Cummins Inc.


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SKU: CMI Category:


CCummins reported another all-around beat as the company’s revenues grew significantly after a 272% increase in engine shipments to Stellantis as compared to 2020. The companys Power Generation revenues also grew by a staggering 48% as a result of a high demand in recreational vehicle, standby power and data center markets as well as the Chinese market. Cummins is making strides in its hydrogen fuel cells and electrolyzers business and the company has deployed more than 2,000 fuel cells and 600 electrolyzers around the world as of date. It is also working to increase its electrolyzer capacity and the recent Cummins-Enze joint venture in conjunction with Sinopec has been signed with the explicit purpose of investing in a manufacturing plant to produce PEM electrolyzers in Guangdong, China. The company made a huge breakthrough after its strategic collaboration with Chevron to develop commercially viable business opportunities in hydrogen and other alternative energy sources. The partnership should help the company leverage its electrolyzer and fuel cell technologies at Chevron’s refineries and ensure a critical role of Cummins in helping Chevron scale low carbon fuel delivery and decarbonize parts of their operations using its green hydrogen technology. Another noteworthy development is that the company began testing of a hydrogen-fueled internal combustion engine for heavy-duty truck applications. We maintain a ‘Hold’ rating on Cummins 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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