Digital Auto Care Factbook 2019 - 30

Select Auto Care Transactions
OEM and Dealer - Valuation Metrics
OEM and Dealer - VALUATION METRICS(1)(2)
As of 3/31/2018
($ in millions, except per share)
Price
as of
Company

Ticker

3/31/2018

% of
52-Week
Hig h

Equity
Value

TEV

LTM

TEV /
EBITDA
2018E

2019E

Price /
Earning s
2018E

LTM

2019E

Net Debt
/ LTM
EBITDA

Q1-2018
Stock Price
Performance

Bar Chart Driver

OEMS
B.M.W.

DB: BMW

108.41

90.7%

167,618

10.5x

9.3x

8.9x

9.1x

7.7x

7.6x

5.9x

-

Daimler AG

XTRA: DAI

84.97

90.2%

90,904

226,431

10.9x

9.1x

8.8x

8.9x

7.4x

7.3x

6.2x

-

BIT:FCA

20.33

81.7%

31,505

38,273

2.8x

2.1x

2.1x

6.6x

5.1x

4.8x

0.4x

-

Fiat Chrysler Automobiles N.V.
Ford Motor Company
General Motors Company
Honda Motor Co., Ltd.

$

$

3.8%
-
13.6%

NYSE:F

11.08

82.2%

44,244

172,169

12.7x

18.1x

16.2x

8.5x

7.0x

7.3x

9.7x

(11.3%)

-

36.34

77.7%

50,895

126,788

5.7x

5.8x

6.0x

6.9x

5.7x

5.7x

3.7x

(11.3%)

-

KOSE:A005380

Peugeot S.A.

70,482

NYSE:GM
TSE:7267

Hyundai Motor Company

$

ENXTPA:UG

34.46

88.2%

61,282

108,345

8.6x

8.1x

7.4x

10.8x

NM

NM

3.3x

-

135.18

82.9%

27,991

73,808

9.7x

9.1x

8.6x

13.9x

7.9x

7.0x

5.3x

(7.6%)

0.6%

24.09

93.0%

21,520

18,835

2.7x

2.2x

2.1x

8.6x

8.0x

6.8x

NM

-

18.4%

-

20.5%

-

Renault SA

ENXTPA:RNO

121.35

97.7%

32,590

76,177

10.5x

9.0x

8.6x

7.3x

6.2x

6.1x

5.8x

Tesla, Inc.

NASDAQGS:TSLA

266.13

68.3%

44,955

55,098

NM

NM

14.2x

NM

NM

NM

294.5x

64.26

87.4%

186,989

330,661

9.5x

11.8x

11.0x

12.6x

NM

NM

3.7x

-

0.4%

198.82

83.9%

$ 100,328

(0.5%)

-

Toyota Motor Corporation

TSE:7203

8.7x

6.2x

6.0x

8.0x

6.0x

5.7x

5.5x

Mean

Volkswagen Aktiengesellschaft

XTRA:VOW3

$

$

263,660

8.4x

8.3x

8.3x

9.2x

6.8x

6.5x

31.3x

Median

9.5x

9.0x

8.6x

8.6x

7.0x

6.8x

5.5x

(14.5%)

-

COMMERCIAL VEHICLES
Navistar International Corporation

NYSE:NAV

Oshkosh Corporation

NYSE:OSK

PACCAR Inc

$

34.97

73.3%

7,631

13.4x

9.6x

8.5x

NM

12.0x

10.0x

7.3x

(18.4%)

-

77.27

77.1%

$

5,768

3,451

$

6,222

9.2x

8.8x

8.4x

18.4x

14.4x

12.9x

0.8x

(15.0%)

-
-

NASDAQGS:PCAR

66.17

83.0%

23,298

28,653

10.8x

11.3x

11.0x

17.0x

12.2x

11.8x

2.6x

(6.9%)

NYSE:REVG

20.76

62.6%

1,341

1,700

11.6x

7.9x

6.7x

NA

11.8x

9.4x

2.5x

(36.2%)

NASDAQGS:SPAR

17.20

93.7%

604

587

20.7x

14.5x

8.9x

NM

28.2x

15.4x

NM

-

1,560

9.0x

6.7x

6.7x

16.0x

10.6x

9.9x

2.1x

(4.1%)

-

113

NM

NM

NM

NM

NM

NM

-0.1x

-

3.1%

Mean

12.4x

9.8x

8.3x

17.1x

14.9x

11.6x

2.5x

Median

11.2x

9.2x

8.4x

17.0x

12.1x

10.9x

2.3x

-

6.7%

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

NYSE:WNC

Workhorse Group Inc.

NASDAQCM:WKHS

$

20.81

78.4%

2.64

54.0%

1,200
$

110

$

-
9.2%

RENTAL
17.8x

20.7x

19.4x

23.4x

14.1x

12.3x

13.6x

Mean

Avis Budget Group, Inc.

