TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
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 a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
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www.harriswilliams.com
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
1
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
James O’MalleyVice President [email protected]+1 (804) 915-0165
EUROPE
Jeffery PerkinsManaging Director [email protected]+49 (0) 69 3650638 00
The American Vision for Safer Transportation through Advancement ofRevolutionary Technologies (AV START), the autonomous vehicle (AV) bill passedby the Senate in October, may have implications for the automotive aftermarketindustry.
Bill Long, president of the Automotive Aftermarket Suppliers Association, the lightvehicle aftermarket division of MEMA, said the committee would ensureconsumers maintained the right to repair.
“Data access to the automotive aftermarket is vital to ensuring motorists retainfreedom of choice for vehicle repair,” he said to Barlas. “We are encouraged forthis amendment. We look forward to working with the advisory committee on thisimportant issue.”
glassBYTEs.com
SENATE AUTONOMOUS VEHICLE BILL AND THE AFTERMARKET INDUSTRY
WHAT WE’RE READING
Openbay announced it has partnered with eBay Motors to provide the availabilityof millions of searchable automotive parts and accessories for its onlinemarketplace for auto repair and service. This selection features a wide spectrumof value including genuine OEM automotive parts, white label parts, nationalbrand aftermarket parts, remanufactured and used parts, as well as hard-to-findparts that are no longer manufactured.
“By collaborating with Openbay, we are making it extremely easy for automotiverepair businesses to get their hands on the parts they need, when they needthem,” said Jordan Hettinga, director of category management at eBay Motors.“With millions of items available on eBay – everything from OEM to hard-to-findparts, we’re arming the Openbay community with the access to this inventory.With our wide spectrum of value, we’re hoping to save customers time, money, allwhile improving their profitability.”
Aftermarket News
EBAY TO EXPAND AUTOMOTIVE PARTS SALES TO AFTERMARKET INDUSTRY
Auto-parts maker Gates Industrial Corp. has filed for an initial public offering, morethan three years after private-equity giant Blackstone Group bought the business.
Denver-based Gates, which makes power transmission belts and fluid powerproducts, had sales of $2.75 billion last year.
The company previously operated under the Gates Corp. name. In August, TheWall Street Journal reported that Blackstone was considering an IPO of Gates thatcould value the company as high as $9 billion. It isn’t clear whether that includesdebt.
The Wall Street Journal
AUTO-PARTS MAKER GATES INDUSTRIAL FILES FOR IPO
The accessories market is bigger than ever, but dealerships still aren't taking fulladvantage of it. From fuzzy dice to satellite navigation, auto accessories are a $40billion-a-year business — generating more revenue, by some accounts, thancollision repair. Profit margins on accessories sales routinely approach 50 percent.
As new-vehicle sales and profits stall after years of growth, franchised dealershipsin the U.S. must look elsewhere to pick up the revenue slack. Dealerships andautomakers have ample opportunities to increase their share of the accessoriesmarket, now dominated by aftermarket providers, and to build customer loyalty inthe process.
Mark Seng, global aftermarket practice leader at the data analysis firm IHS Markit,says "dealerships are getting aggressive across the board" about sellingaccessories, "and OEMs are focusing on the aftermarket, too."
Automotive News
AUTOMOTIVE ACCESSORIES MARKET POISED FOR GROWTH
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M&A TRANSACTIONS(1)
2
RECENT M&A TRANSACTIONS
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
*Denotes pending transactions
Date Target Business Description Acquirer
12/19/2017 Spectrum Coatings Distributes and wholesale automotive and industrial paint products FinishMaster
12/14/2017* Brink Group BV Provides towing solutions and offers racks, containers, carriers, and
storage units for cars, trucks, and recreational vehicles
Horizon Global Corp.
12/14/2017* WITTE Stromberg GmbH Manufactures hinges for the automotive industry WITTE Stromberg GmbH
/Private Group/
12/14/2017* Ryds Bilglas AB Provides automobile glass repair, replacement and installation serv ices
include glazing, railings, décor with glass and window film
Triona Holding SA
12/13/2017 Visteon Corp. /FR Automotive
Electronic Unit/
Manufactures automotive electronic parts American Industrial
Acquisition Corp.
