Cummins Inc.

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SKU: CMI-1 Category:

Description

Cummins continued its steady, mid-single-digit growth trajectory since the start of 2022 and reported a revenue of $6.4 billion, up 5% from the previous year. Due to a sharp slowdown in China, the company’s international revenues fell by 3% but sales in North America increased by 12%. The company’s international top-line was negatively impacted by 2% due to unfavourable currency movements. The company has gone on to highlight their new advanced range of fuel-agnostic combustion engines, which has sparked customers’ interest. A classic example of their gradual transition towards this was their collaboration with Daimler Truck North America to validate and upfit Freightliner Cascadia vehicles with a Cummins hydrogen fuel cell power train for utilization in North America. There is little doubt that Cummins is putting in significant efforts to adapt to the changing nature of the automotive industry as well as accelerate the transition to a carbon-free economy. We maintain our ‘Hold’ rating on the stock with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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