Intrinsic value of AGCO - AGCO

Previous Close

$72.49

  Intrinsic Value

$62.24

stock screener

  Rating & Target

hold

-14%

Previous close

$72.49

 
Intrinsic value

$62.24

 
Up/down potential

-14%

 
Rating

hold

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 5.8

 

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
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  7,411
  8,041
  8,696
  9,378
  10,086
  10,822
  11,586
  12,381
  13,208
  14,067
  14,961
  15,892
  16,861
  17,870
  18,923
  20,021
  21,166
  22,362
  23,610
  24,915
  26,278
  27,704
  29,195
  30,756
  32,389
  34,099
  35,889
  37,765
  39,730
  41,789
  43,948
Variable operating expenses, $m
 
  7,643
  8,255
  8,891
  9,552
  10,239
  10,953
  11,695
  12,466
  13,268
  14,103
  14,834
  15,738
  16,681
  17,663
  18,688
  19,757
  20,873
  22,038
  23,256
  24,529
  25,860
  27,252
  28,708
  30,233
  31,829
  33,500
  35,251
  37,085
  39,008
  41,022
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
  7,643
  8,255
  8,891
  9,552
  10,239
  10,953
  11,695
  12,466
  13,268
  14,103
  14,834
  15,738
  16,681
  17,663
  18,688
  19,757
  20,873
  22,038
  23,256
  24,529
  25,860
  27,252
  28,708
  30,233
  31,829
  33,500
  35,251
  37,085
  39,008
  41,022
Operating income, $m
  288
  398
  441
  487
  534
  583
  634
  687
  742
  799
  858
  1,058
  1,122
  1,190
  1,260
  1,333
  1,409
  1,489
  1,572
  1,658
  1,749
  1,844
  1,943
  2,047
  2,156
  2,270
  2,389
  2,514
  2,645
  2,782
  2,925
EBITDA, $m
  562
  716
  774
  835
  898
  963
  1,031
  1,102
  1,175
  1,252
  1,332
  1,414
  1,501
  1,591
  1,684
  1,782
  1,884
  1,990
  2,101
  2,217
  2,339
  2,466
  2,598
  2,737
  2,883
  3,035
  3,194
  3,361
  3,536
  3,719
  3,911
Interest expense (income), $m
  0
  56
  69
  82
  96
  111
  126
  141
  157
  174
  192
  210
  229
  248
  269
  290
  313
  336
  360
  386
  412
  440
  469
  499
  531
  564
  599
  635
  673
  713
  755
Earnings before tax, $m
  205
  341
  372
  404
  438
  472
  508
  545
  584
  625
  667
  848
  894
  941
  991
  1,042
  1,096
  1,153
  1,211
  1,273
  1,337
  1,404
  1,475
  1,548
  1,625
  1,706
  1,790
  1,879
  1,971
  2,068
  2,170
Tax expense, $m
  92
  92
  100
  109
  118
  127
  137
  147
  158
  169
  180
  229
  241
  254
  267
  281
  296
  311
  327
  344
  361
  379
  398
  418
  439
  461
  483
  507
  532
  558
  586
Net income, $m
  160
  249
  272
  295
  319
  345
  371
  398
  427
  456
  487
  619
  652
  687
  723
  761
  800
  841
  884
  929
  976
  1,025
  1,076
  1,130
  1,186
  1,245
  1,307
  1,371
  1,439
  1,510
  1,584

