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Readers of this space know that the investment bias is toward large-cap companies with demonstrated business models and which have a competitive advantage in established markets, preferably with a favorable global trend as a support. And with the above in mind, Deere & Co. (NYSE: DE) is worth an evaluation.
Deere, one of the two largest manufacturers of farm equipment in world and a leader in construction and lawn care equipment, is well-positioned to take advantage of several, long-term, global trends. Chief among these are strong international agricultural and international construction/building activity and an expanding international market for consumer equipment sales.
Solid, enduring growth in international agricultural markets is the standout fundamental here, with the segment's revenue growth expected to offset slumps in equipment sales for the cooling U.S. housing market. Other positives: DE's costs remain under control, its balance sheet is strong, and agriculture equipment market conditions suggest the company has modest pricing power. Further, increased use of renewable fuels is likely to add to demand for DE's equipment, assuming at least one renewable fuel gains traction as a practical, affordable alternative to petroleum-based energy.
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