Seeking Alpha: Is Titan Bottoming Out?

It's been a rough year for most companies that have much to do with the agriculture, earthmoving, or mining vehicle industries. Deere (DE) is up a little, Caterpillar (CAT) is down a little, Joy Global (JOY) is down a little more and the two Titans (Titan Machinery (TITN) and Titan International (TWI)) are down even more. Although AGCO (AGCO) and CNH Global (CNH) are up pretty strongly over the past year, they're more the exception and perhaps benefiting from less reliance on North America.

In any case, Titan International is the stock I'm interested in for this article. This company has had an up-and-down history, with management having something of a history of "I confess … it's not our fault!" excuses for operational issues, but also a cogent plan for building strong share in a variety of growth markets like Eastern Europe and Brazil. Calling a bottom in a stock always runs the risk of making you look stupid later on, and I do see risks that the ag and mining markets could get worse. Even so, unless Titan seriously drops the ball and actually loses share over the coming decade, I think the shares are undervalued today.

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Is Titan Bottoming Out?

Seeking Alpha: Titan International Deflates After Disappointing Results

The CEO of Titan International (TWI) is hardly a wallflower, and that makes for the occasional interesting headline or entertaining press release. But whatever the entertainment value, Wall Street is a brutally results-oriented place and Titan's fourth quarter earnings didn't pass muster.

While investors have reason to be concerned about the extent to which a weak global construction market and a "weak everything" market in Europe will hurt results over the next year or two, and what the company's long-term free cash flow generation will look like, this pullback could be an opportunity to add shares of an increasingly global off-highway wheel and tire business.

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Titan International Deflates After Disappointing Results