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NAV - Navistar 4.0: Positive But Already Priced In
Navistar International Corporation
Navistar International Corporation (NAV) provided investors an in-depth look into its latest strategy - Navistar 4.0. The company management presented a credible strategy that aims to improve market share through new products, as well as improvements in the company's cost structure and efficiency. These efforts should help NAV materially improve its financial performance (12% EBITDA margin target in FY 2022 from the current EBITDA of 8%), while the company utilizes its cash flow to de-risk its balance sheet. However, I believe ongoing headwinds in the truck industry will limit multiple expansion –