Financials CNH Industrial N.V.

Equities

CNH

NL0010545661

Heavy Machinery & Vehicles

Delayed Nyse Other stock markets 01:00:02 2024-07-03 pm EDT			5-day change	1st Jan Change
9.92 ^USD	+1.74%		-2.36%	-18.56%

Jul. 02	CNH Industrial N.V. : Cycle reversal in sight?
Jun. 26	Citigroup Initiates Coverage on CNH Industrial N.V. With Buy Rating, $16 Price Target	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,851	17,351	26,314	21,580	15,691	12,474	-	-
Enterprise Value (EV) ¹	15,705	16,565	26,026	21,218	15,707	11,340	10,251	9,170
P/E ratio	10.5 x	-35.7 x	15.3 x	10.8 x	6.92 x	6.76 x	6.79 x	6.27 x
Yield	1.82%	-	0.68%	2.37%	3.25%	4.29%	4.63%	4.61%
Capitalization / Revenue	0.53 x	0.67 x	0.79 x	0.92 x	0.64 x	0.57 x	0.57 x	0.55 x
EV / Revenue	0.56 x	0.64 x	0.78 x	0.9 x	0.64 x	0.52 x	0.47 x	0.4 x
EV / EBITDA	6.66 x	11.3 x	8.7 x	7.68 x	5.04 x	4.31 x	3.89 x	3.53 x
EV / FCF	-115 x	272 x	7.73 x	221 x	59.7 x	10 x	7.83 x	6.64 x
FCF Yield	-0.87%	0.37%	12.9%	0.45%	1.67%	9.99%	12.8%	15.1%
Price to Book	2.44 x	3.54 x	4.95 x	3.16 x	2.01 x	1.57 x	1.36 x	1.07 x
Nbr of stocks (in thousands)	1,350,132	1,351,329	1,354,321	1,343,709	1,288,222	1,257,482	-	-
Reference price ²	11.00	12.84	19.43	16.06	12.18	9.920	9.920	9.920
Announcement Date	2/7/20	2/3/21	2/8/22	2/2/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	28,079	26,032	33,428	23,551	24,687	21,888	21,772	22,796
EBITDA ¹	2,357	1,463	2,993	2,764	3,115	2,632	2,638	2,599
EBIT ¹	1,390	552	2,114	2,433	2,730	2,126	2,169	2,283
Operating Margin	4.95%	2.12%	6.32%	10.33%	11.06%	9.71%	9.96%	10.02%
Earnings before Tax (EBT) ¹	1,170	-505	1,980	2,682	2,703	2,001	1,943	2,125
Net income ¹	1,422	-493	1,723	2,029	2,371	1,821	1,804	1,922
Net margin	5.06%	-1.89%	5.15%	8.62%	9.6%	8.32%	8.29%	8.43%
EPS ²	1.050	-0.3600	1.270	1.490	1.760	1.467	1.461	1.583
Free Cash Flow ¹	-136	61	3,368	96	263	1,133	1,309	1,381
FCF margin	-0.48%	0.23%	10.08%	0.41%	1.07%	5.18%	6.01%	6.06%
FCF Conversion (EBITDA)	-	4.17%	112.53%	3.47%	8.44%	43.05%	49.6%	53.14%
FCF Conversion (Net income)	-	-	195.47%	4.73%	11.09%	62.21%	72.54%	71.87%
Dividend per Share ²	0.2000	-	0.1320	0.3800	0.3960	0.4254	0.4590	0.4570
Announcement Date	2/7/20	2/3/21	2/8/22	2/2/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	11,039	-	9,072	4,645	6,082	10,727	5,881	6,943	5,342	6,567	11,909	5,986	6,792	4,818	5,566	5,269	6,086	4,757	5,687
EBITDA ¹	-	1,684	627	512	738	-	754	759	641	914	1,555	755	799	509	674.7	657.1	715.1	579.5	721.3
EBIT ¹	-	1,244	401	429	654	1,083	670	680	555	822	1,377	657	696	405	546.2	529	567.7	419.4	568.7
Operating Margin	-	-	4.42%	9.24%	10.75%	10.1%	11.39%	9.79%	10.39%	12.52%	11.56%	10.98%	10.25%	8.41%	9.81%	10.04%	9.33%	8.82%	10%
Earnings before Tax (EBT) ¹	-	-	196	474	623	-	730	725	626	722	-	662	577	402	518.7	489.2	566.4	376.6	574.8
Net income ¹	285	-	302	333	548	881	556	592	482	706	1,188	567	616	401	465.6	449.4	517.2	384.4	493.2
Net margin	2.58%	-	3.33%	7.17%	9.01%	8.21%	9.45%	8.53%	9.02%	10.75%	9.98%	9.47%	9.07%	8.32%	8.37%	8.53%	8.5%	8.08%	8.67%
EPS ²	-	-	0.2200	0.2400	0.4000	-	0.4100	0.4300	0.3500	0.5200	-	0.4200	0.4600	0.3100	0.3724	0.3637	0.3939	0.2908	0.3969
Dividend per Share ²	-	-	-	-	0.3020	-	-	0.0780	-	0.3960	-	-	-	-	0.3648	0.000330	0.001140	0.000810	0.4288
Announcement Date	7/30/20	7/30/21	2/8/22	5/3/22	7/29/22	7/29/22	11/8/22	2/2/23	5/5/23	7/28/23	7/28/23	11/7/23	2/14/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	854	-	-	-	16	-	-	-
Net Cash position ¹	-	786	288	362	-	1,135	2,223	3,304
Leverage (Debt/EBITDA)	0.3623 x	-	-	-	0.005136 x	-	-	-
Free Cash Flow ¹	-136	61	3,368	96	263	1,133	1,309	1,381
ROE (net income / shareholders' equity)	20.5%	-8.97%	29.2%	29.2%	30.6%	28.5%	24.8%	21.7%
ROA (Net income/ Total Assets)	3.04%	-1.03%	3.51%	4.51%	5.4%	8.88%	8.33%	9.65%
Assets ¹	46,726	48,037	49,067	44,952	43,941	20,499	21,650	19,922
Book Value Per Share ²	4.500	3.620	3.920	5.090	6.060	6.330	7.280	9.260
Cash Flow per Share ²	2.130	1.410	2.320	0.4100	0.6700	1.870	1.940	2.160
Capex ¹	1,962	1,850	714	461	644	468	526	624
Capex / Sales	6.99%	7.11%	2.14%	1.96%	2.61%	2.14%	2.42%	2.74%
Announcement Date	2/7/20	2/3/21	2/8/22	2/2/23	2/14/24	-	-	-

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 CNH Industrial N.V.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.92 USD

Average target price

14.89 USD

Spread / Average Target

+50.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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