Q1 2016

www.pwc.com 

PwC Automotive Valuation 

Quarterly Update 

Q1 2016

www.pwc.com/auto 

As of March 31, 2016 

USD in millions, unless otherwise noted 

PwC Automotive Valuation Quarterly Update (Q1 2016) 

Highlights 

S&P 500 Automobiles & Components Index ("Autos Index") 

150 

145 

140 

135 

130 

125 

Key performance metrics for the largest global companies 

Change in market capitalization Manufacturers Suppliers Autos Index S&P 500 

Quarter-over-Quarter (QoQ) -6.5% -3.1% -4.5% 0.8% 

Year-over-Year (YoY) -15.9% -6.7% -15.5% -0.4% 

Price / Earnings 

EV / EBITDA 

Select multiples Manufacturers Suppliers Manufacturers Suppliers 

March 31, 2016 9.4x 14.3x 7.0x 6.7x 

December 31, 2015 11.9x 17.4x 7.1x 7.3x 

March 31, 2015 14.2x 19.3x 9.5x 7.1x 

Source: S&P Capital IQ, PwC Analysis 

Source: S&P Capital IQ, PwC Analysis 

Americas: 

- 

- 

- 

Europe / Middle East / Africa: 

- 

- 

- 

120 

115 

3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 

General Motors Co., Ford Motor Co., Toyota Motor Corp. and fourteen other automakers have reached an agreement with the U.S. Transportation Department to improve safety, which includes cyber-attacks on their increasingly wired vehicles. 

(Source: Bloomberg) 

The Takata airbag inflator recall is one of the largest and most complex recalls in auto industry history and is growing larger. As many as one in ten U.S. vehicles may be affected. The NHTSA demanded that Takata prove by the end of 2019 that its 

ammonium nitrate inflator propellant is safe or recall every ammonium nitrate inflator ever made. (Source: Automotive News) 

Coming off of an all-time vehicle sales record in 2012, Brazil has been struggling with the deepest recession the country has seen since the 1930s. The main driver for the decline is due to mixture of economic softness, lack of infrastructure 

investment and political strife. (Source: PwC Autofacts) 

Johnson Controls announced a plan to buy Tyco for $16.5 billion in anticipation of saving hundreds of millions of dollars in taxes in the first three years. Presidential candidate Hillary Clinton was noted calling the plan “outrageous,” and that would 

block such inversions by using an “exit tax.” (Source: Reuters) 

The head of the manufacturer’ association stated that South Africa’s car sector, the country’s largest manufacturing industry faces a third successive year of declining sales. The automotive industry contributes 7.2 percent of South Africa’s GDP, 

accounting for 3.8 trillion rand ($238 billion) in 2014. (Source: Reuters) 

LMC Automotive stated that car sales in Western Europe are up during February and annualized selling rates are good. LMC Automotive noted a 5.3% to 13.88m market growth this year in West European car market. (Source: Just Auto) 

Asia / Pacific: 

- 

- 

- 

With the Indian automotive sector growing again after two years of decline the government is pushing up deadlines for stricter emission standards. The shortened time horizon has created challenges for the industry. (Source: PwC Autofacts) 

Ford plans to exit Japan and Indonesia as they see “no reasonable path to profitability” and maintained little market share. Ford began operations in Japan in 1974 with 1.5 percent of the market share and Indonesia in 2002 with 0.6 percent of the 

market share. (Source: Reuters) 

Due to a shortage in steel supply, Toyota Motor Corporation may stop Japan car output. A recent explosion at an Aichi Steel plant hurt the production of special steel parts used by Toyota. (Source: Reuters) 

Notable Transactions in Q1 2016 include: 

- 

- 

Magna International Inc. entered into an agreement to acquire GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH & Cie KG on July 16, 2015. As of September 16, 2015 Magna entered into an underwriting agreement providing 

for the issuance of $650 million of unsecured notes which will mature on October 1, 2025. Per the terms, Magna International Inc. acquired a 100% stake in GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH & Cie KG. (Source: 

S&P Capital IQ) 

Linamar Corp. made an offer to acquire Montupet SA from Financiere De l'Echiquier, Schroder Investment Management Limited and others October 14, 2015. As of February 18, 2016, the tender offer is completed. Linamar Corp. now owns 96.85% 

of the share capital and 96.41% of voting rights of Montupet S.A. On February 19, 2016, Autorité des Marchés Financiers (“AMF”), the French Regulatory Authority, cleared the transaction. (Source: S&P Capital IQ) 

This content is for general information purposes only and should not be used as a substitute for consultation with professional advisors. 1 of 8 

© 2016 PricewaterhouseCoopers LLP. All rights reserved. PwC refers to the United States member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.





Market Metrics of the World's Largest Publicly Held Manufacturers and Suppliers 

Manufacturer Metrics 

Market Capitalization 

Price/Earnings (LTM) Enterprise Value/Revenue (LTM) . 

