BUSFIN 7225 – Student Investment July 5Fund Manager: Royce West th, 2019 Research Analyst: Sean McMickle July 5th, 2019 Oshkosh Corporation Performance History Summary 52‐Week High $84.86 Oshkosh Corporation designs, manufactures, and 52‐Week Low $51.42 markets specialty vehicles, bodies, and access 1‐year return 17.62% equipment including fire and emergency vehicles, military vehicles, concrete mixers, and refuse collection vehicles. Primary markets targeted include defense, concrete placement, refuse hauling, access equipment, Company Information and fire & emergency.1 Oshkosh Corporation was Ticker OSK founded in 1917, has manufacturing operations in 8 Sector Industrials countries, and has a market capitalization of $5.68 Industry Truck Manufacturing billion. Price as of 7‐5‐19 $83.27 Market Cap (mn) $5,793 Investment Thesis Shares Outstanding (mn) 69.12 We are recommending that investors HOLD Oshkosh Corporation at industrial sector weight due to the Key Statistics following reasons: 1. We believe that cash flow projections are Revenue (TTM‐mn) 8,300 rooted in late economic cycle uncertainty and Earnings (TTM‐mn) 542.2 are therefore too conservative. We believe the EPS (TTM) 7.44 current expansion has time to drive revenue P/E 11.19 growth within a late‐cycle market Beta 2.16 outperforming segment. 2. Oshkosh has recently successfully captured OSK Stock Price multiple government defense contracts. Due to the high likelihood of renewal of these 95 contracts once captured, Oshkosh is positioned 85 to increase defense segment revenue higher 75 than expected. 65 3. Oshkosh Corporation is focused on improving 55 company fundamentals to improve efficiencies and increase margins. 45 J‐19 J‐19 J‐18 J‐19 S‐18 F‐19 A‐19 A‐18 D‐18 N‐18 O‐18 M‐19 M‐19 Risks Risks to investing in Oshkosh Corporation include: Contact Information  Failure to reach a trade deal with China may Email [email protected] stifle economic expansion in target markets Phone Number (513) 373‐7577 domestically and abroad.  2020 Presidential election results may Recommendation change government spending patterns and Stock Rating HOLD affect revenue growth. Price Target $88.46  An increase in backlogs may make timely Implied Upside 6.02% product delivery difficult. Dividend Yield 1.30%

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Oshkosh Corporation July 5th, 2019

Contents Company Overview ...... 3 Business Segments ...... 3 Access Equipment ...... 4 Defense ...... 4 Fire and Emergency ...... 4 Commercial ...... 4 Geographical Segments ...... 5 Market Landscape ...... 6 Sector Landscape ...... 6 Competitive Landscape ...... 6 Growth Drivers ...... 8 Recent Stock News ...... 9 Recently Approved Government Contracts ...... 9 Investment Thesis ...... 9 Fundamental Drivers ...... 9 Continued Economic Expansion ...... 10 Continued capture of government contracts ...... 10 Continued improvement in company fundamentals ...... 11 Financial Forecasts ...... 12 Valuation and Price Target ...... 13 Risks ...... 14 Conclusion ...... 14 Appendices ...... 15 Appendix I: Oshkosh, Inc. Income Statement ...... 15 Appendex II. Segment Assessment ...... 16 Appendix III: Oshkosh, Inc. Discounted Cash Flow ...... 17 References ...... 18

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Oshkosh Corporation July 5th, 2019 Company Overview

Oshkosh Corporation designs and manufactures specialty vehicles and truck bodies worldwide for the target markets of defense, concrete placement, refuse hauling, access equipment, and fire & emergency. Formerly known as Oshkosh Truck Corporation, Oshkosh Corporation was founded in 1917, incorporated in 2014, and headquartered in Oshkosh, . Oshkosh currently manufactures within 7 U.S. states as well as Australia, Canada, China, France, Mexico, Romania, and the United Kingdom. Sales and distribution operations are maintained within 150 countries. Equipment is marketed to specific geographic regions where customer required high performance standards match current product configurations, or an opportunity for value‐ added products at a price premium exists. All products are backed by a worldwide 24/7 service network.2 Since 1996, Oshkosh has completed 15 significant acquisitions and 2 divestitures to maintain a top market presence in growing markets and to deliver synergies within purchasing, manufacturing, distribution, and product development.3

Business Segments

Oshkosh contains four major business segments of access equipment, defense, fire & emergency, and commercial. Overall operating income and sales are largely driven by access equipment and defense, representing a collective 72.7% of revenue.

