Escolar Documentos
Profissional Documentos
Cultura Documentos
140.0
125.0
1 Week
3 Months
S&P 500
1.38%
11.98%
NA Autos
3.70%
20.27%
95.0
EUR Autos
3.20%
26.42%
80.0
ASIA Autos
2.27%
3.73%
Heavy Duty
2.83%
25.39%
126.42
125.39
120.27
111.98
110.0
65.0
50.0
Nov 2011
103.73
S&P 500
NA Autos
EUR Autos
ASIA Autos
Heavy Duty
Dec 2011
Jan 2012
Feb 2012
12.0x
TRADING MULTIPLES
10.0x
2-17-12
1 Year
NA Autos
7.9x
(1.33x)
EUR Autos
5.7x
(1.57x)
ASIA Autos
6.9x
0.64x
Heavy Duty
9.4x
(1.79x)
8.0x
7.9x
6.9x
6.0x
4.0x
Feb 2011
News Highlights
2/17/2012 USA (Bloomberg) Visteon Said to Near Sale of
Lighting Unit to Varroc Group
2/17/2012 USA (Bloomberg) UAW Bonuses on GM Profit May
Lift Economy
2/16/2012 USA (Bloomberg) GM Earns Record Net Income
While Fixing Opel Will Take Longer
5.7x
Jun 2011
Oct 2011
Feb 2012
Contact Information
Justin Mirro
Managing Director
Group Head, Automotive
RBC Capital Markets
justin.mirro@rbccm.com
News Highlights
2/17/2012 USA (Bloomberg) Visteon Corp., the auto-parts maker shopping two of its four units, is in talks
with Indias Varroc Group about a sale of its lighting unit, three people familiar with the sales process said. A
deal may come as early as the end of the month, two of the people said, and the discussions could break
down. The unit, Visteons smallest, may fetch $75 million to $100 million, the people said. Its net worth is
$150 million, so Visteon would have to take a noncash writedown related to the sale, said the people, who
declined to be identified because the talks are private. The negotiations are part of managements plan for
Visteon, which exited a 16-month bankruptcy in 2010, to pare lower-margin revenue in interiors and lighting to
focus on faster-growing operations in Asia, five people familiar with the sales process said in October. Varroc
is an Aurangabad, India-based supplier of parts for passenger and commercial vehicles and motorcycles. Its
customers include Honda Motor Co., Yamaha Motor Co., Fiat SpA, General Motors Co., Caterpillar Inc. and
Visteon, according to its website. Visteons lighting unit, which had $456 million in consolidated revenue in
2010, is the sixth-largest in a $9.5 billion market. About 81 percent of the revenue comes from North America
and Europe, the company said in a July presentation. The units gross margin, which measures gross profit as
a percentage of revenue, is 2.6 percent, according to the presentation.
2/17/2012 USA (Bloomberg) Mike Green says he already knows how hes going to use a $7,000 profitsharing check from General Motors Co.: Hell help his son buy a new car, throw him a graduation party and
sock some money away in the bank. A lot of people are going to catch up on stuff, said Green, president of
UAW Local 652 in Lansing, Michigan, where GM builds Cadillacs. People havent really had a raise since
2005. Its kind of nice we get to reap some of the rewards now. The rebound in carmaker profits is putting
money into the pockets of U.S. workers after years of belt-tightening. GM yesterday reported a record $9.19
billion in net income for 2011, which will mean profit-sharing bonuses of as much as $7,000 for 47,500 eligible
UAW members. Thats an all-time high for GM, and up from an average of $4,300 for the companys U.S.
union workers last year. The payouts, scheduled for March 2, come on top of similar bonuses at Ford Motor
Co. and Chrysler Group LLC. The money may help lift the economies of states with unionized auto factories
such as Michigan, Ohio and Kentucky. This is a day that none of us thought wed see, said Harley Shaiken,
labor professor at University of California at Berkeley. Given what UAW workers have been through, if there
is a time to buy something, it is now. The return of bonuses will help consumers shake off fears from the
Great Recession and boost spending, said Donald Grimes, a senior research specialist at the University of
Michigan who studies labor and the economy. Savings rates peaked in December 2009 and have now fallen
back to 2004 levels, he said.