Enterprise Value/EBITDA (LTM) 

Company 3/31/2015 12/31/2015 3/31/2016 3/31/2015 12/31/2015 3/31/2016 3/31/2015 12/31/2015 3/31/2016 3/31/2015 12/31/2015 3/31/2016 

Astra International tbk PT 26,550 17,600 22,060 25.6x 20.1x 27.5x 2.1x 1.7x 2.0x 13.1x 0.0x 14.5x 

AUDI AG 34,498 31,473 30,720 8.7x 7.8x 8.4x 0.3x 0.2x 0.2x 2.2x 1.7x 1.2x 

Bayerische Motoren Werke Aktiengesellschaft 80,293 68,734 59,989 14.1x 11.6x 9.4x 1.8x 1.6x 1.4x 11.2x 10.9x 9.7x 

Daimler AG 103,128 90,139 82,085 17.3x 11.2x 9.3x 1.3x 1.1x 1.1x 12.2x 9.7x 6.9x 

Ford Motor Co. 64,154 55,918 53,758 19.8x 11.7x 8.6x 1.1x 1.1x 1.1x 13.0x 10.8x 9.2x 

Fuji Heavy Industries Ltd. 25,956 32,637 27,608 14.2x 13.0x 9.0x 1.0x 1.0x 0.7x 6.2x 5.5x 3.7x 

General Motors Company 60,569 52,879 48,653 18.3x 9.8x 8.8x 0.5x 0.6x 0.6x 7.4x 5.7x 5.8x 

Guangzhou Automobile Group Co., Ltd. 8,812 16,649 15,790 19.2x 18.7x 15.2x 2.3x 4.0x 3.3x NM NM 207.6x 

Honda Motor Co., Ltd. 58,624 58,627 49,500 13.9x 14.9x 12.2x 1.0x 0.9x 0.7x 7.9x 10.7x 10.1x 

Hyundai Motor Company 24,586 26,219 24,067 5.9x 6.0x 6.1x 0.7x 0.8x 0.8x 5.1x 7.0x 7.1x 

Kia Motors Corp. 16,371 17,809 16,958 7.0x 9.6x 8.8x 0.3x 0.4x 0.4x 3.0x 4.0x 3.6x 

Maruti Suzuki India Limited 17,875 21,054 16,952 54.0x 51.2x 41.3x 2.4x 2.7x 2.2x 18.6x 19.6x 15.7x 

Nissan Motor Co. Ltd. 42,768 44,628 41,144 11.6x 10.8x 8.4x 1.0x 1.0x 1.0x 9.9x 7.1x 6.9x 

Porsche Automobil Holding SE 29,947 16,624 15,895 13.6x 7.7x 7.0x NA NA NA NA NA NA 

Renault SA 26,698 29,493 29,155 15.1x 13.9x 11.8x 1.2x 1.2x 1.1x 10.5x 10.4x 9.2x 

SAIC Motor Corporation Limited 44,213 36,036 34,268 15.5x 13.6x 12.9x 0.4x 0.4x 0.4x 9.5x 11.1x 10.5x 

Tata Motors Limited 26,627 19,283 19,658 11.8x NA NA 0.8x 0.6x 0.6x 6.8x 6.1x 6.6x 

Tesla Motors, Inc. 23,740 31,430 30,343 NM NM NM 7.6x 8.7x 7.9x NM NM NM 

Toyota Motor Corporation 219,849 190,448 160,909 15.0x 12.0x 9.7x 1.6x 1.3x 1.2x 9.9x 7.8x 6.8x 

Volkswagen AG 124,101 75,623 68,949 13.0x 12.0x 10.1x 1.0x 0.7x 0.7x 8.0x 7.0x 6.6x 

Average 52,968 46,665 42,423 16.5x 14.2x 12.5x 1.5x 1.6x 1.4x 9.1x 7.9x 19.0x 

Median 32,222 32,055 30,531 14.2x 11.9x 9.4x 1.0x 1.0x 1.0x 9.5x 7.1x 7.0x 

Supplier Metrics 





Aisin Seiki Co., Ltd. 10,260 12,338 10,680 16.3x 19.4x 14.3x 0.5x 0.6x 0.5x 5.0x 5.4x 4.6x 

Autoliv, Inc. 10,400 10,990 10,449 24.7x 24.1x 22.2x 1.1x 1.3x 1.2x 9.8x 10.4x 9.4x 

BorgWarner Inc. 13,727 9,690 8,379 21.4x 16.4x 14.3x 1.7x 1.3x 1.3x 9.9x 7.6x 7.4x 

Bosch Ltd 12,749 8,853 9,848 82.8x 64.4x 65.9x 7.8x 5.7x 6.2x 51.7x 32.3x 33.8x 

Bridgestone Corp. 31,433 27,198 29,312 13.5x 11.1x 10.8x 1.1x 0.9x 0.8x 5.8x 4.6x 4.4x 

Compagnie Generale DES Etablissements Michelin SCA 18,470 17,412 18,581 15.5x 14.2x 12.2x 0.9x 0.9x 0.8x 5.8x 5.3x 4.7x 

Continental Aktiengesellschaft 47,121 48,872 45,512 22.1x 18.3x 16.2x 1.4x 1.3x 1.1x 9.4x 8.4x 7.4x 

Delphi Automotive PLC 23,213 24,012 20,718 21.9x 22.1x 20.0x 1.5x 1.6x 1.6x 9.7x 10.4x 9.9x 

DENSO Corporation 36,444 38,374 31,921 19.3x 22.4x 17.6x 0.9x 1.1x 0.8x 7.1x 8.5x 6.6x 

HUAYU Automotive Systems Company Limited 8,329 6,708 7,434 20.7x 16.7x 15.8x 0.6x 0.5x 0.5x 8.6x 7.2x 7.2x 

Hyundai Mobis Co.,Ltd. 21,254 19,809 20,715 8.3x 9.2x 9.0x 0.5x 0.5x 0.6x 3.6x 4.2x 4.2x 

Johnson Controls Inc. 33,154 25,586 25,262 23.0x 18.1x 17.9x 1.0x 0.9x 0.9x 10.9x 9.2x 9.6x 

