The worst seems to be behind us. With end-markets stabilising, we see room for gradual volume improvement at Comer (COM) beyond the short term. Better earnings prospects should help to narrow the discount vs. peers, which remains excessive in our view. Demand is close to trough... We have done a deep dive into COM''s end-markets. Agriculture (AG, ~50% of COM''s business in 2024e) is close to the trough after a tough year, while momentum keeps improving for the Construction Equipment business ( ....