Intersegment NET SALES OPERATING INCOME (LOSS) eliminations and Access other, $(24.60) equipment, Corporate, Access $3,776.80 $(161.90) equipment, $387.80 Commercial, $1,054.70 Commercial, $67.50 Fire & Emergency Fire & , Defense, Emergency, Defense, $1,069.70 $1,828.90 $137.20 $222.90

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Oshkosh Corporation July 5th, 2019

Access Equipment

The operations of JLG Industries, Inc. and Jerr‐Dan Corporation represent the access equipment segment. JLG Industries was acquired in 2006 and produces aerial work platforms and telehandlers that provide workers and equipment access to difficult to reach locations. JLG also provides low‐level access equipment in Europe and the Middle East. Primary customers include contractors, home improvement stores, and equipment rental companies. JLG sells direct and offers financing to customers through third party contracts. Jerr‐Dan manufactures and markets towing and recovery equipment within the . Product lines include light‐ medium‐ and heavy‐duty wreckers as well as aluminum, steel and industrial carriers. In addition, revenue is generated from installation and service.4,5

Defense

Oshkosh Corporation provides various products to the United States Department of Defense through Oshkosh Defense, LLC as well as tactile vehicles to approved foreign customers. Primary product lines include the production and maintenance of Mine Resistant Ambush Protected (MRAP) vehicles and Aircraft Rescue Fire Fighting (ARFF) specialty tactile vehicles. Oshkosh defense also produces and services light‐ medium‐ and heavy‐duty vehicles related to missions requiring hauling tanks, missile systems, ammunition, fuel, and troop and cargo transport.4,5

Fire and Emergency

Fire and Emergency subsidiaries of Oshkosh include , Inc., Oshkosh Airport Products, LLC, and Kewaunee Fabrications LLC. Pierce Manufacturing produces customized end‐ user fire apparatus that are assembled onto commercially available chassis. Fire apparatus include ladder and tiller , pumpers, rough terrain response vehicles, bomb squad vehicles and hazardous material control vehicles. Oshkosh airport products produces aircraft rescue and firefighting (ARFF) vehicles for both domestic and international airports. Frontline designs, manufactures, and integrates broadcast and communication vehicles for field production, news gathering and broadcasting, and command trucks for local and federal governments. Oshkosh Corporation offers financing for customers within the Fire and Emergency segment.4,5

Commercial

Commercial segment revenue is driven by Concrete Equipment Company, Inc., London Machinery, Inc., Iowa Mold Tooling Company, and Oshkosh Commercial Products, LLC. Through these subsidiaries, Oshkosh constructs front‐ and rear‐discharge concrete mixers and concrete batch plants for the concrete ready‐mix industry, refuse collection vehicles for the waste services industry, and field services and truck mounted cranes for various industrial industries. Financing is provided to end customers. 4,5

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Oshkosh Corporation July 5th, 2019

Segment Revenue (millions)

$4,000.00

$3,500.00

$3,000.00

$2,500.00

$2,000.00

$1,500.00

$1,000.00

$500.00

$‐ 2014 2015 2016 2017 2018

Access Equipment Defense Fire & Emergency Commercial

Geographical Segments

Although Oshkosh Inc. is an international company, North America represents 82.2% of revenue in 2018. North America also represents most of the revenue growth by geographical segment over the last two years. Although Oshkosh has identified expanding into U.S. and international defense markets as a strategy for growth, expansion within this segment must be in line with the interests of the United States Department of Defense. Although there has been recent revenue growth within the defense segment due to increased domestic and international demand, this trend may not continue internationally.6 Strong international revenue exposure exists in the airport products category within the commercial segment, however Oshkosh Incorporated seems to be heavily domestically dependent overall.

