I agree with you, halve next year's earnings and you still get a stock trading at 4x EPS and large net cash position.
In the other hand, you've got Manitowoc who trades at similar earnings, yet sits on a large net dets and is likely to breach their covenants. Beside, it is unlikely that they manage to sell their Ice-Cream biz by the end of this Q.
I can't stomach huge swings in SP so I am long Terex and short Manitowoc. I have adjusted my positions for their respective Beta, which means Short 4 Manitowoc shares for any 1 Long Terex.