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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 0.34
TWI's Cash to Debt is ranked higher than
65% of the 183 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 0.35 vs. TWI: 0.34 )
TWI' s 10-Year Cash to Debt Range
Min: 0   Max: 0.74
Current: 0.34

0
0.74
Equity to Asset 0.38
TWI's Equity to Asset is ranked higher than
61% of the 180 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 0.44 vs. TWI: 0.38 )
TWI' s 10-Year Equity to Asset Range
Min: 0.21   Max: 0.54
Current: 0.38

0.21
0.54
Interest Coverage 2.17
TWI's Interest Coverage is ranked lower than
54% of the 117 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 8.46 vs. TWI: 2.17 )
TWI' s 10-Year Interest Coverage Range
Min: 0.16   Max: 6.32
Current: 2.17

0.16
6.32
F-Score: 5
Z-Score: 2.00
M-Score: -2.35
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating margin (%) -1.55
TWI's Operating margin (%) is ranked higher than
51% of the 184 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 6.60 vs. TWI: -1.55 )
TWI' s 10-Year Operating margin (%) Range
Min: -7.32   Max: 11.71
Current: -1.55

-7.32
11.71
Net-margin (%) -2.14
TWI's Net-margin (%) is ranked higher than
50% of the 184 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 4.38 vs. TWI: -2.14 )
TWI' s 10-Year Net-margin (%) Range
Min: -7.75   Max: 6.1
Current: -2.14

-7.75
6.1
ROE (%) -6.33
TWI's ROE (%) is ranked lower than
51% of the 183 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 8.70 vs. TWI: -6.33 )
TWI' s 10-Year ROE (%) Range
Min: -28.64   Max: 23.49
Current: -6.33

-28.64
23.49
ROA (%) -2.37
TWI's ROA (%) is ranked lower than
51% of the 185 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 3.84 vs. TWI: -2.37 )
TWI' s 10-Year ROA (%) Range
Min: -6.95   Max: 8.33
Current: -2.37

-6.95
8.33
ROC (Joel Greenblatt) (%) -2.91
TWI's ROC (Joel Greenblatt) (%) is ranked higher than
51% of the 185 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 9.99 vs. TWI: -2.91 )
TWI' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -8.38   Max: 42.72
Current: -2.91

-8.38
42.72
Revenue Growth (3Y)(%) 12.90
TWI's Revenue Growth (3Y)(%) is ranked higher than
79% of the 176 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 8.10 vs. TWI: 12.90 )
TWI' s 10-Year Revenue Growth (3Y)(%) Range
Min: -10.2   Max: 16.7
Current: 12.9

-10.2
16.7
EBITDA Growth (3Y)(%) 18.20
TWI's EBITDA Growth (3Y)(%) is ranked higher than
78% of the 156 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 7.70 vs. TWI: 18.20 )
TWI' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -50.9   Max: 108.4
Current: 18.2

-50.9
108.4
» TWI's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q4 2013

TWI Guru Trades in Q4 2013

Paul Tudor Jones 18,848 sh (New)
First Pacific Advisors 848,100 sh (New)
FPA Capital Fund 408,000 sh (New)
Zeke Ashton 245,600 sh (New)
Jim Simons 462,400 sh (+465.97%)
Richard Snow 862,170 sh (+416.49%)
John Keeley 84,360 sh (+3.69%)
Robert Bruce 425,000 sh (unchged)
John Buckingham 274,340 sh (-0.48%)
Manning & Napier Advisors, Inc 206,550 sh (-2.02%)
Private Capital 400,032 sh (-61.81%)
Steven Cohen 13,793 sh (-68.67%)
» More
Q1 2014

TWI Guru Trades in Q1 2014

Michael Price 81,000 sh (New)
Richard Snow 1,978,138 sh (+129.44%)
First Pacific Advisors 1,551,400 sh (+82.93%)
FPA Capital Fund 734,600 sh (+80.05%)
John Buckingham 279,088 sh (+1.73%)
John Keeley 84,360 sh (unchged)
Robert Bruce 425,000 sh (unchged)
Jim Simons Sold Out
Manning & Napier Advisors, Inc Sold Out
Paul Tudor Jones Sold Out
Steven Cohen Sold Out
Private Capital 395,707 sh (-1.08%)
Zeke Ashton 45,600 sh (-81.43%)
» More
Q2 2014

