CNHI released inflation-proof Q1 22 results. Demand remains strong, with uncertainty relying on the development of the shortage of semiconductors. Confirmation of the FY22 target did not come as a big surprise, as FCF expectations call for a sizeable positive reversal on the inventory front. In our view, the ongoing workers strikes in the US are likely to end up with pay rises but the most interesting will be to watch the way the company manages the social crisis.
