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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,USAugust11,2017Barc
2、laysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactori
3、nmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE27.U.S.Autos&AutoPartsCoverage(Neutral)Potential($mnexceptpersharedata)StockRating/PricePriceonUpside/EPSP/E3-yr.EPSPEGP/FCFMarketEnterpriseEV/EBITDATickerCompanyIndustr
4、yViewTarget8/10/17(Downside)2017E2018E2019E2017E2018E2019ECAGR2018E2017E2018E2019EValueValue2017E2018E2019EADNTAdientPLCEW/Neu$68$64.006.3%$9.42$10.51$11.716.8x6.1x5.5xN/A0.5x58.722.520.1$6,010$8,9095.5x5.1x4.8xALVAutolivUW/Neu86107.01-19.6%6.266.787.8617.1x15.8x13.6x
5、5.3%1.9x32.421.820.69,42810,2707.8x7.1x6.6xAXLAmericanAxleOW/Neu2414.1469.7%3.292.561.844.3x5.5x7.7x-17.3%N/A15.25.85.21,5515,2765.0x4.8x5.4xBWABorgWarnerEW/Neu4644.902.4%3.714.154.6812.1x10.8x9.6x12.7%0.9x20.414.214.19,49511,4087.1x6.5x6.2xCARAvisBudgetEW/Neu3032.29-
6、7.1%2.353.053.8113.7x10.6x8.5x9.0%0.4x8.08.07.52,7515,9558.1x7.6x7.1xDANDanaEW/Neu2623.739.6%2.302.452.8310.3x9.7x8.4x13.2%1.5x36.114.010.83,4694,8906.1x5.5x5.2xDLPHDelphiOW/Neu10791.1517.4%6.747.287.8913.5x12.5x11.6x9.5%1.6x23.117.416.024,43128,1019.3x8.7x8.3xFFordOW
7、/Neu1410.7730.0%1.821.521.395.9x7.1x7.7x-7.6%N/A23.3(154.6)(198.5)43,03730,9122.4x2.3x2.3xGMGeneralMotorsEW/Neu4134.8817.5%6.385.435.935.5x6.4x5.9x-1.0%N/A7.514.18.552,98343,7082.5x2.8x2.6xHTZHertzUW/Neu918.40-51.1%(2.21)(2.69)(2.05)NMNMNM-257.5%N/A(3.2)14.05.31,5274,
8、48015.0x12.4x9.9xLEALearCorpEW/Neu152141.897.1%16.8618.7120.348.4x7.6x7.0x13.1%0.7x8.98.69.09,85410,7455.0x4.7x4.8xMBLYMobil
