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TRANSPORTATION & LOGISTICS · Group. Through its two iconic brands, Maaco and Meineke, Driven...
Transcript of TRANSPORTATION & LOGISTICS · Group. Through its two iconic brands, Maaco and Meineke, Driven...
www.harriswilliams.com
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised andregulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
TRANSPORTATION & LOGISTICS
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AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
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www.harriswilliams.com
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CONTENTS
M&A TRANSACTIONS
PUBLIC MARKETS OVERVIEW
STOCK PRICE PERFORMANCE
OUR GROUP
CONTACTS
UNITED STATES
Frank MountcastleManaging [email protected]+1 (804) 915-0124
Jason BassManaging [email protected]+1 (804) 915-0132
Joe ConnerManaging Director [email protected]+1 (804) 915-0151
Jershon JonesDirector [email protected]+1 (804) 932-1356
Jeff BurkettDirector [email protected] +1 (804) 932-1334
Jeff KiddVice President [email protected] +1 (804) 915-0178
EUROPE
Jeffery PerkinsManaging Director [email protected]+49 (0) 69 3650638 00
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
MICHELIN ACQUIRES STAKE IN ONLINE TIRE RETAILER
Groupe Michelin is acquiring a 40 percent stake in France’s leading online tireretailer Allopneus. The tiremaker is investing roughly €60 million for its minority sharein the Internet company. Working with Allopneus, Michelin will expand its onlinerange and extend its commercial presence, the tiremaker said. Allopneus currentlyholds 7 percent of the French tire market share and sold roughly 3 million tires in2014. The company was established in 2004, and employs roughly 200 people.Michelin’s acquisition of shares in Allopneus SAS is subject to validation from theFrench Competition Authority.
AftermarketNews
AAA RELEASES AMERICAN DRIVING SURVEY
The first year data show that all drivers 16 and older drive, on average, 29.2 milesper day or 10,658 miles a year. Men reported driving more miles than women;Caucasians reported driving more miles than respondents of other races; Hispanicrespondents reported driving the least. Teenagers and drivers ages 75+ also drivesignificantly fewer miles on average. About 50% of all miles driven are in a car, andanother 40% in an SUV or pickup truck.
AAA
WARREN BUFFETT ADDS TO AUTOMOTIVE BETS WITH AXALTA INVESTMENT
Berkshire Hathaway's Warren Buffett is increasing his investment in the recoveringU.S. automotive sector, this time by taking a $560 million stake in Axalta CoatingSystems , a 145-year old seller of coatings for cars, SUV’s and commercial vehicles.The investment comes as Axalta’s private equity owner The Carlyle Group beginsexiting an extremely successful buyout investment. Carlyle bought Axalta fromDuPont for $4.9 billion in 2013 as the chemical and agriculture giant’s CEO EllenKullman sought to pare down its operations and focus on high margin businesses.
Forbes
HARRIS WILLIAMS & CO. DEAL SPOTLIGHT
Harris Williams & Co. advised Driven Brands, a portfoliocompany of Harvest Partners, on its sale to Roark CapitalGroup. Through its two iconic brands, Maaco and Meineke,Driven Brands is one of the largest franchise platforms in theautomotive aftermarket services sector.
Press Release
Driven Brands
Harris Williams & Co. advised Dent Wizard, a portfoliocompany of H.IG. Capital, on its sale to Gridiron Capital.Dent Wizard is the leading provider of cosmetic automotivereconditioning services in North America.
Press Release
Dent Wizard
WHAT WE’RE READING
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
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Pending Car Brite, Inc. and Eagle One
Industries, Inc. and Pyroil and
Valvoline Maintenance
Prov ider of automotive lubricants and chemicals for consumer, and
commercial and industrial applications.
Highlander Partners, L.P.
Pending Delphi Automotive PLC, Thermal
Business
Manufacturer of automotive heating and cooling components. MAHLE Industrial Thermal
Systems GmbH & Co. KG
Pending Anixter Inc., Fasteners Segment Global distributor and manufacturer of highly-engineered fasteners. American Industrial Partners
Pending Uni-Select USA, Inc. and
Beck/Arnley Worldparts, Inc.
(excludes FinishMaster business)
Uni-Select USA: automotive parts distributor.
Beck/Arnley Worldparts: premium OE parts distributor.
Icahn Enterprises, L.P.
Pending TI Automotive LTD Car-parts manufacturer. Bain Capital
4/17/2015 Driven Brands, Inc. Largest franchise platform in the automotive aftermarket serv ices
sector, prov iding paint & collision and repair & maintenance serv ices.