TWI Guru Trades in Q2 2014

Michael Price 300,000 sh (+270.37%)
First Pacific Advisors 2,955,900 sh (+90.53%)
FPA Capital Fund 1,269,300 sh (+72.79%)
Richard Snow 2,319,080 sh (+17.24%)
John Buckingham 282,770 sh (+1.32%)
Zeke Ashton 45,600 sh (unchged)
Robert Bruce 425,000 sh (unchged)
Private Capital 384,500 sh (-2.83%)
John Keeley 79,060 sh (-6.28%)
» More
Q3 2014

TWI Guru Trades in Q3 2014

Steven Cohen 243,400 sh (New)
Jim Simons 64,200 sh (New)
First Pacific Advisors 3,690,500 sh (+24.85%)
FPA Capital Fund 1,566,200 sh (+23.39%)
Richard Snow 2,444,909 sh (+5.43%)
Michael Price 300,000 sh (unchged)
Robert Bruce 425,000 sh (unchged)
John Keeley Sold Out
Zeke Ashton Sold Out
Private Capital 370,290 sh (-3.7%)
John Buckingham 271,199 sh (-4.09%)
» More
» Details

Insider Trades

Latest Guru Trades with TWI

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
FPA Capital Fund 2014-09-30 Add 23.39%0.38%$12.55 - $17.1 $ 10.69-27%1566200
John Keeley 2014-09-30 Sold Out $12.55 - $17.1 $ 10.69-27%0
FPA Capital Fund 2014-06-30 Add 72.79%0.88%$15.5 - $19.13 $ 10.69-36%1269300
Michael Price 2014-06-30 Add 270.37%0.45%$15.5 - $19.13 $ 10.69-36%300000
Richard Snow 2014-06-30 Add 17.24%0.21%$15.5 - $19.13 $ 10.69-36%2319080
Richard Snow 2014-03-31 Add 129.44%0.85%$16.47 - $19.48 $ 10.69-40%1978138
FPA Capital Fund 2014-03-31 Add 80.05%0.67%$16.47 - $19.48 $ 10.69-40%734600
Michael Price 2014-03-31 New Buy0.19%$16.47 - $19.48 $ 10.69-40%81000
Private Capital 2013-12-31 Reduce -61.81%0.87%$14.35 - $18.05 $ 10.69-33%400032
FPA Capital Fund 2013-12-31 New Buy0.85%$14.35 - $18.05 $ 10.69-33%408000
Richard Snow 2013-12-31 Add 416.49%0.51%$14.35 - $18.05 $ 10.69-33%862170
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Guru Investment Theses on Titan International Inc

FPA Capital Fund Comments on Titan International - Jul 23, 2014

Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. Titan, which declined 11.4% in the quarter and will be discussed later in this letter, is a relatively new stock in the portfolio and one that we added to as the share price declined.

Among the stocks that we added to in the quarter were Atwood Oceanics (ATW) and Titan International (TWI).

As mentioned above, Titan declined nearly 12% in the quarter and we added to the position as the stock weakened. As you may recall, we initiated the position in TWI in the fourth quarter of 2013 in the mid- teens. Despite our additional TWI purchases, we do not yet own a full position in the stock. However, we have plenty of capacity to take the stock to a normal full position, which is 3%, but this assumes the company earns the right to have more of your capital allocated to the position.

The primary reason why TWI shares sold off recently is that the wheel and tire markets for large construction and mining equipment remain depressed. Investors had hoped that the off-road, large construction equipment and mining business would see some acceleration after the very cold winter season, but that does not appear to be the case. Tire inventory levels for large, off-road equipment were too high for dealers to be aggressive and purchase tires en masse earlier this year. However, there is some recent evidence that much of the excess tire inventory has been reduced to levels that now support some restocking.