NASDAQGS:CAR

$

46.84

92.1%

$

3,798

$

16,008

17.8x

20.7x

19.4x

23.4x

14.1x

12.3x

13.6x

Median

17.8x

20.7x

19.4x

23.4x

14.1x

12.3x

13.6x

DEALERS
America's Car-Mart, Inc.

NASDAQGS:CRMT

50.45

97.7%

501

11.4x

10.4x

9.1x

17.4x

12.7x

10.7x

3.5x

-

13.0%

NYSE:ABG

67.50

88.4%

1,412

3,102

9.4x

10.0x

9.9x

10.2x

9.0x

8.6x

5.3x

-

5.5%

AutoCanada Inc.

TSX:ACQ

17.25

85.2%

472

1,189

12.2x

12.9x

10.9x

15.7x

10.7x

9.0x

7.2x

(4.1%)

-

AutoNation, Inc.

NYSE:AN

46.78

75.4%

4,296

10,737

11.3x

11.2x

11.0x

12.6x

9.6x

9.1x

6.8x

(8.9%)

-

Asbury Automotive Group, Inc.

$

$

349

$

Cars.com Inc.

NYSE:CARS

28.33

87.8%

2,036

2,594

13.0x

11.0x

10.0x

25.8x

15.7x

13.6x

2.8x

(1.8%)

-

CarMax Inc.

NYSE:KMX

61.94

79.8%

11,202

24,179

18.4x

17.3x

17.5x

17.2x

14.3x

14.8x

10.0x

(3.4%)

-

Carvana Co.

NYSE:CVNA

22.93

92.1%

447

828

NM

NM

NM

NM

NM

NM

-0.9x

-

Group 1 Automotive, Inc.

NYSE:GPI

65.34

77.4%

1,320

4,227

9.9x

11.5x

11.2x

8.7x

7.6x

7.3x

6.9x

(7.9%)

-

Lithia Motors, Inc.

NYSE:LAD

100.52

78.5%

2,515

5,424

11.5x

11.0x

10.4x

11.7x

9.4x

8.7x

6.9x

(11.5%)

-

Penske Automotive Group, Inc.

19.9%

NYSE:PAG

44.33

80.8%

3,767

9,679

13.7x

12.7x

12.4x

11.1x

8.7x

8.4x

8.4x

(7.4%)

-

Rush Enterprises, Inc.

NASDAQGS:RUSH.B

40.38

76.5%

1,675

3,023

10.0x

13.0x

11.0x

18.4x

NM

NM

4.4x

(16.2%)

-

Sonic Automotive, Inc.

NYSE:SAH

18.95

83.3%

10.5x

11.2x

11.1x

9.5x

8.3x

8.4x

7.9x

Mean

$

$

804

$

3,336

11.9x

12.0x

11.3x

14.4x

10.6x

9.9x

5.8x

Median

11.4x

11.2x

11.0x

12.6x

9.5x

8.9x

6.8x

-

2.7%

WORLD VEHICLE MONTHLY SALES BY REGION
(Millions)
North America Light Vehicles
6.90

7.33

7.59

5.14

5.44

1.77

Apr-17

8.16

Foreign Light Vehicles
8.03

9.15

7.57

7.96

6.30

5.89

6.23

6.10

6.32

5.06

1.83

1.86

1.68

1.73

1.93

1.41

1.57

2.00

Aug-17

Sep-17

Oct-17

Nov-17

Dec-17

Jan-18

Feb-18

Mar-18

6.96

6.90

5.75

5.21

5.07

1.89

1.84

1.75

May-17

Jun-17

Jul-17

7.73

6.63
7.15

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

30

Automotive
Aftermarket
31,Care
2018
The 2019
Digital Factbook
is Copyright| ©March
2019 Auto
Association and/or its licensor. 
All other rights reserved.  Use of the 2019 Digital Factbook is subject to compliance with the Legal Terms and Conditions found on page 119 of this report.