Koito Manufacturing Co. Ltd. 4,841 6,698 7,294 19.1x 18.8x 17.9x 0.8x 1.0x 0.9x 6.5x 7.3x 7.0x 

Lear Corp. 8,554 9,249 8,157 16.1x 13.8x 12.4x 0.5x 0.6x 0.5x 6.7x 6.2x 5.4x 

Magna International Inc. 21,952 16,335 17,318 15.5x 11.1x 10.7x 0.6x 0.5x 0.5x 6.5x 4.7x 4.7x 

Schaeffler AG NA 11,745 10,674 NA 15.0x 12.7x NA 1.3x 1.1x NA 7.3x 6.0x 

Sumitomo Electric Industries Ltd. 10,412 11,377 9,664 15.7x 15.0x 11.1x 0.7x 0.7x 0.6x 6.6x 6.4x 5.2x 

The Goodyear Tire & Rubber Company 7,305 8,785 8,813 13.1x 13.1x 13.9x 0.7x 0.8x 0.8x 5.5x 5.8x 5.7x 

Toyota Industries Corporation 18,006 17,068 14,148 21.5x 19.0x 14.4x 1.3x 1.2x 1.0x 11.3x 10.1x 8.8x 

Valeo SA 11,629 12,116 12,223 23.3x 21.4x 18.7x 0.9x 0.8x 0.8x 8.5x 7.8x 6.8x 



S&P 500 Index 2,068 2,044 2,060 

S&P 500 Automobiles & Components Index 142 126 120 

Notes: 

(1) Data provided by S&P Capital IQ and not verified for accuracy. Selected companies represent the largest companies based on market capitalization as of 3/31/2016. NA = Not applicable. NM = Not meaningful. FKA = Formerly known as. 







Market Metrics of the Largest Publicly Held Manufacturers by Region 

Americas 

Market Capitalization Price/Earnings (LTM) Enterprise Value/Revenue (LTM) . 



Ford Motor Co. 64,154 55,918 53,758 19.8x 11.7x 8.6x 1.1x 1.1x 1.1x 13.0x 0.0x 9.2x 

General Motors Company 60,569 52,879 48,653 18.3x 9.8x 8.8x 0.5x 0.6x 0.6x 7.4x 5.7x 5.8x 

Harley-Davidson, Inc. 12,816 8,709 9,416 16.5x 12.8x 14.4x 2.8x 2.4x 2.6x 12.1x 10.6x 11.6x 

Tesla Motors, Inc. 23,740 31,430 30,343 NM NM NM 7.6x 8.7x 7.9x NM NM NM 



Europe, Middle East, and Africa 




AUDI AG 34,498 31,473 30,720 8.7x 7.8x 8.4x 0.3x 0.2x 0.2x 2.2x 1.7x 1.2x 

Bayerische Motoren Werke Aktiengesellschaft 80,293 68,734 59,989 14.1x 11.6x 9.4x 1.8x 1.6x 1.4x 11.2x 10.9x 9.7x 

CROSS Industries AG NA 905 896 NA NA NA NA NA NA NA NA NA 

Daimler AG 103,128 90,139 82,085 17.3x 11.2x 9.3x 1.3x 1.1x 1.1x 12.2x 9.7x 6.9x 

EDAG Engineering Group AG NA 484 412 NA NA NA NA 0.8x 0.7x NA 8.7x 7.5x 

Ferrari N.V. NA 9,068 7,878 NA 25.5x 24.6x NA 3.0x 3.3x NA 12.6x 14.4x 

Fiat Chrysler Automobiles N.V. 20,913 18,087 10,423 18.5x 19.7x 16.3x 0.3x 0.2x 0.1x 4.0x 3.2x 2.1x 

Ford Otomotiv Sanayi AS 4,528 3,644 4,621 46.6x 22.9x 23.3x 1.1x 0.8x 0.9x 16.4x 10.5x 10.5x 

GB Auto SAE 97 483 309 5.1x 7.7x 11.6x 0.4x 0.6x 0.6x 5.2x 7.0x 8.5x 

KTM AG 1,460 1,437 1,513 30.5x 24.8x 24.8x 1.7x 1.5x 1.4x 15.3x 13.0x 12.0x 

Peugeot S.A. 12,960 14,020 13,670 83.6x 15.6x 9.9x 0.5x 0.3x 0.2x 8.7x 3.5x 2.5x 

Piaggio & C. SpA 1,103 912 767 65.5x 57.0x 44.0x 1.4x 1.2x 1.0x 13.4x 11.7x 10.1x 

Porsche Automobil Holding SE 29,947 16,624 15,895 13.6x 7.7x 7.0x NA NA NA NA NA NA 

Renault SA 26,698 29,493 29,155 15.1x 13.9x 11.8x 1.2x 1.2x 1.1x 10.5x 10.4x 9.2x 

TOFAS Turk Otomobil Fabrikasi A.S. 3,029 3,249 4,053 26.8x 26.0x 29.3x 1.1x 1.2x 1.3x 10.7x 11.5x 12.5x 

Volkswagen AG 124,101 75,623 68,949 13.0x 12.0x 10.1x 1.0x 0.7x 0.7x 8.0x 7.0x 6.6x 



Asia/Pacific 




Astra International tbk PT 26,550 17,600 22,060 25.6x 20.1x 27.5x 2.1x 1.7x 2.0x 13.1x 10.7x 14.5x 

