Intrinsic value of Deere - DE

Previous Close

$137.17

  Intrinsic Value

$179.59

stock screener

  Rating & Target

buy

+31%

Previous close

$137.17

 
Intrinsic value

$179.59

 
Up/down potential

+31%

 
Rating

buy

We calculate the intrinsic value of DE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.61
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  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
  5.35
  5.31
Revenue, $m
  29,738
  33,188
  36,818
  40,628
  44,614
  48,776
  53,116
  57,635
  62,336
  67,224
  72,304
  77,583
  83,069
  88,771
  94,699
  100,863
  107,277
  113,953
  120,905
  128,148
  135,698
  143,572
  151,787
  160,363
  169,319
  178,676
  188,457
  198,683
  209,380
  220,572
  232,287
Variable operating expenses, $m
 
  21,672
  23,950
  26,339
  28,839
  31,451
  34,173
  37,007
  39,956
  43,022
  46,209
  48,667
  52,108
  55,685
  59,403
  63,270
  67,293
  71,481
  75,842
  80,385
  85,121
  90,060
  95,214
  100,593
  106,212
  112,081
  118,216
  124,631
  131,341
  138,362
  145,710
Fixed operating expenses, $m
 
  6,462
  6,604
  6,750
  6,898
  7,050
  7,205
  7,363
  7,525
  7,691
  7,860
  8,033
  8,210
  8,390
  8,575
  8,764
  8,956
  9,154
  9,355
  9,561
  9,771
  9,986
  10,206
  10,430
  10,660
  10,894
  11,134
  11,379
  11,629
  11,885
  12,146
Total operating expenses, $m
  25,566
  28,134
  30,554
  33,089
  35,737
  38,501
  41,378
  44,370
  47,481
  50,713
  54,069
  56,700
  60,318
  64,075
  67,978
  72,034
  76,249
  80,635
  85,197
  89,946
  94,892
  100,046
  105,420
  111,023
  116,872
  122,975
  129,350
  136,010
  142,970
  150,247
  157,856
Operating income, $m
  4,171
  5,053
  6,265
  7,539
  8,876
  10,276
  11,738
  13,264
  14,854
  16,510
  18,235
  20,883
  22,751
  24,696
  26,721
  28,830
  31,027
  33,318
  35,708
  38,202
  40,805
  43,525
  46,367
  49,339
  52,448
  55,701
  59,107
  62,673
  66,410
  70,325
  74,430
EBITDA, $m
  5,887
  13,697
  15,760
  17,928
  20,201
  22,578
  25,058
  27,645
  30,338
  33,142
  36,058
  39,092
  42,247
  45,530
  48,946
  52,502
  56,205
  60,063
  64,085
  68,278
  72,654
  77,221
  81,992
  86,976
  92,187
  97,636
  103,338
  109,304
  115,551
  122,094
  128,948
Interest expense (income), $m
  903
  1,591
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
  815
Earnings before tax, $m
  3,154
  3,463
  5,450
  6,724
  8,061
  9,461
  10,923
  12,449
  14,039
  15,696
  17,420
  20,068
  21,936
  23,881
  25,906
  28,015
  30,212
  32,504
  34,893
  37,387
  39,991
  42,710
  45,553
  48,525
  51,633
  54,886
  58,292
  61,858
  65,595
  69,511
  73,615
Tax expense, $m
  971
  935
  1,471
  1,816
  2,177
  2,554
  2,949
  3,361
  3,791
  4,238
  4,703
  5,418
  5,923
  6,448
  6,995
  7,564
  8,157
  8,776
  9,421
  10,095
  10,797
  11,532
  12,299
  13,102
  13,941
  14,819
  15,739
  16,702
  17,711
  18,768
  19,876
Net income, $m
  2,159
  2,528
  3,978
  4,909
  5,885
  6,907
  7,974
  9,088
  10,249
  11,458
  12,716
  14,650
  16,014
  17,433
  18,911
  20,451
  22,055
  23,728
  25,472
  27,293
  29,193
  31,179
  33,253
  35,423
  37,692
  40,067
  42,553
  45,157
  47,884
  50,743
  53,739

