Intrinsic value of AGCO - AGCO

Previous Close

$69.50

  Intrinsic Value

$54.99

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

-50%

Previous close

$69.50

 
Intrinsic value

$54.99

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

-50%

*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 5.5

 

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
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  7,411
  7,737
  8,082
  8,447
  8,832
  9,239
  9,668
  10,121
  10,598
  11,101
  11,630
  12,187
  12,773
  13,390
  14,040
  14,722
  15,440
  16,195
  16,989
  17,823
  18,699
  19,621
  20,589
  21,606
  22,675
  23,798
  24,977
  26,217
  27,518
  28,886
  30,322
Variable operating expenses, $m
 
  7,360
  7,682
  8,022
  8,382
  8,762
  9,162
  9,585
  10,030
  10,499
  10,993
  11,376
  11,923
  12,499
  13,105
  13,742
  14,412
  15,117
  15,858
  16,636
  17,455
  18,315
  19,218
  20,168
  21,166
  22,214
  23,315
  24,471
  25,687
  26,963
  28,303
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
  7,360
  7,682
  8,022
  8,382
  8,762
  9,162
  9,585
  10,030
  10,499
  10,993
  11,376
  11,923
  12,499
  13,105
  13,742
  14,412
  15,117
  15,858
  16,636
  17,455
  18,315
  19,218
  20,168
  21,166
  22,214
  23,315
  24,471
  25,687
  26,963
  28,303
Operating income, $m
  288
  377
  400
  425
  450
  477
  506
  536
  568
  601
  637
  811
  850
  891
  935
  980
  1,028
  1,078
  1,131
  1,186
  1,245
  1,306
  1,371
  1,438
  1,509
  1,584
  1,663
  1,745
  1,832
  1,923
  2,018
EBITDA, $m
  562
  689
  719
  752
  786
  822
  861
  901
  943
  988
  1,035
  1,085
  1,137
  1,192
  1,250
  1,310
  1,374
  1,441
  1,512
  1,586
  1,664
  1,746
  1,832
  1,923
  2,018
  2,118
  2,223
  2,333
  2,449
  2,571
  2,699
Interest expense (income), $m
  0
  56
  63
  70
  77
  85
  93
  102
  111
  121
  131
  142
  153
  165
  178
  191
  205
  220
  235
  251
  268
  286
  305
  324
  345
  367
  389
  413
  439
  465
  493
Earnings before tax, $m
  205
  321
  337
  355
  373
  392
  413
  434
  456
  480
  505
  669
  697
  726
  757
  789
  823
  859
  896
  935
  977
  1,020
  1,066
  1,114
  1,165
  1,218
  1,273
  1,332
  1,393
  1,458
  1,526
Tax expense, $m
  92
  87
  91
  96
  101
  106
  111
  117
  123
  130
  136
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  275
  288
  301
  314
  329
  344
  360
  376
  394
  412
Net income, $m
  160
  234
  246
  259
  272
  286
  301
  317
  333
  351
  369
  489
  509
  530
  552
  576
  601
  627
  654
  683
  713
  745
  778
  813
  850
  889
  929
  972
  1,017
  1,064
  1,114

