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CNH INDUSTRIAL NV (CNHI.MI) Stock Fundamental Analysis

BIT:CNHI - Euronext Milan - NL0010545661 - Common Stock - Currency: EUR

11.08  +0.14 (+1.28%)

Fundamental Rating

5

CNHI gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 103 industry peers in the Machinery industry. CNHI has an average financial health and profitability rating. CNHI may be a bit undervalued, certainly considering the very reasonable score on growth This makes CNHI very considerable for value investing!


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

CNHI had positive earnings in the past year.
In the past year CNHI had a positive cash flow from operations.
Of the past 5 years CNHI 4 years were profitable.
In the past 5 years CNHI always reported a positive cash flow from operatings.
CNHI.MI Yearly Net Income VS EBIT VS OCF VS FCFCNHI.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 0 1B 2B 3B

1.2 Ratios

The profitability ratios for CNHI are negative, so there is not much use analyzing them.
Industry RankSector Rank
ROA N/A
ROE N/A
ROIC N/A
ROA(3y)2.19%
ROA(5y)2.23%
ROE(3y)11.38%
ROE(5y)12.74%
ROIC(3y)N/A
ROIC(5y)N/A
CNHI.MI Yearly ROA, ROE, ROICCNHI.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 0 10 -10 20

1.3 Margins

CNHI has a Profit Margin of 9.07%. This is amongst the best in the industry. CNHI outperforms 86.27% of its industry peers.
In the last couple of years the Profit Margin of CNHI has grown nicely.
CNHI's Operating Margin of 12.52% is amongst the best of the industry. CNHI outperforms 88.24% of its industry peers.
CNHI's Operating Margin has improved in the last couple of years.
CNHI's Gross Margin of 23.70% is on the low side compared to the rest of the industry. CNHI is outperformed by 78.43% of its industry peers.
In the last couple of years the Gross Margin of CNHI has grown nicely.
Industry RankSector Rank
OM 12.52%
PM (TTM) 9.07%
GM 23.7%
OM growth 3Y21.39%
OM growth 5Y18.56%
PM growth 3Y36.63%
PM growth 5Y38%
GM growth 3Y6.79%
GM growth 5Y4.92%
CNHI.MI Yearly Profit, Operating, Gross MarginsCNHI.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 0 5 -5 10 15 20

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5

2. Health

2.1 Basic Checks

CNHI does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for CNHI has been reduced compared to 1 year ago.
The debt/assets ratio for CNHI is higher compared to a year ago.
CNHI.MI Yearly Shares OutstandingCNHI.MI Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 200M 400M 600M 800M 1B
CNHI.MI Yearly Total Debt VS Total AssetsCNHI.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 10B 20B 30B 40B 50B

2.2 Solvency

There is no outstanding debt for CNHI. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 0
Altman-Z N/A
ROIC/WACCN/A
WACC7.64%
CNHI.MI Yearly LT Debt VS Equity VS FCFCNHI.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 5B 10B 15B 20B 25B

2.3 Liquidity

CNHI has a Current Ratio of 1.99. This is a normal value and indicates that CNHI is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 1.99, CNHI is in the better half of the industry, outperforming 67.65% of the companies in the same industry.
CNHI has a Quick Ratio of 1.68. This is a normal value and indicates that CNHI is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Quick ratio, with a value of 1.68, CNHI is in the better half of the industry, outperforming 76.47% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.99
Quick Ratio 1.68
CNHI.MI Yearly Current Assets VS Current LiabilitesCNHI.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 10B 20B 30B

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4

3. Growth

3.1 Past

CNHI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 24.24%, which is quite impressive.
CNHI shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 25.26% yearly.
Looking at the last year, CNHI shows a very negative growth in Revenue. The Revenue has decreased by -29.55% in the last year.
CNHI shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -3.20% yearly.
EPS 1Y (TTM)24.24%
EPS 3Y20.3%
EPS 5Y25.26%
EPS Q2Q%20.93%
Revenue 1Y (TTM)-29.55%
Revenue growth 3Y-5.74%
Revenue growth 5Y-3.2%
Sales Q2Q%7.59%

3.2 Future

The Earnings Per Share is expected to grow by 7.52% on average over the next years.
The Revenue is expected to grow by 5.32% on average over the next years.
EPS Next Y16.53%
EPS Next 2Y4.87%
EPS Next 3Y5.46%
EPS Next 5Y7.52%
Revenue Next Year10.75%
Revenue Next 2Y3.52%
Revenue Next 3Y3.56%
Revenue Next 5Y5.32%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
CNHI.MI Yearly Revenue VS EstimatesCNHI.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 10B 20B 30B
CNHI.MI Yearly EPS VS EstimatesCNHI.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2

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8

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 7.39, the valuation of CNHI can be described as very cheap.
Compared to the rest of the industry, the Price/Earnings ratio of CNHI indicates a rather cheap valuation: CNHI is cheaper than 89.22% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 23.99, CNHI is valued rather cheaply.
With a Price/Forward Earnings ratio of 7.43, the valuation of CNHI can be described as very cheap.
CNHI's Price/Forward Earnings ratio is rather cheap when compared to the industry. CNHI is cheaper than 87.25% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.35, CNHI is valued rather cheaply.
Industry RankSector Rank
PE 7.39
Fwd PE 7.43
CNHI.MI Price Earnings VS Forward Price EarningsCNHI.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20

