Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
Earnings Summary
FYE Dec
2008A
2009E
2010E
EPS & P/E Summary
2008A 2008 Previous
2009E 2009 Previous
2010E 2010 Previous
EPS:
Q1
$0.63
--
$0.36
--
--
--
Q2
$1.34
--
$0.51
--
--
--
Q3
$1.04
--
$0.46
--
--
--
Q4
$1.08
--
$0.66
--
--
--
Full Year
$4.09
--
$2.00
--
$1.75
--
P/E Ratio:
--
--
--
--
--
--
Fiscal Year Ends Dec
Rating:
Neutral
Price:
$30.30
Price Target:
$27
52-wk Range:
$14.62-$63.14
Market Capitalization (M):
$2,799
Shares Outstanding (M):
93,433
Avg. Daily Vol. (000):
--
Dividend:
--
Dividend Yield:
--
Consensus EPS Current Year:
$2.10
Consensus EPS Next Year:
$2.34
Est. 3-yr. EPS Growth:
--
Lawrence T. De Maria,
CFA
Nicholas P. Heymann
(212) 338-4704
(212) 338-4703
ldemaria@sterneagee.com
nheymann@sterneagee.com
Ben Elias, CFA
Samuel H. Eisner
(212) 338-4706
(212) 338-4705
belias@sterneagee.com
seisner@sterneagee.com
June 4, 2009 | 12 Pages
AGCO CORP. (NYSE: AG)
AGCO HEADQUARTERS TRIP UPDATE: LONG-TERM
OPPORTUNITIES, MEDIUM TERM CHALLENGES REMAIN;
MAINTAIN NEUTRAL
• Yesterday, We Visited AGCO’s Corporate HQ’s in Duluth, GA. We
led a group of investors to meet with CEO Martin Richenhagen, CFO
Andy Beck and IR Greg Peterson and we primarily discussed the long-
term growth strategies for the company. Significant opportunities to
expand exist in the developing world over the long-term, and AGCO
is keen to exploit them, but the timing of the recovery is far from
certain. The company is looking at several key areas to invest in for
the next cycle. Current market conditions are varied with Emerging
Market showing particular weakness and Developed Markets
somewhat more resilient but poised to weaken 2H09.
• Longer-Term