Bryan Wagman
Long/short equity, value, growth at reasonable price, industrials

The Reward Far Outweighs The Risk At AGCO

Company Overview

Although AGCO's (NYSE: AGCO) history in the farming industry dates back to the mid 1800's, the company that we know today was formally established in 1990 through a buyout. Since then, the company has grown rapidly through organic and external improvements. AGCO is now a leading manufacturer and distributor of farming machinery such as tractors, combines, hay tools, forage equipment, and more. They sell their products through their more than 3,100 independent dealers and distributors, with locations in over 140 countries.

Making Significant Progress

In recent years, AGCO has been continually impressive. As you can see in the chart below, the company has struggled, at times, to maintain growing margins and revenue, especially during the recession (marked...

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