2018 GEOGRAPHIC NET SALES Rest of the world, $537.00

Europe, Africa, and the Middle East, $672.30 United States, $6,177.80 Other North …

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Oshkosh Corporation July 5th, 2019

Market Landscape

Sector Landscape

The current economic expansion has lasted for over ten years, and it is widely considered to be late economic cycle. The last ten years have observed a 220% return on the S&P 500 while industrials have outpaced the market at 234%. Industrials are a highly cyclical and expected to underperform the market in the early years of expansion as people are decreasing consumption and overperform in later years as demand for construction, and manufactured products increases. This has been proven true with a year to date return of 20.96% for industrials compared to 19.51% for the S&P 500.7 Oshkosh Corporation has overperformed relative to both industrials and the market with a year to date return of 35.2%.8

OSK Relative Performance to S&P 500 YTD 3100 85

3000 80 2900

2800 75

2700 70 2600 65 2500

2400 60 Jan‐19 Feb‐19 Mar‐19 Apr‐19 May‐19 Jun‐19 Jul‐19

SPX OSK

Competitive Landscape

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Oshkosh Corporation July 5th, 2019 Oshkosh Corporation utilizes a differentiation strategy by providing complete customized solutions for customers including design, manufacturing, service, and financing. Coupled with market leadership acquired by quality production and targeted acquisitions, Oshkosh has a distinct competitive advantage within the access equipment, defense, fire & emergency, and commercial segments in which it competes. These market segments represent significant supplier power for market leaders and high switching costs for consumers. For example, if a fire station purchases a fire truck from Pierce Manufacturing, Inc. they are committed to the brand for a designated period due to financing agreements as well as the significant capital investment required. Purchases are infrequent; however, a quality product tends to lead to a repeat sale for the next truck needed once a contract is won. This cycle is true for most products OshKosh provides whether it be tow trucks, tactical military vehicles, aerial lifts, airport maintenance vehicles or waste refuse collection vehicles. Oshkosh leverages high quality products with proprietary technologies along with an established distribution network and customized engineered solutions to provide a value proposition that commands a price premium.

Within the access equipment segment, JLG and Skytrack occupy the leading market position globally for aerial work platforms.10 The standardization of equipment for airlines and airports leads to a distinct advantage for incumbents in this space as switching costs are high. Barriers to entry exist as a result. Oshkosh has maintained a strong North American rental market and is targeting an increase in international demand.

Within the defense segment, Oshkosh Defense occupies the leading market position globally for Military tactile wheeled vehicles. 10 Once contracts are won within this segment, they are typically renewed long term. Although Oshkosh maintains a leading global position in this category, sales are closely tied to the policies of the Department of Defense. Most sales in this category are to the United States, and Oshkosh can only sell to approved customers internationally. In 2016, Oshkosh defense was awarded a $6.7 Billion dollar contract with the Department of Defense to replace the ageing tactical vehicle fleet within the armed forces. This contract is for over 18,000 vehicles, includes 8 additional order years upon completion of the base award, and vehicle deliveries are expected through 2024.10

Within fire & emergency segment in North America, Pierce occupies the leading market position for fire apparatus, and Oshkosh Airport Products occupies the leading market position for aircraft rescue and firefighting (ARFF) and snow removal vehicles. 10 Long term contracts are utilized with local municipalities when purchasing a fire fighting truck, and maintenance of the product is included. This creates high switching costs. If the experience is a positive one, most municipalities will elect to purchase from the same company when it is time to purchase a new truck. Simlarly to aerial work platforms, airport products benefit from standardization between airlines and airports and therefore have high switching costs. Obtaining a leading market position represents a significant barrier to entry. Recently, contracts have been won for the U.S. Air Force and the Beijing Airport. Oshkosh Corporation is focused on margin improvement and simplification within the segment.10

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Oshkosh Corporation July 5th, 2019 Within the commercial segment in North America, McNeilus occupies the leading market position for refuse collection vehicles, and Con‐e‐co occupies the leading market position for concrete mixers and batch plants. Jerr‐Dan occupies the number two market position for wreckers and carriers. Oshkosh expects steady demand within the segment as current fleet ages are high. 10

Growth Drivers

Since January of 2016, OshKosh Corporation has grown 113.35% relative to S&P500 growth and industrials growth of 46.31% and 40.74% respectively. This large growth over the last three years is the result of favorable macroeconomic trends amplified by favorable public policy resulting from the election of president Trump, and a priority placed on improved company fundamentals.

OSK Relative Performance to S&P 500 since 20016

2950 95

2750 85 75 2550 65 2350 55 2150 45

1950 35

1750 25 Jul‐16 Jul‐17 Jul‐18 Jan‐19 Jan‐16 Jan‐17 Jan‐18 Jun‐19 Jun‐18 Oct‐16 Oct‐17 Oct‐18 Apr‐19 Apr‐16 Apr‐17 Apr‐18 Feb‐16 Feb‐17 Sep‐18 Dec‐18 Aug‐16 Aug‐17 Nov‐16 Nov‐17 Mar‐19 Mar‐18 May‐16 May‐17

SPX OSK

Policies enacted by president Donald Trump have been favorable for the performance of Oshkosh Corporation. In 2016, an increase in defense spending led to an increase in revenue within the defense segment of 43.8% compared to 2015. This was realized by Oshkosh in the 2016 $6.7 billion‐dollar contract for Oshkosh JLTV vehicles. An increase in spending on infrastructure on both the state and federal levels increased demand for the access equipment and commercial segments.