Roark Capital Group
4/7/2015 Dent Wizard International
Corporation
National prov ider of automotive reconditioning serv ices in
North America.
Gridiron Capital, LLC
4/10/2015 Armstrong Tyres Pty Ltd. Manufacturer of tires and wheels. Trelleborg Wheel Systems
Australia Pty Ltd
3/31/2015 Tribar Manufacturing LLC Developer, manufacturer, and supplier of injection molded parts for the
industrial and automotive industries.
HCI Equity Partners
3/31/2015 Revocoat SAS Developer, manufacturer, and supplier of sealants, dampers, and
anticorrosion products for the automotive industry.
PPG Industries Inc.
3/25/2015 Superwinch, LLC Designer and producer of winches. Kinderhook Industries;
Kinderhook Capital Fund IV
3/24/2015 American Tire Distributors
Holdings, Inc.
Independent supplier of tires to the North American replacement tire
market.
Ares Management, L.P.
3/16/2015 Visteon Corp., Global Interiors
Business
Manufacturer of interior products such as instrument panels, door
panels, consoles, and pillars for vehicle manufacturers.
Reydel Automotive Minority
Holdings B.V.
3/16/2015 Phillips & Temro Industries, Inc. Designer and manufacturer of automotive heating products, systems,
and controls as well as cooling and silencing products.
Harbour Group
3/10/2015 Van Tuyl Group Operator of automotive dealerships and franchises throughout the
Southeast and Midwest.
Berkshire Hathaway Inc.
3/2/2015 Maval Manufacturing Inc. Manufacturer of power steering pumps, power steering gear boxes,
and electric steering columns and gears.
Remy International, Inc.
2/12/2015 ATDynamics, Inc. Designer, manufacturer, and supplier of clean technology products
engineered to reduce fuel consumption and carbon emissions in the
transportation industry.
Stemco LP
1/30/2015 ZF Lenksysteme GmbH
(nka:Robert Bosch Automotive
Steering GmbH)
Developer, producer, and seller of steering systems for passenger cars
and commercial vehicles worldwide.
Robert Bosch GmbH
M&A TRANSACTIONS
2
RECENT M&A TRANSACTIONS1,2
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
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PUBLIC MARKETS OVERVIEW
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TRANSPORTATION & LOGISTICS
TEV / LTM EBITDA TEV / 2015E EBITDA
AVERAGE REVENUE GROWTH (2011 – 2014) AVERAGE REVENUE GROWTH (2014 – 2016P)
AVERAGE EBITDA GROWTH (2011 – 2014) AVERAGE EBITDA GROWTH (2014 – 2016P)
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
7.7x
10.2x
12.0x
13.5x
Suppliers
Vehicle Manufacturers
Distributors and Retailers
Dealerships and Services
Providers
7.1x
10.2x
11.2x
12.3x
Suppliers
Vehicle Manufacturers
Distributors and Retailers
Dealerships and Services
Providers
2.8%
3.3%
7.6%
14.2%
Vehicle Manufacturers
Suppliers
Distributors and Retailers
Dealerships and Services
Providers
2.2%
2.2%
3.4%
10.6%
Distributors and Retailers
Vehicle Manufacturers
Suppliers
Dealerships and Services
Providers
4.6%
7.3%
7.5%
13.5%
Distributors and Retailers
Vehicle Manufacturers
Suppliers
Dealerships and Services
Providers
3.6%
5.6%
7.9%
9.8%
Vehicle Manufacturers
Distributors and Retailers
Suppliers
Dealerships and Services
Providers
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(30%)
(20%)
(10%)
0%
10%
20%
30%
40%
4/20/14 7/20/14 10/20/14 1/20/15 4/20/15
Suppliers Distributors and Retailers
Dealerships and Service Providers Vehicle Manufacturers
S&P 500 Index
STOCK PRICE PERFORMANCE
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TRANSPORTATION & LOGISTICS
(Indexed to April 20, 2014)
TRAILING TWELVE MONTHS
MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH)
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
(2.2%)
(0.0%)
1.3%
2.1%
Vehicle
Manufacturers
Distributors and
Retailers
Dealerships and
Service Providers
Suppliers
(5.2%)
(3.0%)
14.5%
23.2%
Vehicle
Manufacturers
Suppliers
Distributors and
Retailers
Dealerships and
Service Providers
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OUR GROUP
Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & LogisticsGroup has experience across a broad range of sectors, including third-party logistics, rail and rail services, marinetransportation, transportation equipment, niche transportation, automotive and heavy duty vehicle, and airport andaviation services.