Bajaj Auto Limited 9,334 11,064 10,505 19.4x 25.2x 24.0x 2.7x 3.0x 2.9x 11.0x 13.5x 12.7x 

BYD Company Ltd. 17,903 20,519 19,473 NM 72.7x 54.3x 2.5x 2.7x 2.0x 30.7x 27.5x 18.0x 

Chongqing Changan Automobile Co. Ltd. 14,772 11,820 10,879 18.5x 12.1x 10.2x 1.8x 0.9x 0.8x 66.3x 27.7x 24.9x 

Dongfeng Motor Group Company Limited 13,825 11,518 10,753 9.8x 9.6x 9.2x 1.0x 0.4x 0.5x 5.7x 3.5x 4.4x 

Fuji Heavy Industries Ltd. 25,956 32,637 27,608 14.2x 13.0x 9.0x 1.0x 1.0x 0.7x 6.2x 5.5x 3.7x 

Great Wall Motor Company Ltd. 24,159 14,790 11,035 23.0x 11.0x 8.3x 2.3x 1.2x 0.9x 13.6x 7.4x 6.1x 

Guangzhou Automobile Group Co., Ltd. 8,812 16,649 15,790 19.2x 18.7x 15.2x 2.3x 4.0x 3.3x NM NM 207.6x 

Hero MotoCorp Limited 8,441 8,128 8,869 32.8x 27.3x 29.8x 2.0x 1.9x 2.0x 13.9x 14.7x 16.2x 

Honda Motor Co., Ltd. 58,624 58,627 49,500 13.9x 14.9x 12.2x 1.0x 0.9x 0.7x 7.9x 10.7x 10.1x 

Hyundai Motor Company 24,586 26,219 24,067 5.9x 6.0x 6.1x 0.7x 0.8x 0.8x 5.1x 7.0x 7.1x 

Kia Motors Corp. 16,371 17,809 16,958 7.0x 9.6x 8.8x 0.3x 0.4x 0.4x 3.0x 4.0x 3.6x 

Mahindra & Mahindra Limited 11,216 11,363 10,803 21.0x 28.4x 27.0x 1.4x 1.6x 1.5x 9.3x 11.5x 11.1x 

Maruti Suzuki India Limited 17,875 21,054 16,952 54.0x 51.2x 41.3x 2.4x 2.7x 2.2x 18.6x 19.6x 15.7x 

Mazda Motor Corporation 12,152 12,553 9,292 11.2x 11.0x 7.6x 0.6x 0.5x 0.3x 6.0x 5.1x 3.6x 

Nissan Motor Co. Ltd. 42,768 44,628 41,144 11.6x 10.8x 8.4x 1.0x 1.0x 1.0x 9.9x 7.1x 6.9x 

SAIC Motor Corporation Limited 44,213 36,036 34,268 15.5x 13.6x 12.9x 0.4x 0.4x 0.4x 9.5x 11.1x 10.5x 

Suzuki Motor Corporation 16,889 13,592 11,825 20.0x 22.4x 17.4x 0.6x 0.6x 0.4x 5.5x 5.1x 3.9x 

Tata Motors Limited 26,627 19,283 19,658 11.8x NA NA 0.8x 0.6x 0.6x 6.8x 6.1x 6.6x 

Toyota Motor Corporation 219,849 190,448 160,909 15.0x 12.0x 9.7x 1.6x 1.3x 1.2x 9.9x 7.8x 6.8x 



Notes: 








Market Metrics of the Largest Publicly Held Suppliers by Region 

Americas 


Price/Earnings (LTM) 

Enterprise Value/Revenue (LTM) 

. 



American Axle & Manufacturing Holdings Inc. 1,957 1,440 1,177 17.8x 10.0x 6.9x 0.9x 0.7x 0.6x 6.9x 0.0x 4.1x 

BorgWarner Inc. 13,727 9,690 8,379 21.4x 16.4x 14.3x 1.7x 1.3x 1.3x 9.9x 7.6x 7.4x 

Cooper Tire & Rubber Co. 2,488 2,121 2,056 13.7x 10.0x 8.4x 0.7x 0.7x 0.6x 4.5x 4.0x 3.4x 

Cooper-Standard Holdings Inc. 1,009 1,353 1,235 12.1x 13.4x 10.3x 0.5x 0.6x 0.5x 4.9x 5.9x 4.5x 

Dana Holding Corporation 3,478 2,110 2,097 13.5x 9.9x 13.3x 0.6x 0.5x 0.5x 5.5x 4.2x 4.8x 

Dorman Products, Inc. 1,768 1,681 1,895 20.5x 19.3x 21.2x 2.3x 2.1x 2.3x 11.2x 10.3x 11.2x 

Drew Industries Incorporated 1,472 1,470 1,572 24.4x 21.8x 21.2x 1.2x 1.1x 1.1x 11.3x 10.3x 9.8x 

Federal-Mogul Holdings Corporation 2,250 1,158 1,670 17.1x 13.2x 18.7x 0.6x 0.6x 0.6x 7.1x 6.5x 7.4x 

Gentex Corp. 5,404 4,667 4,533 21.6x 17.6x 16.3x 3.8x 2.9x 2.7x 10.9x 8.4x 7.8x 

Gentherm Incorporated 1,811 1,716 1,511 30.4x 24.0x 20.3x 2.2x 2.0x 1.7x 13.6x 11.3x 9.6x 

Johnson Controls Inc. 33,154 25,586 25,262 23.0x 18.1x 17.9x 1.0x 0.9x 0.9x 10.9x 9.2x 9.6x 