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9,335
  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
  65,786
  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
Adjusted assets (=assets-cash), $m
  56,451
  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
Revenue / Adjusted assets
  0.527
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  5,992
  77,891
  86,413
  95,353
  104,708
  114,478
  124,663
  135,269
  146,303
  157,774
  169,697
  182,087
  194,963
  208,345
  222,258
  236,727
  251,780
  267,448
  283,764
  300,763
  318,483
  336,963
  356,244
  376,372
  397,392
  419,354
  442,308
  466,310
  491,415
  517,683
  545,177
Working capital, $m
  0
  -61,331
  -68,040
  -75,080
  -82,446
  -90,139
  -98,158
  -106,509
  -115,197
  -124,230
  -133,618
  -143,373
  -153,512
  -164,049
  -175,003
  -186,396
  -198,248
  -210,585
  -223,432
  -236,817
  -250,770
  -265,320
  -280,502
  -296,351
  -312,902
  -330,194
  -348,268
  -367,167
  -386,934
  -407,618
  -429,266
Total debt, $m
  40,045
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
  4,793
Total liabilities, $m
  56,229
  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 equity, $m
  9,557
  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 liabilities and equity, $m
  65,786
  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
Debt-to-equity ratio
  4.190
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.145
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,159
  2,528
  3,978
  4,909
  5,885
  6,907
  7,974
  9,088
  10,249
  11,458
  12,716
  14,650
  16,014
  17,433
  18,911
  20,451
  22,055
  23,728
  25,472
  27,293
  29,193
  31,179
  33,253
  35,423
  37,692
  40,067
  42,553
  45,157
  47,884
  50,743
  53,739
Depreciation, amort., depletion, $m
  1,716
  8,643
  9,495
  10,389
  11,325
  12,302
  13,320
  14,381
  15,484
  16,631
  17,824
  18,209
  19,496
  20,835
  22,226
  23,673
  25,178
  26,745
  28,376
  30,076
  31,848
  33,696
  35,624
  37,637
  39,739
  41,935
  44,231
  46,631
  49,142
  51,768
  54,518
Funds from operations, $m
  608
  11,171
  13,473
  15,298
  17,210
  19,208
  21,294
  23,469
  25,733
  28,089
  30,540
  32,859
  35,510
  38,268
  41,137
  44,123
  47,233
  50,472
  53,849
  57,369
  61,041
  64,875
  68,878
  73,060
  77,431
  82,002
  86,784
  91,788
  97,026
  102,511
  108,257
Change in working capital, $m
  -1,592
  -6,375
  -6,710
  -7,039
  -7,366
  -7,692
  -8,020
  -8,351
  -8,688
  -9,033
  -9,388
  -9,756
  -10,138
  -10,537
  -10,955
  -11,392
  -11,853
  -12,337
  -12,847
  -13,385
  -13,952
  -14,551
  -15,182
  -15,848
  -16,551
  -17,292
  -18,074
  -18,899
  -19,767
  -20,683
  -21,648
Cash from operations, $m
  2,200
  17,546
  20,183
  22,337
  24,576
  26,901
  29,314
  31,820
  34,421
  37,122
  39,928
  42,614
  45,648
  48,805
  52,092
  55,516
  59,086
  62,809
  66,696
  70,754
  74,994
  79,426
  84,060
  88,908
  93,982
  99,295
  104,858
  110,686
  116,793
  123,194
  129,905
Maintenance CAPEX, $m
  0
  -6,978
  -7,789
  -8,641
  -9,535
  -10,471
  -11,448
  -12,466
  -13,527
  -14,630
  -15,777
  -16,970
  -18,209
  -19,496
  -20,835
  -22,226
  -23,673
  -25,178
  -26,745
  -28,376
  -30,076
  -31,848
  -33,696
  -35,624
  -37,637
  -39,739
  -41,935
  -44,231
  -46,631
  -49,142
  -51,768
New CAPEX, $m
  -2,592
  -8,109
  -8,521
  -8,940
  -9,355
  -9,770
  -10,185
  -10,606
  -11,034
  -11,472
  -11,923
  -12,390
  -12,876
  -13,382
  -13,913
  -14,469
  -15,053
  -15,668
  -16,316
  -16,999
  -17,720
  -18,480
  -19,282
  -20,128
  -21,020
  -21,962
  -22,955
  -24,002
  -25,105
  -26,268
  -27,493
Cash from investing activities, $m
  -1,644
  -15,087
  -16,310
  -17,581
  -18,890
  -20,241
  -21,633
  -23,072
  -24,561
  -26,102
  -27,700
  -29,360
  -31,085
  -32,878
  -34,748
  -36,695
  -38,726
  -40,846
  -43,061
  -45,375
  -47,796
  -50,328
  -52,978
  -55,752
  -58,657
  -61,701
  -64,890
  -68,233
  -71,736
  -75,410
  -79,261
Free cash flow, $m
  556
  2,459
  3,873
  4,756
  5,685
  6,660
  7,681
  8,747
  9,860
  11,020
  12,228
  13,255
  14,564
  15,926
  17,344
  18,821
  20,360
  21,963
  23,635
  25,378
  27,198
  29,098
  31,082
  33,156
  35,325
  37,594
  39,968
  42,454
  45,057
  47,785
  50,643
Issuance/(repayment) of debt, $m
  4,616
  -4,564
  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
Issuance/(repurchase) of shares, $m
  523
  2,036
  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  
  5,051
  -2,528
  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 cash flow (excl. dividends), $m
  5,763
  -69
  3,873
  4,756
  5,685
  6,660
  7,681
  8,747
  9,860
  11,020
  12,228
  13,255
  14,564
  15,926
  17,344
  18,821
  20,360
  21,963
  23,635
  25,378
  27,198
  29,098
  31,082
  33,156
  35,325
  37,594
  39,968
  42,454
  45,057
  47,785
  50,643
Retained Cash Flow (-), $m
  -3,037
  -4,564
  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
Prev. year cash balance distribution, $m
 