12/12/2017 H.J. Küpper GmbH & Co. KG /3
Subs/
Manufactures machined castings for automotive industry PCS Machine Group Holding
Public Co., Ltd.
12/11/2017* Auto Systems Experts, Inc. Prov ides automotive repair serv ices Leeds West Groups
12/7/2017 KKSP Precision Machining LLC Produces automatic screw machine products including custom
engineering and design, volume material purchasing, and light assembly
serv ices
Mill Point Capital LLC
12/5/2017* REGE Motorenteile GmbH Manufactures machining and assembly components and offers
automotive, green tech and industry/highways products
JD Norman Industries, Inc.
12/4/2017 Melett Ltd. Prov ides automotive products and serv ices and offers turbochargers,
core assemblies, turbine housings, and repair kits
Westinghouse Air Brake
Technologies Corp.
12/1/2017* Lumikko Technologies Oy Manufactures air conditioning systems for automobiles Songz Automobile Air
Conditioning Co., Ltd.
11/27/2017 Transguard Installer of automotive paint protection and window film XPEL Technologies
11/24/2017 Morrison's Garage Ltd. Operates as a new and used car dealership firm and also offers vehicle
parts and accessories
John Clark Motor Group Ltd.
11/22/2017 El Corte Inglés SA /Motortown
Bus/
Operates motor workshop centers Anjana Investments SL
11/22/2017 Henry’s Automotive Warehouse Provides fasteners, lighting products, abrasives, and specialty supplies
needs
Raybuck Auto Body Parts
11/21/2017 ADP Distributors Manufacturer of new and remanufactured turbochargers, serv ice kits,
cartridges and components
CARDONE Industries
11/20/2017 Henderson Wheel & Trailer Supply,
Inc.
Manufactures and distributes sprung and torsion, trailer components,
axles and fenders
DexKo Global, Inc.
11/16/2017* IP Motor Sports, Inc. Sells high powered engines and autos Scepter Holdings, Inc.
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PUBLIC MARKETS OVERVIEW(1)
3
TRANSPORTATION & LOGISTICS
TEV / LTM EBITDA TEV / 2017P EBITDA
AVERAGE REVENUE GROWTH (2013 – 2016) AVERAGE REVENUE GROWTH (2016 – 2018P)
AVERAGE EBITDA GROWTH (2013 – 2016) AVERAGE EBITDA GROWTH (2016 – 2018P)
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
8.6x
10.2x
12.7x
12.8x
Suppliers
Vehicle Manufacturers
Distributors and Retailers
Dealerships and Services
Providers
8.0x
10.9x
11.4x
12.8x
Suppliers
Vehicle Manufacturers
Distributors and Retailers
Dealerships and Services
Providers
(1.1%)
0.1%
6.2%
11.2%
Vehicle Manufacturers
Suppliers
Distributors and Retailers
Dealerships and Services
Providers
2.4%
6.2%
6.4%
6.8%
Vehicle Manufacturers
Suppliers
Dealerships and Services
Providers
Distributors and Retailers
2.6%
4.6%
11.1%
12.0%
Vehicle Manufacturers
Suppliers
Distributors and Retailers
Dealerships and Services
Providers
1.6%
9.2%
9.2%
9.5%
Vehicle Manufacturers
Dealerships and Services
Providers
Suppliers
Distributors and Retailers
PAGE |
STOCK PRICE PERFORMANCE(1)
4
TRANSPORTATION & LOGISTICS
(Indexed to January 3rd, 2017)
TRAILING TWELVE MONTHS
MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH)
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
(1.0%)
(0.8%)
2.7%
3.1%
8.3%
Dealerships and
Service Providers
Suppliers
S&P 500
Vehicle
Manufacturers
Distributors and
Retailers
(5.3%)
(1.3%)
3.3%
13.7%
20.2%
Distributors and
Retailers
Suppliers
Dealerships and
Service Providers
Vehicle
Manufacturers
S&P 500
(30%)
(20%)
(10%)
0%
10%
20%
30%
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18
Suppliers Distributors and Retailers Dealerships and Service Providers
Vehicle Manufacturers S&P 500 Index
PAGE |
OUR GROUP
Harris Williams & Co. is a leading advisor to the transportation and logistics M&A market. Our Transportation & LogisticsGroup serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marineand air transportation, transportation equipment, and the automotive and heavy duty vehicle market.