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
  7,034
  7,347
  7,679
  8,029
  8,399
  8,790
  9,201
  9,635
  10,091
  10,573
  11,079
  11,612
  12,173
  12,763
  13,384
  14,036
  14,723
  15,444
  16,202
  16,999
  17,837
  18,717
  19,642
  20,614
  21,634
  22,707
  23,833
  25,017
  26,260
  27,565
Adjusted assets (=assets-cash), $m
  6,738
  7,034
  7,347
  7,679
  8,029
  8,399
  8,790
  9,201
  9,635
  10,091
  10,573
  11,079
  11,612
  12,173
  12,763
  13,384
  14,036
  14,723
  15,444
  16,202
  16,999
  17,837
  18,717
  19,642
  20,614
  21,634
  22,707
  23,833
  25,017
  26,260
  27,565
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
  1,996
  2,085
  2,179
  2,279
  2,384
  2,494
  2,611
  2,734
  2,864
  3,000
  3,144
  3,296
  3,455
  3,622
  3,798
  3,984
  4,178
  4,383
  4,598
  4,824
  5,062
  5,312
  5,574
  5,850
  6,140
  6,444
  6,764
  7,100
  7,452
  7,823
Working capital, $m
  1,021
  704
  735
  769
  804
  841
  880
  921
  964
  1,010
  1,058
  1,109
  1,162
  1,219
  1,278
  1,340
  1,405
  1,474
  1,546
  1,622
  1,702
  1,785
  1,874
  1,966
  2,063
  2,166
  2,273
  2,386
  2,504
  2,629
  2,759
Total debt, $m
  1,695
  1,798
  1,998
  2,210
  2,434
  2,670
  2,920
  3,182
  3,460
  3,751
  4,059
  4,383
  4,723
  5,082
  5,459
  5,855
  6,272
  6,711
  7,172
  7,656
  8,166
  8,701
  9,263
  9,854
  10,475
  11,127
  11,813
  12,532
  13,289
  14,083
  14,917
Total liabilities, $m
  4,392
  4,495
  4,695
  4,907
  5,131
  5,367
  5,617
  5,879
  6,157
  6,448
  6,756
  7,080
  7,420
  7,779
  8,156
  8,552
  8,969
  9,408
  9,869
  10,353
  10,863
  11,398
  11,960
  12,551
  13,172
  13,824
  14,510
  15,229
  15,986
  16,780
  17,614
Total equity, $m
  2,776
  2,539
  2,652
  2,772
  2,899
  3,032
  3,173
  3,322
  3,478
  3,643
  3,817
  4,000
  4,192
  4,394
  4,608
  4,832
  5,067
  5,315
  5,575
  5,849
  6,137
  6,439
  6,757
  7,091
  7,441
  7,810
  8,197
  8,604
  9,031
  9,480
  9,951
Total liabilities and equity, $m
  7,168
  7,034
  7,347
  7,679
  8,030
  8,399
  8,790
  9,201
  9,635
  10,091
  10,573
  11,080
  11,612
  12,173
  12,764
  13,384
  14,036
  14,723
  15,444
  16,202
  17,000
  17,837
  18,717
  19,642
  20,613
  21,634
  22,707
  23,833
  25,017
  26,260
  27,565
Debt-to-equity ratio
  0.611
  0.710
  0.750
  0.800
  0.840
  0.880
  0.920
  0.960
  0.990
  1.030
  1.060
  1.100
  1.130
  1.160
  1.180
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.420
  1.440
  1.460
  1.470
  1.490
  1.500
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
  234
  246
  259
  272
  286
  301
  317
  333
  351
  369
  489
  509
  530
  552
  576
  601
  627
  654
  683
  713
  745
  778
  813
  850
  889
  929
  972
  1,017
  1,064
  1,114
Depreciation, amort., depletion, $m
  274
  311
  319
  327
  336
  345
  355
  365
  375
  387
  399
  273
  287
  300
  315
  330
  346
  363
  381
  400
  420
  440
  462
  485
  509
  534
  560
  588
  617
  648
  680
Funds from operations, $m
  276
  546
  565
  586
  608
  631
  656
  681
  709
  737
  767
  762
  795
  830
  867
  906
  947
  990
  1,035
  1,083
  1,133
  1,185
  1,240
  1,298
  1,359
  1,423
  1,490
  1,560
  1,634
  1,712
  1,794
Change in working capital, $m
  -94
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  93
  97
  102
  107
  113
  118
  124
  131
Cash from operations, $m
  370
  516
  534
  553
  573
  594
  617
  640
  665
  691
  719
  711
  742
  774
  808
  844
  882
  921
  963
  1,007
  1,053
  1,101
  1,152
  1,205
  1,262
  1,321
  1,382
  1,448
  1,516
  1,588
  1,663
Maintenance CAPEX, $m
  0
  -166
  -174
  -181
  -190
  -198
  -207
  -217
  -227
  -238
  -249
  -261
  -273
  -287
  -300
  -315
  -330
  -346
  -363
  -381
  -400
  -420
  -440
  -462
  -485
  -509
  -534
  -560
  -588
  -617
  -648
New CAPEX, $m
  -201
  -85
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -215
  -226
  -238
  -250
  -262
  -276
  -290
  -304
  -320
  -336
  -353
  -371
Cash from investing activities, $m
  -598
  -251
  -263
  -275
  -289
  -303
  -318
  -334
  -350
  -368
  -386
  -405
  -424
  -446
  -467
  -491
  -515
  -541
  -568
  -596
  -626
  -658
  -690
  -724
  -761
  -799
  -838
  -880
  -924
  -970
  -1,019
Free cash flow, $m
  -228
  265
  271
  277
  284
  291
  299
  307
  315
  324
  334
  307
  317
  329
  340
  353
  366
  380
  395
  410
  427
  444
  462
  481
  501
  522
  544
  567
  592
  618
  645
Issuance/(repayment) of debt, $m
  496
  188
  200
  212
  224
  236
  249
  263
  277
  292
  307
  324
  341
  358
  377
  397
  417
  438
  461
  485
  509
  535
  562
  591
  621
  652
  685
  720
  756
  794
  834
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
  188
  200
  212
  224
  236
  249
  263
  277
  292
  307
  324
  341
  358
  377
  397
  417
  438
  461
  485
  509
  535
  562
  591
  621
  652
  685
  720
  756
  794
  834
Total cash flow (excl. dividends), $m
  46
  453
  472
  489
  508
  527
  548
  569
  592
  616
  641
  630
  658
  687
  717
  750
  783
  819
  856
  895
  936
  979
  1,024
  1,072
  1,122
  1,174
  1,229
  1,287
  1,348
  1,412
  1,479
Retained Cash Flow (-), $m
  62
  -108
  -113
  -120
  -126
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -224
  -236
  -248
  -260
  -274
  -288
  -302
  -318
  -334
  -351
  -369
  -387
  -407
  -427
  -449
  -471
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
 