2/16/2012 USA (Bloomberg) General Motors Co. earned $9.19 billion last year, the largest annual profit in
its 103-year- history, while saying it may take months to craft a plan to stop European losses.Fourth-quarter
net income attributable to stockholders slid 48 percent to $725 million, the lowest in two years. GM, which
regained the global auto sales lead last year, had earned more than $2 billion in each of the three previous
quarters. Profit in the fourth quarter fell 25 percent to 39 cents a share, trailing the 41-cent average estimate
of 17 analysts surveyed by Bloomberg. Overall we posted a solid performance for the year and showed
steady progress toward a sustained, long-term strong financial performance, Chief Executive Officer Dan
Akerson told analysts today. Obviously, we still have a lot of work to do in some areas and were taking the
necessary corrective actions to get the ball over the goal line. GM North America earnings before interest
and taxes more than tripled for the year to $7.19 billion on improved U.S. sales, the Detroit-based company
said today in a statement. The automakers Europe business, including the Opel brand, lost $747 million for
the year. While thats better than Europes restated $1.95 billion loss in 2010, its not break-even as GM had
planned until November. GMs results in Europe certainly dampen the positive results in the U.S. but you
have to still say they had a really good year, Rebecca Lindland, an industry analyst with IHS Automotive,
said before the results were released. Before a government-backed bankruptcy in 2009, they were making
record losses, so theyve made a tremendous amount of progress.
Recent News
Recent News
Automotive Markets
Automotive Markets
Annual Light Vehicle Sales
(Units in millions)
70.0
60.0
50.0
40.0
30.0
12.7
13.9
15.3
16.5
17.2
18.1
17.6
17.7
18.4
19.6
19.8
18.1
20.2
19.7
21.0
20.0
20.0
10.0
29.6
23.6
17.8
17.9
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
10.4
11.6
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
0.0
U.S.
Europe
Asia
US S.A.A.R.
(Units in millions)
20.0
15.0
14.1
10.0
7.3
6.9
5.0
0.0
Jan-06
Jan-07
Jan-08
Jan-09
Total Car
Jan-10
Jan-11
Jan-12
North America
2010
2011
2012
1.60
1.40
Europe
1.47
1.36
2.00
1.60
1.00
1.20
1.56
May
Sep
Dec
3.60
2.76
2.80
2010
2011
2012
2.56
1.51
2.00
1.20
0.80
Jan
2010
2011
2012
2.40
1.20
0.80
Asia
Jan
May
Sep
Dec
Jan
May
Sep
Dec
131.19
M-Index: 131.66 S-Index: 130.72
The Motor Weekly Index is the average of two sub-indexes Manufacturers Index (MIndex) and Suppliers Index (S-Index). Manufacturers Index is a market weighted
average of global companies representing different original equipment manufacturers.
The Suppliers Index is a market weighted average of global companies representing
different components of the automotive industry including suppliers and aftermarket
companies.
Sep-06
May-07
Jan-08
Sep-08
May-09
S&P 500
Jan-10
May-11
Feb-12
MW Index
175
175
150
150
131.66
125
Sep-10
130.72
125
109.05
100
75
75
50
Jul-11
Sep-11
S&P 500
109.05
100
Dec-11
Feb-12
50
Jul-11
Sep-11
S&P 500
Dec-11
Suppliers (Global)
Feb-12
Corporate Rating(1)
Historical Yields
Credit Rating
S&P
Moody's 2
Company
A+
A
AA
A
A
AAAA+
A+
AAAA-
A1
A2
A3
A2
A2
A2
Aa3
A3
A1
A1
A3
Aa3
A3
Autoliv, Inc.
AutoNation Inc.
BorgWarner Inc.
Bridgestone Corp.
Daimler AG
Hyundai Mobis
Hyundai Motor Co.
Ingersoll-Rand Plc
Johnson Controls Inc.
Kia Motors Corp.
Magna International, Inc.
Michelin SCA
Nissan Motor Co. Ltd.
Volvo AB
BBB+
BBBBBB
BBB+
BBB+
BBB
BBB
BBB+
BBB+
BBB
BBB+
BBB
BBB+
BBB
Baa1
Baa3
Baa2
Baa1
Baa1
Baa2
Baa2
Baa1
Baa1
Baa2
Baa1
Baa2
Baa1
Baa2
BBBB+
BBBB
BBBB
BB+
BB+
BB+
BBBB+
BB
BB+
BBBB
BB+
BB+
BBBB
Ba3
Ba1
Ba3
Ba2
Ba3
Ba2
Ba1
Ba1
Ba1
Ba3
Ba1
Ba2
Ba1
Ba3
Ba2
Ba1
Ba1
Ba3
Ba2
Continental AG
Federal-Mogul Corp.