TRANSPORTATION & LOGISTICS
RECENTLY CLOSED T&L TRANSACTIONS
DEEP EXPERIENCE ACROSS T&L SECTORS
MARINE TRANSPORTATION
NICHE TRANSPORTATION
TRANSPORTATION EQUIPMENT
RAIL & RAIL SERVICES
AUTOMOTIVE & HEAVY DUTY
VEHICLE
THIRD-PARTY LOGISTICS
AIR TRANSPORTATION
5
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
has acquired
a portfolio company of
has been acquired by
a portfolio company of
has been acquired byhas merged with
a portfolio company of a portfolio company of
has been acquired by
has merged with
an operating company of
in a recapitalization by
and
has been acquired by
a portfolio company ofA portfolio company of
has been acquired by
a portfolio company of
is merging with
a portfolio company of
has been acquired by
a portfolio company ofa portfolio company of
has been acquired by
has been
recapitalized by
PAGE |
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TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
6
PAGE |
PUBLIC COMPARABLES(1)
7
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
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 Jan-17 Jul-17 Current 2017P 2018P
Automotive Aftermarket
TEV / LTM EBITDA as of
Suppliers
BorgWarner Inc. $13,053 $52.04 (5.4%) 29.9% $55.86 93.2% 7.0x 7.2x 8.3x 8.0x 7.5x
Cooper Tire & Rubber Company 1,988 35.35 (2.8%) (8.9%) 44.50 79.4% 3.4x 3.9x 3.9x 4.8x 4.5x
Dorman Products, Inc. 2,227 69.11 3.0% (6.0%) 88.50 78.1% 12.8x 13.6x 11.1x 11.1x 9.8x
Goodyear Tire & Rubber Company 13,854 31.86 (0.8%) 2.1% 37.20 85.6% 5.1x 6.0x 6.3x 6.5x 5.7x
Modine Manufacturing Company 1,534 21.15 (6.4%) 39.1% 23.95 88.3% 8.5x 9.4x 8.9x 8.1x 7.1x
Motorcar Parts of America, Inc. 570 27.55 8.6% (1.3%) 31.57 87.3% 9.3x 8.0x 8.6x 6.6x 5.7x
Standard Motor Products, Inc. 1,093 45.09 1.5% (16.1%) 54.73 82.4% 10.5x 10.1x 8.9x 10.0x 8.3x
Tenneco Inc. 4,626 59.57 1.9% (7.1%) 70.96 83.9% 6.2x 7.2x 7.4x 5.3x 4.9x
Visteon Corporation 3,834 127.68 (2.4%) 57.7% 133.04 96.0% 7.8x 8.8x 10.5x 10.4x 9.6x
Median (0.8%) (1.3%) 85.6% 7.8x 8.0x 8.6x 8.0x 7.1x
Distributors and Retailers
Advance Auto Parts, Inc. $8,614 $107.05 7.8% (37.3%) $177.50 60.3% 12.7x 10.1x 10.1x 9.5x 8.6x
AutoZone, Inc. 25,738 749.43 10.5% (5.3%) 800.00 93.7% 11.9x 9.0x 10.6x 10.7x 10.4x
Genuine Parts Company 15,272 97.30 4.8% 1.7% 100.90 96.4% 12.3x 12.1x 12.9x 12.2x 10.3x
LKQ Corporation 15,790 41.56 5.7% 33.9% 41.67 99.7% 12.6x 12.2x 14.5x 14.2x 12.6x
O'Reilly Automotive, Inc. 25,208 253.84 8.3% (9.6%) 283.97 89.4% 15.1x 11.7x 12.9x 12.9x 12.2x
U.S. Auto Parts Network, Inc. 110 2.71 23.7% (22.1%) 4.13 65.6% 13.7x 16.1x 12.7x 7.9x 7.4x
Uni-Select Inc. 1,393 22.77 8.4% 1.5% 27.36 83.2% 9.9x 10.8x 12.2x 11.4x 9.4x
Median 8.3% (5.3%) 89.4% 12.6x 11.7x 12.7x 11.4x 10.3x
