Oshkosh Corp.: 2Q26 Review: Adjusting Estimates & Raising Dec 26 PT To $150

研报英文原文证据摘录

Oshkosh Corp.: 2Q26 Review: Adjusting Estimates & Raising Dec 26 PT To $150

993 1,121 13.0%

and adj. OP up ~29% YoY to $646MM (vs. consensus $662MM). See Figure 1 for Adj. EBITDA - 27E ($ mn) 1,144 1,260 10.1%

guidance details and Figure 2 for segment performance.

Quarterly Forecasts (FYE Dec)

Adjusting estimates; raising PT. We remain below consensus, modeling FY26 Adj. EPS ($)

2025A 2026E 2027E

and FY27 EPS at $9.85 and $12.13, respectively, as the 4Q-weighted EPS guidance Q1 1.92 0.85A

will require a notable ramp against typical seasonal trends. We are raising our Dec Q2 3.41 2.87A

26 PT to $150 (from $145 prior), based on ~8x FY1 EV/EBITDA, ~1x below the Q3 3.20 3.57

Q4 2.26 3.38

current valuation but we believe is justified considering the risk of downward FY 10.79 10.63 13.12

revisions ahead. We rate OSK Neutral. See below for key highlights from the

conference call. Style Exposure

• Access demand improved, supported by strong mega-project activity,

solid utilization, and a growing backlog. OSK booked $1.5B of Access

orders in 2Q, drove a 1.1x book-to-bill, and entered 2H with $2.0B of backlog,

giving the segment better visibility than earlier in the year. Management now

expects Access revenue to grow in 2026 versus 2025, improving from the prior

expectation for a modest decline, as mega-project demand continues to drive

equipment needs across infrastructure, data centers, and other large-scale

construction projects. Management described private general / non-res

construction as still “plodding along,” but highlighted strong utilization,

building backlog, and aging boom fleets as indicators that Access demand

could continue to improve into 2027 and through the 2028 target period.

Access sales increased 9% YoY to $1.4B in 2Q on higher volume and improved