Digital Auto Care Factbook 2018 - 30

Select Auto Care Transactions
Original Equipment Manufacturers ("OEMs") - Valuation Metrics
ORIGINAL EQUIPMENT MANUFACTURERS ("OEMs") - VALUATION METRICS(1)(2)
As of 3/31/2017
($ in millions, except per share)
Price
as of
Company

Ticker

% of
52-Week
High

3/31/2017

Equity
Value

TEV

LTM

TEV /
EBITDA
2017E 2018E

LTM

Price /
Earnings
2017E 2018E

Net Debt
/ LTM
EBITDA

Q1-2017
Stock Price
Performance

OEMS
B.M.W.

DB: BMW

91.42

93.3%

$ 59,385

$ 147,875

10.9x

9.6x

9.3x

9.4x

8.5x

8.3x

6.4x

(2.5%)

-

Daimler AG

XTRA: DAI

73.99

94.5%

79,162

186,756

10.5x

9.0x

8.9x

9.8x

8.1x

8.0x

5.9x

(0.9%)

-

Fiat Chrysler Automobiles N.V.

BIT:FCA

10.96

91.8%

16,849

23,866

2.3x

1.7x

1.6x

6.1x

5.4x

4.7x

0.6x

-

Ford Motor Company

NYSE:F

11.64

81.9%

46,261

161,874

12.2x

14.9x

13.8x

11.1x

7.5x

6.9x

8.7x

(4.0%)

-

NYSE:GM

35.36

91.7%

52,968

116,234

5.9x

6.4x

6.4x

7.1x

5.9x

5.8x

3.2x

-

1.5%

TSE:7267

30.05

91.2%

54,165

102,627

10.6x

8.4x

7.3x

15.3x

NM

NM

4.5x

-

2.7%

KOSE:A005380

125.61

82.1%

29,170

74,982

12.2x

9.4x

8.7x

7.5x

6.6x

6.0x

6.2x

-

16.2%
23.4%

General Motors Company
Honda Motor Co., Ltd.
Hyundai Motor Company
Peugeot S.A.

$

ENXTPA:UG

20.18

94.1%

17,122

12,555

2.4x

2.0x

1.9x

9.9x

8.5x

7.7x

NM

-

Renault SA

ENXTPA:RNO

87.07

89.7%

25,527

58,944

10.6x

8.8x

8.4x

8.2x

5.7x

5.4x

5.9x

(2.4%)

Tesla, Inc.

NASDAQGS:TSLA

278.30

96.8%

45,390

51,737

NM

NM

21.3x

NM

NM

NM

16.2x

-

Toyota Motor Corporation

TSE:7203

Volkswagen Aktiengesellschaft

XTRA:VOW3

19.8%

-
30.2%

54.19

83.7%

161,190

294,059

9.3x

9.8x

10.0x

12.4x

NM

NM

3.9x

(8.0%)

-

$ 146.07

87.3%

$ 74,247

$ 204,304

7.9x

6.1x

5.7x

7.7x

6.0x

5.7x

5.0x

-

3.8%

Mean
Median

8.6x

7.8x

8.6x

9.5x

6.9x

6.5x

6.0x

10.5x

8.8x

8.6x

9.4x

6.6x

6.0x

5.9x

COMMERCIAL VEHICLES
Navistar International Corporation

NYSE:NAV

Oshkosh Corporation

NYSE:OSK

PACCAR Inc
REV Group, Inc.
Spartan Motors, Inc.
Wabash National Corporation

$

24.62

73.6%

6,586

21.0x

11.5x

8.5x

NM

NM

15.2x

13.3x

68.59

92.5%

$

5,118

2,412

$

5,575

10.6x

9.7x

9.0x

23.4x

19.1x

17.1x

0.9x

(21.5%)
-

6.2%
5.2%

NASDAQGS:PCAR

67.20

95.8%

23,604

29,203

12.0x

15.6x

12.5x

19.2x

18.6x

16.3x

2.3x

-

NYSE:REVG

27.57

94.1%

1,756

2,077

24.2x

NA

10.1x

NA

21.9x

16.0x

3.7x

-

NASDAQGS:SPAR

8.00

76.2%

275

243

12.8x

9.3x

7.1x

NM

23.3x

16.4x

NM

20.69

93.2%

5.5x

6.6x

6.9x

11.2x

14.0x

14.0x

0.3x

Mean

NYSE:WNC

$

$

1,241

$

1,315

14.4x

10.5x

9.0x

17.9x

19.4x

15.8x

4.1x

Median

12.4x

9.7x

8.8x

19.2x

19.1x

16.1x

2.3x

-

-

(13.5%)