  689
  358
  370
  381
  394
  407
  421
  436
  451
  467
  447
  465
  484
  504
  526
  548
  571
  595
  621
  648
  677
  707
  738
  771
  806
  842
  881
  921
  963
  1,008
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
 
  654
  321
  311
  299
  287
  273
  258
  242
  226
  209
  177
  161
  145
  130
  115
  100
  86
  73
  61
  50
  41
  32
  25
  19
  15
  11
  8
  5
  4
  2
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 34.5
Price to Sales 0.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow 32.7
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 4.4% 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 79.006 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 $5.5 billion.

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COMPANY NEWS

▶ Agco CEO on Agricultural-Equipment Market and Strategy   [Jul-31-17 08:31PM  Bloomberg Video]
▶ Agco tops Street 2Q forecasts   [Jul-28-17 01:24AM  Associated Press]
▶ AGCO to buy Monsanto's farm equipment business   [Jul-26-17 12:57PM  Reuters]
▶ 5 Stock Picks with Earnings Beat Potential   [Jul-21-17 03:54AM  Zacks]
▶ New Strong Buy Stocks for July 13th   [Jul-13-17 07:41AM  Zacks]
▶ AGCO Announces Quarterly Dividend   [Jul-12-17 10:00AM  Business Wire]
▶ ETFs with exposure to AGCO Corp. : July 3, 2017   [Jul-03-17 02:46PM  Capital Cube]
▶ ETFs with exposure to AGCO Corp. : June 22, 2017   [Jun-22-17 03:15PM  Capital Cube]
▶ 2 Ag Names Win Bank Of America Upgrades   [Jun-19-17 11:40AM  Benzinga]
▶ AGCO Smart Logistics Closes Digital Gap   [09:00AM  Business Wire]
▶ AGCO Expands Service Offerings for Guidance Systems   [May-08-17 09:00AM  Business Wire]
▶ AGCO to Present at Wells Fargos 2017 Industrials Conference   [May-05-17 04:01PM  Business Wire]
▶ Agricultural equipment giant AGCO names second female board member   [03:42PM  American City Business Journals]
▶ 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]
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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