Morningstar

Morningstar, Inc.

Equity Bottom-Up

After taking a fresh look at Paccar and incorporating the results from its first-quarter 2019, we are reducing our fair value estimate to $68 from $73 and are maintaining our narrow-moat rating. Its first-quarter performance was exceptionally strong, even considering the buoyant truck market in North America. First-quarter EPS of $1.81 beat consensus of $1.65 and revenue of $6.1 billion beat Street expectations of $6.0 billion. Market share gains in Europe and Brazil along with strong parts…

<p>Since entering the heavy-duty truck market in 1945, Paccar has carefully fashioned unique and premium global brands in the manufacturing sector. Operating under the Kenworth, Peterbilt, and DAF (for the Europe and Brazilian markets) brands, the company has consistently ranked as one of the largest manufacturers of 18-wheelers. It has been able to achieve its strong market position against several deep-pocketed players, such as Volvo, Daimler, and Volkswagen, through a combination of market…</p>

United States

PACCAR Inc designs, develops, manufactures, and distributes light-, medium-, and heavy-duty trucks, and related aftermarket distribution of parts.  The Company also offers finance and leasing services to its customers and dealers.

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