KAR Auction Services, Inc.
Meritor, Inc.
Mitsubishi Motors Corp.
Penske Automotive Group, Inc.
Visteon Corp.
B+
B+
B+
B
B+
B+
B+
B1
B1
B1
B2
B1
B1
B1
Loan Markets
Loan Markets
10%
8%
7.3%
6%
5.6%
4.3%
4%
2%
0%
Feb-11
B
0.51%
Jun-11
BB
Oct-11
BBB
Feb-12
3M LIBOR
900
700
B
BB
BBB
657
500
455
300
100
Feb-11
228
Jun-11
Oct-11
Feb-12
Source: CapitalIQ, Thomson Reuters LPC LoanConnector, Standard & Poor's Leveraged Commentary & Data
(1) This is not an exhaustive list of companies additional companies rated B or lower
(2) Moodys equivalent
Class 5 Sales
5,448
5,600
CL5 RV
4,548
4,600
4,417
4,129
4,043
3,600
3,702
3,593
4,132
4,128
3,809
3,752
CL5 Bus
3,394
CL5 Truck
2,600
Feb
Mar
Apr
May
Jun
18,582
21,061
Jul
Aug
Sep
21,035
21,683
Oct
Nov
Dec
Jan
27,772
25,200
Class 6 8 Sales
32,000
24,000
27,089
18,561
16,000
17,481
24,117
17,950
13,826
CL8 Total
8,000
7,375
9,847
8,656
9,917
9,604
8,546
10,137
9,145
9,455
7,465
8,379
Nov
Dec
10,000
CL6-7 Total
0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jan
Market Stats
15%
Other 25%
120
10%
115
110
Freightliner
28%
5%
105
0%
100
95
-5%
90
-10%
85
-15%
80
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
ATA Seasonally Adjusted Truck Tonnage Index
Peterbilt
8%
Year-Over-Year (%)
Kenworth
12%
International
26%
Company
Ticker
Price
as of
2/17/12
% of
52-Wk
High
Market
Cap
Total
Enterprise
Value
LTM
EBITDA
Margin
Total
Debt /
EBITDA
NTM
P/E
TEV /
EBITDA
2011E
2012E
Vehicle Manufacturers
Ford Motor Co.(1)
$ 12.75
71.3%
$ 48,451
$ 39,397
9.4%
1.1x
8.7x
3.5x
3.3x
GM
27.34
71.9%
42,780
35,727
8.0%
1.0x
7.4x
2.7x
2.6x
TSLA
34.97
96.0%
3,647
3,647
NM
NM
NM
NM
NM
8.7%
1.0x
8.1x
3.1x
2.9x
Mean
Suppliers
Johnson Controls Inc.
2.5%
7.2%
12.4%
$ 35.16
81.9%
$ 23,924
$ 30,097
6.6%
2.2x
12.0x
10.3x
8.7x
DLPH
31.29
99.3%
10,271
11,494
13.4%
1.0x
8.9x
5.7x
5.2x
BorgWarner Inc.
BWA
81.21
98.0%
8,864
9,898
15.2%
1.2x
14.9x
9.2x
7.9x
5.4%
MG
44.58
74.9%
10,402
9,240
7.3%
0.1x
10.3x
4.7x
4.4x
5.0%
ST
31.83
80.3%
5,604
7,348
27.0%
3.7x
14.9x
14.3x
12.4x
GT
13.42
71.3%
3,282
7,086
8.1%
2.8x
7.1x
3.6x
3.5x
JCI
Weekly
Stock Price
Performance
TRW
48.56
76.8%
6,009
6,499
10.7%
0.9x
7.9x
3.8x
3.8x
Federal-Mogul Corp.
FDML
17.49
64.3%
1,730
3,785
9.6%
4.4x
9.2x
5.3x
5.1x
6.7%
4.2%
0.4%
(3.3% )
17.4%
1.2%
Lear Corp.
LEA
46.13
80.9%
4,634
3,575
6.6%
0.7x
9.3x
3.5x
3.6x
Tenneco Inc.
TEN
39.74
84.9%
2,396
3,461
8.5%
2.0x
11.9x
5.6x
5.1x
7.9%
Visteon Corp.
VC
55.43
72.2%
2,936
3,425
6.9%
1.1x
13.2x
5.3x
5.1x
7.8%
Gentex Corp.