In 2017, the United States Senate Committee on Appropriations approved the $60.058 billion‐ dollar FY2018 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. This legislation increased funding by $2.407 billion compared to the FY2017 act and placed a priority on increasing the safety, reliability, and efficiency of the national

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Oshkosh Corporation July 5th, 2019 transportation system.11 Strong demand for aerial work platforms led an increase in access equipment sales by 24.8% compared to 2017.

In addition to increased sales, the company has dedicated a focus on improving company fundamentals. Specifically, Oshkosh has focused on improving margins by improving simplifying product lines and improving efficiencies within distribution centers. Aided by the 2018 tax cuts, margin improvements were effectively realized and shown in net income improvement of 65.2% compared to 2017 compared to a 12.8% increase in sales.

Recent Stock News

Second fiscal quarter results reported on April, 30 2019 indicate a 5.5% increase in net sales, and an 18.2% increase in adjusted earnings per share. Sales growth in access equipment is growing in all regions, and is driven by the Pacific Rim as the result of product adoption in China. In addition, a record quarter was logged in the Fire & Emergency segment for sales, leading to a backlog of orders greater than $1 billion. This growth has been driven by the North American fire truck market.

Overall commercial segment outlook may be impacted for FY 2019 as the result of a manufacturing facility partial roof collapse from excessive snow accumulation in the 2nd quarter. As a result, second quarter results are lower than expected. A recovery plan is in place to recover by FY 2020.14

Recently Approved Government Contracts

The outlook for government contracts appears promising. Within the defense segment, Oshkosh was awarded a $320 million contract with the U.S. army and its allies for medium tactical vehicles on June 28th, 2019. The project is expected to completed by 2021.15 On June 23rd, 2019 Oshkosh got approval for full rate production on its $6.7 billion dollar contract for Joint Light Tactical Vehicals (JLTV). This contract replaces Humvee due to advanced technology, improved reliability and superior armor features found on the Oshkosh JLTV. The approval for full rate production was originally scheduled for 2020 and is ahead of schedule.16,17

Investment Thesis

Fundamental Drivers

Oshkosh appears to be poised to continue to outperform the industrials sector due to promising demand within the access equipment, defense, and fire & emergency segments. Due to the highly cyclical nature of the company and its correlation with the S&P 500, company performance will highly depend upon three main factors: 1) Continued economic expansion, 2) Continued capture of government contracts, and 3) Continued improvement in company fundamentals.

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Oshkosh Corporation July 5th, 2019

Continued Economic Expansion

The current economic cycle is widely accepted to be in the late stages both domestically and internationally, which has historically benefitted the industrial segment. Oshkosh is highly correlated to the S&P 500, and its outperformance depends on a strong economy.

Source: Fidelity Investments12

Although recession worries are prominent in the longest economic expansion in United States history, economic fundamentals remain strong and a recession does not appear likely soon. The June, 2019 Jobs report indicated a better than expectations increase of 224,000 jobs, and an unemployment rate of 3.7% which is near 50 year lows.13 A strong employment force should increase discretionary income for highly cyclical sectors such as industrials. To prolong the expansion, the Federal Reserve has held interest rates steady since 2018, and has hinted at a quarter point reduction. A reduction in interest rates should theoretically stimulate expansion by decreasing the cost of funding for construction capital expenditures, leading to increased sales.

The primary threat to the current economic expansion revolves around the trade war between the United States and China. A tariff truce announced on June 28th has stimulated stock prices within the S&P and relieved fears in the short term of an escalation in tariffs leading to a recession. There is hope that a permanent agreement can be met, however the timing is uncertain.

Completion of a deal in combination with steady to decreasing Federal Reserve interest rates should prevent a recession in the near term, and may set the stage for a prolonged economic expansion. This will help to drive access to developing markets and will benefit the performance of Oshkosh Corporation.

