David Einhorn speaking successful New York City connected April 3, 2024.
Adam Jeffery | CNBC
Greenlight Capital's David Einhorn said Wednesday helium has taken a mean sized presumption successful cultivation play CNH Industrial.
Speaking astatine CNBC's Delivering Alpha conference successful New York City, the hedge money capitalist said the cultivation machinery company is an under-the-radar worth play arsenic the manufacture nears the extremity of a bearish cycle.
"It's precisely the benignant of concern that perfectly cipher cares astir close present due to the fact that it's cheap, and the quality implicit the adjacent play of clip isn't going to beryllium precise good. Agriculture prices are low, and cultivation instrumentality is ending down cycle," Einhorn said astatine a sheet with CNBC's Leslie Picker.
Shares of CNH popped much than 4% successful extended trading pursuing his comments.
Einhorn noted that CNH, formerly Case New Holland, is simply a hefty dividend payer with an implicit 4%yield, portion the steadfast is actively buying backmost stock.
"There's precise small fiscal leverage. And sometime adjacent year, possibly adjacent successful aboriginal 2026.... radical volition statesman envisioning a mates dollars net connected the apical cycle," Einhorn said.
The concern banal has importantly underperformed the marketplace this year, down much than 17%.
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