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Morningstar's Caterpillar Inc Stock Analysis

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Caterpillar Reiterates Its Margin, Free Cash Flow, and Services Targets at Its 2022 Investor Day

Dawit Woldemariam Equity Analyst

Analyst Note

| Dawit Woldemariam |

Caterpillar held its investor day on May 17, where it reiterated its 2019 investor day targets for operating margins, free cash flow, and services. Following the event, we raised our fair value estimate to $189 from $187 previously to reflect minor adjustments to our near-term margin expectations.

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Caterpillar Inc's Company Profile

Business Description

Caterpillar is an iconic manufacturer of heavy equipment, power solutions, and locomotives. It is currently the world’s largest manufacturer of heavy equipment with over 13% market share in 2021. The company is divided into four reportable segments: construction industries, resource industries, energy and transportation, and Caterpillar Financial Services. Its products are available through a dealer network that covers the globe with about 2,700 branches maintained by 160 dealers. Caterpillar Financial Services provides retail financing for machinery and engines to its customers, in addition to wholesale financing for dealers, which increases the likelihood of Caterpillar product sales.

510 Lake Cook Road, Suite 100
Deerfield, IL, 60015
T +1 224 551-4000
Sector Industrials
Industry Farm & Heavy Construction Machinery
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 107,700

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