Continued capture of government contracts

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Oshkosh Corporation July 5th, 2019 Defense spending is predicted to increase to between $745‐750 billion for FY2020, up from $716 billion in FY 2019. Approval for full production of the JLTV contract is ahead of schedule and establishes high switching costs for their product. Sales growth within the defense segment was steady in FY 2018 after two years of large increases. Continuing to innovate within the segment and capture additional contracts as they become available will be critical for continued company growth as the defense segment represents approximately 24% of total net revenue.

Sales Growth YoY 2015 2016 2017 2018

Access Equipment ‐3.0% ‐11.4% 0.5% 24.8%

Defense ‐45.5% 43.8% 34.7% 0.5%

Fire & Emergency 7.7% 17.0% 8.1% 3.8%

Commercial 12.9% 0.1% ‐0.9% 8.7%

Intersegment eliminations and other ‐21.7% ‐52.5% 7.7% 35.9%

Total ‐10% 3% 9% 13%

Continued improvement in company fundamentals

Oshkosh has identified improvement in company fundamentals as a key strategic initiative to improve profitability. Increases in net income related to increases in sales drastically improved from 2017 to 2018 as a result of tax benefits and improved efficiencies. Consensus estimates indicate that revenue will begin to level off in the coming three years due to economic uncertainty. To support continued growth, it is crucial that Oshkosh continue to improve efficiencies to continue improving operating margins across all segments.

Operating Margin FY 2015 ‐ 2019 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2015 2016 2017 2018

Access Equipment Defense Fire & Emergency Commercial

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Oshkosh Corporation July 5th, 2019 Financial Forecasts

Over the last 12 months, Oshkosh Corporation has returned 17.62% compared to 10.15% and 11.5% for the industrials sector and the S&P 500 respectively. Although industrials are underperforming in the trailing 12 months due to the large 4th quarter sell‐off in 2018, industrials have outperformed as expected in late cycle year to date. Oshkosh’s strong performance has been driven by demand within the access equipment, defense, and fire & rescue segments.

Annual Return 7‐5‐18 to 7‐5‐19

20.00%

10.00%

0.00% OSK S&P 500 Industrials

When comparing Oshkosh Corporation returns to its main competitors, it has vastly outperformed for both the last 12 months and year to date. Although competitors have drastically underperformed the market and industrials, they have rebounded strongly year to date. This rebound is likely due to the renewed optimism in a continued economic expansion that has led the S&P 500 to record highs in 2019. The broad range of results seen by competitors reflects the economic uncertainty of the current expansion within a cyclical industry moving forward.

Oshkosh Caterpillar Astec Manitowoc Corp Inc Industries Inc Inc Ticker OSK CAT ASTE MTW CMI 12‐month Return 17.62% 2.28% ‐47.62% ‐36.75% 32.6% YTD Return 35.20% 7.21% 1.09% ‐1.59% 0.17% Revenue (TTM) ‐ mn 1,360 55,330 1,170 1,880 24,210 Net Income (TTM) ‐ mn 541.85 6,850 ‐550,140 26,900 2,560 EPS (TTM) 7.43 10.73 ‐2.91 ‐2.36 15.43

P/E Ratio 11.2158 11.7349 33.0652 22.5345 10.619

Appendices I and II reflect forecasted cash flows for the upcoming three years. Consensus estimates show a slight increase in sales and earnings per share for 2019, level projections 2020 and a decrease for 2021. Overall revenue and earnings per share estimates are similar to consensus. We are projecting modest growth due to a decrease in the growth rate of sales.

We are assuming an economic slow‐down will likely occur in late 2020, and the resultant decrease in demand is the reason for the decrease in sales growth and steady earnings per share observed in our projections. Revenue growth is observed in 2019, driven by the access

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Oshkosh Corporation July 5th, 2019 equipment and defense segments. Revenue is projected to will taper off when the recession occurs in 2020, and remain steady in 2021 as a new economic cycle begins.

We are projecting steady margins within the access equipment, and defense segments for 2019, however they will decrease in 2020 and 2021 as the company encounters hardships from the economic recession. Fire & emergency margins will continue to increase as a steady demand and low volume should be able to weather the recession allowing focus to maintain on operational efficiencies. Commercial margins are projected to decrease to 3% as operations are recovered from the manufacturing facility damage sustained this year.