GNTX
26.55
80.5%
3,809
3,390
26.9%
0.0x
20.6x
11.9x
10.6x
DAN
16.45
85.0%
2,421
3,279
9.1%
1.4x
9.1x
4.4x
3.9x
HAR
51.11
97.3%
3,587
3,205
8.9%
1.0x
15.3x
9.1x
6.7x
AXL
12.85
82.9%
964
1,980
14.7%
3.1x
6.2x
5.2x
4.9x
Linamar Corp.
LNR
18.50
79.4%
1,197
1,790
12.1%
2.0x
10.1x
5.3x
4.3x
MRE
9.78
90.6%
811
1,109
7.5%
1.9x
9.2x
6.8x
4.5x
TOWR
13.73
72.2%
270
776
8.6%
2.8x
25.0x
3.4x
3.4x
MOD
10.05
56.0%
470
608
7.4%
1.4x
10.3x
5.1x
4.3x
2.7%
3.3%
7.8%
2.5%
6.3%
1.3%
4.7%
6.7%
(0.1% )
MEAS
33.41
85.7%
504
583
17.0%
2.0x
16.9x
10.5x
9.4x
1.6%
Amerigon Inc.
ARGN
15.50
85.3%
359
546
13.1%
2.9x
26.0x
11.3x
7.3x
1.3%
Stoneridge Inc.
SRI
9.93
57.7%
260
496
5.1%
6.8x
8.3x
9.5x
4.8x
SUP
19.11
72.5%
519
367
10.0%
0.0x
15.4x
5.6x
4.8x
STRT
24.47
64.3%
81
72
6.7%
0.1x
13.9x
3.9x
3.7x
11.1%
1.9x
12.7x
6.8x
5.7x
Mean
(3.6% )
2.3%
4.2%
Aftermarket
Genuine Parts Company
GPC
$ 65.58
98.7%
$ 10,208
$ 10,183
8.0%
0.5x
17.1x
10.2x
9.2x
1.1%
LKQ Corp.
LKQX
32.29
96.2%
4,733
5,328
13.3%
1.6x
18.2x
12.6x
10.1x
1.4%
Snap-on Inc.
SNA
62.16
96.6%
3,630
4,449
17.9%
1.9x
12.7x
9.1x
8.7x
TriMas Corporation
TRS
23.06
85.1%
798
1,263
15.9%
2.8x
13.4x
7.3x
7.2x
(2.0% )
(1.1% )
Uni-Select Inc.
Dorman Products, Inc.
Standard Motor Products Inc.
UNS
26.65
90.1%
577
1,022
6.4%
4.1x
8.9x
8.9x
8.1x
DORM
45.81
95.3%
827
781
17.8%
0.0x
14.1x
8.3x
7.3x
(1.1% )
SMP
24.87
99.6%
563
590
8.9%
0.5x
14.9x
7.6x
6.8x
(1.4% )
MPAA
8.03
50.6%
100
183
16.1%
2.7x
9.0x
5.4x
4.3x
LoJack Corp.
LOJN
3.25
44.2%
58
14
5.9%
1.2x
NA
NM
NM
Mean
12.2%
1.7x
13.5x
8.7x
7.7x
Dealerships
CarMax Inc.
AutoNation Inc.
1.9%
KMX
AN
$ 30.18
81.5%
$ 6,838
$ 10,949
7.2%
6.2x
16.1x
14.8x
14.8x
35.00
84.2%
4,617
7,549
4.7%
4.6x
15.8x
11.6x
11.1x
PAG
24.03
96.1%
2,169
4,692
2.8%
7.3x
12.2x
14.1x
13.1x
KAR
16.13
76.8%
2,198
4,375
24.4%
5.3x
13.5x
9.1x
8.5x
16.5%
(3.6% )
0.9%
(3.1% )
1.4%
(1.6% )
GPI
54.80
95.0%
1,181
2,463
3.7%
5.8x
12.9x
11.7x
10.8x
0.8%
SAH
17.30
95.5%
912
2,252
3.3%
5.4x
11.5x
8.8x
7.9x
0.0%
ABG
25.92
95.3%
824
1,612
3.3%
5.7x
12.1x
9.8x
8.8x
LAD
25.61
95.0%
664
1,278
4.4%
5.5x
12.6x
10.7x
9.8x
Mean
6.7%
5.7x
13.3x
11.3x
10.6x
Mean
10.4%
2.5x
12.8x
7.8x
6.9x
Avg.
