Good position in the North American compact construction equipment market. High dependence on compact construction equipment products. Exposure to industry volatility due to cyclical demand. Stable operating performance likely over the next 12-18 months. Potential high volatility in cash flows and financial ratios. Positive discretionary cash flows over the next 12-18 months. Ongoing debt reductions, with debt-to-EBITDA ratio of 2.3x-2.6x over the next two years. The stable outlook on Doosan Bobcat Inc. (DBI) reflects our expectation that the company's well-established market position and good cash flows will help it to maintain a stable operating performance and modestly improve its financial metrics over the next one to two years. Still, we expect the company to remain exposed to cyclical demand for