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
  7,310
  7,906
  8,525
  9,169
  9,838
  10,533
  11,256
  12,007
  12,788
  13,601
  14,447
  15,328
  16,246
  17,203
  18,201
  19,242
  20,329
  21,464
  22,650
  23,889
  25,185
  26,541
  27,960
  29,444
  30,999
  32,627
  34,332
  36,118
  37,990
  39,952
Adjusted assets (=assets-cash), $m
  6,738
  7,310
  7,906
  8,525
  9,169
  9,838
  10,533
  11,256
  12,007
  12,788
  13,601
  14,447
  15,328
  16,246
  17,203
  18,201
  19,242
  20,329
  21,464
  22,650
  23,889
  25,185
  26,541
  27,960
  29,444
  30,999
  32,627
  34,332
  36,118
  37,990
  39,952
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
  2,075
  2,244
  2,419
  2,602
  2,792
  2,989
  3,194
  3,408
  3,629
  3,860
  4,100
  4,350
  4,611
  4,882
  5,165
  5,461
  5,769
  6,091
  6,428
  6,780
  7,148
  7,532
  7,935
  8,356
  8,797
  9,259
  9,743
  10,250
  10,782
  11,338
Working capital, $m
  1,021
  732
  791
  853
  918
  985
  1,054
  1,127
  1,202
  1,280
  1,361
  1,446
  1,534
  1,626
  1,722
  1,822
  1,926
  2,035
  2,149
  2,267
  2,391
  2,521
  2,657
  2,799
  2,947
  3,103
  3,266
  3,437
  3,615
  3,803
  3,999
Total debt, $m
  1,695
  1,974
  2,355
  2,751
  3,162
  3,589
  4,034
  4,495
  4,975
  5,475
  5,994
  6,535
  7,098
  7,684
  8,296
  8,933
  9,599
  10,293
  11,018
  11,776
  12,568
  13,396
  14,263
  15,169
  16,118
  17,111
  18,151
  19,241
  20,383
  21,579
  22,833
Total liabilities, $m
  4,392
  4,671
  5,052
  5,448
  5,859
  6,286
  6,731
  7,192
  7,672
  8,172
  8,691
  9,232
  9,795
  10,381
  10,993
  11,630
  12,296
  12,990
  13,715
  14,473
  15,265
  16,093
  16,960
  17,866
  18,815
  19,808
  20,848
  21,938
  23,080
  24,276
  25,530
Total equity, $m
  2,776
  2,639
  2,854
  3,078
  3,310
  3,551
  3,802
  4,063
  4,334
  4,617
  4,910
  5,215
  5,533
  5,865
  6,210
  6,570
  6,946
  7,339
  7,748
  8,177
  8,624
  9,092
  9,581
  10,093
  10,629
  11,191
  11,778
  12,394
  13,039
  13,714
  14,423
Total liabilities and equity, $m
  7,168
  7,310
  7,906
  8,526
  9,169
  9,837
  10,533
  11,255
  12,006
  12,789
  13,601
  14,447
  15,328
  16,246
  17,203
  18,200
  19,242
  20,329
  21,463
  22,650
  23,889
  25,185
  26,541
  27,959
  29,444
  30,999
  32,626
  34,332
  36,119
  37,990
  39,953
Debt-to-equity ratio
  0.611
  0.750
  0.830
  0.890
  0.960
  1.010
  1.060
  1.110
  1.150
  1.190
  1.220
  1.250
  1.280
  1.310
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
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
  249
  272
  295
  319
  345
  371
  398
  427
  456
  487
  619
  652
  687
  723
  761
  800
  841
  884
  929
  976
  1,025
  1,076
  1,130
  1,186
  1,245
  1,307
  1,371
  1,439
  1,510
  1,584
Depreciation, amort., depletion, $m
  274
  318
  333
  348
  364
  380
  398
  415
  434
  453
  473
  357
  378
  401
  425
  449
  475
  502
  530
  559
  590
  622
  655
  690
  727
  765
  805
  847
  891
  938
  986
Funds from operations, $m
  276
  567
  604
  643
  683
  725
  768
  814
  860
  909
  960
  976
  1,031
  1,088
  1,148
  1,210
  1,275
  1,343
  1,414
  1,488
  1,566
  1,647
  1,731
  1,820
  1,913
  2,010
  2,112
  2,219
  2,330
  2,447
  2,570
Change in working capital, $m
  -94
  57
  60
  62
  64
  67
  70
  72
  75
  78
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
Cash from operations, $m
  370
  510
  545
  581
  619
  658
  699
  741
  785
  831
  879
  891
  942
  996
  1,052
  1,110
  1,171
  1,234
  1,300
  1,369
  1,442
  1,517
  1,596
  1,678
  1,764
  1,855
  1,949
  2,048
  2,152
  2,260
  2,374
Maintenance CAPEX, $m
  0
  -166
  -180
  -195
  -210
  -226
  -243
  -260
  -278
  -296
  -316
  -336
  -357
  -378
  -401
  -425
  -449
  -475
  -502
  -530
  -559
  -590
  -622
  -655
  -690
  -727
  -765
  -805
  -847
  -891
  -938
New CAPEX, $m
  -201
  -163
  -169
  -176
  -183
  -190
  -197
  -205
  -213
  -222
  -231
  -240
  -250
  -261
  -272
  -283
  -295
  -308
  -322
  -337
  -352
  -368
  -385
  -403
  -421
  -441
  -462
  -484
  -507
  -531
  -557
Cash from investing activities, $m
  -598
  -329
  -349
  -371
  -393
  -416
  -440
  -465
  -491
  -518
  -547
  -576
  -607
  -639
  -673
  -708
  -744
  -783
  -824
  -867
  -911
  -958
  -1,007
  -1,058
  -1,111
  -1,168
  -1,227
  -1,289
  -1,354
  -1,422
  -1,495
Free cash flow, $m
  -228
  181
  195
  210
  226
  242
  259
  276
  294
  313
  332
  315
  336
  357
  379
  402
  426
  451
  477
  503
  531
  560
  589
  621
  653
  687
  722
  759
  797
  837
  879
Issuance/(repayment) of debt, $m
  496
  364
  381
  396
  411
  427
  444
  462
  480
  499
  519
  541
  563
  587
  611
  638
  665
  695
  725
  758
  792
  828
  866
  906
  949
  993
  1,040
  1,090
  1,142
  1,196
  1,254
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
  364
  381
  396
  411
  427
  444
  462
  480
  499
  519
  541
  563
  587
  611
  638
  665
  695
  725
  758
  792
  828
  866
  906
  949
  993
  1,040
  1,090
  1,142
  1,196
  1,254
Total cash flow (excl. dividends), $m
  46
  545
  576
  606
  637
  669
  703
  738
  774
  812
  852
  856
  899
  944
  991
  1,040
  1,092
  1,145
  1,202
  1,261
  1,323
  1,388
  1,456
  1,527
  1,602
  1,680
  1,762
  1,848
  1,939
  2,034
  2,133
Retained Cash Flow (-), $m
  62
  -208
  -215
  -224
  -232
  -242
  -251
  -261
  -271
  -282
  -293
  -305
  -318
  -331
  -345
  -360
  -376
  -392
  -410
  -428
  -447
  -468
  -489
  -512
  -536
  -561
  -588
  -616
  -645
  -676
  -708
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
 
