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Automotive Industry Insight

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Automotive Industry Insight www.peakstone.com Automotive Industry Insight September 2018 Automotive Industry Insight | September 2018 U.S. Automotive Industry – M&A Update Automotive categories continue to perform in line with the S&P 500 index For 2018 YTD, strategic buyers accounted for 83% of Automotive M&A transactions. During 2017, strategic buyers accounted for 89% of the transactions. Select Recent Notable Publicly Announced M&A Transactions Transaction Date Status Target Buyer Size 8/6/2018 Jul-2018 Announced $1.0 billion May-2018 Announced $271 million Apr-2018 Announced $5.4 billion Mar-2018 Announced $3.0 billion Oct-2017 Closed $250 million www.peakstone.com 1 Automotive Industry Insight | September 2018 U.S. Automotive Industry – M&A Market Overview U.S. Automotive transaction activity has been strong U.S. Number of Transactions by Buyer Type U.S. Transaction Multiples 12.3x 22 14 11 15 10 8.9x 8.9x 7 7.5x 7.2x 6.9x 6.9x 8 78 73 71 66 62 59 38 1.6x 0.9x 0.8x 0.8x 0.7x 0.7x 0.6x 2012 2013 2014 2015 2016 2017 2018 YTD 2012 2013 2014 2015 2016 2017 2018 YTD Strategic Financial EV / EBITDA EV / Revenue Source: Capital IQ, data as of August, 2018. www.peakstone.com 2 Automotive Industry Insight | September 2018 Peakstone Automotive Index – Trading Statistics Automotive categories performed in line with the S&P 500 Relative Stock Performance 200% 150% Aftermarket Suppliers: 76% S&P 500: 68% 100% International OEM Suppliers: 68% Dealers and Service Providers: 43% Aftermarket Retailers and Distributors: 20% 50% Domestic OEM Suppliers: 10% Automotive Manufacturers: -31% 0% Peakstone Index Company details on pages 5-7 -50% Source: Capital IQ, data as of August, 2018. Note: Peakstone Indexes are equally weighted. www.peakstone.com 3 Automotive Industry Insight | September 2018 Peakstone Automotive Index – Trading Statistics Automotive categories performed in line with the S&P 500 Comparable Valuation Trends – Enterprise Value / EBITDA 16.0x 14.0x S&P 500: 12.9x 12.0x Aftermarket Retailers and Distributors: 12.0x Dealers and Service Providers: 11.5x 10.0x Aftermarket Suppliers: 8.6x Automotive Manufacturers: 7.1x 8.0x International OEM Suppliers: 7.0x Domestic OEM Suppliers: 6.3x 6.0x 4.0x 2.0x Peakstone Index Company details on pages 5-7 0.0x Source: Capital IQ, data as of August, 2018. Note: Peakstone Indexes are equally weighted. www.peakstone.com 4 Automotive Industry Insight | September 2018 Public Trading Comparables by Sector Select Automotive Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Automotive Manufacturers Toyota Motor Corporation $184,285 $322,670 1.2x 7.6x 12.1x 8.9x 19% 14% Volkswagen Aktiengesellschaft $83,712 $245,197 0.9x 7.6x 11.9x 5.4x 18% 10% Daimler AG $72,175 $208,025 1.1x 10.2x 13.7x 6.5x 20% 10% Ford Motor Company $40,017 $167,876 1.1x 11.4x 26.4x 7.2x 10% 9% Bayerische Motoren Werke Aktiengesellschaft $62,238 $160,081 1.4x 10.1x 13.7x 7.2x 18% 13% General Motors Company $53,233 $136,959 0.9x 6.2x 13.5x 6.4x 12% 14% Nissan Motor Co., Ltd. $36,919 $99,344 0.9x 9.7x 14.9x 7.5x 18% 8% Honda Motor Co., Ltd. $53,726 $99,764 0.7x 6.6x 9.5x 7.9x 22% 9% Hyundai Motor Company $22,212 $87,126 1.0x 13.1x 25.5x 6.6x 0% 0% Tesla, Inc. $59,117 $69,858 5.1x NM NM 225.8x 14% -3% Fiat Chrysler Automobiles N.V. $26,271 $29,431 0.2x 2.2x 3.5x 4.5x 15% 10% Peugeot S.A. $25,113 $18,904 0.2x 2.3x 3.2x 6.7x 18% 9% AUDI AG $37,209 $16,645 0.2x 1.7x 2.4x 0.0x 16% 13% Kia Motors Corporation $11,255 $9,789 0.2x 4.5x 20.1x 6.5x 16% 5% Mazda Motor Corporation $7,570 $7,030 0.2x 3.0x 4.5x 7.8x 23% 6% Automotive Manufacturers Median $40,017 $99,344 0.9x 7.1x 12.8x 6.7x 18% 9% 0 Aftermarket Suppliers The Goodyear Tire & Rubber Company $5,838 $11,417 0.7x 5.7x 9.4x 7.6x 23% 13% Snap-on Incorporated $9,500 $10,479 2.6x 10.1x 11.0x 13.7x 51% 25% Allison Transmission Holdings, Inc. $6,067 $8,493 3.3x 8.5x 10.3x 8.4x 51% 39% Meritor, Inc. $1,897 $2,606 0.6x 5.6x 6.9x 6.7x 16% 11% Fox Factory Holding Corp. $2,324 $2,382 4.5x 26.3x 30.4x 27.6x 33% 17% Dorman Products, Inc. $2,422 $2,347 2.6x 11.9x 13.6x 16.7x 40% 22% Cooper Tire & Rubber Company $1,408 $1,596 0.6x 4.5x 7.5x 13.8x 16% 13% Standard Motor Products, Inc. $1,070 $1,145 1.1x 8.7x 10.6x 15.2x 29% 12% Aftermarket Suppliers Median $2,373 $2,494 1.8x 8.6x 10.4x 13.8x 31% 15% Source: Capital IQ, data as of August, 2018. www.peakstone.com 5 Automotive Industry Insight | September 2018 Public Trading Comparables by Sector (continued) Select Automotive Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Domestic OEM Suppliers Danaher Corporation $70,934 $81,363 4.2x 17.0x 23.3x 21.7x 56% 25% Johnson Controls International plc $35,092 $48,032 1.5x 9.4x 11.9x 12.7x 30% 16% Aptiv PLC $26,063 $29,417 2.1x 13.2x 18.0x 17.4x 20% 16% Magna International Inc. $20,524 $23,859 0.6x 5.3x 7.6x 8.3x 14% 10% Lear Corporation $11,710 $12,633 0.6x 5.5x 6.8x 9.0x 12% 11% BorgWarner Inc. $9,464 $11,369 1.1x 6.3x 8.3x 9.7x 22% 17% Gentex Corporation $6,212 $5,767 3.2x 9.3x 11.1x 13.1x 38% 34% American Axle & Manufacturing Holdings, Inc. $1,901 $5,456 0.8x 4.5x 7.1x 4.5x 18% 17% Linamar Corporation $2,917 $4,582 0.9x 5.6x 8.1x 5.8x 16% 16% Tenneco Inc. $2,325 $3,631 0.4x 4.2x 5.6x 6.2x 16% 9% Visteon Corporation $3,448 $3,401 1.1x 11.6x 16.0x 17.7x 14% 9% Cooper-Standard Holdings Inc. $2,543 $2,890 0.8x 6.3x 9.3x 11.8x 18% 12% Gentherm Incorporated $1,679 $1,727 1.7x 13.2x 21.2x 18.7x 30% 13% Martinrea International Inc. $907 $1,367 0.5x 4.3x 6.9x 5.9x 18% 11% Metaldyne Performance Group Inc. $0 $0 0.0x 0.0x 0.0x 0.0x 17% 15% Domestic OEM Suppliers Median $3,448 $5,456 0.9x 6.3x 8.3x 9.7x 18% 15% 0 International OEM Suppliers Continental Aktiengesellschaft $42,792 $46,435 0.9x 7.0x 11.0x 10.7x 26% 13% Valeo SA $11,144 $14,748 0.7x 5.9x 8.9x 9.3x 19% 11% Autoliv, Inc. $8,609 $10,398 1.0x 8.0x 11.9x 11.7x 20% 12% Faurecia S.A. $8,607 $9,573 0.4x 4.9x 6.6x 9.5x 11% 8% Compagnie Plastic Omnium SA $5,979 $7,306 0.9x 7.5x 10.0x 10.9x 17% 12% CIE Automotive, S.A. $3,798 $5,540 1.3x 8.3x 11.3x 12.3x 40% 15% Brembo S.p.A. $4,413 $4,752 1.6x 8.7x 12.0x 13.3x 48% 18% ElringKlinger AG $787 $1,553 0.8x 6.9x 13.1x 9.6x 24% 12% Autoneum Holding AG $1,045 $1,412 0.6x 6.3x 9.8x 11.8x 54% 10% GKN plc $0 $0 0.0x 0.0x 0.0x 0.0x 55% 9% International OEM Suppliers Median $5,196 $6,423 0.9x 7.0x 10.5x 10.8x 25% 12% Source: Capital IQ, data as of August, 2018. www.peakstone.com 6 Automotive Industry Insight | September 2018 Public Trading Comparables by Sector (continued) Select Automotive Public Trading Comparables ($ in millions) Market Enterprise Enterprise Value / Forward Gross EBITDA Company Name Cap Value Revenue EBITDA EBIT P/E Ratio Margin % Margin % Aftermarket Retailers and Distributors O'Reilly Automotive, Inc. $25,258 $28,475 3.1x 14.1x 16.1x 18.7x 53% 22% AutoZone, Inc. $19,070 $23,780 2.1x 9.7x 11.2x 13.4x 53% 22% Genuine Parts Company $14,388 $17,260 1.0x 13.3x 15.8x 17.1x 31% 7% LKQ Corporation $10,628 $14,779 1.4x 12.9x 16.5x 13.3x 39% 11% Advance Auto Parts, Inc. $10,711 $11,116 1.2x 12.0x 16.4x 20.3x 44% 10% Uni-Select Inc. $724 $1,190 0.8x 10.1x 13.7x 12.4x 33% 8% U.S. Auto Parts Network, Inc. $47 $47 0.2x 4.1x 9.4x 0.0x 30% 4% Aftermarket Retailers and Distributors Median $10,711 $14,779 1.2x 12.0x 15.8x 13.4x 39% 10% 0 Dealers and Service Providers CarMax, Inc. $13,188 $26,366 1.4x 20.3x 23.6x 15.9x 15% 7% Copart, Inc. $13,340 $13,536 7.8x 19.3x 20.8x 27.6x 48% 41% KAR Auction Services, Inc.
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