Dealerships and Service Providers
Asbury Automotive Group, Inc. $3,003 $63.50 (4.2%) 1.6% $71.00 89.4% 9.6x 9.2x 9.2x 9.4x 9.3x
AutoNation, Inc. 9,617 53.75 (2.3%) 9.1% 57.83 92.9% 9.6x 9.3x 10.6x 11.0x 10.6x
Boyd Group Income Fund 1,863 80.17 4.2% 25.3% 81.51 98.4% 13.6x 14.6x 17.9x 16.3x 13.2x
CarMax, Inc. 24,914 66.94 (2.1%) 3.3% 77.64 86.2% NM NM NM 18.5x 17.6x
Copart, Inc. 10,721 43.39 0.9% 55.7% 44.76 96.9% 15.1x 15.4x 19.1x 19.9x 16.6x
Group 1 Automotive, Inc. 4,179 72.36 (10.7%) (9.0%) 84.47 85.7% 10.5x 10.4x 10.0x 11.2x 10.5x
KAR Auction Services, Inc. 10,543 51.17 2.0% 18.1% 51.52 99.3% 12.9x 11.6x 13.0x 12.5x 11.6x
Lithia Motors, Inc. Class A 5,610 116.72 (0.7%) 19.0% 123.50 94.5% 12.0x 11.2x 12.6x 12.8x 11.6x
Monro Inc 2,340 58.65 16.6% 2.4% 61.10 96.0% 13.7x 10.9x 13.8x 13.3x 11.9x
Penske Automotive Group, Inc. 9,991 48.21 (1.0%) (7.8%) 55.26 87.2% 14.6x 13.8x 14.4x 13.2x 12.5x
Sonic Automotive, Inc. Class A 3,186 18.35 (14.3%) (20.4%) 27.45 66.8% 10.8x 10.8x 10.4x 10.4x 10.6x
Median (1.0%) 3.3% 92.9% 12.4x 11.1x 12.8x 12.8x 11.6x
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PUBLIC COMPARABLES(1)
8
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
Stock Performance
Stock Price Change from 52-Week TEV / EBITDA EBITDA
($ in millions except per share data) TEV Current Prior Month Prior Year High % of High Jan-17 Jul-17 Current 2017P 2018P
Automotive Aftermarket
TEV / LTM EBITDA as of
Vehicle Manufacturers
Bayerische Motoren Werke AG $169,929 $104.44 5.3% 10.7% $105.54 99.0% 8.1x 9.7x 10.4x 9.6x 9.5x
Daimler AG 208,787 85.60 5.6% 14.3% 86.03 99.5% 7.0x 8.2x 10.0x 8.8x 8.6x
Ford Motor Company 162,142 12.76 1.4% 1.4% 13.27 96.2% 12.6x 12.5x 13.2x 14.0x 13.2x
General Motors Company 133,752 42.82 0.1% 21.8% 46.76 91.6% 5.5x 5.1x 6.0x 7.2x 7.9x
Harley-Davidson, Inc. 14,789 50.10 0.1% (15.0%) 63.40 79.0% 13.4x 13.8x 16.6x 13.1x 12.6x
Navistar International Corporation 8,032 44.14 10.0% 38.6% 47.47 93.0% 13.9x 15.7x 12.2x 13.8x 10.9x
Oshkosh Corp 7,359 92.03 3.5% 38.9% 94.16 97.7% 10.4x 9.6x 11.7x 11.8x 10.9x
PACCAR Inc 31,386 73.91 6.1% 13.2% 75.68 97.7% 9.7x 9.8x 10.0x 10.2x 9.2x
Toyota Motor Corp. 327,085 64.18 2.7% 10.1% 64.59 99.4% 9.0x 8.8x 9.8x 11.6x 11.1x
Volkswagen AG Pref 260,052 206.13 0.2% 41.3% 213.79 96.4% 5.3x 5.9x 6.8x 6.5x 6.0x
Median 3.1% 13.7% 97.0% 9.3x 9.6x 10.2x 10.9x 10.2x
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PUBLIC COMPARABLES(1)
9
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
Revenue Revenue Growth EBITDA EBITDA Growth
($ in millions) 2013 2014 2015 2016 2017P 2018P '13-16 '16-18P 2013 2014 2015 2016 2017P 2018P '13-16 '16-18P
Automotive Aftermarket
Suppliers
