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《巴克莱-美股-汽车行业-美国汽车业价值分析-2017.10.5-barclays-barclays u.s. autos valuation analysis 10 5 17 auto valuation analysis 10.05.17》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,USOctober5,2017BarclaysCapitalInc.and/or
2、oneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEAN
3、ALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE26.U.S.Autos&AutoPartsCoverage(Neutral)Potential($mnexceptpersharedata)StockRating/PricePriceonUpside/EPSP/E3-yr.EPSPEGMarketEnterpriseEV/EBITDATickerCompanyIndustryViewTarget2017-10-04(Downside)2017E2018E2019E2017E2018E2019ECAGR201
4、8EValueValue2017E2018E2019EADNTAdientPLCEW/Neu$68$85.07-20.1%$9.42$10.51$11.719.0x8.1x7.3xN/A0.7x$7,988$10,8876.7x6.3x5.8xALVAutolivUW/Neu94125.97-25.4%6.347.559.0419.9x16.7x13.9x10.3%0.9x11,09811,9409.0x7.9x7.0xAXLAmericanAxleOW/Neu2417.9733.6%3.292.561.845.5x7.0x9.8x-17.3%N/A1,9715,7055
5、.4x5.2x5.8xBWABorgWarnerEW/Neu4652.45-12.3%3.714.154.6814.1x12.6x11.2x12.7%1.1x11,09213,0058.0x7.4x7.1xCARAvisBudgetEW/Neu3039.19-23.4%2.353.053.8116.7x12.8x10.3x9.0%0.4x3,3396,5438.9x8.4x7.8xDANDanaEW/Neu2628.46-8.6%2.302.452.8312.4x11.6x10.1x13.2%1.8x4,1615,5826.9x6.2x5.9xDLPHDelphiOW/N
6、eu107102.314.6%6.747.287.8915.2x14.1x13.0x9.5%1.8x27,42231,09210.3x9.6x9.2xFFordOW/Neu1412.3013.8%1.821.521.396.8x8.1x8.8x-7.6%N/A49,15137,0262.9x2.8x2.8xFCAUFiatChryslerOW/Neu1815.2018.4%2.052.903.307.4x5.2x4.6x36.3%0.1x23,61829,4652.3x2.0x2.0xGMGeneralMotorsEW/Neu4143.78-6.3%6.385.435.9
7、36.9x8.1x7.4x-1.0%N/A66,50257,2273.3x3.7x3.4xHTZHertzUW/Neu924.98-64.0%(2.21)(2.69)(2.05)NMNMNM-257.5%N/A2,0735,02616.8x13.9x11.1xLEALearCorpEW/Neu152175.97-13.6%16.8618.7120.3410.4x9.4x8.7x13.1%0.9x12,22113,1126.1x5.8x5.8xMTORMeritorEW/Neu2126.55-20.9%1.652.473.031
