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《巴克莱-美股-汽车行业-美国汽车业价值分析-2017.9.13-barclays- u.s. autos valuation analysis 9 13 17 auto valuation analysis 09.13.17》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+12125265627brianajohnson@barclayscombrian.a.johnson@barclays.comBarclaysEquityResearchBCI,USStevenHempel,CFAU.S.AutosValuationAnalysis+13126097260steven.hempel@barclays.comBCIUSBCI,USDanLevy,CFA+12125268047dan.levy@barcla
2、ys.comBCI,USSeptember13,2017BarclaysCapitalIncand/oroneofitsaffiliatesdoesandseekstBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstoodobusinesswithcompaniescoveredinitsresearchrepordobusinesswithcompaniescoveredinitsresearchreports.AsaresultinvestorsshouldbeAsa
3、result,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE26.U.S.Au
4、tos&AutoPartsCoverage(Neutral)Potential($mnexceptpersharedata)StockRating/PricePriceonUpside/EPSP/E3-yr.EPSPEGMarketEnterpriseEV/EBITDATickerCompanyIndustryViewTarget2017-09-12(Downside)2017E2018E2019E2017E2018E2019ECAGR2018EValueValue2017E2018E2019EADNTAdientPLCEW/Neu
5、$68$73.86-7.9%$9.42$10.51$11.717.8x7.0x6.3xN/A0.6x$6,935$9,8346.0x5.7x5.3xALVAutolivUW/NeuUW/Neu8611324113.24-241%24.1%6266.266786.787867.86181x18.1x167x16.7x144x14.4x53%5.3%20x2.0x99769,9761081910,81983x8.3x75x7.5x70x7.0xAXLAmericanAxleOW/Neu2415.4055.8%3.292.561.844.
6、7x6.0x8.4x-17.3%N/A1,6895,4175.1x4.9x5.5xBWABorgWarnerEW/Neu4647.55-3.3%3.714.154.6812.8x11.5x10.2x12.7%1.0x10,05611,9687.4x6.9x6.5xCARAvisBudgetEW/Neu3037.17-19.3%2.353.053.8115.8x12.2x9.8x9.0%0.4x3,1676,3718.7x8.2x7.6xDANDanaEW/NEW/Neu26249224.9243%4.3%2302.302452.45
7、2832.8310810.8x10210.2x888.8x132%13.2%161.6x36433,64350645,064636.3x565.6x545.4xDLPHDelphiOW/Neu10797.799.4%6.747.287.8914.5x13.4x12.4x9.5%1.7x26,21129,8819.9x9.3x8.8xFFordOW/Neu1411.5920.8%1.821.521.396.4x7.6x8.3x-7.6%N/A46,31434,1892.7x2.6x2.6xFCAUFiatChryslerOW/Neu1
8、813.6831.6%2.052.903.306.7x4.7x4.2x36.3%0.1x21,25627,1032.1x1.9x1.8xGMGeneralMotorsEW/Neu4137.898.2%6.385.435.935.9x7