Median
8.6%
2.0x
12.4x
7.9x
6.8x
2.5%
5.0%
(0.2% )
Company
Vehicle Manufacturers
Daimler AG
Ticker
Price
as of
2/17/12
% of
52-Wk
High
Market
Cap
Total
Enterprise
Value
LTM
EBITDA
Margin
Total
Debt /
EBITDA
NTM
P/E
TEV /
EBITDA
2011E
2012E
DAI
$ 62.82
84.5%
$ 66,975
$ 139,854
10.1%
5.5x
9.2x
8.1x
8.4x
Volkswagen AG
VOW
169.99
93.2%
82,036
134,513
10.2%
4.2x
6.1x
5.3x
5.5x
BMW Group
BMW
94.55
97.4%
60,181
130,863
16.0%
6.0x
9.9x
8.0x
8.7x
Renault SA
RNO
52.32
84.3%
14,182
43,525
7.1%
10.6x
5.4x
8.3x
8.9x
UG
19.10
43.2%
4,332
36,643
6.9%
8.1x
7.5x
6.6x
6.9x
6.24
60.9%
7,613
22,984
8.1%
5.6x
6.7x
2.9x
2.3x
9.7%
6.7x
7.5x
6.5x
6.8x
Mean
Suppliers
Continental AG
Michelin SCA
Pirelli & C. SpA
CON
Weekly
Stock Price
Performance
2.8%
1.5%
2.7%
10.1%
(6.3%)
3.0%
$ 89.79
88.5%
$ 17,959
$ 28,001
14.4%
2.1x
9.0x
5.1x
4.7x
ML
71.89
79.8%
12,941
16,047
14.6%
1.3x
7.6x
4.3x
3.9x
PC
10.73 100.0%
5,180
6,823
14.6%
2.2x
10.4x
6.3x
5.2x
5,479
6,331
11.0%
1.1x
9.7x
6.2x
5.3x
3.1%
3.5%
GKN plc
GKN
3.53
Autoliv, Inc.
89.6%
4.7%
0.9%
8.7%
ALV
67.69
80.7%
6,045
5,987
14.1%
0.6x
10.6x
5.1x
5.1x
Valeo SA
FR
52.15
79.5%
4,134
4,831
10.2%
1.7x
7.3x
3.1x
3.0x
3.3%
Faurecia S.A.
EO
26.54
64.2%
2,928
4,689
5.8%
2.0x
6.7x
3.4x
3.3x
3.1%
ElringKlinger AG
ZIL2
32.51
96.2%
2,060
2,357
21.7%
1.2x
14.6x
7.5x
7.2x
POM
28.83
81.1%
1,393
2,297
10.1%
2.1x
6.7x
3.8x
4.0x
Leoni AG
LEO
49.97
88.6%
1,632
2,073
9.5%
1.8x
7.9x
4.5x
4.2x
Brembo SpA
BRE
11.45
83.0%
748
1,189
11.5%
3.0x
10.9x
6.1x
5.3x
SO
2.81
72.5%
322
774
10.6%
3.6x
6.3x
4.9x
4.1x
KOA
0.36
38.5%
144
585
7.4%
5.3x
NM
5.1x
5.5x
Sogefi SpA
Kongsberg Automotive
4.6%
2.9%
5.3%
1.9%
(3.3%)
(12.5%)
Saf-Holland SA
SFQ
6.99
55.1%
288
521
8.8%
2.7x
7.2x
5.8x
5.6x
Grammer AG
GMM
22.15
80.9%
248
400
6.3%
2.0x
7.3x
4.5x
4.3x
Polytec Holding AG
PYT
9.26
80.7%
207
222
8.7%
0.7x
5.2x
2.6x
3.2x
Montupet SA
MON
7.74
68.6%
83
210
10.5%
2.4x
NA
NM
NM
Mean
11.2%
2.1x
8.5x
4.9x
4.6x
Mean
10.8%
3.3x
8.2x
5.3x
5.2x
Avg.
