Q1 2016
28ZyPAr
28ZyPAr
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As of March 31, <strong>2016</strong><br />
USD in millions, unless otherwise noted<br />
PwC Automotive Valuation Quarterly Update (<strong>Q1</strong> <strong>2016</strong>)<br />
Summary Metrics of Select Recent Transactions<br />
Manufacturer Metrics Total Implied<br />
Target Announce Close Transaction Enterprise Implied Implied Implied Implied EV /<br />
Acquirer Target Country Date Date Value Value Equity Value EV / Revenue EV / EBITDA Net Income<br />
HUAYU Automotive Systems Company Limited Shanghai Huizhong Automotive Manufacturing Co., Ltd. China 1/18/<strong>2016</strong> 1/18/<strong>2016</strong> 624 624 624 NA NA NA<br />
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<br />
Beijing TRS Information Technology Co., Ltd National Electric Vehicle Sweden AB Sweden 12/1/2014 5/27/2015 229 - - NA NA NMF<br />
Anhui Jianghuai Automobile Co., Ltd. Anhui Jianghuai Automobile Group Co., Ltd.<br />
China 7/10/2014 4/21/2015 9,872 9,872 9,872 1.6x NA NMF<br />
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<br />
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<br />
Average 2,498 3,594 3,660 1.4x 10.6x 13.0x<br />
Median 512 1,764 1,444 1.6x 10.6x 13.0x<br />
Supplier Metrics Total Implied<br />
Target Announce Close Transaction Enterprise Implied Implied Implied Implied EV /<br />
Acquirer Target Country Date Date Value Value Equity Value EV / Revenue EV / EBITDA Net Income<br />
Linamar Corp. Montupet SA France 10/15/2015 1/18/<strong>2016</strong> 991 956 879 1.7x 9.1x 15.7x<br />
JK Asia Pacific Singapore Pte Ltd Cavendish Industries Limited India 9/12/2015 4/13/<strong>2016</strong> 330 333 333 NA NA NA<br />
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<br />
Johnson Electric International (UK) Limited; JE International Stackpole International Inc. Canada 8/10/2015 10/27/2015 664 664 - 1.8x 10.6x NA<br />
Magna International Inc. GETRAG Getriebe und Zahnradfabrik Germany 7/16/2015 1/4/<strong>2016</strong> 2,670 2,670 1,907 1.4x NA NA<br />
BorgWarner Inc. Remy International, Inc. United States 7/13/2015 11/10/2015 1,298 1,195 938 1.0x 9.3x 80.1x<br />
NGK Spark Plug Co., Ltd. Wells Manufacturing, LP United States 5/8/2015 7/1/2015 251 251 251 1.1x NA NA<br />
Flextronics International Ltd. MCi (Mirror Controls International) Netherlands B.V. Netherlands 4/29/2015 6/30/2015 509 509 509 NA NA NA<br />
Spectrum Brands Holdings, Inc. Armored Autogroup Parent Inc.<br />
United States 4/28/2015 5/21/2015 1,400 1,400 - 3.2x 12.3x NA<br />
THK Co., Ltd. TRW Automotive Inc., Linkage and Suspension Czech Republic 4/21/2015 8/31/2015 400 400 400 0.6x NA NA<br />
Grupo Antolín Irausa, S.A. Magna Interiors Inc. Canada 4/16/2015 8/31/2015 525 525 525 0.2x NA NA<br />
Cavendish Industries Limited Kesoram Industries Ltd., Tyre Manufacturing Plant India 4/1/2015 4/1/2015 449 449 449 NA NA NA<br />
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<br />
Jiangsu Etern Company Limited Shanghai Jinting Automobile Harness Limited China 1/15/2015 7/27/2015 485 485 485 NA NA NA<br />
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<br />
Aisin Seiki Co., Ltd. SHIROKI Corporation Japan 12/19/2014 3/29/<strong>2016</strong> 511 461 496 0.5x 7.6x 28.1x<br />
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<br />
Chengshan Group Co., Ltd. Prinx Chengshan (Shandong) Tire Company Ltd. China 10/8/2014 11/30/2014 262 403 403 NA NA NA<br />
Panasonic Corporation Ficosa International, S.A. Spain 9/30/2014 6/30/2015 317 647 647 0.5x NA NA<br />
Platin 1058. GmbH TRW Automotive Inc., TRW Engine Components Germany 9/10/2014 7/7/2015 385 385 385 0.6x NA NA<br />
HYUNDAI WIA Corp. Hyundai Wisco Co., Ltd. and METIA Corporation<br />
South Korea 8/19/2014 11/1/2014 322 322 322 NA NA NA<br />
Sensata Technologies B.V. Schrader International, Inc.<br />
United States 8/18/2014 10/14/2014 1,005 1,005 - 2.2x 19.5x NA<br />
Martinrea International Inc. Martinrea Honsel Germany GmbH Germany 8/7/2014 8/7/2014 214 475 475 NA NA NA<br />
NN Inc. Autocam Corporation, Inc. United States 7/21/2014 8/29/2014 336 325 271 1.3x 7.6x 16.4x<br />
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<br />
Vodafone Global Enterprise Limited Vodafone Automotive SPA Italy 6/16/2014 8/8/2014 269 260 196 1.3x 10.9x NM<br />
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<br />
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<br />
The Blackstone Group, Private Equity Group<br />
Pinafore Holdings B.V.<br />
Netherlands 4/4/2014 7/3/2014 7,340 7,023 5,400 2.4x 12.6x 44.4x<br />
Jason Industries, Inc. Jason Incorporated United States 3/17/2014 6/30/2014 539 539 539 0.8x 6.8x 22.4x<br />
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<br />
Visteon Corporation Johnson Controls Inc., Automotive Electronics United States 1/13/2014 7/1/2014 265 265 265 0.2x 4.6x NA<br />
American Industrial Partners; V, L.P. Carlisle Companies Incorporated, Transportation United States 10/21/2013 12/31/2013 375 - - NA NA NA<br />
CITIC Capital Partners; Crestview Partners, L.P. Stackpole International Inc. Canada 10/10/2013 10/10/2013 512 512 - NA NA NA<br />
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<br />
Gentex Corp. Johnson Controls Inc., HomeLink Product Line<br />
United States 7/18/2013 9/27/2013 700 700 700 4.9x 9.1x 14.1x<br />
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<br />
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<br />
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<br />
AB Volvo (publ) Dongfeng Commercial Vehicles Co., Ltd China 1/26/2013 1/5/2015 885 1,967 1,967 NA NA NA<br />
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<br />
Average 1,258 1,547 1,276 1.2x 10.2x 26.1x<br />
Median 511 539 503 1.0x 9.4x 18.0x<br />
Notes:<br />
(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/<strong>2016</strong>. NA = Not applicable. NM = Not meaningful. FKA = Formerly known as.<br />
This content is for general information purposes only and should not be used as a substitute for consultation with professional advisors. 6 of 8<br />
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