Lear Corp. 8,554 9,249 8,157 16.1x 13.8x 12.4x 0.5x 0.6x 0.5x 6.7x 6.2x 5.4x 

Linamar Corp. 4,014 3,508 3,141 19.2x 14.3x 11.3x 1.3x 1.1x 0.8x 7.8x 6.3x 5.0x 

Magna International Inc. 21,952 16,335 17,318 15.5x 11.1x 10.7x 0.6x 0.5x 0.5x 6.5x 4.7x 4.7x 

Metaldyne Performance Group Inc. 1,209 1,240 1,145 13.8x 10.9x 10.6x 1.1x 1.0x 0.9x 6.8x 5.9x 5.7x 

Nexteer Automotive Group Limited 2,516 2,779 2,570 20.4x 20.6x 14.8x 1.0x 1.0x 0.8x 9.1x 8.7x 6.9x 

Nemak, S.A.B. de C.V. NA 4,175 8,807 NA 18.1x 17.9x NA 1.4x 2.4x NA 8.2x 14.8x 

Tenneco Inc. 3,519 2,654 2,963 15.0x 12.2x 11.7x 0.5x 0.5x 0.5x 6.0x 5.3x 5.1x 

The Goodyear Tire & Rubber Company 7,305 8,785 8,813 13.1x 13.1x 13.9x 0.7x 0.8x 0.8x 5.5x 5.8x 5.7x 

Visteon Corporation 4,288 4,674 3,093 29.5x 22.2x 45.1x 0.7x 0.3x 0.3x 8.2x 3.1x 3.2x 



Europe, Middle East, and Africa 





Autoliv, Inc. 10,400 10,990 10,449 24.7x 24.1x 22.2x 1.1x 1.3x 1.2x 9.8x 10.4x 9.4x 

Autoneum Holding AG 1,026 934 1,194 20.0x 18.2x 18.6x 0.6x 0.6x 0.6x 6.2x 6.0x 6.5x 

Brembo SpA 2,656 3,156 3,366 23.6x 21.2x 19.4x 1.5x 1.5x 1.5x 10.4x 9.4x 9.0x 

Brisa Bridgestone Sabanci Lastik Sanayi ve Ticaret AS 1,088 834 845 21.4x 22.6x 19.2x 2.1x 2.0x 1.9x 10.0x 10.0x 9.0x 

Burelle SA 1,206 1,452 1,540 10.8x 12.4x 12.6x 0.4x 0.5x 0.5x 3.6x 4.0x 4.0x 

Cie Automotive, S.A. 1,919 2,165 2,329 23.5x 18.7x 15.7x 1.3x 1.2x 1.2x 10.2x 8.8x 8.0x 

Compagnie Generale DES Etablissements Michelin SCA 18,470 17,412 18,581 15.5x 14.2x 12.2x 0.9x 0.9x 0.8x 5.8x 5.3x 4.7x 

Compagnie Plastic Omnium SA 3,903 4,711 5,059 19.1x 19.5x 19.9x 0.9x 1.0x 1.0x 7.8x 8.3x 8.1x 

Continental Aktiengesellschaft 47,121 48,872 45,512 22.1x 18.3x 16.2x 1.4x 1.3x 1.1x 9.4x 8.4x 7.4x 

Delphi Automotive PLC 23,213 24,012 20,718 21.9x 22.1x 20.0x 1.5x 1.6x 1.6x 9.7x 10.4x 9.9x 

Dometic Group AB (publ) NA 1,903 2,154 NA NA 52.7x NA 2.2x 1.9x NA 15.0x 13.4x 

ElringKlinger AG 1,900 1,604 1,753 19.7x 19.4x 20.9x 1.6x 1.4x 1.4x 9.7x 9.3x 9.9x 

Faurecia S.A. 5,417 5,015 5,201 25.3x 17.1x 12.9x 0.4x 0.3x 0.3x 6.5x 5.0x 4.7x 

GKN plc 8,773 7,795 7,130 20.0x 16.7x 22.6x 0.9x 0.9x 0.8x 7.8x 7.1x 6.7x 

Hella KGaA Hueck & Co. 5,369 4,646 4,720 20.8x 16.5x 15.5x 1.0x 0.7x 0.7x 7.6x 5.5x 5.3x 

LEONI AG 2,060 1,295 1,128 20.2x 13.7x 14.0x 0.5x 0.4x 0.3x 7.3x 5.3x 4.6x 

Nokian Renkaat Oyj 3,984 4,842 4,748 22.9x 26.3x 24.1x 2.5x 3.5x 2.9x 8.8x 12.8x 10.0x 

RENK AG 752 775 751 14.6x 15.9x 19.0x 1.3x 1.3x 1.1x 6.7x 7.0x 7.3x 

Schaeffler AG NA 11,745 10,674 NA 15.0x 12.7x NA 1.3x 1.1x NA 7.3x 6.0x 

Valeo SA 11,629 12,116 12,223 23.3x 21.4x 18.7x 0.9x 0.8x 0.8x 8.5x 7.8x 6.8x 



(continued) 

Notes: 








Market Metrics of the Largest Publicly Held Suppliers by Region (continued) 

Asia/Pacific 

Market Capitalization Price/Earnings (LTM) Enterprise Value/Revenue (LTM) 

. 