Median
10.2%
2.2x
7.5x
5.1x
5.2x
2.5%
2.2%
9.1%
2.2%
3.4%
European Autos
Company
Ticker
Price
as of
2/17/12
% of
52-Wk
High
Market
Cap
Total
Enterprise
Value
LTM
EBITDA
Margin
Total
Debt /
EBITDA
NTM
P/E
TEV /
EBITDA
2011E
2012E
Vehicle Manufacturers
Toyota Motor Corporation
7203
$ 41.43
84.0%
$ 129,920
$ 247,793
7.1%
9.4x
18.4x
14.6x
12.1x
7267
37.21
79.2%
67,059
102,462
6.9%
7.2x
12.6x
11.6x
9.0x
Weekly
Stock Price
Performance
5.1%
4.3%
7201
10.00
89.3%
41,839
83,807
14.1%
3.0x
8.9x
5.9x
6.1x
2.6%
A005380
198.24
86.8%
41,486
68,742
11.2%
3.2x
7.1x
12.7x
12.4x
2.7%
A000270
64.01
85.1%
25,873
28,139
9.7%
1.1x
7.6x
11.5x
9.9x
489
1.97
89.9%
16,979
15,556
18.2%
1.0x
9.4x
5.6x
5.0x
500520
15.21
85.7%
8,933
12,232
16.8%
2.9x
15.3x
16.7x
14.4x
1211
3.21
56.0%
9,014
11,798
8.2%
4.8x
36.0x
16.6x
12.4x
7202
5.44
98.6%
9,211
11,018
9.1%
2.1x
9.8x
6.5x
5.6x
7269
23.90
94.8%
13,408
10,363
8.7%
2.1x
15.4x
3.5x
3.3x
7262
19.41
94.9%
8,271
9,950
11.3%
1.0x
10.7x
4.6x
4.0x
7261
2.04
72.3%
3,617
9,813
1.3%
28.3x
NM
15.2x
11.5x
7211
1.24
81.0%
6,845
8,016
7.2%
2.8x
20.8x
5.2x
4.7x
7272
14.23
70.6%
4,967
6,764
7.5%
3.0x
18.9x
5.0x
5.2x
175
0.40
67.8%
2,981
3,261
8.7%
2.7x
12.2x
7.3x
6.3x
000800
1.53
50.7%
2,484
2,468
4.2%
0.8x
9.3x
10.0x
4.5x
Mean
9.4%
4.7x
14.2x
9.5x
7.9x
Suppliers
Bridgestone Corp.
5108
$ 23.12
91.6%
$ 18,094
$ 24,285
12.0%
1.9x
8.9x
5.1x
4.3x
A012330
248.92
67.2%
23,747
24,189
11.9%
0.9x
7.9x
11.2x
9.7x
Denso Corp.
6902
32.73
82.3%
26,377
22,299
9.8%
1.9x
14.5x
4.9x
4.5x
5201
8.61
58.7%
9,958
14,942
22.8%
1.7x
10.1x
4.1x
4.3x
7259
35.08
84.8%
9,883
13,273
10.4%
1.6x
11.2x
4.5x
3.6x
A000240
39.12
88.0%
5,679
7,301
14.7%
2.9x
12.0x
12.9x
8.9x
Hyundai Mobis
9.4%
1.6%
9.0%
(4.2%)
3.2%
3.8%
2.8%
9.4%
1.0%
2.4%
10.7%
5.6%
4.0%
(1.6%)
5.7%
3.7%
6.7%
(0.3%)
NSK Ltd.
6471
7.82
75.5%
4,227
6,563
11.2%
4.1x
10.9x
6.3x
6.0x
4.8%
JTEKT Corporation
6473
11.17
70.0%
3,821
5,300
8.3%
2.9x
11.8x
4.7x
4.5x
4.6%
4.34
69.5%
2,307
5,030
10.7%
4.4x
13.7x
6.7x
6.1x
NTN Corp.
A011210
6472
124.46
78.4%
3,202
3,722
NM
NM
11.8x
12.5x
10.3x
0.1%
0.4%
2.4%
Mando Corporation
A060980
150.24
74.6%
2,734
3,072
9.1%
1.4x
10.4x
7.8x
6.3x
5991
10.58
82.3%
2,477
2,737
10.5%
1.6x
10.6x
4.5x
4.3x
3116
11.83
66.1%
2,192
2,700
5.7%
3.2x
13.2x
3.4x
3.1x
5.8%
7276
17.30
91.1%
2,781
2,668
11.5%
0.5x
10.7x
3.8x
3.6x
5.1%
6923
16.71
87.7%
2,836
2,451
17.6%
0.4x
12.0x
4.1x
3.8x
7282
17.59
68.7%
2,277
2,388
12.3%
1.0x
13.4x
2.9x
2.8x
Takata Corporation
7312
25.23
73.7%
2,098
2,090
7.4%
2.4x
8.6x
4.9x
4.0x
7248
5.73
84.9%
1,534
2,018
5.3%
1.1x
5.3x
3.6x
3.4x
4.5%
5.6%
3.5%
6.1%
(3.6%)
Sanden Corp.
