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《巴克莱-美股-美国汽车估值分析 -2017.6.30u.s. autos valuation analysis》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+12125265627brianajohnson@barclayscombrian.a.johnson@barclays.comBarclaysEquityResearchBCI,USStevenHempel,CFAU.S.AutosValuationAnalysis+13126097260steven.hempel@barclays.comBCIUSBCI,USDanLevy,CFA+12125268047dan.levy@barclays.comBCI,USJune30,2017B
2、arclaysCapitalIncand/oroneofitsaffiliatesdoesandseekstBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstoodobusinesswithcompaniescoveredinitsresearchrepordobusinesswithcompaniescoveredinitsresearchreports.AsaresultinvestorsshouldbeAsaresult,investorsshouldbeawarethatthefirmmayhaveaconfl
3、ictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE26.U.S.Autos&AutoPartsCoverage(Neutral)Potential($mnexceptpersharedata)StockRating/Pri
4、cePriceonUpside/EPSP/E3-yr.EPSPEGMarketEnterpriseEV/EBITDATickerCompanyIndustryViewTarget6/29/17(Downside)2017E2018E2019E2017E2018E2019ECAGR2018EValueValue2017E2018E2019EADNTAdientPLCEW/Neu$68$64.775.0%$9.43$10.63$11.996.9x6.1x5.4xN/A0.5x$6,095$8,9155.4x5.1x4.7xALVAutolivUW/Neu86108.96-21.1%6
5、.387.008.2417.1x15.6x13.2x6.9%1.6x9,64310,2107.6x6.9x6.4xAXLAmericanAxleOW/Neu2415.1458.5%3.122.511.654.8x6.0x9.2x-20.2%N/A1,1665,6525.5x5.2x5.9xBWABorgWarnerEW/Neu4041.24-3.0%3.593.964.5611.5x10.4x9.0x11.7%1.0x8,75310,7666.8x6.5x6.1xCARAvisBudgetEW/Neu3126.4517.2%3.023.714.928.8x7.1x5.4x18.8
6、%0.3x2,2675,3246.7x6.3x5.7xDANDanaOW/Neu2322.313.1%1.962.122.4011.4x10.5x9.3x7.2%1.3x3,2554,7866.5x5.9x5.6xDLPHDelphiOW/Neu9786.4312.2%6.657.368.1413.0x11.7x10.6x10.6%1.1x23,29627,1189.0x8.4x7.9xFFordOW/Neu1511.1734.3%1.541.401.367.3x8.0x8.2x-8.2%N/A44,66932,9702.5x2.6x2.6xGMGeneralMotorsEW/N
7、eu4134.8617.6%6.015.365.325.8x6.5x6.6x-4.6%N/A53,40644,7802.6x2.7x2.7xHTZHertzEW/NeuEW/Neu9114211.42-212%21.2%(079)(0.79)(003)(0.03)1021.02NMNM112x11.2x248%24.8%N/A94842574,257124x12.4x95x9.5x72x7.2xLEALearCorpEW/Neu134139.56-4.0%16.7719.2321