Jefferies.com



Table of Contents for the Digital Edition of Digital Auto Care Factbook 2019

Introductory Page
Letter from Bill Hanvey, President/CEO
Auto Care Association Legal Terms and Conditions
Market Intelligence Committee
Economic Indicators (section)
Key Economic Indicators
National Debt
Industry Employment
Technician Employment and Wages
What Do Our Members Think? / Key Issues
BCI/ECI Summary
U.S. Motor Vehicle Auto Care Industry (section)
Introduction to the Channel Forecast Model
2016 to 2021 Forecast Assumptions
U.S. Motor Vehicle Auto Care Industry
Auto Care Industry Sales History and Forecast
Auto Care Sales by Distribution Channel
Auto Care Segmentation
Auto Care Service and Retail Outlets
Auto Care Service and Retail Outlet Analysis
Program Distribution Overview
Retail Distribution Overview
Financial Benchmarks (section)
Financial Profiles of Select Auto Care Companies
Select Auto Care Transactions
Auto Care Industry (section)
Consumer Profile
Replacement Rates for Motor Vehicle Parts and Jobs
Top 10 Replacement Rate Categories By Vehicle Age
Auto Care Industry Segments (section)
Medium And Heavy Duty Truck Industry
Sales of Replacement Tires
Tool and Equipment
Paint, Body and Equipment
Vehicle Registrations and Usage (section)
U.S. New Motor Vehicle Registrations
Top 10 Light Vehicle Registrations
U.S. Total Motor Vehicle Population
Hybrid Vehicles
Vehicle Operating Costs
Miles Driven and Vehicle Service Contracts
Gasoline Affordability and Fuel Consumption
Crude Oil and Diesel Fuel Costs
State Summary Statistics (section)
State Summary Statistics tables
Global Auto Care Industry (section)
Aftermarket Dynamics
U.S. Trade Data By Country
Global Vehicle Registrations By Country
Global Economic and Automotive Data
U.S. Trade Data for Selected Motor Vehicle Products
Canadian Auto Care Industry
Mexican Auto Care Industry Report
Chinese Auto Care Industry
Glossary and Reference (section)
Glossary and Terms
NAICS Definitions
Auto Care Data Resources
Auto Care Association Market Intelligence (section)
Auto Care Association Market Intelligence
Auto Care Association – Lang Market Comparison (section)
Harmonization of Auto Care Industry Data
Digital Auto Care Factbook 2019 - Introductory Page
Digital Auto Care Factbook 2019 - I
Digital Auto Care Factbook 2019 - Letter from Bill Hanvey, President/CEO
Digital Auto Care Factbook 2019 - III
Digital Auto Care Factbook 2019 - Market Intelligence Committee
Digital Auto Care Factbook 2019 - Economic Indicators (section)
Digital Auto Care Factbook 2019 - Key Economic Indicators
Digital Auto Care Factbook 2019 - National Debt
Digital Auto Care Factbook 2019 - Industry Employment
Digital Auto Care Factbook 2019 - Technician Employment and Wages
Digital Auto Care Factbook 2019 - What Do Our Members Think? / Key Issues
Digital Auto Care Factbook 2019 - BCI/ECI Summary
Digital Auto Care Factbook 2019 - 8
Digital Auto Care Factbook 2019 - U.S. Motor Vehicle Auto Care Industry (section)
Digital Auto Care Factbook 2019 - Introduction to the Channel Forecast Model
Digital Auto Care Factbook 2019 - 2016 to 2021 Forecast Assumptions
Digital Auto Care Factbook 2019 - U.S. Motor Vehicle Auto Care Industry
Digital Auto Care Factbook 2019 - Auto Care Industry Sales History and Forecast
Digital Auto Care Factbook 2019 - Auto Care Sales by Distribution Channel
Digital Auto Care Factbook 2019 - Auto Care Segmentation
Digital Auto Care Factbook 2019 - Auto Care Service and Retail Outlets
Digital Auto Care Factbook 2019 - Auto Care Service and Retail Outlet Analysis
Digital Auto Care Factbook 2019 - Program Distribution Overview
Digital Auto Care Factbook 2019 - Retail Distribution Overview
Digital Auto Care Factbook 2019 - 20
Digital Auto Care Factbook 2019 - Financial Benchmarks (section)
Digital Auto Care Factbook 2019 - Financial Profiles of Select Auto Care Companies
Digital Auto Care Factbook 2019 - 23
Digital Auto Care Factbook 2019 - 24
Digital Auto Care Factbook 2019 - 25
Digital Auto Care Factbook 2019 - 26
Digital Auto Care Factbook 2019 - 27
Digital Auto Care Factbook 2019 - 28
Digital Auto Care Factbook 2019 - 29
Digital Auto Care Factbook 2019 - Select Auto Care Transactions
Digital Auto Care Factbook 2019 - 31
Digital Auto Care Factbook 2019 - 32
Digital Auto Care Factbook 2019 - 33
Digital Auto Care Factbook 2019 - 34
Digital Auto Care Factbook 2019 - 35