6444
3.43
64.9%
468
1,493
4.1%
11.1x
5.1x
NM
NM
7238
5.34
78.8%
707
1,412
5.9%
7.6x
18.6x
NM
NM
3.5%
4.1%
6995
18.34
87.1%
1,656
1,138
7.6%
0.6x
11.6x
3.0x
2.9x
7313
19.16
85.9%
1,303
1,094
5.5%
0.3x
10.9x
4.1x
3.4x
6796
2.08
83.8%
587
990
7.8%
3.0x
18.8x
6.4x
6.3x
Showa Corp.
7274
7.56
82.3%
574
831
7.9%
1.4x
25.6x
3.7x
3.5x
600303
1.15
62.0%
661
718
6.7%
3.3x
13.4x
8.9x
6.9x
5.7%
6.2%
7.0%
7.8%
1.8%
F-Tech Inc.
7212
15.97
68.8%
191
686
8.6%
3.2x
NA
NM
NM
6816
13.21
86.2%
921
489
6.9%
0.4x
14.2x
2.7x
2.7x
CAAS
5.02
33.4%
141
141
14.4%
0.7x
7.9x
3.1x
2.9x
SORL
3.06
34.5%
59
91
15.6%
0.8x
3.4x
3.1x
2.7x
Mean
10.1%
2.4x
11.7x
5.5x
4.8x
Mean
9.8%
3.2x
12.5x
7.0x
6.0x
Avg.
Median
8.9%
3.1x
11.6x
5.1x
4.6x
3.3%
6.7%
1.5%
(3.5%)
(5.0%)
Asian Autos
Company
Commercial Vehicle Manufacturers
Daimler AG
Ticker
Price
as of
2/17/12
% of
52-Wk
High
Market
Cap
Total
Enterprise
Value
LTM
EBITDA
Margin
Total
Debt /
EBITDA
NTM
P/E
TEV /
EBITDA
2011E
2012E
Weekly
Stock Price
Performance
$ 62.82
84.5%
$ 66,975
$ 139,854
10.1%
5.5x
9.2x
8.1x
8.2x
2.8%
VOLV B
14.54
81.3%
29,523
43,554
10.9%
3.9x
12.3x
7.4x
7.5x
3.8%
PACCAR Inc.
PCAR
46.18
84.0%
16,477
21,538
13.2%
3.7x
13.9x
10.3x
9.9x
Scania AB
SCV B
19.29
78.7%
15,245
19,437
17.1%
2.6x
14.5x
8.5x
10.7x
MAN SE
MAN
111.76
84.6%
16,236
19,372
9.4%
2.0x
15.6x
7.1x
8.3x
7202
5.44
98.6%
9,211
11,018
9.1%
2.1x
9.8x
6.5x
5.6x
NAV
44.53
62.3%
3,077
6,800
6.5%
5.3x
8.3x
6.9x
5.6x
Mean
10.9%
3.6x
11.9x
7.8x
8.0x
Volvo AB
DAI
DE
$ 113.95
97.8%
$ 73,682
$ 106,964
16.1%
3.6x
12.0x
11.4x
8.9x
83.87
84.0%
33,832
57,378
16.4%
5.1x
10.4x
13.5x
11.6x
CNH Global NV
CNH
44.18
81.1%
10,534
22,413
13.6%
6.5x
10.4x
12.0x
10.7x
Oshkosh Corporation
OSK
24.48
61.0%
2,241
2,821
7.0%
1.9x
15.8x
5.0x
6.8x
6.7%
10.3%
4.0%
3.2%
(2.8%)
2.0%
(4.2%)
4.0%
(1.8%)
3.0%
THO
33.71
86.2%
1,849
1,641
6.1%
0.0x
14.3x
NM
7.8x
WNC
11.09
84.2%
760
810
3.0%
2.0x
12.4x
22.5x
10.5x
7.4%
WGO
10.23
61.6%
298
227
2.6%
0.0x
24.4x
14.1x
13.1x
6.6%
SPAR
5.92
78.2%
199
172
4.2%
0.3x
24.2x
12.2x
7.1x
Mean
8.6%
2.4x
15.5x
13.0x
9.6x
ETN
$ 122.07
98.6%
$ 23,541
$ 22,805
13.5%
0.3x
11.8x
8.0x
7.0x
50.82
90.0%
16,984
19,696
13.7%
1.7x
11.5x
8.4x
7.8x
IR
40.92
78.2%
12,775
15,101
12.9%
1.9x
13.4x
7.8x
7.7x
WBC
61.71
82.3%
3,983
3,958
16.0%
0.2x
13.7x
8.2x
8.9x
DAN
16.45
85.0%
2,421
3,279
9.1%
1.4x
9.1x
4.4x
3.9x
Meritor, Inc.
