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www.pwc.com/auto As of March 31, 2016 USD in millions, unless otherwise noted PwC Automotive Valuation Quarterly Update (Q1 2016) Market Metrics of the Largest Publicly Held Manufacturers by Region Americas 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 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 Average 40,320 37,234 35,543 18.2x 11.4x 10.6x 3.0x 3.2x 3.1x 10.8x 5.4x 8.9x Median 42,155 42,154 39,498 18.3x 11.7x 8.8x 2.0x 1.8x 1.9x 12.1x 5.7x 9.2x Europe, Middle East, and Africa 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 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 Average 34,058 22,774 20,709 27.6x 18.8x 17.1x 1.0x 1.0x 1.0x 9.8x 8.7x 8.1x Median 20,913 11,544 9,151 17.3x 14.8x 11.7x 1.1x 1.0x 1.0x 10.6x 10.0x 8.8x Asia/Pacific 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 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 Average 32,046 29,817 26,617 18.4x 20.5x 17.8x 1.4x 1.4x 1.2x 13.3x 10.8x 19.7x Median 17,889 17,705 16,955 15.5x 13.6x 12.2x 1.2x 1.0x 0.9x 9.5x 7.8x 8.6x 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. This content is for general information purposes only and should not be used as a substitute for consultation with professional advisors. 3 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.
www.pwc.com/auto As of March 31, 2016 USD in millions, unless otherwise noted PwC Automotive Valuation Quarterly Update (Q1 2016) Market Metrics of the Largest Publicly Held Suppliers by Region Americas 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 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 Average 6,414 5,320 5,370 18.8x 15.5x 15.8x 1.2x 1.0x 1.0x 8.1x 6.6x 6.8x Median 3,478 2,716 2,766 17.8x 14.1x 14.1x 0.9x 0.8x 0.8x 7.1x 6.3x 5.7x Europe, Middle East, and Africa 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 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 Average 8,382 8,314 8,004 20.5x 18.6x 19.5x 1.2x 1.2x 1.1x 8.1x 8.1x 7.5x Median 3,944 4,678 4,734 21.1x 18.3x 18.9x 1.0x 1.2x 1.1x 8.2x 8.0x 7.3x (continued) 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. This content is for general information purposes only and should not be used as a substitute for consultation with professional advisors. 4 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.
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