4.2 Price Multiples

CNHI's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. CNHI is cheaper than 84.31% of the companies in the same industry.
CNHI's Price/Free Cash Flow ratio is rather cheap when compared to the industry. CNHI is cheaper than 89.22% of the companies in the same industry.
Industry RankSector Rank
P/FCF 6.72
EV/EBITDA 4.4
CNHI.MI Per share dataCNHI.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.45
PEG (5Y)0.29
EPS Next 2Y4.87%
EPS Next 3Y5.46%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.24%, CNHI has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 2.96, CNHI pays a better dividend. On top of this CNHI pays more dividend than 88.24% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.44, CNHI pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.24%

5.2 History

On average, the dividend of CNHI grows each year by 19.87%, which is quite nice.
Dividend Growth(5Y)19.87%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

23.61% of the earnings are spent on dividend by CNHI. This is a low number and sustainable payout ratio.
The dividend of CNHI is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP23.61%
EPS Next 2Y4.87%
EPS Next 3Y5.46%
CNHI.MI Yearly Income VS Free CF VS DividendCNHI.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 0 1B 2B
CNHI.MI Dividend Payout.CNHI.MI Dividend Payout, showing the Payout Ratio.CNHI.MI Dividend Payout.PayoutRetained Earnings

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CNH INDUSTRIAL NV

BIT:CNHI (12/29/2023, 7:00:00 PM)

11.08

+0.14 (+1.28%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryMachinery
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst OwnersN/A
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap14.74B
Analysts74.55
Price Target15.56 (40.43%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.24%
Yearly Dividend0.31
Dividend Growth(5Y)19.87%
DP23.61%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.65%
Min EPS beat(2)5.11%
Max EPS beat(2)10.18%
EPS beat(4)3
Avg EPS beat(4)10%
Min EPS beat(4)-1.57%
Max EPS beat(4)26.27%
EPS beat(8)7
Avg EPS beat(8)16.23%
EPS beat(12)11
Avg EPS beat(12)75.37%
EPS beat(16)12
Avg EPS beat(16)44.9%
Revenue beat(2)0
Avg Revenue beat(2)-2.79%
Min Revenue beat(2)-2.98%
Max Revenue beat(2)-2.6%
Revenue beat(4)2
Avg Revenue beat(4)4.29%
Min Revenue beat(4)-2.98%
Max Revenue beat(4)12%
Revenue beat(8)4
Avg Revenue beat(8)34.69%
Revenue beat(12)6
Avg Revenue beat(12)26.89%
Revenue beat(16)7
Avg Revenue beat(16)21.12%
PT rev (1m)-3.89%
PT rev (3m)-10.47%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.2%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.66%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.84%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.69%
Valuation
Industry RankSector Rank
PE 7.39
Fwd PE 7.43
P/S 0.65
P/FCF 6.72
P/OCF 5.16
P/B N/A
P/tB N/A
EV/EBITDA 4.4
EPS(TTM)1.5
EY13.54%
EPS(NY)1.49
Fwd EY13.45%
FCF(TTM)1.65
FCFY14.88%
OCF(TTM)2.15
OCFY19.4%
SpS16.93
BVpSN/A
TBVpSN/A
PEG (NY)0.45
PEG (5Y)0.29
Profitability
Industry RankSector Rank
ROA N/A
ROE N/A
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM 12.52%
PM (TTM) 9.07%
GM 23.7%
FCFM 9.74%
ROA(3y)2.19%
ROA(5y)2.23%
ROE(3y)11.38%
ROE(5y)12.74%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)6.41%
ROCE(5y)6.75%
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y21.39%
OM growth 5Y18.56%
PM growth 3Y36.63%
PM growth 5Y38%
GM growth 3Y6.79%
GM growth 5Y4.92%
F-ScoreN/A
Asset TurnoverN/A
Health
Industry RankSector Rank
Debt/Equity N/A
Debt/FCF 0
Debt/EBITDA 0
Cap/Depr 125.13%
Cap/Sales 2.96%
Interest Coverage 250
Cash Conversion 85.28%
Profit Quality 107.35%
Current Ratio 1.99
Quick Ratio 1.68
Altman-Z N/A
F-ScoreN/A
WACC7.64%
ROIC/WACCN/A
Cap/Depr(3y)92.3%
Cap/Depr(5y)89.65%
Cap/Sales(3y)3.72%
Cap/Sales(5y)3.68%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)24.24%
EPS 3Y20.3%
EPS 5Y25.26%
EPS Q2Q%20.93%
EPS Next Y16.53%
EPS Next 2Y4.87%
EPS Next 3Y5.46%
EPS Next 5Y7.52%
Revenue 1Y (TTM)-29.55%
Revenue growth 3Y-5.74%
Revenue growth 5Y-3.2%
Sales Q2Q%7.59%
Revenue Next Year10.75%
Revenue Next 2Y3.52%
Revenue Next 3Y3.56%
Revenue Next 5Y5.32%
EBIT growth 1Y-17.53%
EBIT growth 3Y14.43%
EBIT growth 5Y14.76%
EBIT Next Year34.65%
EBIT Next 3Y7.67%
EBIT Next 5Y5.38%
FCF growth 1Y-48.47%
FCF growth 3Y63.71%
FCF growth 5Y3.87%
OCF growth 1Y-44.45%
OCF growth 3Y18.92%
OCF growth 5Y0.5%