Digital Auto Care Factbook 2018 - 28

Financial Profiles of Select Auto Care Companies
North American Public Aftermarket Companies - Balance Sheet Metrics
PUBLIC AFTERMARKET COMPANIES - BALANCE SHEET METRICS(1)(2)(3)
As of 3/31/2017
($ in millions)
Company

Ticker

A/R

Days Outstanding
Inventory
A/P

Cash
Conversion

Total
Debt

Debt /
Capital

Debt /
EBITDA

Interest
Coverage

Current
Ratio

Quick
Ratio

Rating

S&P Debt
Outlook

SUPPLIERS
Affinia Group Intermediate Holdings Inc.

34.3

82.4

47.8

69.0

681.4

171.3%

7.4x

1.3x

0.9x

0.3x

NR

Axalta Coating Systems Ltd.

AXTA

62.7

78.5

62.0

79.1

3,095.2

70.5%

3.8x

4.6x

2.3x

1.4x

NA

NA

Cooper Tire & Rubber Company

CTB

53.0

84.7

37.2

100.6

292.2

21.3%

0.6x

13.3x

2.8x

1.6x

BB

Stable

DORM

93.8

129.0

51.0

171.7

0.0

NM

NM

5.3x

3.7x

NA

NA

GT

56.8

90.9

86.0

61.7

5,548.5

54.5%

2.4x

4.0x

1.3x

0.7x

BB

Stable
Stable

Dorman Products, Inc.
The Goodyear Tire & Rubber Company
Horizon Global Corporation

$

NA

NR

HZN

39.6

100.8

68.4

72.1

331.5

91.6%

6.8x

1.8x

1.4x

0.6x

B

MPAA

11.0

91.1

85.2

16.9

36.7

13.9%

0.6x

9.0x

1.0x

0.2x

NA

NA

Snap-on Incorporated

SNA

62.3

111.7

35.7

138.4

956.3

27.0%

1.1x

17.0x

2.0x

1.3x

A-

Stable

Standard Motor Products, Inc.

SMP

44.7

148.8

37.6

155.9

Valvoline Inc.

VVV

69.1

44.7

50.0

63.7

Mean

52.7

96.3

56.1

Median

54.9

91.0

50.5

13.9

291.3

25.0

82.7

Motorcar Parts of America, Inc.

52.1

11.1%

0.4x

76.6x

1.8x

0.5x

NR

NR

689.2

142.0%

1.4x

16.0x

1.6x

1.2x

BB

Stable

92.9

$ 1,168.3

67.0%

2.7x

16.0x

2.1x

1.2x

75.6

$

54.5%

1.4x

9.0x

1.7x

0.9x

209.6

95.6

$ 1,000.7

26.6%

0.9x

14.4x

1.4x

0.2x

BBB-

Stable

54.9

52.9

1,516.7

74.5%

7.5x

1.3x

1.8x

0.5x

NR

NR

6.7

4,842.8

155.0%

2.2x

12.5x

0.9x

0.1x

BBB

Stable

$

506.4

PARTS RETAILERS & DISTRIBUTORS
Advance Auto Parts, Inc.

AAP

American Tire Distributors Holdings, Inc.
AutoZone, Inc.

AZO

9.2

268.6

271.1

Genuine Parts Company

GPC

47.8

106.7

101.9

52.6

958.6

24.1%

0.8x

46.6x

1.4x

0.5x

NA

NA

LKQ Corporation

LKQ

37.6

125.3

40.2

122.7

2,829.2

45.6%

2.9x

8.8x

2.9x

1.1x

BB

Stable

O'Reilly Automotive, Inc.

ORLY

7.9

247.5

246.0

9.4

1,849.4

58.2%

1.0x

18.9x

0.9x

0.1x

BBB+

Stable

Snap-on Incorporated

SNA

62.3

111.7

35.7

138.4

956.3

27.0%

1.1x

17.0x

2.0x

1.3x

A-

Stable

U.S. Auto Parts Network, Inc.

PRTS

3.9

88.0

51.1

40.8

9.8

30.7%

1.1x

2.6x

1.4x

0.2x

NA

NA

Uni-Select Inc.

UNS

37.3

132.3

126.1

43.5

$

127.2

22.1%

1.3x

22.1x

1.6x

0.5x

NA

NA

Mean

27.2

161.6

126.3

62.5

$ 1,565.6

51.5%

2.1x

16.0x

1.6x

0.5x

Median

25.0

125.3

101.9

52.6

$ 1,000.7

30.7%

1.1x

14.4x

1.4x

0.5x

NA

RETAIL SERVICE PROVIDERS
Boyd Group Income Fund

BYD.UN

20.1

10.8

71.1

Monro Muffler Brake, Inc.

MNRO

2.9

80.9

45.1

38.7

VVV

69.1

44.7

50.0

63.7

Mean

30.7

45.5

55.4

Median

20.1

44.7

50.0

(40.1) $

Valvoline Inc.

(40.1) $

115.9

36.9%

1.3x

11.4x

1.0x

0.8x

NA

377.5

40.7%

2.4x

7.0x

1.1x

0.1x

NA

NA

$

689.2

142.0%

1.4x

16.0x

1.6x

1.2x

BB

Stable

20.8

$

394.2

73.2%

1.7x

11.5x

1.2x

0.7x

38.7

$

377.5

40.7%

1.4x

11.4x

1.1x

0.8x

COLLISION
Boyd Group Income Fund

BYD.UN

20.1

10.8

71.1

Copart, Inc.

CPRT

82.7

4.5

80.2

7.0

115.9

36.9%

1.3x

11.4x

1.0x

0.8x

NA

NA

659.9

44.3%

1.5x

12.3x

1.9x

1.7x

NA

NA

Fenix Parts, Inc.

FENX

15.6

148.3

14.9

KAR Auction Services, Inc.

KAR

267.6

NA

125.9

149.1

19.0

23.0%

NM

NM

1.0x

0.2x

NA

NA

NA

3,552.9

72.9%

5.1x

4.2x

1.2x

1.1x

BB-

Stable

LKQ Corporation

LKQ

BB

Stable

37.6

125.3

40.2

122.7

$ 2,829.2

45.6%

2.9x

8.8x

2.9x

1.1x

Mean

84.7

72.2

66.5

59.7

$ 1,435.4

44.5%

2.7x

9.2x

1.6x

1.0x

Median

37.6

68.0

71.1

64.8

$

44.3%

2.2x

10.1x

1.2x

1.1x

659.9

Source: Capital IQ, Jefferies LLC
Notes:
(1) All values converted to USD at the exchange rate of the date above
(2) Affinia Group and American Tire Distributors have publicly traded debt only and thus are included in operating and performance metrics, but not valuation metrics
(3) Definitions: A/R = Account Receivable; A/P = Account Payable; EBITDA = Earnings Before Interest, Taxes, Depreciation, Amortization

Automotive Aftermarket | March 31, 2017

28

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