  4,564
  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
 
  59
  66
  74
  81
  89
  98
  106
  115
  125
  134
  145
  155
  166
  178
  189
  202
  215
  228
  242
  256
  271
  287
  304
  321
  339
  357
  377
  397
  419
  441
Cash available for distribution, $m
 
  -69
  3,873
  4,756
  5,685
  6,660
  7,681
  8,747
  9,860
  11,020
  12,228
  13,255
  14,564
  15,926
  17,344
  18,821
  20,360
  21,963
  23,635
  25,378
  27,198
  29,098
  31,082
  33,156
  35,325
  37,594
  39,968
  42,454
  45,057
  47,785
  50,643
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -66
  3,545
  4,139
  4,681
  5,163
  5,574
  5,910
  6,163
  6,330
  6,411
  6,294
  6,215
  6,055
  5,823
  5,526
  5,174
  4,779
  4,353
  3,908
  3,456
  3,010
  2,579
  2,173
  1,799
  1,462
  1,166
  911
  697
  522
  381
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Deere & Company is engaged in equipment operations. The Company is engaged in providing financial services. The Company operates through three business segments: agriculture and turf, construction and forestry, and financial services. The agriculture and turf segment manufactures and distributes a line of agriculture and turf equipment and related service parts. The construction and forestry segment provides a line of construction equipment, and forestry machines and attachments available in the world. The construction and forestry segment is also engaged in providing fleet management telematics solutions. The financial services segment primarily finances sales and leases by the Company dealers of new and used agriculture and turf equipment and construction and forestry equipment. The financial services segment also provides wholesale financing to dealers of the foregoing equipment, finances retail revolving charge accounts and offers extended equipment warranties.