BorgWarner Inc. $7,435 $8,304 $8,025 $9,071 $9,694 $10,409 6.9% 7.1% $1,224 $1,385 $1,330 $1,507 $1,627 $1,753 7.2% 7.8%
Cooper Tire & Rubber Company 3,439 3,421 2,959 2,925 2,845 2,995 (5.3%) 1.2% 394 436 541 592 421 447 14.6% (13.2%)
Dorman Products, Inc. 664 751 803 860 911 1,007 9.0% 8.2% 138 153 162 188 200 226 10.7% 9.8%
Goodyear Tire & Rubber Company 19,540 18,138 16,443 15,158 15,220 15,502 (8.1%) 1.1% 2,107 2,251 2,349 2,520 2,137 2,420 6.1% (2.0%)
Modine Manufacturing Company 1,478 1,496 1,353 1,503 1,998 2,109 0.6% 18.4% 121 110 114 124 189 217 0.8% 32.2%
Motorcar Parts of America, Inc. 259 302 369 421 453 490 17.7% 7.9% 46 38 49 67 86 99 13.3% 21.2%
Standard Motor Products, Inc. 984 980 972 1,058 1,104 1,140 2.5% 3.8% 107 113 92 121 109 132 4.3% 4.3%
Tenneco Inc. 7,964 8,420 8,209 8,599 9,188 9,652 2.6% 5.9% 707 752 781 764 870 945 2.6% 11.2%
Visteon Corporation 7,439 7,509 3,245 3,161 3,158 3,308 (24.8%) 2.3% 590 663 265 323 369 402 (18.2%) 11.6%
Total $49,202 $49,322 $42,377 $42,756 $44,570 $46,611 0.1% 6.2% $5,433 $5,902 $5,684 $6,206 $6,007 $6,640 4.6% 9.2%
Distributors and Retailers
Advance Auto Parts, Inc. $6,494 $9,844 $9,737 $9,568 $9,345 $9,555 13.8% (0.1%) $901 $1,244 $1,147 $1,068 $908 $996 5.8% (3.4%)
AutoZone, Inc. 9,148 9,475 10,187 10,636 10,889 10,889 5.2% 1.2% 2,048 2,089 2,223 2,358 2,403 2,403 4.8% 1.0%
Genuine Parts Company 14,078 15,342 15,280 15,340 16,004 18,292 2.9% 9.2% 1,117 1,273 1,266 1,217 1,263 1,489 2.9% 10.6%
LKQ Corporation 5,063 6,740 7,193 8,584 9,654 10,320 19.2% 9.6% 627 790 852 1,007 1,112 1,249 17.1% 11.3%
O'Reilly Automotive, Inc. 6,649 7,216 7,967 8,593 8,969 9,434 8.9% 4.8% 1,287 1,465 1,743 1,917 1,959 2,070 14.2% 3.9%
U.S. Auto Parts Network, Inc. 255 284 291 304 306 316 6.0% 2.0% 5 5 6 10 14 15 27.5% 25.3%
Uni-Select Inc. 1,788 1,784 1,355 1,197 1,445 1,744 (12.5%) 20.7% 92 104 94 107 122 148 5.0% 17.6%
Total $43,474 $50,685 $52,010 $54,221 $56,611 $60,549 6.2% 6.8% $6,077 $6,968 $7,331 $7,684 $7,782 $8,370 11.1% 9.5%
Dealerships and Service Providers
Asbury Automotive Group, Inc. $5,335 $5,868 $6,588 $6,528 $6,454 $6,568 7.0% 0.3% $270 $313 $331 $334 $320 $327 7.4% (1.0%)
AutoNation, Inc. 17,518 19,109 20,862 21,609 21,401 21,816 7.2% 0.5% 843 909 998 971 875 912 4.8% (3.1%)
Boyd Group Income Fund 561 764 918 1,047 1,256 1,458 23.1% 18.0% 40 77 79 94 115 140 33.3% 22.2%
CarMax, Inc. 12,574 14,269 15,150 15,875 17,319 18,362 8.1% 7.5% 595 724 804 713 1,354 1,404 6.2% 40.3%
Copart, Inc. 1,046 1,163 1,146 1,268 1,448 1,448 6.6% 6.8% 342 363 394 455 540 540 10.0% 8.9%
Group 1 Automotive, Inc. 8,919 9,938 10,633 10,888 11,061 11,274 6.9% 1.8% 346 375 408 419 375 390 6.6% (3.5%)
