  -735
  -773
  -812
New CAPEX, $m
  -201
  -132
  -137
  -143
  -148
  -154
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -226
  -236
  -247
  -259
  -271
  -283
  -297
  -311
  -326
  -341
  -358
  -375
  -393
  -412
  -432
  -453
  -476
Cash from investing activities, $m
  -598
  -298
  -315
  -333
  -350
  -369
  -389
  -410
  -432
  -454
  -478
  -502
  -529
  -556
  -585
  -614
  -646
  -679
  -714
  -749
  -788
  -828
  -870
  -913
  -960
  -1,008
  -1,058
  -1,112
  -1,167
  -1,226
  -1,288
Free cash flow, $m
  -228
  270
  226
  238
  250
  263
  276
  290
  305
  319
  335
  313
  330
  347
  365
  383
  402
  422
  443
  465
  488
  511
  536
  562
  589
  617
  647
  677
  710
  743
  779
Issuance/(repayment) of debt, $m
  496
  295
  309
  321
  334
  348
  362
  377
  393
  410
  428
  446
  466
  487
  509
  532
  557
  582
  610
  638
  668
  700
  733
  768
  805
  844
  885
  928
  973
  1,021
  1,071
Issuance/(repurchase) of shares, $m
  -213
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  279
  295
  309
  321
  334
  348
  362
  377
  393
  410
  428
  446
  466
  487
  509
  532
  557
  582
  610
  638
  668
  700
  733
  768
  805
  844
  885
  928
  973
  1,021
  1,071
Total cash flow (excl. dividends), $m
  46
  565
  534
  559
  584
  611
  638
  667
  698
  729
  762
  760
  796
  834
  874
  915
  959
  1,005
  1,053
  1,103
  1,156
  1,211
  1,269
  1,330
  1,394
  1,461
  1,532
  1,605
  1,683
  1,764
  1,850
Retained Cash Flow (-), $m
  62
  -169
  -174
  -181
  -189
  -196
  -205
  -213
  -222
  -232
  -242
  -252
  -263
  -275
  -288
  -301
  -314
  -329
  -344
  -360
  -377
  -395
  -414
  -434
  -455
  -477
  -500
  -524
  -550
  -577
  -605
Prev. year cash balance distribution, $m
 
  345
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  741
  360
  377
  396
  414
  434
  454
  476
  498
  521
  508
  533
  559
  586
  615
  645
  676
  708
  743
  778
  816
  855
  896
  939
  984
  1,032
  1,081
  1,133
  1,188
  1,245
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  703
  322
  317
  310
  302
  291
  279
  265
  249
  233
  201
  185
  168
  151
  134
  117
  102
  87
  73
  60
  49
  39
  31
  24
  18
  13
  9
  7
  5
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. The company offers tractors, including high horsepower tractors that are used on larger farms, primarily for row crop production; utility tractors for small- and medium-sized farms, as well as for dairy, livestock, orchards, and vineyards; and compact tractors for small farms, specialty agricultural industries, landscaping, and residential uses. It also provides combines that are used in harvesting grain crops; and application equipment, including self-propelled, three- and four-wheeled vehicles and related equipment for use in the application of liquid and dry fertilizers and crop protection chemicals, as well as for after crops emerge from the ground. In addition, the company offers hay tools and forage equipment comprising round and rectangular balers, self-propelled windrowers, disc mowers, spreaders, rakes, tedders, and mower conditioners for harvesting and packaging vegetative feeds used in the beef cattle, dairy, horse, and renewable fuel industries. Further, it provides implements, including disc harrows; leveling seed beds and mixing chemicals with the soils; heavy tillage to break up soil and mix crop residue into topsoil; field cultivators, which prepare smooth seed bed and destroy weeds; drills that are used for small grain seeding; and planters and loaders. Additionally, the company offers grain storage bins and related drying and handling equipment systems, as well as swine and poultry feed storage and delivery, ventilation, and watering systems; egg production cages and broiler production equipment; and replacement parts, as well as produces diesel engines, gears, and generating sets. It markets its products under the Challenger, Fendt, GSI, Massey Ferguson, and Valtra brands through a network of independent dealers and distributors. AGCO Corporation was founded in 1990 and is headquartered in Duluth, Georgia.