Our investment thesis for TWI is not predicated on the wheel and tire market for large, off-road equipment to come roaring back to levels experienced before the financial crisis. Rather we believe the assets TWI has accumulated over the past decade can be managed more efficiently and, therefore, profit margins can improve without a huge increase in revenues. We recently visited one of TWI’s Midwest tire facilities and came away with the impression that simply operating the existing production equipment more efficiently would yield substantial improvements in the plant’s profitability.

Furthermore, we believe most of TWI’s operating plants have ample room for productivity enhancements and, thus, profit improvement. It is encouraging that the company has promoted Paul Reitz as the firm’s President, and that Mr. Reitz has replaced senior plant managers with more capable people. However, more work needs to be done in order to maximize the profit potential the company’s assets are capable of generating for shareholders.

From FPA Capital Fund (Trades, Portfolio)’s Second Quarter 2014 Commentary.

Check out FPA Capital Fund latest stock trades

Top Ranked Articles about Titan International Inc

Titan International: A Cyclical Business Trading Near Its Trough
FPA Capital Fund Second Quarter 2014 Commentary
Introduction Read more...
FPA Capital Fund Comments on Titan International
Among a few stocks that had negative returns in the quarter, Veeco Instruments (VECO) and Titan International (TWI) are also among the smaller positions in the portfolio. Titan, which declined 11.4% in the quarter and will be discussed later in this letter, is a relatively new stock in the portfolio and one that we added to as the share price declined. Read more...
Guru Richard Snow Ups Stake in Titan International
Richard Snow (Trades, Portfolio) upped his holdings in Titan International (TWI) this past week according to the GuruFocus Real Time Picks page. According to his investment philosophy, Snow looks for companies that are financially strong, but with stock prices that have been depressed due to temporary or intermediate term difficulties. Snow relies on extensive research to determine the probability of a solution, gain confidence in the company’s ability to survive the difficulty, and estimate the value of the stock once the difficulty has passed. Snow believes that, when using this strategy, the downside is protected because the stock price is already depressed making it a reasonably safe strategy, yet one capable of achieving significant returns. Read more...

Ratios

vs
industry
vs
history
P/B 0.89
TWI's P/B is ranked higher than
86% of the 196 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 1.64 vs. TWI: 0.89 )
TWI' s 10-Year P/B Range
Min: 0.41   Max: 4.15
Current: 0.89

0.41
4.15
P/S 0.29
TWI's P/S is ranked higher than
96% of the 196 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 0.96 vs. TWI: 0.29 )
TWI' s 10-Year P/S Range
Min: 0.11   Max: 1.39
Current: 0.29

0.11
1.39
EV-to-EBIT -31.66
TWI's EV-to-EBIT is ranked lower than
56% of the 196 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 16.50 vs. TWI: -31.66 )
TWI' s 10-Year EV-to-EBIT Range
Min: -163.1   Max: 99.7
Current: -31.66

-163.1
99.7
Shiller P/E 35.48
TWI's Shiller P/E is ranked higher than
77% of the 196 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 61.68 vs. TWI: 35.48 )
TWI' s 10-Year Shiller P/E Range
Min: 26.07   Max: 904
Current: 35.48

26.07
904
Current Ratio 2.79
TWI's Current Ratio is ranked higher than
87% of the 183 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 1.78 vs. TWI: 2.79 )
TWI' s 10-Year Current Ratio Range
Min: 1.7   Max: 6.35
Current: 2.79

1.7
6.35
Quick Ratio 1.67
TWI's Quick Ratio is ranked higher than
85% of the 183 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 1.08 vs. TWI: 1.67 )
TWI' s 10-Year Quick Ratio Range
Min: 1.06   Max: 4.78
Current: 1.67

1.06
4.78

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.19
TWI's Dividend Yield is ranked lower than
92% of the 160 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 1.67 vs. TWI: 0.19 )
TWI' s 10-Year Dividend Yield Range
Min: 0.04   Max: 0.69
Current: 0.19

