We are long shares of LNN. Please click here to read full disclosures.
Our 35-page report explaining our long thesis for Lindsay Corp. (LNN) is available here.
We are long shares of Lindsay Corporation (NYSE:LNN), a global irrigation business headquartered in Omaha, Nebraska. Lindsay owns a world-renowned brand name (Zimmatic), sells into an under-penetrated market and benefits from the secular trends of increasing global food scarcity and rising protein consumption. Given this long-term growth opportunity, a robust capital efficiency profile (ROIC of 25%+), and the stock trading at 13.7x net-cash P/E on trough FY 2014E earnings, we believe shares trade at a 50% discount to our conservative estimate of intrinsic value…