Aisin Seiki Co., Ltd. 10,260 12,338 10,680 16.3x 19.4x 14.3x 0.5x 0.6x 0.5x 5.0x 5.4x 4.6x 

Bosch Ltd 12,749 8,853 9,848 82.8x 64.4x 65.9x 7.8x 5.7x 6.2x 51.7x 32.3x 33.8x 

Bridgestone Corp. 31,433 27,198 29,312 13.5x 11.1x 10.8x 1.1x 0.9x 0.8x 5.8x 4.6x 4.4x 

Cheng Shin Rubber Industries Co. Ltd. 7,450 5,239 6,524 17.7x 14.9x 19.3x 2.1x 1.7x 2.1x 8.5x 6.9x 8.0x 

Cultural Investment Holdings Co., Ltd. 884 5,266 5,258 NM NM 115.7x NM 210.7x 42.8x NM NM 124.7x 

DENSO Corporation 36,444 38,374 31,921 19.3x 22.4x 17.6x 0.9x 1.1x 0.8x 7.1x 8.5x 6.6x 

Fuyao Glass Industry Group Co., Ltd. 6,483 5,905 5,844 20.7x 19.8x 18.6x 3.4x 2.8x 2.7x 12.1x 10.5x 10.0x 

Hankook Tire Co., Ltd. 5,069 4,952 5,927 9.5x 11.6x 12.8x 1.0x 1.3x 1.4x 4.7x 6.2x 6.5x 

Hanon Systems 3,700 4,709 4,320 18.9x 29.3x 24.0x 0.8x 1.0x 0.9x NA 10.9x 9.0x 

HUAYU Automotive Systems Company Limited 8,329 6,708 7,434 20.7x 16.7x 15.8x 0.6x 0.5x 0.5x 8.6x 7.2x 7.2x 

Hyundai Mobis Co.,Ltd. 21,254 19,809 20,715 8.3x 9.2x 9.0x 0.5x 0.5x 0.6x 3.6x 4.2x 4.2x 

Koito Manufacturing Co. Ltd. 4,841 6,698 7,294 19.1x 18.8x 17.9x 0.8x 1.0x 0.9x 6.5x 7.3x 7.0x 

Motherson Sumi Systems Ltd. 7,241 5,860 5,327 60.4x 44.0x 35.8x 1.5x 1.2x 1.1x 16.4x 12.7x 11.2x 

NGK Spark Plug Co., Ltd. 5,858 5,821 4,172 16.9x 16.3x 11.3x 1.9x 1.8x 1.2x 8.8x 8.3x 5.6x 

Shanghai Huayi Group Corporation Limited 2,553 4,949 6,479 NM NM NM 1.5x 2.3x 2.9x 44.2x NM NM 

Sumitomo Electric Industries Ltd. 10,412 11,377 9,664 15.7x 15.0x 11.1x 0.7x 0.7x 0.6x 6.6x 6.4x 5.2x 

Sumitomo Rubber Industries Ltd. 4,849 3,450 4,060 12.0x 9.1x 9.4x 1.0x 0.8x 0.8x 6.2x 5.3x 4.8x 

Toyota Industries Corporation 18,006 17,068 14,148 21.5x 19.0x 14.4x 1.3x 1.2x 1.0x 11.3x 10.1x 8.8x 

Wanxiang Qianchao Co., Ltd. 

Zhejiang Century Huatong Group Co., Ltd. 

Zhejiang Wanfeng Auto Wheel Co., Ltd. 

5,345 7,997 5,947 76.7x 112.6x 79.3x 3.4x 5.3x 3.7x 29.2x 44.6x 31.9x 

NA 5,387 3,978 NA 127.6x 89.1x NA 12.6x 8.4x NA 63.2x 48.3x 

2,707 4,516 5,032 55.1x 75.0x 53.8x 3.2x 5.3x 3.9x 20.4x 31.2x 22.5x 



Notes: 








Summary Metrics of Select Recent Transactions 

Manufacturer Metrics Total Implied 

Target Announce Close Transaction Enterprise Implied Implied Implied Implied EV / 

Acquirer Target Country Date Date Value Value Equity Value EV / Revenue EV / EBITDA Net Income 

HUAYU Automotive Systems Company Limited Shanghai Huizhong Automotive Manufacturing Co., Ltd. China 1/18/2016 1/18/2016 624 624 624 NA NA NA 

Chongqing Shuorun Petrochemical Co., Ltd. Chongqing Dima Industry Co., Ltd. China 3/27/2015 5/26/2015 216 2,905 2,263 2.5x 19.9x 22.9x 

Beijing TRS Information Technology Co., Ltd National Electric Vehicle Sweden AB Sweden 12/1/2014 5/27/2015 229 - - NA NA NMF 

Anhui Jianghuai Automobile Co., Ltd. Anhui Jianghuai Automobile Group Co., Ltd. 

China 7/10/2014 4/21/2015 9,872 9,872 9,872 1.6x NA NMF 

FCA North America Holdings LLC FCA US LLC United States 1/1/2014 1/21/2014 3,650 7,761 8,804 0.1x 1.3x 3.2x 

Dongfeng Motor Group Company Limited 80% Stake in Dongfeng Finance and 100% in Motor China 1/26/2013 6/30/2013 400 400 400 NA NA NA 

Average 2,498 3,594 3,660 1.4x 10.6x 13.0x 

Median 512 1,764 1,444 1.6x 10.6x 13.0x 

Supplier Metrics Total Implied 

Target Announce Close Transaction Enterprise Implied Implied Implied Implied EV / 

Acquirer Target Country Date Date Value Value Equity Value EV / Revenue EV / EBITDA Net Income 

Linamar Corp. Montupet SA France 10/15/2015 1/18/2016 991 956 879 1.7x 9.1x 15.7x 