Valuation and Price Target

When valuating Oshkosh Corporation using the Discounted Cash Flow model, we first assessed current market and equity pricing on a historical price to earnings ratio. Both the S&P 500 and Industrials are trading slightly above their median P/E ratio from the recent trade truce market surge. The current market P/E ratio implies a discount rate of 11% and a terminal growth rate of 5.5% to achieve appropriate pricing for market risk. Due to the late cycle dynamics of this Industrial stock, we increased the discount rate to 11.5%, and decreased terminal growth rate in line with consensus estimates and our projections to 3.5%. The result of our analysis indicated an implied price of $83.65 per share, which is directly in line with the current stock price of $83.29 with an implied upside of 0.4%. This current stock price implies that consensus estimates and discount rates are heavily weighted to uncertainty towards the economic environment moving forward.

Next, we moved to a comparable valuation using valuation metrics. Oshkosh is currently trading slightly below the average to four major competitors for all metrics including price to earnings, price to sales, price to book, price to cash flow, and price to ebitda.

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Oshkosh Corporation July 5th, 2019 Using the average multiples as targets reveals a target price range of $92.39 ‐ $105.48 per share, with an average value of $99.67.

To arrive at a target price, we weighted the DCF valuation at 70% and the average comparable price at 30%.

Final Target Price = $88.46

Risks

The primary risk to the industry surrounds the current trade war with China. Access equipment is driving current growth, with the pacific rim being identified as a primary strategic source of demand. If a trade deal is unable to be negotiated, it may end the current economic expansion leading to a decrease in spending domestically and an increase in costs associated with Oshkosh products abroad.

Another upcoming risk revolves around the upcoming 2020 presidential election in the United States. Current government spending on infrastructure and defense is beneficial for Oshkosh Corporation. In the event of a new presidential regime, government spending may be altered resulting in a decrease in new contracts obtained.

Finally, due to increased demand, Oshkosh Corporation has increased backlogs during fiscal year 2019. If Oskosh is unable to keep up with demand, customers will switch to competitors. It is important that management stay focused on maintaining and improving efficiencies to deliver quality products in a timely manner to customers.

Conclusion

HOLD Oshkosh Corporation (NYSE: OSK) with a target price of $88.46 and an implied upside of 6.02%

Oshkosh Corporation is slightly undervalued as much of the current price is centered around economic uncertainty in future cash flows. We believe that current economic expansion has room to continue and that a trade deal will be negotiated with China. This will serve to continue expansion and continue outsize market growth within the access equipment and defense segments. We believe the Oshkosh Corporation should be held at industrial market weight to capitalize on remaining expansion growth.

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Oshkosh Corporation July 5th, 2019

Appendices Appendix I: Oshkosh, Inc. Income Statement

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Oshkosh Corporation July 5th, 2019 Appendex II. Segment Assessment

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Oshkosh Corporation July 5th, 2019 Appendix III: Oshkosh, Inc. Discounted Cash Flow

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Oshkosh Corporation July 5th, 2019

References 1https://www.oshkoshcorp.com/about/company_profile.html

2 https://www.oshkoshcorp.com/about/global_operations.html

3https://www.oshkoshcorp.com/about/acquisitions.html

4https://www.reuters.com/finance/stocks/company‐profile/OSK.N

5https://www.oshkoshcorp.com/brands/index.html#4

6http://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_OSK_2018.pdf

7https://eresearch.fidelity.com/eresearch/markets_sectors/sectors/sectors_in_market.jhtml?tab=indust ries§or=20

8https://finance.yahoo.com/quote/OSK?p=OSK

9https://seekingalpha.com/article/4203484‐oshkosh‐50‐percent‐upside

10https://s2.q4cdn.com/024929968/files/doc_presentations/2018/08/Investor‐Presentation‐August‐ 2018.pdf

11 https://www.appropriations.senate.gov/news/majority/committee‐advances‐fy2018‐transportation‐ hud‐appropriations‐bill

12https://eresearch.fidelity.com/eresearch/markets_sectors/sectors/sectors_in_market.jhtml?tab=sdbu siness§or=20

13https://www.cnbc.com/2019/07/05/jobs‐report‐june‐2019.html

14https://s2.q4cdn.com/024929968/files/doc_presentations/2019/04/Q2‐2019‐Earnings‐Slides.pdf

15https://www.upi.com/Defense‐News/2019/07/01/Oshkosh‐Defense‐awarded‐320M‐to‐supply‐FMTVs‐ for‐US‐allies/7641561988663/

16https://www.govconwire.com/2019/06/oshkosh‐gets‐green‐light‐for‐army‐jltv‐full‐rate‐production/

17https://www.motortrend.com/news/humvee‐compares‐to‐new‐oshkosh‐jltv/

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