I haven't had time to go through it yet. I plan to go through all Terex again when they release their glossy annual. I like to rerun through everything once a year and recheck everything.
Anyways the presentation looked really good. DeFeo talked about buying out a lot of the debt. The Company also had a little interesting tidbit. They are actually predicting $1.1 B of operating income but they round it down to $1,000 just in case.
I really like TEX cuz of DeFeo. He really seems like a king. Like if you look at the company when he took over until today it is pretty crazy. Since DeFeo took over in 1995 its up over 1000% compared to 200% of the market. But we know the best is still ahead for TEX because the recession really weakned the stock.
ya, I redid my valation. I remember putting in 40% growth for 3 years in earnings a years ago when I re-valued TEX. Seems I was a bit conservative given their estimates. Also the time value of money bring up the valuation. Since now we are getting much closer to the $1B+ of earnings.
DeFeo talk and walks the talk. He talks about becoming a superb operating company, he talks about reducing debt to do it. And he talks about how he owns a lot of stock and wants the price to rise. He also knows what drives the valuation. He is right reducing the debt is very accretive to increasing the value in TEX's case probably moreso than a buyback. Becoming investment grade would be a nice boost. Like he wants to repositiion TEX from thosi high growth company into a CAT like company.
It would be incredible if 10 years from now TEX could be like CAT