  682
  361
  382
  405
  428
  452
  477
  503
  530
  558
  550
  581
  612
  645
  680
  716
  753
  792
  833
  875
  920
  966
  1,015
  1,066
  1,119
  1,175
  1,233
  1,294
  1,358
  1,425
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
 
  647
  323
  321
  318
  311
  303
  293
  280
  266
  250
  218
  201
  184
  166
  148
  130
  113
  97
  82
  68
  55
  44
  35
  27
  20
  15
  11
  8
  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 is a manufacturer and distributor of agricultural equipment and related replacement parts. The Company sells a range of agricultural equipment, including tractors, combines, self-propelled sprayers, hay tools, forage equipment, seeding and tillage equipment, implements, and grain storage and protein production systems. The Company's segments are North America, South America, Europe/Middle East, and Asia/Pacific/Africa. The Company's products are marketed under various brands, including Challenger, Fendt, GSI, Massey Ferguson and Valtra. As of December 31, 2016, the Company distributed its products through over 3,000 independent dealers and distributors in more than 150 countries. In addition, the Company also provides retail and wholesale financing through its finance joint ventures with Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank). The Company's AGCO Power engines division produces diesel engines, gears and generating sets.

FINANCIAL RATIOS  of  AGCO (AGCO)

Valuation Ratios
P/E Ratio 36
Price to Sales 0.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 34.1
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 8.5% 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 79.497 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 $5.8 billion.

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COMPANY NEWS

▶ AGCO to Host Analyst Meeting   [Dec-04-17 04:15PM  Business Wire]
▶ Stocks Showing Improved Relative Strength: AGCO   [03:00AM  Investor's Business Daily]
▶ Agco beats Street 3Q forecasts   [Oct-31-17 07:55AM  Associated Press]
▶ AGCO Reports Third Quarter Results   [07:45AM  Business Wire]
▶ AGCO Gets Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ AGCO Announces Quarterly Dividend   [Oct-26-17 02:30PM  Business Wire]
▶ Stocks to watch as NAFTA's future remains in doubt   [Oct-18-17 05:05PM  Reuters]
▶ Bank Of America Advises Selling AGCO Shares   [Oct-13-17 12:09PM  Benzinga]
▶ New Strong Buy Stocks for October 9th   [Oct-09-17 07:48AM  Zacks]
▶ AGCO or Terex: Which Stock Should You Buy?   [Sep-14-17 05:57PM  Zacks]
▶ ETFs with exposure to AGCO Corp. : September 7, 2017   [Sep-07-17 12:13PM  Capital Cube]
▶ AGCO Corp. Value Analysis (NYSE:AGCO) : August 24, 2017   [Aug-24-17 04:37PM  Capital Cube]
▶ AGCO Announces Manufacturing Joint Venture with CP Foods   [Aug-23-17 04:30PM  Business Wire]
▶ Harvest Some Profits on AGCO   [Aug-18-17 02:49PM  TheStreet.com]
▶ 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]
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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