FINANCIAL RATIOS  of  Deere (DE)

Valuation Ratios
P/E Ratio 20.4
Price to Sales 1.5
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 20.1
Price to Free Cash Flow -112.6
Growth Rates
Sales Growth Rate 11.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.3%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity 270.9%
Total Debt to Equity 419%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 26.9%
Return On Equity - 3 Yr. Avg. 24.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 28.9%
Gross Margin - 3 Yr. Avg. 27%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 14%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 10.6%
Pre-Tax Margin - 3 Yr. Avg. 9.5%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 30.8%
Payout Ratio 35.4%

DE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DE stock intrinsic value calculation we used $29738 million for the last fiscal year's total revenue generated by Deere. The default revenue input number comes from 2017 income statement of Deere. 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 DE stock valuation model: a) initial revenue growth rate of 11.6% 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 4.3%, whose default value for DE is calculated based on our internal credit rating of Deere, 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 Deere.
    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 DE stock the variable cost ratio is equal to 65.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6323 million in the base year in the intrinsic value calculation for DE 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 17% for Deere.

Corporate tax rate of 27% is the nominal tax rate for Deere. 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 DE stock is equal to 0.2%.

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 DE are equal to 234.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Deere 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 DE is equal to -184.8%. 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 - $0 million for Deere - 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 320 million for Deere 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 Deere at the current share price and the inputted number of shares is $43.9 billion.

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COMPANY NEWS

▶ Option Pit's Sebastian Has a Trade for Deere   [Jul-20-18 04:29PM  Bloomberg Video]
▶ Goldman Sachs Turns Cautious On Machinery Stocks   [Jul-17-18 04:07PM  Benzinga]
▶ [$$] Former Intel CEO Resigns From Deere Board   [Jul-09-18 04:43PM  The Wall Street Journal]
▶ As the Trade War beings, Trump threatens China with $500B in tariffs   [Jul-06-18 12:58PM  Yahoo Finance Video]
▶ 7 Stocks at Risk as Trumps Trade War Heats Up   [Jul-02-18 03:02PM  InvestorPlace]
▶ Industrial stocks close lower amid trade tensions   [Jun-25-18 04:22PM  CNBC Videos]
▶ General Motors and Deere slide while Kroger and Darden jump   [Jun-21-18 04:30PM  Associated Press]
▶ MARKETS: How China could spoil the Trump-Kim summit tonight   [Jun-11-18 01:08PM  Yahoo Finance Video]
▶ Time to Get Greedy With Deere & Company Stock   [Jun-08-18 07:04AM  Motley Fool]
▶ Deere Launches 2022 Sustainability Goals   [09:30AM  PR Newswire]
▶ 4 Notable Dividend Increases From the Past Week   [Jun-04-18 03:38PM  InvestorPlace]
▶ The Latest: Macron calls Trump's tariffs decision 'illegal'   [May-31-18 05:05PM  Associated Press]
▶ Wheat Completes Technical Sell Signal   [03:31AM  Investopedia]
▶ Deere raises quarterly dividend by 15%   [11:01AM  MarketWatch]
▶ Deere & Company Raises Dividend   [10:52AM  PR Newswire]
▶ Recalls this week: strollers, compact utility loaders   [May-25-18 02:08PM  Associated Press]
▶ NYSE trader: Expect stocks to shake off the Trump-North Korea news   [May-24-18 02:50PM  Yahoo Finance Video]
▶ Caterpillar Could Scoop Deere, Industrials Sector   [May-23-18 02:06PM  Barrons.com]
▶ Deere & Company Stock Is Ready to Run!   [11:20AM  InvestorPlace]
▶ 5 Top Stock Trades for Monday Morning   [09:28AM  InvestorPlace]
▶ [$$] Its Still Deeres Season   [May-18-18 11:15PM  The Wall Street Journal]
▶ [$$] Deere to Raise Prices as Costs Climb   [11:15PM  The Wall Street Journal]
▶ Deere stock shots up after outlook lift   [01:27PM  Reuters Videos]
▶ [$$] Deere to Raise Prices as Costs Climb   [12:21PM  The Wall Street Journal]
▶ Top 5 Things to Know in the Market on Friday   [09:01AM  Investing.com]
▶ Deere: Fiscal 2Q Earnings Snapshot   [07:49AM  Associated Press]
Financial statements of DE
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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