Digital Auto Care Factbook 2018 - 26

Financial Profiles of Select Auto Care Companies
North American Public Aftermarket Companies - Valuation Metrics
PUBLIC AFTERMARKET COMPANIES - VALUATION METRICS(1)(2)
As of 3/31/2017
($ in millions, except per share)
Price
as of
Company

Ticker

3/31/2017

% of
52-Week
High

Equity
Value

TEV

LTM

TEV /
EBITDA
2017E 2018E

LTM

Price /
Earnings
2017E

2018E

Net Debt
/ LTM
EBITDA

Q1-2017
Stock Price
Performance

SUPPLIERS
Axalta Coating Systems Ltd.

AXTA

32.20

97.4%

7,774

$ 10,625

12.3x

11.1x

10.4x

38.1x

22.9x

19.8x

3.2x

-

18.4%

Cooper Tire & Rubber Company

CTB

44.35

99.7%

2,347

2,222

3.8x

4.8x

4.4x

8.8x

11.8x

10.3x

NM

-

14.2%

Dorman Products, Inc.

DORM

82.13

99.5%

2,826

2,677

14.3x

13.1x

11.9x

26.9x

24.4x

22.1x

NM

-

12.4%

Goodyear Tire & Rubber

GT

36.00

96.8%

9,069

13,634

5.4x

5.4x

4.8x

10.7x

9.1x

7.1x

1.7x

-

16.6%

HZN

13.88

52.6%

354

654

12.8x

8.5x

7.2x

39.1x

14.9x

11.1x

5.9x

MPAA

30.73

81.5%

574

607

9.1x

6.2x

5.4x

16.2x

12.4x

10.5x

0.5x

-

Snap-on Incorporated

SNA

168.67

92.8%

9,777

10,747

11.6x

10.5x

9.8x

20.0x

16.7x

15.2x

1.0x

(1.5%)

Standard Motor Products, Inc.

SMP

49.14

88.7%

1,122

1,157

8.3x

9.2x

8.5x

17.6x

15.5x

14.0x

0.3x

(7.7%)

Valvoline Inc.

VVV

24.55

98.3%

5,525

11.2x

10.6x

10.3x

18.0x

18.2x

17.1x

1.0x

-

Horizon Global Corporation
Motorcar Parts of America, Inc.

$

$

$

$

5,021

$

Mean
Median

9.9x

8.8x

8.1x

21.7x

16.2x

14.1x

1.9x

11.2x

9.2x

8.5x

18.0x

15.5x

14.0x

1.0x

(42.2%)

-
14.2%
-
-
14.2%

PARTS RETAILERS & DISTRIBUTORS
Advance Auto Parts, Inc.

AAP

148.26

83.4%

$ 10,944

$ 11,866

10.6x

10.0x

9.0x

21.6x

19.6x

16.9x

0.8x

(12.3%)

-

AutoZone, Inc.

AZO

$

723.05

88.2%

20,540

25,470

10.7x

10.2x

9.8x

17.4x

15.6x

14.2x

2.1x

(8.5%)

-

Genuine Parts Company

GPC

92.41

87.2%

13,712

14,397

11.8x

11.1x

10.5x

20.5x

19.4x

17.8x

0.6x

(3.3%)

-

LKQ Corporation

LKQ

29.27

80.5%

9,021

12,139

12.1x

11.0x

10.0x

19.5x

15.8x

14.1x

3.1x

-

2.5%

O'Reilly Automotive, Inc.

ORLY

269.84

92.1%

24,730

26,470

13.8x

12.5x

11.6x

25.2x

21.8x

19.3x

0.9x

(3.1%)

-

Snap-on Incorporated

SNA

168.67

92.8%

9,777

10,747

11.6x

10.5x

9.8x

20.0x

16.7x

15.2x

1.0x

(1.5%)

-

U.S. Auto Parts Network, Inc.

PRTS

3.35

74.6%

116

120

12.6x

7.4x

6.7x

NM

33.5x

22.3x

0.4x

(4.8%)

-

Uni-Select Inc.

UNS

26.54

99.6%

-

11.8x

9.9x

9.3x

21.0x

17.7x

16.1x

0.9x

Mean

$

$

1,121

$

1,220

11.9x

10.3x

9.6x

20.8x

20.0x

17.0x

1.2x

Median

11.8x

10.4x

9.8x

20.5x

18.5x

16.5x

0.9x

1,246

13.5x

11.3x

9.9x

30.7x

24.9x

21.2x

0.9x

(0.1%)

2,085

12.5x

11.4x

9.8x

25.6x

24.2x

20.8x

2.3x

(8.9%)

5,525

11.2x

10.6x

10.3x

18.0x

18.2x

17.1x

1.0x

-

Mean

12.4x

11.1x

10.0x

24.8x

22.4x

19.7x

1.4x

Median

12.5x

11.3x

9.9x

25.6x

24.2x

20.8x

1.0x

1,246

13.5x

11.3x

9.9x

30.7x

24.9x

21.2x

0.9x

(0.1%)

7,650

15.7x

13.8x

12.4x

26.1x

23.7x

20.8x

1.1x

-

20.9%

RETAIL SERVICE PROVIDERS
Boyd Group Income Fund

BYD.UN

Monro Muffler Brake, Inc.

MNRO

Valvoline Inc.

VVV

$

$

63.64

91.4%

52.10

71.0%

24.55

98.3%

$

1,163

$

1,697
$

5,021

$

-
-
14.2%

COLLISION
Boyd Group Income Fund

BYD.UN

63.64

91.4%

30.97

98.1%

FENX

1.55

13.0%

31

60

NM

5.3x

2.9x

NM

10.3x

6.7x

NM

KAR

43.67

92.9%

5,971

9,520

12.9x

11.5x

10.6x

26.7x

20.0x

17.8x

4.8x

-

2.5%

29.27

80.5%

9,021

$ 12,139

(4.5%)

-

Copart, Inc.

CPRT

Fenix Parts, Inc.
KAR Auction Services, Inc.
LKQ Corporation

LKQ

$

$

$

1,163
7,113

$

$

12.1x

11.0x

10.0x

19.5x

15.8x

14.1x

3.1x

Mean

13.5x

10.6x

9.1x

25.7x

18.9x

16.1x

2.5x

Median

13.2x

11.3x

10.0x

26.4x

20.0x

17.8x

2.1x

-
11.8%

(45.0%)

-

Source: Capital IQ, Company Filings
Notes:
(1) All values converted to USD at the exchange rate of the date above
(2) Definitions: LTM = Last Twelve Months; EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization; P/E = Stock Price / Earnings Per Share

Automotive Aftermarket | March 31, 2017

26

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