Doosan Bobcat Inc.

Overview Key strengths Key risks Good position in North American compact construction equipment market. Parent's credit profile and liquidity position are weaker than DBI's. Steady performance and cash-flow generation. Concentration in compact construction equipment business in the U.S. Exposure to cyclicality of construction equipment industry. . We anticipate the company will maintain its good position and competitiveness in its core North American compact construction equipment market. This is given ongoing strong demand for construction and housing . The demand strength should largely mitigate increasing pressure from higher raw-material and freight costs. North America accounted for more than 70% of the company's revenue and the bulk of its EBITDA during the first three quarters of 2021. We forecast revenue will rise

...Doosan Bobcat Inc.'s (DBI) revenue will rise amid a favorable business environment. We anticipate the company will maintain its good position and competitiveness in its core North American compact construction equipment market. This is given ongoing strong demand for construction and housing . The demand strength should largely mitigate increasing pressure from higher raw-material and freight costs. North America accounted for more than 70% of the company's revenue and the bulk of its EBITDA during the first three quarters of 2021. We forecast revenue will rise by more than 30% in 2021 and 6%-8% in 2022 amid a rapid recovery from pandemic-related disruptions and the addition of the forklift business from the third quarter of 2021. EBITDA margin will likely be...

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