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Westport Innovations Inc McIntire Investment Institute At the University of Virginia Westport Innovations Inc WPRT:NASDAQ Prepared by Simratbir Singh| 01 March 2012 1 M c I n t i r e I n v e s t m e n t I n s t i t u t e Outline Company Overview Stock Overview Thesis Points Value Added Research Risks Recommendation Q & A 2 M c I n t i r e I n v e s t m e n t I n s t i t u t e Westport Innovations • Founded in 1995 • Headquarters = Vancouver, Canada • Full Time Employees = 354 • Sector = Industrials • Industry = Auto Parts • Locations = North America, Europe, China, and Australia • IPO = 1997 3 M c I n t i r e I n v e s t m e n t I n s t i t u t e Strategic Global Locations 4 M c I n t i r e I n v e s t m e n t I n s t i t u t e For Future PresentationsCompany Overview Westport Innovations is a provider of engine and fuel system technologies utilizing gaseous fuels. The company provides alternative fuels, low-emission technologies that enable engines to operate on fuels such as compressed natural gas, liquefied natural gas, hydrogen, and biofuels. 5 M c I n t i r e I n v e s t m e n t I n s t i t u t e Value Investing Conference Company Overview The Company's technology and products enable three petroleum- based fuel engines that primarily use natural gas. Light (2.4 liters) Medium (5.9 to 8.9 liters) Heavy-duty (11 to 16 liters) High-horsepower (greater than 16 liters) The Company leverages its technology by partnering with diesel engine and truck original equipment manufacturers (OEMs) to develop, manufacture and distribute its engines to a group of global truck and bus OEMs. 6 M c I n t i r e I n v e s t m e n t I n s t i t u t e Business Functions The Company's business operates in three segments: • 1. Cummins Westport Inc. (CWI) which serves the medium to heavy- duty engine markets. – Joint Venture – Sells a range of low-emissions alternative fuel engines for commercial urban fleets, including buses and trucks. • 2. Juniper Engines Inc. (Juniper) which designs, produces and sells high-performance alternative fuel engines • 3. Westport Heavy Duty (Westport HD) division engages in engineering and design of natural gas-enabling technology for its heavy-duty diesel engine and truck market. – Light-Duty division which focuses on light-duty automotive systems, components, and engines used in industrial equipment. 7 M c I n t i r e I n v e s t m e n t I n s t i t u t e Fuel Injector Products 8 M c I n t i r e I n v e s t m e n t I n s t i t u t e Shareholders 9 M c I n t i r e I n v e s t m e n t I n s t i t u t e Key Ratios • Prev Close: 40.47 • Open: 42.59 • 52wk Range: 16.19 - 47.38 • Shares Outstanding: 54.8M • Volatility Average:64.22 • Beta: 1.43 • Avg Vol (3m): 1,382,190 • Market Cap: 2.08B • P/E: N/A 10 M c I n t i r e I n v e s t m e n t I n s t i t u t e Stock Snapshot 11 M c I n t i r e I n v e s t m e n t I n s t i t u t e Financial Data 12 M c I n t i r e I n v e s t m e n t I n s t i t u t e Stock Performance 13 M c I n t i r e I n v e s t m e n t I n s t i t u t e New Position Decisions Thesis Points The Natural Gas Benefit Extensive Intellectual Property Strategic Partnerships and Business Alliances Turmoil in Iran and the Middle East Strong Management Team 14 M c I n t i r e I n v e s t m e n t I n s t i t u t e Why Natural Gas? • Natural Gas is cleaner burning and lower in carbon emissions than oil or coal. • Lower pollution and cleaner cities. • WPRT primarily uses Shale Gas – Gas trapped within shale formations – Shales are fine-grained sedimentary rocks that can be rich sources of petroleum and natural gas – Production of natural gas from shale formations has rejuvenated the natural gas industry in the US 15 M c I n t i r e I n v e s t m e n t I n s t i t u t e Natural Gas Production 16 M c I n t i r e I n v e s t m e n t I n s t i t u t e Why Natural Gas? Cost Effective 17 M c I n t i r e I n v e s t m e n t I n s t i t u t e Natural Gas Production 18 M c I n t i r e I n v e s t m e n t I n s t i t u t e Natural Gas Production 19 M c I n t i r e I n v e s t m e n t I n s t i t u t e Market for Natural Gas • The natural gas vehicle (NGV) industry is a large and rapidly growing market. • As of May 2011 – 13+ million natural gas vehicles in use worldwide – Only 112,000 operating on U.S. roads • The International Association of Natural Gas Vehicles projects that there will be more than 50 million natural gas vehicles worldwide within the next ten years, representing approximately 9% of the world transportation fleet. • Tremendous growth opportunities in light, medium, and heavy duty transportation markets. – WPRT manufactures products for all three markets. – Engines from forklifts to construction vehicles, and even locomotives. 20 M c I n t i r e I n v e s t m e n t I n s t i t u t e Extensive Intellectual Property • Competitive advantage - Extensive intellectual property portfolio • Patents include: – Various fuel injectors – Engine fuel systems – Compressors • Over 400 patents, 290 patents issued worldwide – Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Korea, Russia, UK, and US. • Over 65 patents in the U.S. • 115 patent pending applications • Global IP strategy 21 M c I n t i r e I n v e s t m e n t I n s t i t u t e Company Strength = Individual Company Revenue/Total Revenue IP Strength = Individual Company Patents/Total Patents 22 M c I n t i r e I n v e s t m e n t I n s t i t u t e Strategic Partnerships and Business Alliances • Westport leverages its proprietary technologies by partnering with leading diesel engine and vehicle original equipment manufacturers (OEMs) to develop, manufacture and distribute natural gas engines. • Westport currently has strategic alliances with – 3 of the world's top 4 engine producers and supplies – 6 of the world's top 10 truck producers. – In the light-duty market, Westport has strategic relationships with 7 of the world's top 10 automotive OEMs. 23 M c I n t i r e I n v e s t m e n t I n s t i t u t e Benefits of Partners • To gain access to their manufacturing capacity, supply chain and global distribution networks in a cost effective manner. • Collaboration in order create sustainable transportation solutions that reduce greenhouse gases. • Other partners include international government agencies, university research laboratories, and natural gas fuel and infrastructure providers. 24 M c I n t i r e I n v e s t m e n t I n s t i t u t e Turmoil in Iran/Middle East . Issues in Afghanistan affecting attitudes towards Americans and other Western nations. 25 M c I n t i r e I n v e s t m e n t I n s t i t u t e Turmoil in Iran/Middle East . US conflict with Iran . Nuclear weapons . Economic Sanctions . Response – Cut oil exports . UK, France, and Netherlands . Impact on gas prices . Less reliability on the Middle East . Won’t involve a future of transferring huge amounts of wealth to ME . US will not have to compete with China for imported oil. 26 M c I n t i r e I n v e s t m e n t I n s t i t u t e Strong Management Team • David R. Demers – Founder and CEO since 1995 – Bachelor of Physics and Laws Degrees in 1976 and 1978 respectively. • Bill E. Larkin – CFO since 2010 – Previously served as CFO of Fuel Systems Solutions – CPA, audited at Deloitte & Touche LLP, based in Los Angeles – Bachelor of Science degree in accounting • Elaine A. Wong – Currently Executive Vice President, Strategic Development – Joined WPRT in 2001, has slowly moved up the ranks – CPA, Bachelors of Commerce Degree with Honors from University of British Columbia.
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