0.04
0.69
Yield on cost (5-Year) 0.20
TWI's Yield on cost (5-Year) is ranked lower than
92% of the 160 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 1.89 vs. TWI: 0.20 )
TWI' s 10-Year Yield on cost (5-Year) Range
Min: 0.04   Max: 0.69
Current: 0.2

0.04
0.69
Share Buyback Rate -19.50
TWI's Share Buyback Rate is ranked lower than
53% of the 137 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: -0.40 vs. TWI: -19.50 )
TWI' s 10-Year Share Buyback Rate Range
Min: 8.7   Max: -19.5
Current: -19.5

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.00
TWI's Price/Tangible Book is ranked higher than
87% of the 196 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 2.12 vs. TWI: 1.00 )
TWI' s 10-Year Price/Tangible Book Range
Min: 0.15   Max: 3.51
Current: 1

0.15
3.51
Price/DCF (Projected) 0.68
TWI's Price/DCF (Projected) is ranked higher than
95% of the 196 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 4.36 vs. TWI: 0.68 )
TWI' s 10-Year Price/DCF (Projected) Range
Min: 0.75   Max: 14.55
Current: 0.68

0.75
14.55
Price/Median PS Value 0.47
TWI's Price/Median PS Value is ranked higher than
97% of the 196 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 1.06 vs. TWI: 0.47 )
TWI' s 10-Year Price/Median PS Value Range
Min: 0.06   Max: 1.9
Current: 0.47

0.06
1.9
Earnings Yield (Greenblatt) -3.20
TWI's Earnings Yield (Greenblatt) is ranked lower than
51% of the 184 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 6.40 vs. TWI: -3.20 )
TWI' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1   Max: 22.6
Current: -3.2

1
22.6
Forward Rate of Return (Yacktman) 41.78
TWI's Forward Rate of Return (Yacktman) is ranked higher than
97% of the 116 Companies
in the Global Farm & Construction Equipment industry.

( Industry Median: 16.01 vs. TWI: 41.78 )
TWI' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -38.1   Max: 66.5
Current: 41.78

-38.1
66.5

Business Description

Industry: Farm & Construction Machinery » Farm & Construction Equipment
Compare:CSL, CTTAY, BRDCY, MGDDY, SEH » details
Traded in other countries:TZ4.Germany,
Titan International, Inc. was founded in 1890 and incorporated in 1983 in Quincy, Illinois. The Company is engaged in the manufacture and sale of wheels, tires and undercarriages for use in the agricultural, earthmoving and construction and consumer markets. The Company has three operating segments: - Agricultural, Earthmoving and Construction and Consumer. The Agricultural segment includes agricultural rims, wheels, tires and undercarriage systems and components manufactured for use on agricultural and forestry equipment, including tractors, combines, skidders, plows, planters and irrigation equipment, and are sold directly to OEMs and to the aftermarket through independent distributors, equipment dealers and company's own distribution centers. The wheels and rims range in diameter from 9 to 54 inches. Its agricultural tires range from approximately 1 foot to approximately 7 feet in outside diameter and from 5 to 49 inches in width. The Earthmoving/Construction segment manufactures and sells rims, wheels, tires and undercarriage systems and components for OTR earthmoving, mining, military and construction equipment, including skid steers, aerial lifts, cranes, graders and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, backhoe loaders, crawler tractors, lattice cranes, shovels and hydraulic excavators with the wheels ranging in diameter from 20 to 63 inches and in weight from 125 pounds to 7,000 pounds and range from approximately 3 feet to approximately 13 feet in outside diameter and in weight from 50 pounds to 12,500 pounds. The Consumer segment manufactures and sells bias truck tires in Latin America, and provides wheels and tires and assembles brakes, actuators and components for the domestic boat, recreational and utility trailer markets. It also offers select products for ATVs, turf, and golf cart applications. The Company distributes wheels, tires, wheel and tire assemblies, and undercarriage systems directly to OEMs and aftermarket customers. The Company's major competitors include Carlisle Companies Incorporated, GKN Wheels, Ltd., Topy Industries, Ltd., Bridgestone/Firestone, Carlisle Companies Incorporated, Michelin, Pirelli, Berco and Caterpillar and certain other foreign competitors.

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