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
RECENTLY CLOSED T&L TRANSACTIONS
DEEP EXPERIENCE ACROSS T&L SECTORS
MARINE TRANSPORTATION
NICHE TRANSPORTATION
TRANSPORTATION EQUIPMENT
RAIL & RAIL SERVICES
AUTOMOTIVE & HEAVY DUTY
VEHICLE
has been acquired by
a portfolio company of
THIRD-PARTY LOGISTICS
AIRPORT & AVIATION SERVICES
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has been acquired by
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company ofa portfolio company of
has been acquired byhas been acquired by
a portfolio company of
has been acquired by
a portfolio company of
and
in partnership with
and
RCL Services Group
has sold
tohas been acquired by
a portfolio company of
has been acquired by
a portfolio company of
has been acquired by
a portfolio company of
Energy & Power
IndustrialsHealthcare & Life Sciences
Transportation & Logistics
Aerospace, Defense & Government
Services
Business Services
Building Products & Materials
Technology, Media & Telecom
Specialty Distribution
Consumer
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UNITED STATES EUROPE
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Transportation & Logistics
OUR FIRM
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
Harris Williams & Co. has a broad range of industry expertise, which creates powerful opportunities.Our clients benefit from our deep-sector experience, integrated industry intelligence andcollaboration across the firm, and our commitment to learning what makes them unique. For moreinformation, visit our website at www.harriswilliams.com/industries.
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PUBLIC COMPARABLES
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TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
Suppliers
BorgWarner Inc. $14,399 $60.72 1.0% (3.0%) $67.49 90.0% 11.4x 9.5x 10.3x 10.3x 9.5x
Cooper Tire & Rubber Co. 2,281 41.79 5.2% 67.8% 43.94 95.1% 4.5x 4.8x 4.4x 4.4x 5.3x
Dorman Products, Inc. 1,735 50.04 5.8% (13.5%) 59.99 83.4% 14.1x 9.7x 11.3x 11.3x 10.1x
Federal-Mogul Holdings Corporation 4,713 13.32 0.6% (25.0%) 21.12 63.1% 7.7x 7.3x 7.7x 7.7x 7.4x
The Goodyear Tire & Rubber Company 12,396 27.23 8.1% 0.9% 28.98 94.0% 5.3x 5.0x 5.5x 5.5x 5.1x
Modine Manufacturing Company 674 12.45 (6.7%) (13.1%) 17.51 71.1% 6.4x 5.7x 5.9x 5.6x 5.7x
Motorcar Parts of America, Inc. 500 27.56 5.0% 2.0% 36.43 75.7% 13.1x 12.8x 13.2x 13.9x 7.6x
Remy International, Inc. 937 22.11 (3.5%) (12.7%) 26.89 82.2% 7.6x 6.4x 7.4x 7.4x 6.9x
Standard Motor Products Inc. 1,010 41.03 2.1% 10.4% 45.80 89.6% 8.0x 8.1x 8.9x 8.9x 8.2x
Tenneco Inc. 4,353 55.72 (1.5%) (6.9%) 69.22 80.5% 6.3x 5.6x 5.9x 5.9x 5.4x
Visteon Corporation 5,666 102.32 5.3% 18.2% 109.41 93.5% 7.1x 7.2x 8.8x 8.8x NM
Median 2.1% (3.0%) 83.4% 7.6x 7.2x 7.7x 7.7x 7.1x
Distributors and Retailers
Advance Auto Parts Inc. $12,513 $149.80 0.4% 24.0% $165.00 90.8% 8.8x 10.4x 10.1x 10.1x 9.4x
AutoZone, Inc. 25,972 683.43 2.4% 32.4% 704.45 97.0% 10.4x 9.9x 12.1x 12.4x 11.7x