MTOR
7.90
34.9%
748
1,609
5.6%
3.9x
5.7x
4.6x
4.2x
Accuride Corp.
ACW
9.07
57.7%
429
713
7.6%
4.4x
50.4x
8.3x
5.9x
DW
29.68
98.4%
655
648
10.1%
0.0x
15.5x
8.3x
6.9x
MOD
10.05
56.0%
470
608
7.4%
1.4x
10.3x
5.1x
4.3x
CVGI
13.05
66.5%
368
530
7.5%
4.0x
10.4x
8.5x
6.9x
SRI
9.93
57.7%
260
496
5.1%
6.8x
8.3x
9.5x
4.8x
FSYS
27.71
89.0%
555
471
7.0%
0.4x
35.4x
14.1x
9.7x
PLOW
13.66
80.5%
301
446
22.7%
3.3x
18.3x
9.2x
8.4x
Stoneridge Inc.
(4.8%)
1.5%
(1.2%)
7.7%
5.7%
7.8%
4.4%
9.5%
11.8%
(0.1%)
6.1%
2.7%
14.7%
2.7%
Haldex AB
HLDX
6.41
37.2%
283
346
9.6%
1.2x
12.0x
1.6x
5.4x
SHLO
9.78
70.2%
164
190
7.3%
0.7x
16.3x
4.5x
4.6x
WMCO
11.06
88.5%
81
82
13.2%
0.3x
12.2x
NM
NM
AZD
0.07
19.4%
51
56
NM
NM
NM
NM
NM
Mean
10.5%
2.0x
15.9x
7.4x
6.4x
Mean
10.0%
2.7x
14.4x
9.4x
8.0x
Avg.
Median
10.5%
2.4x
15.5x
7.8x
8.0x
3.5%
19.1%
1.1%
(0.1%)
(6.8%)
Greg Lellouche
Director
(212) 863-4816
gregory.lellouche@rbccm.com
Daniel Huber
Associate
(212) 863-4824
daniel.huber@rbccm.com
Joseph Lok
Associate
(212) 618-5301
joseph.lok@rbccm.com
Dino Bilankov
Analyst
(212) 905-5927
dino.bilankov@rbccm.com
Ashley Molloy
Administrative Assistant
(212) 863-4822
ashley.molloy@rbccm.com
Leveraged Finance
Patrick Shields
Managing Director
(212) 428-2322
patrick.shields@rbccm.com
Vito Sperduto
Managing Director
(212) 428-6682
vito.sperduto@rbccm.com
Charles Smith
Managing Director
(212) 266-4044
charles.smith@rbccm.com
Meredith Majesty
Director
(212) 428-6427
meredith.majesty@rbccm.com
Doug Yablonski
Managing Director
(212) 558-0414
doug.yablonski@rbccm.com
Michael Barrish
Director
(212) 658-6104
michael.barrish@rbccm.com
Transportation
Senior Coverage
Kevin Smith
Managing Director
(212) 436-9088
kevin.j.smith@rbccm.com
Michael Coyne
Managing Director
(212) 618-3287
michael.coyne@rbccm.com
Stewart Burton
Vice Chairman
(416) 842-7536
stewart.burton@rbccm.com
Disclaimer
This brochure is provided to our investment banking clients for information purposes only. It is not intended as an offer or solicitation for the purchase or sale of any
financial instrument, investment product or service. The information contained herein, has been compiled from sources believed to be reliable, but no representation
or warranty, express or implied, is made by RBC Capital Markets or any of its businesses or representatives, as to its accuracy, completeness or correctness. To the
full extent permitted by law, neither RBC Capital Markets nor any of its businesses or representatives, accepts any liability whatsoever arising from the use of this
brochure. No matter contained in this brochure may be reproduced or copied by any means without the prior consent of RBC Capital Markets. RBC Capital Markets
is the global brand name for the capital markets business of Royal Bank of Canada and its affiliates, including RBC Capital Markets, LLC (member FINRA, NYSE
and SIPC); RBC Dominion Securities Inc. (member IIROC and CIPF) and Royal Bank of Canada Europe Limited (authorized and regulated by FSA). Registered
trademark of Royal Bank of Canada. Used under license. Copyright 2011. All rights reserved.
11