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《巴克莱-美股-汽车行业-美国汽车业价值分析-20171101-barclays-barclays u.s. autos valuation analysis 11 1 17 auto valuation analysis 11.01.17》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearchU.S.Autos&AutoPartsBrianA.Johnson+12125265627brian.a.johnson@barclays.comBarclaysEquityResearchBCI,USStevenHempel,CFAU.S.AutosValuationAnalysis+13126097260steven.hempel@barclays.comBCI,USDanLevy,CFA+12125268047dan.levy@barclays.comBCI,USNovember1,2017BarclaysCapital
2、Inc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentd
3、ecision.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE27.U.S.Autos&AutoPartsCoverage(Neutral)Potential($mnexceptpersharedata)StockRating/PricePriceonUpside/EPSP/E3-yr.EPSPEGMarketEnterpriseEV/EBITDATickerCompanyIndustryViewTarget2017-10-31(Downside)2017E2018
4、E2019E2017E2018E2019ECAGR2018EValueValue2017E2018E2019EADNTAdientPLCEW/Neu$85$84.360.8%$9.44$11.05$12.468.9x7.6x6.8xN/A0.4x$7,921$10,8206.6x5.9x5.5xALVAutolivUW/Neu94124.86-24.7%6.387.458.9919.6x16.8x13.9x10.1%1.0x10,88811,6858.9x7.8x6.9xAXLAmericanAxleOW/Neu2417.7934.9%3.342.562
5、.175.3x6.9x8.2x-12.6%N/A1,9525,6845.3x5.1x5.5xBWABorgWarnerEW/Neu5052.72-5.2%3.834.364.8613.8x12.1x10.8x14.1%0.9x11,12513,1967.9x7.2x6.8xCARAvisBudgetEW/Neu3241.25-22.4%2.763.223.9214.9x12.8x10.5x10.1%0.8x3,5156,7198.8x8.3x7.8xDANDanaEW/Neu3030.49-1.6%2.452.713.0512.4x11.3x10.0x1
6、6.1%1.1x4,4795,8096.9x6.2x5.8xDLPHDelphiOW/Neu11499.3814.7%6.776.947.8714.7x14.3x12.6x9.4%5.7x26,63730,3079.9x9.6x8.9xFFordEW/Neu1412.2714.1%1.881.531.376.5x8.0x9.0x-8.0%N/A49,03139,1933.0x2.9x3.0xFCAUFiatChryslerOW/Neu1814.8421.3%1.953.133.377.6x4.7x4.4x37.3%0.1x23,13527,7251.8x
7、1.7x1.6xGMGeneralMotorsOW/Neu5542.9828.0%6.375.405.786.7x8.0x7.4x-1.9%N/A62,10660,1493.5x3.8x3.6xHTZHertzUW/Neu924.87-63.8%(1.98)(2.18)(1.74)NMNMNM-249.1%N/A2,0645,01714.9x12.7x10.9xLEALearCorpEW/Neu175175.59-0.3%17.4819.8022.3310.0x8.9x7.9x16.7%0.7x12,08713,1015.9x5.6x5.6xMTORMe
8、ritorEW/Neu2226.01-15.4%1.702.543.1415.3