Genuine Parts Company 14,677 91.67 (4.0%) 5.0% 109.00 84.1% 11.2x 10.9x 11.5x 11.5x 10.6x
LKQ Corp. 9,425 25.22 4.1% (7.9%) 29.84 84.5% 14.1x 12.8x 11.9x 11.9x 10.8x
O'Reilly Automotive Inc. 22,937 214.05 (0.4%) 46.2% 222.94 96.0% 12.6x 11.8x 15.6x 15.6x 14.0x
Pep Boys - Manny, Moe & Jack 779 8.60 (12.5%) (16.2%) 11.66 73.8% 7.8x 7.9x 10.0x 7.2x 7.8x
U.S. Auto Parts Network, Inc. 87 2.12 (5.4%) (27.9%) 4.09 51.8% 17.7x 17.0x 16.2x 16.2x 13.4x
Uni-Select Inc. 1,161 36.35 5.3% 33.3% 37.30 97.5% 11.9x 10.7x 12.6x 12.6x 12.8x
Median (0.0%) 14.5% 87.7% 11.6x 10.8x 12.0x 12.2x 11.2x
Dealerships and Service Providers
Asbury Automotive Group, Inc. $3,980 $85.33 7.4% 55.1% $87.25 97.8% 10.7x 10.9x 13.4x 13.4x 12.5x
AutoNation Inc. 12,368 63.52 0.2% 15.5% 65.67 96.7% 13.3x 12.2x 13.5x 13.5x 12.7x
Boyd Group Income Fund 808 44.18 13.6% 30.7% 45.24 97.7% 15.4x 14.4x 13.6x 13.6x 11.5x
CarMax Inc. 23,830 70.61 7.6% 58.9% 75.40 93.6% 18.0x 18.4x NM NM NM
Copart, Inc. 4,773 37.00 (1.0%) 1.4% 38.50 96.1% 14.6x 10.4x 11.4x 12.1x 11.5x
Group 1 Automotive Inc. 4,486 83.66 1.3% 30.5% 93.23 89.7% 11.2x 11.6x 11.6x 11.6x 12.0x
KAR Auction Services, Inc. 7,733 37.28 0.2% 23.2% 39.52 94.3% 14.1x 12.4x 13.5x 13.5x 11.9x
Lithia Motors Inc. 4,452 101.35 4.8% 48.3% 102.10 99.3% 12.5x 11.9x 16.7x 16.7x 13.1x
Monro Muffler Brake Inc. 2,254 62.39 (5.7%) 15.6% 67.93 91.8% 14.9x 12.6x 15.9x 17.7x 15.8x
Penske Automotive Group, Inc. 8,763 51.87 1.9% 20.5% 53.70 96.6% 14.6x 12.9x 15.3x 15.3x 13.7x
Sonic Automotive Inc. 3,276 24.04 (4.0%) 3.6% 27.87 86.3% 10.9x 10.7x 10.9x 10.9x 11.4x
Median 1.3% 23.2% 96.1% 14.1x 12.2x 13.5x 13.5x 12.3x
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA EBITDA
($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Apr-14 Oct-14 Current 2014 2015E
Automotive Aftermarket
TEV / LTM EBITDA as of
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PUBLIC COMPARABLES
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TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
Vehicle Manufacturers
Bayerische Motoren Werke Aktiengesellschaft $149,586 $118.84 (4.0%) (7.3%) $133.29 89.2% 11.0x 9.8x 10.2x 10.2x 9.9x
Daimler AG 185,280 91.39 (4.8%) (1.7%) 103.52 88.3% 8.0x 7.8x 8.5x 8.5x 10.1x
Ford Motor Co. 160,482 15.76 (3.5%) (1.5%) 18.12 87.0% 13.7x 14.1x 14.3x 14.3x 15.0x
General Motors Company 81,412 36.64 (5.2%) 7.8% 39.00 94.0% 6.3x 8.4x 9.0x 9.0x 5.3x
Harley-Davidson, Inc. 17,660 60.60 (0.9%) (9.1%) 74.13 81.7% 13.9x 11.8x 12.1x 12.1x 11.3x
Navistar International Corporation 6,741 28.94 2.3% (14.9%) 40.17 72.0% NM NM NM NM 10.2x
Oshkosh Corporation 4,586 48.72 2.5% (14.5%) 58.21 83.7% 8.1x 6.5x 7.8x 7.4x 7.2x
PACCAR Inc. 27,602 62.77 0.3% (4.0%) 71.15 88.2% 13.4x 11.3x 11.3x 11.3x 10.7x
Toyota Motor Corporation 349,676 69.69 (0.8%) 28.3% 73.77 94.5% 8.9x 8.7x 10.7x 10.2x 11.2x
Volkswagen AG 205,373 253.22 (4.0%) (6.4%) 282.80 89.5% 8.3x 7.5x 8.3x 8.3x 7.0x
Median (2.2%) (5.2%) 88.3% 8.9x 8.7x 10.2x 10.2x 10.2x
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA EBITDA
($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Apr-14 Oct-14 Current 2014 2015E
