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雷达卡
INTRODUCTION – Agriculture Positive Outlook..................................4
Revenue Drivers...........................................................................................4
1. 2009E-2011E Canada Six Major Grain and Oilseeds Production..4
2. Historically Strong Price Outlook........................................................6
3. 2009-2011 Global Wheat Demand ......................................................6
4. US Corn Outlook Positive.....................................................................7
5. Farm Income...........................................................................................9
6. Other Agriculture Trends......................................................................9
7. Non-residential and residential construction...................................10
Valuation.......................................................................................................11
AG GROWTH INTERNATIONAL INC..............................13
Investment Summary................................................................................13
Description ..................................................................................................13
Business Divisions...................................................................................13
Geographic Segments ............................................................................15
Product Distribution.................................................................................15
Strategy........................................................................................................15
Organic Growth Strategy........................................................................15
Acquisition Growth Strategy...................................................................15
Positive Attributes.....................................................................................15
1. Augers – Relatively Low Cost Necessity ..........................................15
2. Leading Market Share.........................................................................16
3. EBITDA and Organic Revenue Growth ............................................16
4. Attractive Yield with Conservative Ratios .........................................16
5. High Quality Product...........................................................................16
Competition.................................................................................................16
Company History .......................................................................................17
Debt...............................................................................................................18
Q2-09 Review and Q3-09 Preview.........................................................19
Cost Drivers.................................................................................................19
Foreign Exchange......................................................................................19
Estimates......................................................................................................20
Valuation and Target Price ......................................................................20
Key Risks .....................................................................................................21
Financial Statements.................................................................................22
CERVUS LP...............................................................24
Investment Summary................................................................................24
Description ..................................................................................................24
Geographic Segments ............................................................................25
Business Segments .................................................................................25
Strategy........................................................................................................26
Organic Growth Strategy........................................................................26
Acquisition Growth Strategy...................................................................26
Positive Attributes.....................................................................................26
1. Attractive Equipment Brand ...............................................................26
2. Cluster and Multi-Branch Dealership................................................26
3. Experienced Professionals with Ownership Stake.........................26
Company History .......................................................................................26
Conversion to a High Yield Corporation...............................................27
Debt – Low Leverage.................................................................................28
Q2-09 Review and Q3-09 Preview.........................................................28
Foreign Exchange......................................................................................29
Estimates......................................................................................................29
Valuation and Target Price ......................................................................30
Key Risks .....................................................................................................30
Financial Statements.................................................................................31
ROCKY MOUNTAIN DEALERSHIPS INC........................33
Investment Summary................................................................................33
Description ..................................................................................................33
Geographic Segments ............................................................................34
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