...September 22, 2023 Resilient operating performance. Under our base case, we forecast Doosan Bobcat Inc.'s (DBI) operating performance will improve in 2023 compared with 2022. The performance will then weaken in 2024-2025 due to a moderation in the construction sector in North America. The company's operating performance for the first half of 2023 was better than our expectations. Revenue and EBITDA were up 25% and 49% in the first half respectively, compared with the same period in 2022. Despite weakening macroeconomic conditions, DBI saw strong demand across its product portfolio, including ground maintenance equipment and forklifts. This stemmed from strong construction spending in the non-residential sectors (office buildings, infrastructure etc.) within the U.S. market. Healthy financial metrics. DBI's prudent financial policy will support its financial metrics. The company repaid debt in recent years using strong free cash flow amid a robust construction equipment market in the U.S....
