Skip to Content

Company Reports

Recent Updates

CNH Industrial provides customers with an extensive portfolio of off-highway products. We believe it will continue to be a top-two player in the agriculture industry. For generations, the company’s agriculture equipment has garnered intense brand loyalty among farmers. Customers value CNH’s high-quality and strong-performing products, in addition to its robust dealer network. In developed markets, CNH helps customers reduce the total cost of ownership through improved fuel efficiency, limited machine downtime, and consistent parts availability.

All Reports

Company Report

CNH Industrial provides customers with an extensive portfolio of off-highway products. We believe it will continue to be a top-two player in the agriculture industry. For generations, the company’s agriculture equipment has garnered intense brand loyalty among farmers. Customers value CNH’s high-quality and strong-performing products, in addition to its robust dealer network. In developed markets, CNH helps customers reduce the total cost of ownership through improved fuel efficiency, limited machine downtime, and consistent parts availability.
Company Report

We view Rockwell as the highest quality automation player on the west side of the Atlantic based on quality, breadth of offerings, and shrewd strategic partnerships. Today, it is one of the best-in-breed competitors seeking to gain a stronger foothold where technology meets traditional manufacturing, which Rockwell deems the Connected Enterprise.
Company Report

Sampo is an efficiently run Nordics-based personal lines insurer that tends to focus on improving its underwriting quality year on year by holding on to customers for longer and therefore paying less in acquisition costs. The digitalization of its operations and extraction of expenses, scale, and negotiation power with its partners have also helped. Sampo has a long-term track record of increasing its prices ahead of the prevailing rate of inflation. The business tends to invest a little under EUR 100 million a year to achieve these goals. We think the savings the company has generated from these investments have more than covered their costs and more than covered the existing returns the business has generated. In other words, we believe these investments have been value-accretive.
Company Report

Deere offers customers an extensive portfolio of agriculture and construction equipment. We think it will continue to be the leader in the agriculture industry and one of the top players in construction. For over a century, the company has been the pre-eminent manufacturer of mission-critical agricultural equipment, which has led to its leading brand recognition. Deere’s strong brand is underpinned by its high-quality, extremely durable, and efficient products. Customers in developed markets also value Deere’s ability to reduce their total cost of ownership through productivity and other efficiency enhancements.
Company Report

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, which should remain in high demand even after the pandemic, albeit probably at a reset rate following that unique event. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products account for nearly 35% of sales. Qiagen remains a key leader in this niche, and we expect Qiagen to continue to invest to maintain or improve in that business in the long run.
Company Report

We expect the medium and long-term strategic focus for Car Group to revolve around functional and geographic expansion.
Company Report

We believe Caterpillar will continue to be the leader in the global heavy machinery market with an extensive portfolio of construction, mining, energy, and transportation products. For nearly a century, the company has been a trusted manufacturer of mission-critical heavy machinery, which has led to its position as one of the world’s most valuable brands. High-quality, extremely reliable, and efficient products underpin the strong brand. Customers also value Caterpillar’s ability to lower the total cost of ownership.
Company Report

We believe Allison will continue to be the top supplier of fully automatic truck transmissions, despite increasing regulation of emissions by government authorities. The company dominates the medium-duty market, commanding approximately 80% share in some verticals (school buses, Class 6-7 trucks, and Class 8 straight trucks). Allison's strong brand is underpinned by its high-performing and extremely durable transmissions. This has led to the company benefiting from pricing power.
Company Report

We think United Rentals will continue to be the top player in the North American equipment rental industry with 15% share. As the industry leader, the company provides customers with better equipment availability and reliability than smaller players. However, many of the equipment brands found in United Rentals’ product catalog can also be found with competitors, such as Sunbelt Rentals (owned by Ashtead), Herc, and thousands of other rental companies across North America.
Company Report

Because of its intangible assets, including brand strength and intellectual property, Porsche has a narrow economic moat rating. The brand is synonymous with motorsports and highly engineered, fun to drive, sports cars. Brand strength has enabled a premium to luxury price range across Porsche's product portfolio, while intellectual property supports the brand image from racing-inspired engineering and well-executed product. Porsche is one of only a handful of automakers to which we assign an economic moat.
Company Report

Kering Group’s portfolio of luxury brands provides it with a narrow moat and a good platform for future growth. The flagship Gucci brand accounts for over 50% of revenue and almost 70% of the company's earnings, but brands like Saint Laurent (over EUR 3 billion revenue), Bottega Veneta, and Balenciaga are also set to support growth in future.
Company Report

We think Lululemon has a solid plan to expand its product assortment and geographic reach while building its core business. While there are many firms looking to compete in its categories, we believe Lululemon benefits from the athleisure fashion trend and will continue to achieve premium pricing due to the brand’s popularity and the styling and quality of its products. Our narrow moat rating is based on the company's intangible brand asset.
Company Report

LKQ is the top alternative vehicle-parts provider to repair shops in North America and Europe. We believe the company benefits from scale-driven cost advantages in its business. Customers value LKQ’s consistent parts availability across a wide range of products and quick delivery. LKQ helps customers complete repairs faster, improving productivity. We think the company’s strong distribution network will support its ability to keep order fulfillment rates high in both aftermarket and salvage products.
Company Report

Super Retail Group operates in Australia and New Zealand, selling automotive parts and accessories, sporting goods, and outdoor leisure equipment. The group is the market leader in all three segments in Australia, with about 20%-30% market share in auto parts, camping equipment, and sporting goods retailing. However, we believe formidable competition will constrain operating margins as the firm competes on price to maintain market share.
Company Report

Hengan International operates in the tissue, sanitary napkin, and diaper markets in China and is one of the leading brands in tissue and sanitary napkins. Being one of the early movers in personal-care products, it has developed an extensive offline distribution network in China. It has also penetrated lower-tier cities, which contributed close to 80% of its sales in 2021. With its focus on lower-tier cities, the majority of the firm's products sit in the mass market below-premium segments.
Company Report

Snap-on provides premium tools to vehicle repair shops and industrial customers. We believe it will continue to be the top player in the tool industry. The company benefits from a strong brand reputation among repair technicians. Customers value Snap-on’s high-quality and strong-performing products, in addition to its high-touch mobile van network. Snap-on’s tools and diagnostic products help customers complete repairs faster, improving productivity. We think customers will continue to pay up for Snap-on’s tool durability, convenience, and flexible financing options.
Company Report

PG&E emerged from bankruptcy in July 2020 after 17 months of negotiations with 2017-18 Northern California fire victims, insurance companies, politicians, lawyers, and bondholders. Shareholders lost some $30 billion in settlements, fines, and costs but retained control. Bondholders were mostly made whole.

Sponsor Center