Financials Deere & Company Buenos Aires S.E.

Equities

DE

ARDEUT110905

Heavy Machinery & Vehicles

End-of-day quote Buenos Aires S.E. Other stock markets 18:00:00 2024-06-26 EDT			5-day change	1st Jan Change
12,690 ^ARS	+0.31%		+1.96%	+30.70%

06-25	Deere Insider Sold Shares Worth $5,048,913, According to a Recent SEC Filing	MT
06-05	Industrials Advance as Fed Hopes Offset Economic Fears - Industrials Roundup	DJ

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	54,823	71,456	106,137	119,777	104,011	103,683	-	-
Enterprise Value (EV) ¹	95,719	109,747	145,804	166,168	159,018	159,272	159,270	157,145
P/E ratio	17.2 x	26.2 x	18 x	17 x	10.4 x	14.8 x	14.8 x	13 x
Yield	1.75%	1.33%	0.97%	1.08%	1.34%	1.53%	1.56%	2.04%
Capitalization / Revenue	1.57 x	2.28 x	2.67 x	2.5 x	1.87 x	2.25 x	2.27 x	2.18 x
EV / Revenue	2.74 x	3.51 x	3.67 x	3.47 x	2.86 x	3.45 x	3.48 x	3.31 x
EV / EBITDA	17.6 x	20.6 x	16.1 x	15.8 x	11.3 x	15.3 x	15.2 x	13.6 x
EV / FCF	46 x	16.5 x	21.2 x	32.5 x	22.4 x	30.2 x	25.4 x	22.9 x
FCF Yield	2.18%	6.07%	4.72%	3.07%	4.46%	3.31%	3.94%	4.37%
Price to Book	4.78 x	5.53 x	5.79 x	5.96 x	4.84 x	4.8 x	4.66 x	3.8 x
Nbr of stocks (in thousands)	314,873	313,375	310,061	301,820	288,001	275,570	-	-
Reference price ²	174.1	228.0	342.3	396.8	361.2	376.8	376.8	376.8
Announcement Date	19-11-27	20-11-25	21-11-24	22-11-23	23-11-22	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	34,886	31,272	39,737	47,917	55,565	46,133	45,718	47,481
EBITDA ¹	5,430	5,321	9,055	10,549	14,081	10,409	10,500	11,532
EBIT ¹	4,415	4,305	8,012	9,508	12,958	9,046	9,019	9,701
Operating Margin	12.66%	13.77%	20.16%	19.84%	23.32%	19.61%	19.73%	20.43%
Earnings before Tax (EBT) ¹	4,088	3,883	7,602	9,127	13,019	8,968	8,741	9,573
Net income ¹	3,253	2,751	5,963	7,131	10,166	7,042	6,706	7,332
Net margin	9.32%	8.8%	15.01%	14.88%	18.3%	15.26%	14.67%	15.44%
EPS ²	10.15	8.690	18.99	23.28	34.63	25.40	25.41	28.92
Free Cash Flow ¹	2,082	6,667	6,878	5,108	7,091	5,276	6,271	6,860
FCF margin	5.97%	21.32%	17.31%	10.66%	12.76%	11.44%	13.72%	14.45%
FCF Conversion (EBITDA)	38.34%	125.3%	75.96%	48.42%	50.36%	50.69%	59.73%	59.49%
FCF Conversion (Net income)	64%	242.35%	115.34%	71.63%	69.75%	74.93%	93.52%	93.57%
Dividend per Share ²	3.040	3.040	3.320	4.280	4.830	5.764	5.889	7.672
Announcement Date	19-11-27	20-11-25	21-11-24	22-11-23	23-11-22	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: October	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	2025 Q3
Net sales ¹	8,531	12,034	13,000	14,351	11,402	16,079	14,284	13,801	10,486	13,610	11,098	10,286	9,688	12,910	11,649
EBITDA ¹	1,492	2,931	3,156	3,192	2,797	4,184	3,773	3,276	2,496	3,404	2,393	1,961	2,388	3,326	2,978
EBIT ¹	1,235	2,670	2,646	2,957	2,518	3,898	3,516	3,025	2,194	3,098	2,119	1,685	1,852	2,769	2,407
Operating Margin	14.48%	22.19%	20.35%	20.6%	22.08%	24.24%	24.61%	21.92%	20.92%	22.76%	19.09%	16.38%	19.11%	21.45%	20.66%
Earnings before Tax (EBT) ¹	1,151	2,552	2,539	2,886	2,493	3,848	3,606	3,073	2,215	3,117	2,124	1,758	1,555	2,578	2,160
Net income ¹	903	2,098	1,884	2,246	1,959	2,860	2,978	2,369	1,751	2,370	1,666	1,294	1,260	2,000	1,716
Net margin	10.58%	17.43%	14.49%	15.65%	17.18%	17.79%	20.85%	17.17%	16.7%	17.41%	15.01%	12.58%	13.01%	15.49%	14.73%
EPS ²	2.920	6.810	6.160	7.440	6.550	9.650	10.20	8.260	6.230	8.530	5.874	4.888	5.115	7.736	6.668
Dividend per Share ²	1.050	1.050	1.050	1.130	1.130	1.200	1.250	1.250	1.470	1.470	1.460	1.466	0.9161	0.9517	0.9517
Announcement Date	22-02-18	22-05-20	22-08-19	22-11-23	23-02-17	23-05-19	23-08-18	23-11-22	24-02-15	24-05-16	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	40,896	38,291	39,667	46,391	55,007	55,589	55,587	53,461
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.531 x	7.196 x	4.381 x	4.398 x	3.906 x	5.341 x	5.294 x	4.636 x
Free Cash Flow ¹	2,082	6,667	6,878	5,108	7,091	5,276	6,271	6,860
ROE (net income / shareholders' equity)	28.7%	22.6%	38%	36.9%	48.4%	31.3%	28.5%	30.6%
ROA (Net income/ Total Assets)	4.45%	3.72%	7.49%	8.19%	10.5%	11.7%	10.4%	15.3%
Assets ¹	73,088	74,051	79,603	87,072	97,058	60,345	64,264	47,919
Book Value Per Share ²	36.50	41.30	59.10	66.50	74.60	78.60	80.90	99.10
Cash Flow per Share ²	15.70	16.60	24.50	15.30	29.30	34.50	36.30	34.70
Capex ¹	1,118	816	848	1,134	1,498	1,875	1,474	1,347
Capex / Sales	3.2%	2.61%	2.13%	2.37%	2.7%	4.06%	3.22%	2.84%
Announcement Date	19-11-27	20-11-25	21-11-24	22-11-23	23-11-22	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

376.8 USD

Average target price

421.8 USD

Spread / Average Target

+11.94%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Agricultural Machinery

	1st Jan change	Capi.
THE TORO COMPANY	-3.96%	9.5B
ESCORTS KUBOTA LIMITED	+38.98%	5.62B
BUCHER INDUSTRIES AG	+3.06%	4.05B
TÜRK TRAKTÖR VE ZIRAAT MAKINELERI	+30.41%	2.78B
FIRST TRACTOR COMPANY LIMITED	+45.56%	2B
AG GROWTH INTERNATIONAL INC.	+3.46%	703M
JAIN IRRIGATION SYSTEMS LIMITED	+17.51%	626M
YAMABIKO CORPORATION	+51.54%	583M
TÜMOSAN MOTOR VE TRAKTÖR SANAYI	+55.64%	445M

Agricultural Machinery