FINANCIAL RATIOS  of  AGCO (AGCO)

Valuation Ratios
P/E Ratio 31.8
Price to Sales 0.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 30.1
Growth Rates
Sales Growth Rate -0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.7%
Cap. Spend. - 3 Yr. Gr. Rate -12.5%
Financial Strength
Quick Ratio 5
Current Ratio 0.2
LT Debt to Equity 58%
Total Debt to Equity 61.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 5.7%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 20.5%
Gross Margin - 3 Yr. Avg. 20.9%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 7.4%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 5.1%
Pre-Tax Margin 2.8%
Pre-Tax Margin - 3 Yr. Avg. 4%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 44.9%
Eff/ Tax Rate - 3 Yr. Avg. 35.2%
Payout Ratio 26.9%

AGCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGCO stock intrinsic value calculation we used $7411 million for the last fiscal year's total revenue generated by AGCO. The default revenue input number comes from 2016 income statement of AGCO. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AGCO stock valuation model: a) initial revenue growth rate of 6.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.4%, whose default value for AGCO is calculated based on our internal credit rating of AGCO, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AGCO.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AGCO stock the variable cost ratio is equal to 95.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AGCO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for AGCO.

Corporate tax rate of 27% is the nominal tax rate for AGCO. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AGCO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AGCO are equal to 25.8%.

Life of production assets of 11.5 years is the average useful life of capital assets used in AGCO operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AGCO is equal to 9.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2776 million for AGCO - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 79.262 million for AGCO is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AGCO at the current share price and the inputted number of shares is $5.1 billion.


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COMPANY NEWS

▶ Agco reports 1Q loss   [07:52AM  Associated Press]
▶ AGCO Reports First Quarter Results   [07:45AM  Business Wire]
▶ AGCO Announces Quarterly Dividend   [Apr-27-17 03:00PM  Business Wire]
▶ AGCO Corp. Value Analysis (NYSE:AGCO) : April 26, 2017   [Apr-26-17 03:49PM  Capital Cube]
▶ Goldman Sachs Favors Equities in Europe Over U.S.   [Apr-24-17 05:08AM  Investopedia]
▶ 7 Things You Didn't Know About Caterpillar Inc.   [Apr-18-17 10:21AM  Motley Fool]
▶ State of Michigan Awards AGCO Equipment Purchasing Contract   [Mar-08-17 09:00AM  Business Wire]
▶ Why Chasing Deere & Company's Stock in 2017 Could Be Risky   [Feb-16-17 03:57PM  at Motley Fool]
▶ AGCO Reports Fourth Quarter Results   [08:00AM  Business Wire]
▶ AGCO Announces Dividend Increase   [Jan-26-17 04:30PM  Business Wire]
▶ Augmented-Reality Changes The Way Workers See Work   [Dec-12-16 10:30AM  at MarketWatch]
▶ Is AGCO Corporation (AGCO) a Good Stock to Invest in?   [Dec-11-16 01:08PM  at Insider Monkey]
▶ AGCO to Host Analyst Meeting   [Dec-02-16 02:00PM  Business Wire]
▶ Why It's Not Time to Buy Deere & Company Stock   [Nov-10-16 03:01PM  at Motley Fool]
▶ AGCO to Present at Goldman Sachs Industrials Conference   [Nov-01-16 05:30PM  Business Wire]
▶ AGCO Announces Quarterly Dividend   [Oct-27-16 01:45PM  Business Wire]
▶ AGCO Reports Third Quarter Results   [07:55AM  Business Wire]
▶ Is It Safe to Buy Deere & Company Stock?   [Oct-12-16 05:29PM  at Motley Fool]
Stock chart of AGCO Financial statements of AGCO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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