CNH Industrial N.V.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $550M normalized consolidated FCF base (between TTM consolidated FCF of $611M and full-year 2026 Industrial Activities FCF guidance of $200-400M); 6% FCF growth years 1-5 (agricultural/construction equipment cyclical recovery from the current downcycle); 3% years 6-10; 9% discount rate; 2.5% terminal growth; ~$2.89B Industrial Activities net debt used (Financial Services segment debt of ~$21.7B is treated as self-funding against its matched finance-receivables book and excluded from the equity bridge); 1.24B shares outstanding.

Reasoning: CNH's agricultural/construction equipment business is in a cyclical downturn (FY2025 revenue down ~8.8%, earnings down ~59%) and carries a large captive Financial Services debt load matched by equivalent customer finance receivables rather than representing economic leverage on the industrial business, so the DCF is built on normalized consolidated FCF against Industrial-segment net debt only.