Financials Deere & Company

Equities

DE

US2441991054

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
397 ^USD	+0.66%		-2.66%	-0.71%

May. 17	S&P 500 Posts Fourth Straight Weekly Gain, Closes Near Record High Amid Easing Consumer Price Inflation	MT
May. 17	DA Davidson Adjusts Deere & Company's Price Target to $465 From $483	MT

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	54,823	71,456	106,137	119,777	104,011	110,514	-	-
Enterprise Value (EV) ¹	95,719	109,747	145,804	166,168	159,018	164,530	162,105	156,056
P/E ratio	17.2 x	26.2 x	18 x	17 x	10.4 x	15.4 x	15.1 x	13.4 x
Yield	1.75%	1.33%	0.97%	1.08%	1.34%	1.41%	1.45%	1.97%
Capitalization / Revenue	1.57 x	2.28 x	2.67 x	2.5 x	1.87 x	2.37 x	2.37 x	2.29 x
EV / Revenue	2.74 x	3.51 x	3.67 x	3.47 x	2.86 x	3.53 x	3.47 x	3.23 x
EV / EBITDA	17.6 x	20.6 x	16.1 x	15.8 x	11.3 x	15.7 x	15 x	13.3 x
EV / FCF	46 x	16.5 x	21.2 x	32.5 x	22.4 x	31.4 x	25.3 x	22.4 x
FCF Yield	2.18%	6.07%	4.72%	3.07%	4.46%	3.19%	3.96%	4.46%
Price to Book	4.78 x	5.53 x	5.79 x	5.96 x	4.84 x	4.99 x	4.83 x	3.89 x
Nbr of stocks (in thousands)	314,873	313,375	310,061	301,820	288,001	278,358	-	-
Reference price ²	174.1	228.0	342.3	396.8	361.2	397.0	397.0	397.0
Announcement Date	11/27/19	11/25/20	11/24/21	11/23/22	11/22/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Octubre	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,886	31,272	39,737	47,917	55,565	46,623	46,725	48,300
EBITDA ¹	5,430	5,321	9,055	10,549	14,081	10,478	10,840	11,735
EBIT ¹	4,415	4,305	8,012	9,508	12,958	9,360	9,481	9,986
Operating Margin	12.66%	13.77%	20.16%	19.84%	23.32%	20.08%	20.29%	20.68%
Earnings before Tax (EBT) ¹	4,088	3,883	7,602	9,127	13,019	8,484	8,963	9,658
Net income ¹	3,253	2,751	5,963	7,131	10,166	7,160	6,974	7,589
Net margin	9.32%	8.8%	15.01%	14.88%	18.3%	15.36%	14.93%	15.71%
EPS ²	10.15	8.690	18.99	23.28	34.63	25.71	26.26	29.58
Free Cash Flow ¹	2,082	6,667	6,878	5,108	7,091	5,241	6,413	6,961
FCF margin	5.97%	21.32%	17.31%	10.66%	12.76%	11.24%	13.73%	14.41%
FCF Conversion (EBITDA)	38.34%	125.3%	75.96%	48.42%	50.36%	50.02%	59.16%	59.31%
FCF Conversion (Net income)	64%	242.35%	115.34%	71.63%	69.75%	73.2%	91.96%	91.72%
Dividend per Share ²	3.040	3.040	3.320	4.280	4.830	5.578	5.763	7.807
Announcement Date	11/27/19	11/25/20	11/24/21	11/23/22	11/22/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Oktober	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	10,276	8,531	12,034	13,000	14,351	11,402	16,079	14,284	13,801	10,486	13,610	11,246	10,544	9,833	12,992
EBITDA ¹	1,932	1,492	2,931	3,156	3,192	2,797	4,184	3,773	3,276	2,496	3,404	2,464	2,025	2,388	3,326
EBIT ¹	1,692	1,235	2,670	2,646	2,957	2,518	3,898	3,516	3,025	2,194	3,098	2,251	1,870	1,891	2,883
Operating Margin	16.47%	14.48%	22.19%	20.35%	20.6%	22.08%	24.24%	24.61%	21.92%	20.92%	22.76%	20.01%	17.74%	19.23%	22.19%
Earnings before Tax (EBT) ¹	1,613	1,151	2,552	2,539	2,886	2,493	3,848	3,606	3,073	2,215	3,117	2,113	1,676	1,595	2,528
Net income ¹	1,283	903	2,098	1,884	2,246	1,959	2,860	2,978	2,369	1,751	2,370	1,687	1,342	1,366	2,043
Net margin	12.49%	10.58%	17.43%	14.49%	15.65%	17.18%	17.79%	20.85%	17.17%	16.7%	17.41%	15%	12.73%	13.9%	15.73%
EPS ²	4.120	2.920	6.810	6.160	7.440	6.550	9.650	10.20	8.260	6.230	8.530	6.137	5.011	5.358	7.662
Dividend per Share ²	0.9000	1.050	1.050	1.050	1.130	1.130	1.200	1.250	1.250	1.470	1.351	1.402	1.406	0.9996	1.026
Announcement Date	11/24/21	2/18/22	5/20/22	8/19/22	11/23/22	2/17/23	5/19/23	8/18/23	11/22/23	2/15/24	5/16/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	40,896	38,291	39,667	46,391	55,007	54,016	51,591	45,542
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.531 x	7.196 x	4.381 x	4.398 x	3.906 x	5.155 x	4.759 x	3.881 x
Free Cash Flow ¹	2,082	6,667	6,878	5,108	7,091	5,241	6,413	6,961
ROE (net income / shareholders' equity)	28.7%	22.6%	38%	36.9%	48.4%	30.8%	28.9%	30.5%
ROA (Net income/ Total Assets)	4.45%	3.72%	7.49%	8.19%	10.5%	12.3%	11.6%	15.3%
Assets ¹	73,088	74,051	79,603	87,072	97,058	58,177	60,316	49,603
Book Value Per Share ²	36.50	41.30	59.10	66.50	74.60	79.50	82.20	102.0
Cash Flow per Share ²	15.70	16.60	24.50	15.30	29.30	34.60	36.40	34.70
Capex ¹	1,118	816	848	1,134	1,498	1,873	1,520	1,360
Capex / Sales	3.2%	2.61%	2.13%	2.37%	2.7%	4.02%	3.25%	2.82%
Announcement Date	11/27/19	11/25/20	11/24/21	11/23/22	11/22/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Deere & Company

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

397 USD

Average target price

420.7 USD

Spread / Average Target

+5.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Agricultural Machinery

	1st Jan change	Capi.
DEERE & COMPANY	-0.71%	111B
THE TORO COMPANY	-8.07%	9.21B
ESCORTS KUBOTA LIMITED	+31.52%	5.03B
BUCHER INDUSTRIES AG	+6.31%	4.24B
TÜRK TRAKTÖR VE ZIRAAT MAKINELERI	+46.07%	3.23B
FIRST TRACTOR COMPANY LIMITED	+83.87%	2.31B
LINDSAY CORPORATION	-9.38%	1.29B
AG GROWTH INTERNATIONAL INC.	-6.79%	660M
TÜMOSAN MOTOR VE TRAKTÖR SANAYI	+89.74%	568M
XINJIANG MACHINERY RESEARCH INSTITUTE CO., LTD.	+4.23%	562M

Agricultural Machinery