JK Asia Pacific Singapore Pte Ltd Cavendish Industries Limited India 9/12/2015 4/13/2016 330 333 333 NA NA NA 

Bohai Harvest Co., Ltd.; AVIC Automotive Systems Co., Ltd. Henniges Automotive North America, Inc. United States 9/9/2015 9/8/2015 600 600 600 NA NA NA 

Johnson Electric International (UK) Limited; JE International Stackpole International Inc. Canada 8/10/2015 10/27/2015 664 664 - 1.8x 10.6x NA 

Magna International Inc. GETRAG Getriebe und Zahnradfabrik Germany 7/16/2015 1/4/2016 2,670 2,670 1,907 1.4x NA NA 

BorgWarner Inc. Remy International, Inc. United States 7/13/2015 11/10/2015 1,298 1,195 938 1.0x 9.3x 80.1x 

NGK Spark Plug Co., Ltd. Wells Manufacturing, LP United States 5/8/2015 7/1/2015 251 251 251 1.1x NA NA 

Flextronics International Ltd. MCi (Mirror Controls International) Netherlands B.V. Netherlands 4/29/2015 6/30/2015 509 509 509 NA NA NA 

Spectrum Brands Holdings, Inc. Armored Autogroup Parent Inc. 

United States 4/28/2015 5/21/2015 1,400 1,400 - 3.2x 12.3x NA 

THK Co., Ltd. TRW Automotive Inc., Linkage and Suspension Czech Republic 4/21/2015 8/31/2015 400 400 400 0.6x NA NA 

Grupo Antolín Irausa, S.A. Magna Interiors Inc. Canada 4/16/2015 8/31/2015 525 525 525 0.2x NA NA 

Cavendish Industries Limited Kesoram Industries Ltd., Tyre Manufacturing Plant India 4/1/2015 4/1/2015 449 449 449 NA NA NA 

MAHLE Industrial Thermal Systems GmbH & Co. KG Delphi Automotive PLC, Thermal Business United Kingdom 2/19/2015 7/1/2015 727 727 727 0.5x 9.5x NA 

Jiangsu Etern Company Limited Shanghai Jinting Automobile Harness Limited China 1/15/2015 7/27/2015 485 485 485 NA NA NA 

Aotecar New Energy Technology Co., Ltd. Nanjing Aotecar New Energy Technology Co., Ltd. China 12/20/2014 5/11/2015 426 426 426 NA NA NA 

Aisin Seiki Co., Ltd. SHIROKI Corporation Japan 12/19/2014 3/29/2016 511 461 496 0.5x 7.6x 28.1x 

Hankook Tire Co., Ltd.; Hahn & Co. Auto Holdings Co., Ltd. Hanon Systems South Korea 12/17/2014 6/9/2015 3,953 5,137 5,076 1.0x 10.0x 18.0x 

Chengshan Group Co., Ltd. Prinx Chengshan (Shandong) Tire Company Ltd. China 10/8/2014 11/30/2014 262 403 403 NA NA NA 

Panasonic Corporation Ficosa International, S.A. Spain 9/30/2014 6/30/2015 317 647 647 0.5x NA NA 

Platin 1058. GmbH TRW Automotive Inc., TRW Engine Components Germany 9/10/2014 7/7/2015 385 385 385 0.6x NA NA 

HYUNDAI WIA Corp. Hyundai Wisco Co., Ltd. and METIA Corporation 

South Korea 8/19/2014 11/1/2014 322 322 322 NA NA NA 

Sensata Technologies B.V. Schrader International, Inc. 

United States 8/18/2014 10/14/2014 1,005 1,005 - 2.2x 19.5x NA 

Martinrea International Inc. Martinrea Honsel Germany GmbH Germany 8/7/2014 8/7/2014 214 475 475 NA NA NA 

NN Inc. Autocam Corporation, Inc. United States 7/21/2014 8/29/2014 336 325 271 1.3x 7.6x 16.4x 

ZF Friedrichshafen AG ZF TRW Automotive Holdings Corp. United States 7/10/2014 5/15/2015 14,507 13,576 12,288 0.8x 7.3x 12.0x 

Vodafone Global Enterprise Limited Vodafone Automotive SPA Italy 6/16/2014 8/8/2014 269 260 196 1.3x 10.9x NM 

Zhengzhou Yutong Bus Co., Ltd. Zhengzhou Jingyida Auto Parts Co., Ltd. China 5/21/2014 12/24/2014 719 719 719 1.4x NA 9.0x 

CIE Autometal S.A. Autometal S.A. Brazil 4/8/2014 9/18/2014 276 1,545 1,094 1.1x 8.3x 18.4x 

The Blackstone Group, Private Equity Group 

Pinafore Holdings B.V. 

