Digital Auto Care Factbook & Lang Annual 2017 - 31

FINANCIAL PROFILES OF SELECT AUTO CARE COMPANIES

European Public Aftermarket Companies - Valuation Metrics
EUROPEAN PUBLIC AFTERMARKET COMPANIES - VALUATION METRICS(1)(2)
As of 3/31/2016
($ in millions, except per share)
Price
as of
Company

Ticker

3/31/2016

% of
52-Week
High

Equity
Value

TEV

LTM

TEV /
EBITDA
2016E 2017E

2018E

LTM

Price /
Earnings
2016E 2017E

2018E

Net Debt
/ LTM
EBITDA

Q1-2016
Stock Price
Performance

PARTS RETAILERS & DISTRIBUTORS
BCA Marketplace plc

LSE:BCA

2.63

98.9%

2,323

NM

15.0x

12.9x

NM

NM

23.9x

20.2x

NM

3.6x

Delticom AG

XTRA:DEX

$

18.26

62.0%

$

2,051
228

$

233

15.3x

12.8x

9.6x

8.9x

46.8x

31.5x

17.9x

20.8x

0.3x

Halfords Group plc

LSE:HFD

5.71

70.3%

1,109

1,199

7.3x

7.3x

7.0x

6.9x

14.3x

12.1x

11.7x

11.0x

0.6x

-
(19.2%)
-

3.1%
-
15.4%

Inter Cars S.A.

WSE:CAR

61.20

84.5%

867

1,062

16.4x

12.9x

10.7x

9.5x

30.1x

16.9x

13.6x

11.9x

2.8x

-

0.8%

Mekonomen AB

OM:MEKO

24.81

85.7%

891

1,094

12.2x

10.6x

9.8x

9.4x

20.8x

13.9x

12.8x

12.3x

2.2x

-

21.3%

42.14

97.1%

-

12.7%

8.0x

7.6x

7.4x

7.0x

16.9x

14.2x

13.5x

12.7x

1.7x

Mean

S.A. D'Ieteren N.V.

ENXTBR:DIE

$

$

2,312

$

2,990

11.8x

11.0x

9.6x

8.4x

25.8x

18.8x

14.9x

13.7x

1.9x

Median

12.2x

11.7x

9.7x

8.9x

20.8x

15.5x

13.5x

12.3x

1.9x

75

19.2x

13.7x

NM

NM

30.9x

21.0x

NM

NM

2.4x

20,048

4.9x

4.5x

4.3x

4.2x

12.3x

11.2x

10.3x

9.3x

0.3x

SUBSTANTIALLY AFTERMARKET SUPPLIERS
MAM Software Group, Inc.

MAMS

Michelin SCA

ENXTPA:ML

Pankl Racing Systems AG

WBAG:PARS

Washtec AG

DB:WSU

$

$

5.25

70.2%

102.42

86.6%

31.89

93.3%

42.59

97.7%

$

65

$

18,581
100
$

570

$

(24.5%)
-

-
7.3%

185

7.2x

6.5x

5.7x

NM

18.5x

14.6x

11.4x

NM

2.9x

-

6.8%

572

11.6x

10.5x

9.8x

9.5x

24.2x

18.9x

18.7x

16.6x

0.0x

-

29.0%

6.6%

Mean
Median

10.7x

8.8x

6.6x

6.8x

21.5x

16.4x

13.5x

13.0x

1.4x

9.4x

8.5x

5.7x

6.8x

21.4x

16.7x

11.4x

13.0x

1.4x

COMBINATION OE AND AFTERMARKET SUPPLIERS
Brembo SpA

BIT:BRE

51.76

98.8%

3,557

9.7x

8.4x

7.8x

7.3x

20.4x

16.6x

15.2x

14.2x

0.5x

-

Continental Aktiengesellschaft

DB: CON

227.55

86.3%

45,512

50,126

7.8x

6.7x

6.3x

6.1x

17.0x

13.1x

12.1x

11.3x

0.6x

(6.9%)

-

Hella KGaA Hueck & Co.

DB:HLE

42.48

79.7%

4,720

4,991

5.6x

5.0x

4.6x

4.2x

15.7x

12.7x

10.9x

10.0x

0.4x

-

1.6%

Kongsberg Automotive ASA

$

$

3,367

$

OB:KOA

0.87

98.9%

351

606

5.6x

5.2x

4.7x

4.4x

12.4x

6.2x

7.3x

5.8x

2.3x

-

24.3%

MGI Coutier SA

ENXTPA:MGIC

21.14

96.3%

565

638

5.9x

5.0x

4.4x

NM

NM

9.5x

8.3x

NM

NM

-

3.0%

Saf-Holland SA

DB:SFQ

12.36

68.2%

561

701

6.2x

5.7x

5.4x

5.3x

10.1x

9.6x

8.8x

8.6x

1.2x

(8.4%)

-

Schaeffler AG

DB:SHA

16.03

81.1%

10,674

16,263

6.3x

5.8x

5.5x

5.3x

13.4x

9.1x

8.5x

8.1x

2.0x

(9.1%)

-

$ 155.80

87.3%

$ 12,223

$ 12,477

-

0.6%

-

7.4x

5.5x

5.0x

4.6x

19.2x

13.2x

11.7x

10.6x

0.0x

Mean

Valeo SA

ENXTPA:FR

6.8x

5.9x

5.5x

NM

15.5x

11.3x

10.3x

NM

1.0x

Median

6.3x

5.6x

5.2x

NM

15.7x

11.1x

9.9x

NM

0.6x

DEALERS
Bilia AB

OM:BILI A

22.46

86.7%

1,457

9.4x

9.7x

9.4x

9.1x

16.3x

14.7x

14.0x

13.8x

2.0x

(1.1%)

Cambria Automobiles plc

AIM:CAMB

$

1.12

87.5%

$

1,139
112

$

142

9.1x

7.7x

7.1x

NM

16.0x

10.2x

8.6x

NM

2.1x

(5.1%)

-

Inchcape plc

LSE:INCH

10.42

79.8%

4,488

4,436

8.3x

7.9x

7.5x

7.2x

16.5x

13.2x

12.6x

11.8x

0.3x

(10.0%)

-

Lookers plc

LSE:LOOK

2.28

83.8%

904

1,186

8.4x

7.3x

7.2x

6.7x

15.2x

9.9x

9.5x

8.4x

2.1x

(16.5%)

-

Pendragon PLC

LSE:PDG

0.53

74.6%

762

876

4.2x

4.8x

4.4x

4.2x

13.3x

10.6x

8.8x

8.8x

0.6x

(23.2%)

-

Stern Groep NV

ENXTAM:STRN

566

7.9x

14.8x

12.7x

NM

11.9x

6.7x

5.3x

NM

6.1x

(0.6%)

-

Vertu Motors Plc

AIM:VTU

267

5.4x

5.0x

4.5x

4.3x

13.1x

10.2x

9.2x

9.2x

NM

(19.3%)

-

$

19.57

94.2%

0.92

80.7%

111
$

313

$

Mean

7.5x

8.2x

7.6x

NM

14.6x

10.8x

9.7x

NM

2.2x

Median

8.3x

7.7x

7.2x

NM

15.2x

10.2x

9.2x

NM

2.0x

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

The 2017 Digital Factbook is Copyright © 1990 Auto Care Association and/or its licensor. 
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31
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Table of Contents for the Digital Edition of Digital Auto Care Factbook & Lang Annual 2017