Automotive Aftermarket
TEV / LTM EBITDA as of
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PUBLIC COMPARABLES
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TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
Suppliers
BorgWarner Inc. $7,115 $7,183 $7,437 $8,305 $8,632 $9,670 5.3% 7.9% $1,073 $1,126 $1,224 $1,398 $1,504 $1,718 9.2% 10.8%
Cooper Tire & Rubber Co. 3,908 4,201 3,439 3,425 3,083 3,156 (4.3%) (4.0%) 286 629 483 518 438 453 21.8% (6.5%)
Dorman Products, Inc. 513 570 664 751 828 918 13.5% 10.5% 95 112 138 153 170 196 17.2% 13.0%
Federal-Mogul Holdings Corporation 6,719 6,444 6,786 7,317 8,270 8,706 2.9% 9.1% 622 439 565 611 643 769 (0.6%) 12.2%
The Goodyear Tire & Rubber Company 22,767 20,992 19,540 18,138 17,598 17,877 (7.3%) (0.7%) 1,893 1,819 2,105 2,251 2,446 2,659 5.9% 8.7%
Modine Manufacturing Company 1,448 1,577 1,376 1,478 1,516 1,515 0.7% 1.3% 103 128 98 120 119 125 5.2% 2.3%
Motorcar Parts of America, Inc. 161 179 213 259 317 381 17.1% 21.4% 32 32 39 36 66 85 4.4% NM
Remy International, Inc. 1,195 1,140 1,140 1,182 1,151 1,241 (0.4%) 2.4% 165 145 127 126 135 157 (8.6%) 11.5%
Standard Motor Products Inc. 875 949 984 980 1,029 1,081 3.9% 5.0% 79 88 106 113 123 134 12.8% 8.8%
Tenneco Inc. 7,205 7,363 7,964 8,420 8,438 9,061 5.3% 3.7% 597 638 695 736 820 894 7.2% 10.2%
Visteon Corporation 7,532 5,715 6,371 7,509 3,280 3,413 (0.1%) (32.6%) 541 479 560 646 244 284 6.1% NM
Total $59,438 $56,313 $55,914 $57,764 $54,142 $57,017 3.3% 2.2% $5,486 $5,636 $6,140 $6,709 $6,709 $7,473 7.3% 7.9%
Distributors and Retailers
Advance Auto Parts Inc. $6,170 $6,205 $6,494 $9,844 $9,976 $10,311 16.8% 2.3% $841 $847 $901 $1,243 $1,350 $1,464 13.9% 8.5%
AutoZone, Inc. 8,073 8,604 9,148 9,475 10,166 10,667 5.5% 6.1% 1,691 1,841 2,002 2,089 2,226 2,360 7.3% 6.3%
Genuine Parts Company 12,459 13,014 14,078 15,342 15,940 16,555 7.2% 3.9% 998 1,114 1,209 1,273 1,368 1,438 8.4% 6.3%
LKQ Corp. 3,270 4,123 5,063 6,740 7,368 7,930 27.3% 8.5% 424 493 624 790 857 969 23.1% 10.8%
O'Reilly Automotive Inc. 5,789 6,182 6,649 7,216 7,732 8,232 7.6% 6.8% 1,030 1,159 1,291 1,468 1,634 1,760 12.6% 9.5%
Pep Boys - Manny, Moe & Jack 1,989 2,064 2,091 2,067 2,087 2,137 1.3% 1.7% 155 147 118 109 100 113 (11.3%) 1.9%
U.S. Auto Parts Network, Inc. 327 304 255 284 305 331 (4.7%) 8.1% 13 8 5 5 7 10 NM NM
Uni-Select Inc. 1,781 1,798 1,788 1,784 1,426 1,144 0.1% (19.9%) 97 79 82 92 94 85 (1.8%) (4.0%)
Total $39,857 $42,293 $45,565 $52,751 $55,000 $57,306 7.6% 2.2% $5,250 $5,687 $6,232 $7,069 $7,636 $8,199 7.5% 5.6%
Dealerships and Service Providers
Asbury Automotive Group, Inc. $4,004 $4,475 $5,128 $5,639 $6,429 $6,812 12.1% 9.9% $171 $210 $259 $297 $323 $344 20.2% 7.6%
AutoNation Inc. 13,305 15,020 16,674 18,180 20,473 21,545 11.0% 8.9% 652 737 827 915 979 1,038 11.9% 6.5%
Boyd Group Income Fund 351 436 544 715 872 930 26.7% 14.1% 23 28 39 59 71 80 NM 16.6%
CarMax Inc. 8,976 10,004 10,963 12,574 14,269 15,846 11.9% 12.3% 719 783 828 932 1,077 1,197 9.0% 13.3%