Digital Auto Care Factbook 2019 - 36
Digital Auto Care Factbook 2019 - 37
Digital Auto Care Factbook 2019 - 38
Digital Auto Care Factbook 2019 - 39
Digital Auto Care Factbook 2019 - 40
Digital Auto Care Factbook 2019 - Auto Care Industry (section)
Digital Auto Care Factbook 2019 - Consumer Profile
Digital Auto Care Factbook 2019 - 43
Digital Auto Care Factbook 2019 - 44
Digital Auto Care Factbook 2019 - 45
Digital Auto Care Factbook 2019 - 46
Digital Auto Care Factbook 2019 - 47
Digital Auto Care Factbook 2019 - Replacement Rates for Motor Vehicle Parts and Jobs
Digital Auto Care Factbook 2019 - Top 10 Replacement Rate Categories By Vehicle Age
Digital Auto Care Factbook 2019 - 50
Digital Auto Care Factbook 2019 - Auto Care Industry Segments (section)
Digital Auto Care Factbook 2019 - Medium And Heavy Duty Truck Industry
Digital Auto Care Factbook 2019 - Sales of Replacement Tires
Digital Auto Care Factbook 2019 - Tool and Equipment
Digital Auto Care Factbook 2019 - Paint, Body and Equipment
Digital Auto Care Factbook 2019 - 56
Digital Auto Care Factbook 2019 - 57
Digital Auto Care Factbook 2019 - 58
Digital Auto Care Factbook 2019 - Vehicle Registrations and Usage (section)
Digital Auto Care Factbook 2019 - U.S. New Motor Vehicle Registrations
Digital Auto Care Factbook 2019 - Top 10 Light Vehicle Registrations
Digital Auto Care Factbook 2019 - U.S. Total Motor Vehicle Population
Digital Auto Care Factbook 2019 - 63
Digital Auto Care Factbook 2019 - 64
Digital Auto Care Factbook 2019 - Hybrid Vehicles
Digital Auto Care Factbook 2019 - 66
Digital Auto Care Factbook 2019 - 67
Digital Auto Care Factbook 2019 - Vehicle Operating Costs
Digital Auto Care Factbook 2019 - Miles Driven and Vehicle Service Contracts
Digital Auto Care Factbook 2019 - BCI/ECI Summary
Digital Auto Care Factbook 2019 - Crude Oil and Diesel Fuel Costs
Digital Auto Care Factbook 2019 - BCI/ECI Summary
Digital Auto Care Factbook 2019 - State Summary Statistics (section)
Digital Auto Care Factbook 2019 - State Summary Statistics tables
Digital Auto Care Factbook 2019 - 75
Digital Auto Care Factbook 2019 - 76
Digital Auto Care Factbook 2019 - BCI/ECI Summary
Digital Auto Care Factbook 2019 - 78
Digital Auto Care Factbook 2019 - Global Auto Care Industry (section)
Digital Auto Care Factbook 2019 - Aftermarket Dynamics
Digital Auto Care Factbook 2019 - 81
Digital Auto Care Factbook 2019 - U.S. Trade Data By Country
Digital Auto Care Factbook 2019 - Global Vehicle Registrations By Country
Digital Auto Care Factbook 2019 - Global Economic and Automotive Data
Digital Auto Care Factbook 2019 - 85
Digital Auto Care Factbook 2019 - 86
Digital Auto Care Factbook 2019 - 87
Digital Auto Care Factbook 2019 - U.S. Trade Data for Selected Motor Vehicle Products
Digital Auto Care Factbook 2019 - 89
Digital Auto Care Factbook 2019 - 90
Digital Auto Care Factbook 2019 - 91
Digital Auto Care Factbook 2019 - 92
Digital Auto Care Factbook 2019 - Canadian Auto Care Industry
Digital Auto Care Factbook 2019 - 94
Digital Auto Care Factbook 2019 - 95
Digital Auto Care Factbook 2019 - Mexican Auto Care Industry Report
Digital Auto Care Factbook 2019 - 97
Digital Auto Care Factbook 2019 - Chinese Auto Care Industry
Digital Auto Care Factbook 2019 - 99
Digital Auto Care Factbook 2019 - 100
Digital Auto Care Factbook 2019 - Glossary and Reference (section)
Digital Auto Care Factbook 2019 - Glossary and Terms
Digital Auto Care Factbook 2019 - 103
Digital Auto Care Factbook 2019 - 104
Digital Auto Care Factbook 2019 - 105
Digital Auto Care Factbook 2019 - NAICS Definitions
Digital Auto Care Factbook 2019 - Auto Care Data Resources
Digital Auto Care Factbook 2019 - 108
Digital Auto Care Factbook 2019 - 109
Digital Auto Care Factbook 2019 - 110
Digital Auto Care Factbook 2019 - Auto Care Association Market Intelligence (section)
Digital Auto Care Factbook 2019 - Auto Care Association Market Intelligence
Digital Auto Care Factbook 2019 - 113
Digital Auto Care Factbook 2019 - 114
Digital Auto Care Factbook 2019 - 115
Digital Auto Care Factbook 2019 - 116
Digital Auto Care Factbook 2019 - Auto Care Association – Lang Market Comparison (section)
Digital Auto Care Factbook 2019 - Harmonization of Auto Care Industry Data
Digital Auto Care Factbook 2019 - Auto Care Association Legal Terms and Conditions
Digital Auto Care Factbook 2019 - Cover4
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