-

-

30.8%

RENTAL
Avis Budget Group, Inc.

NASDAQGS:CAR

2,528

$ 14,450

14.0x

16.9x

16.1x

11.4x

9.0x

7.7x

11.5x

(19.4%)

-

1,456

14,182

20.3x

23.9x

20.2x

NM

15.7x

9.2x

18.2x

(18.6%)

-

Mean

17.1x

20.4x

18.2x

11.4x

12.3x

8.5x

14.9x

Median

17.1x

20.4x

18.2x

11.4x

12.3x

8.5x

14.9x

Hertz Global Holdings, Inc.

$

NYSE: HTZ

29.58

71.2%

17.54

9.8%

$

DEALERS
60.10

84.6%

3,058

9.3x

9.6x

9.5x

9.8x

9.3x

8.8x

5.4x

(2.6%)

-

AutoCanada Inc.

Asbury Automotive Group, Inc.

TSX:ACQ

16.84

80.4%

461

1,128

13.7x

14.2x

12.2x

18.4x

13.8x

10.9x

7.5x

(2.2%)

-

AutoNation, Inc.

NYSE:AN

42.29

78.1%

4,268

10,773

11.1x

10.8x

10.4x

10.9x

10.6x

9.5x

6.7x

(13.1%)

-

NYSE:KMX

59.22

85.7%

11,081

22,857

18.5x

17.8x

16.6x

17.9x

16.9x

15.7x

9.8x

(8.0%)

-

Group 1 Automotive, Inc.

NYSE:GPI

74.08

89.1%

1,521

4,254

10.1x

10.8x

10.5x

9.8x

9.5x

9.0x

6.5x

(5.0%)

-

Lithia Motors, Inc.

NYSE:LAD

85.65

81.3%

2,156

4,498

11.2x

10.4x

9.8x

11.7x

10.4x

9.4x

5.8x

(11.5%)

-

Penske Automotive Group, Inc.

NYSE:PAG

46.81

83.5%

4,001

9,201

13.8x

12.9x

12.7x

12.8x

10.9x

10.1x

7.8x

(9.7%)

-

Rush Enterprises, Inc.

NASDAQGS:RUSH.B

31.18

93.6%

1,287

2,539

10.5x

14.9x

11.2x

27.1x

NM

NM

5.2x

-

1.0%

Sonic Automotive, Inc.

NYSE:SAH

20.05

73.0%

CarMax Inc.

NYSE:ABG

$

$

$

1,271

$

900

$

10.8x

11.2x

10.8x

9.7x

9.9x

8.9x

7.8x

Mean

$

3,312

12.1x

12.5x

11.5x

14.2x

11.4x

10.3x

7.0x

Median

11.1x

11.2x

10.8x

11.7x

10.5x

9.5x

6.7x

WORLD VEHICLE MONTHLY SALES BY REGION

North America Light Vehicles

(Millions)
7.00

7.09

7.45

6.71

6.57

Foreign Light Vehicles
8.22
7.84

7.90

7.42

6.12

5.73

6.11

6.18

(12.4%)

-

8.74
7.09

6.54

5.69

4.94

6.82

5.14

5.20

5.58

4.86

4.71

1.86

1.89

1.87

1.86

1.85

1.77

1.69

1.72

2.04

1.40

1.60

1.91

Apr-16

May-16

Jun-16

Jul-16

Aug-16

Sep-16

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Source: WardsAuto
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

30

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Table of Contents for the Digital Edition of Digital Auto Care Factbook 2018
