CNH Industrial: Weak Fundamentals And Elevated Valuation Support Continued Downside

2026-04-10 12:26:45 ET

Following our recent deep dive into Exor N.V. ( EXXRF ), we are back to analyzing one of its main holdings, CNH Industrial (NYSE: CNH ). For our new readers, Exor is the holding company that owns 26.9% of CNH Industrial's economic rights, and we believe it trades at an NAV discount of more than 60%. Going back to CNH Industrial on a standalone basis, in our analysis, we downgraded the company with a sell in June 2025, and this proved to be the right call (Fig. 1). As a reminder, our sell rating was supported by 1) lower guidance, 2) margin pressure combined with limited visibility on earnings and 3) higher inventory levels. With a demanding valuation, our assessment was relatively straightforward. ...

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