Netherlands 4/4/2014 7/3/2014 7,340 7,023 5,400 2.4x 12.6x 44.4x 

Jason Industries, Inc. Jason Incorporated United States 3/17/2014 6/30/2014 539 539 539 0.8x 6.8x 22.4x 

American Tire Distributors, Inc. Hercules Tire & Rubber Company, Inc. United States 1/28/2014 1/31/2014 438 432 312 0.7x 18.8x 55.8x 

Visteon Corporation Johnson Controls Inc., Automotive Electronics United States 1/13/2014 7/1/2014 265 265 265 0.2x 4.6x NA 

American Industrial Partners; V, L.P. Carlisle Companies Incorporated, Transportation United States 10/21/2013 12/31/2013 375 - - NA NA NA 

CITIC Capital Partners; Crestview Partners, L.P. Stackpole International Inc. Canada 10/10/2013 10/10/2013 512 512 - NA NA NA 

HUAYU Automotive Systems Company Limited Yanfeng Automotive Trim Systems Co., Ltd. China 8/13/2013 12/17/2013 928 1,857 1,857 0.3x NA NA 

Gentex Corp. Johnson Controls Inc., HomeLink Product Line 

United States 7/18/2013 9/27/2013 700 700 700 4.9x 9.1x 14.1x 

UniCredit S.p.A.; Clessidra SGR S.p.A.; Clessidra CAMFIN S.p.A. Italy 6/5/2013 10/31/2013 328 1,345 841 NM 11.8x 10.7x 

Hankook Tire Worldwide Co., Ltd. Hankook Tire Co., Ltd. South Korea 5/21/2013 7/2/2013 1,284 8,158 6,295 1.4x 7.1x 10.4x 

Bain Capital Private Equity; Bain Capital Europe III LP FTE automotive GmbH Germany 5/13/2013 7/9/2013 503 503 503 0.9x NA NA 

AB Volvo (publ) Dongfeng Commercial Vehicles Co., Ltd China 1/26/2013 1/5/2015 885 1,967 1,967 NA NA NA 

Dongfeng Commercial Vehicles Co., Ltd Seven Entities, 50% Stake in Dongfeng Dana Axle Co China 1/26/2013 6/30/2013 1,478 1,478 1,478 NA NA NA 

Average 1,258 1,547 1,276 1.2x 10.2x 26.1x 

Median 511 539 503 1.0x 9.4x 18.0x 

Notes: 








Purchase Price Allocation Benchmarking for Select Transactions 

Purchase accounting benchmarks, as a percentage of excess consideration: 

Trade Customer Other 

Acquirer Target Category Goodwill Names Relationships Technology Intangibles 

GT Capital Holdings Inc. Toyota Motor Philippines Corporation Manufacturer 59.0% 0.0% 41.0% 0.0% 0.0% 

Volkswagen AG Dr. Ing. h.c. F. Porsche AG Manufacturer 55.2% 40.4% 2.0% 2.1% 0.2% 

Audi AG Ducati Motor Holding S.p.A. Manufacturer 46.0% 30.6% 20.8% ND 2.7% 

Sensata Technologies B.V. Schrader International, Inc. Supplier 59.7% 0.0% 28.9% 11.1% 0.3% 

American Tire Distributors, Inc. Hercules Tire & Rubber Company, Inc. Supplier 31.6% 3.7% 64.6% 0.0% 0.0% 

Jason Industries, Inc. Jason Incorporated Supplier 43.2% ND 38.3% 0.7% 17.8% 

Gentex Corp. Johnson Controls Inc., HomeLink Product Line Supplier 45.3% 7.7% 6.3% 26.5% 14.2% 

Delphi Automotive PLC FCI SA, Motorized Vehicles Division Supplier 61.9% ND ND ND 38.1% 

Notes: 

(1) Data provided by S&P Capital IQ and not verified for accuracy. NA = Not applicable. NM = Not meaningful. FKA = Formerly known as. 

(2) Excess consideration defined as as total consideration less net tangible assets acquired. ND =Not disclosed. 







Contacts 

To have a deeper discussion about valuation developments and trends, please contact: 

Steve Shanker 

Richard Hanna 

US Industrial Products / Automotive Valuation Services Leader 

Global Automotive Industry Leader 

steve.shanker@pwc.com 

richard.hanna@pwc.com 

+1 312 298 6982 +1 414 212 1816 

Kristin Smallwood 

Amy Solek 

Global Automotive Industry Assurance Leader 

US Automotive Industry Tax Leader 

kristin.l.smallwood@pwc.com 

amy.j.solek@pwc.com 

+1 313 394 3255 +1 313 394 6767 

Evan Hirsh 

Jeffrey Zaleski 

US Automotive Industry Advisory Leader 

US Automotive Industry Transaction Services Leader 

evan.hirsh@pwc.com 

jeffrey.e.zaleski@pwc.com 

+1 312 578 4725 +1 313 394 3525 

Charles Finn 

Saverio Fato 

US Automotive Industry Capital Markets & Accounting Advisory Services 

US XLos Automotive Leader 

charles.j.finn@pwc.com 

saverio.fato@pwc.com 

+1 313 394 3057 + 1 313 394 6800 

Authors 

Steve Shanker 

US Industrial Products Valuation Services Leader 

steve.shanker@pwc.com 

+1 312 298 6982 

Taylor Duran 

taylor.d.duran@pwc.com 

+1 312 298 4463 

Special Thanks To 

Ryan Ritchie 

David Primrose 

Citations: 

“Auto Industry, U.S. Reach Agreement on Cybersecurity, Safety,” Bloomberg, January 2016 

“Recall of the century,” Automotive News, February 2016 

“Americas Analyst Briefing,” PwC Autofacts, Long-Term Outlook 

“Hillary Clinton calls Johnson Controls-Tyco inversion 'outrageous',” Reuters, January 2016 

“South Africa car industry faces tough 2016 as economy falters,” Reuters, February 2016 

“Car sales in Western Europe up 13.8% in February,” Just Auto, February 2016 

“India: Getting tough on emissions,” Autofacts, March 2016 

“Facing weak market share, Ford to exit Japan, Indonesia this year,” Reuters, January 2016 

“Toyota may halt Japan car output in February due to steel shortage,” Reuters, January 2016

Q1 2016

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