KAR Auction Services, Inc. 2,173 2,365 2,640 3,150 3,445 3,672 13.2% 8.0% 451 574 640 740 841 915 17.9% 11.2%
Lithia Motors, Inc. Class A 4,006 5,390 7,864 8,678 10,103 11,238 29.4% 13.8% 207 266 377 405 435 486 25.0% 9.6%
Monro Inc 831 894 944 1,022 1,135 1,209 7.1% 8.8% 127 147 161 162 178 197 8.4% 10.3%
Penske Automotive Group, Inc. 14,705 17,177 19,285 20,119 21,208 21,631 11.0% 3.7% 498 574 645 665 751 797 10.1% 9.5%
Sonic Automotive, Inc. Class A 8,843 9,197 9,624 9,732 9,828 10,000 3.2% 1.4% 300 294 307 319 306 301 2.1% (3.0%)
Total $76,512 $86,134 $95,653 $99,915 $104,657 $108,676 11.2% 6.4% $4,019 $4,617 $5,143 $5,277 $6,088 $6,408 12.0% 9.2%
PAGE |
PUBLIC COMPARABLES(1)
10
TRANSPORTATION & LOGISTICS
AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
Revenue Revenue Growth EBITDA EBITDA Growth
($ in millions) 2013 2014 2015 2016 2017P 2018P '13-16 '16-18P 2013 2014 2015 2016 2017P 2018P '13-16 '16-18P
Automotive Aftermarket
Vehicle Manufacturers
Bayerische Motoren Werke AG $100,976 $106,648 $102,215 $104,163 $117,751 $121,644 1.0% 8.1% $19,443 $21,734 $19,303 $19,370 $17,829 $17,967 (0.1%) (3.7%)
Daimler AG 156,635 172,268 165,747 169,537 196,452 203,137 2.7% 9.5% 21,461 25,517 25,668 26,177 24,354 24,828 6.8% (2.6%)
Ford Motor Company 146,917 144,077 149,558 151,800 144,081 143,406 1.1% (2.8%) 13,183 11,324 15,079 12,296 11,411 12,531 (2.3%) 1.0%
General Motors Company 155,427 155,929 152,356 166,380 145,320 144,950 2.3% (6.7%) 13,284 10,160 15,518 20,671 17,024 16,000 15.9% (12.0%)
Harley-Davidson, Inc. 5,900 6,229 5,995 5,996 4,891 4,972 0.5% (8.9%) 1,324 1,452 1,330 1,240 1,130 1,170 (2.2%) (2.9%)
Navistar International Corporation 10,775 10,806 10,140 8,111 8,570 8,570 (9.0%) 2.8% (192) 295 567 474 658 658 NM 17.8%
Oshkosh Corp 7,665 6,808 6,098 6,279 6,830 6,830 (6.4%) 4.3% 644 622 523 518 626 626 (7.0%) 10.0%
PACCAR Inc 17,124 18,997 19,115 17,005 17,867 19,413 (0.2%) 6.8% 2,436 2,899 3,198 2,939 3,187 3,453 6.5% 8.4%
Toyota Motor Corp. 256,480 247,980 236,533 255,078 256,239 260,688 (0.2%) 1.1% 35,160 38,164 36,457 34,060 27,500 28,827 (1.1%) (8.0%)
Volkswagen AG Pref 261,550 268,549 236,524 240,340 277,042 287,447 (2.8%) 9.4% 30,822 36,343 26,777 37,788 39,385 44,160 7.0% 8.1%
Total $1,119,448 $1,138,291 $1,084,281 $1,124,689 $1,175,043 $1,201,056 (1.1%) 2.4% $137,565 $148,510 $144,420 $155,533 $143,105 $150,221 2.6% 1.6%
PAGE |
TRANSPORTATION & LOGISTICS
SOURCES
TRANSPORTATION & LOGISTICS
1. FactSet.
2. MergerMarket.
3. Pitchbook.
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DISCLOSURES
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AUTOMOTIVE AFTERMARKET SECTOR UPDATE │ DECEMBER 2017
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