Copart, Inc. 872 924 1,046 1,163 1,180 1,245 10.1% 3.4% 312 338 335 393 412 444 8.1% 6.3%
Group 1 Automotive Inc. 5,884 7,216 8,607 9,571 10,614 11,272 17.6% 8.5% 225 271 322 386 365 397 19.6% 1.5%
KAR Auction Services, Inc. 1,886 1,963 2,173 2,365 2,530 2,676 7.8% 6.4% 462 471 495 574 650 706 7.5% 10.8%
Lithia Motors Inc. 2,549 3,204 3,867 5,200 7,684 8,375 26.8% 26.9% 129 166 210 266 340 371 27.4% 18.2%
Monro Muffler Brake Inc. 637 687 732 831 901 1,001 9.3% 9.7% 101 115 103 127 144 170 8.0% 15.5%
Penske Automotive Group, Inc. 10,769 12,584 14,074 16,741 19,251 20,380 15.8% 10.3% 342 417 493 574 642 687 18.9% 9.4%
Sonic Automotive Inc. 7,312 8,115 8,571 8,897 9,579 9,989 6.8% 6.0% 263 288 300 300 288 311 4.4% 1.8%
Total $56,545 $64,628 $72,380 $81,877 $93,781 $100,072 14.2% 10.6% $3,398 $3,824 $4,210 $4,823 $5,291 $5,744 13.5% 9.8%
Revenue Revenue Growth EBITDA EBITDA Growth
($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P
Automotive Aftermarket
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PUBLIC COMPARABLES
10
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015
Vehicle Manufacturers
Bayerische Motoren Werke Aktiengesellschaft $66,659 $75,546 $77,374 $96,471 $91,741 $95,713 13.1% (0.4%) $13,439 $13,956 $14,458 $15,627 $14,905 $15,647 5.2% 0.1%
Daimler AG 122,715 132,833 142,477 137,845 150,854 158,308 4.0% 7.2% 18,444 19,337 20,974 21,896 18,036 19,806 5.9% (4.9%)
Ford Motor Co. 128,168 126,567 139,369 135,782 143,550 149,979 1.9% 5.1% 12,163 11,464 12,370 11,211 10,659 12,196 (2.7%) 4.3%
General Motors Company 148,866 150,295 152,092 151,092 154,617 157,832 0.5% 2.2% 12,648 10,914 12,356 9,084 15,612 16,701 (10.4%) NM
Harley-Davidson, Inc. 4,662 4,943 5,258 5,568 5,849 6,136 6.1% 5.0% 1,078 1,198 1,317 1,460 1,565 1,652 10.6% 6.4%
Navistar International Corporation 13,441 12,527 10,617 10,653 11,310 12,050 (7.5%) 6.4% 958 (468) (375) 128 652 895 NM NM
Oshkosh Corporation 7,539 8,141 7,665 6,808 6,415 6,434 (3.3%) (2.8%) 668 511 639 622 638 660 (2.3%) 3.0%
PACCAR Inc. 15,326 15,952 15,949 17,793 19,455 20,126 5.1% 6.4% 1,807 1,927 2,047 2,446 2,577 2,805 10.6% 7.1%
Toyota Motor Corporation 215,055 212,497 222,030 236,160 225,419 236,865 3.2% 0.1% 19,838 17,273 26,711 34,414 30,169 34,690 20.2% 0.4%
Volkswagen AG 184,595 227,862 241,001 214,898 226,667 236,893 5.2% 5.0% 21,684 25,594 26,303 24,820 28,619 31,292 4.6% 12.3%
Total $907,026 $967,163 $1,013,833 $1,013,070 $1,035,877 $1,080,337 2.8% 3.4% $102,726 $101,705 $116,799 $121,708 $123,433 $136,344 4.6% 3.6%
Revenue Revenue Growth EBITDA EBITDA Growth
($ in millions) 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P 2011 2012 2013 2014 2015E 2016P '11-14 '14-16P
Automotive Aftermarket
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TRANSPORTATION & LOGISTICS
SOURCES
TRANSPORTATION & LOGISTICS
1. Capital IQ.
2. MergerMarket.
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DISCLOSURES
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AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ APRIL 2015