巴克莱-美股-美国汽车公司估值分析-2017.7.20-barclays u.s. autos valuation analysis 7 20 17 barclays u.s. autos valuation analysis 07.20.17

《巴克莱-美股-美国汽车公司估值分析-2017.7.20-barclays u.s. autos valuation analysis 7 20 17 barclays u.s. autos valuation analysis 07.20.17》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,USJuly20,2017BarclaysCapital

2、Inc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestme

3、ntdecision.PLEASESEEANALYSTCERTIFICATIONSANDIMPORTANTDISCLOSURESBEGINNINGONPAGE27.U.S.Autos&AutoPartsCoverage(Neutral)Potential($mnexceptpersharedata)StockRating/PricePriceonUpside/EPSP/E3-yr.EPSPEGMarketEnterpriseEV/EBITDATickerCompanyIndustryViewTarget7/19/17(Downside)2017E2

4、018E2019E2017E2018E2019ECAGR2018EValueValue2017E2018E2019EADNTAdientPLCEW/Neu$68$70.23-3.2%$9.39$10.61$11.817.5x6.6x5.9xN/A0.5x$6,609$9,4295.8x5.4x5.0xALVAutolivUW/Neu86117.26-26.7%6.467.038.1318.2x16.7x14.4x6.5%1.9x10,37810,9448.2x7.4x6.9xAXLAmericanAxleOW/Neu2416.6444.2%3.10

5、2.271.405.4x7.3x11.9x-24.5%N/A1,2815,8295.7x5.6x6.4xBWABorgWarnerEW/Neu4546.76-3.8%3.704.054.6012.6x11.5x10.2x12.0%1.2x9,92411,9377.4x7.1x6.7xCARAvisBudgetEW/Neu3132.63-5.0%3.023.714.9210.8x8.8x6.6x18.8%0.4x2,7965,8537.3x7.0x6.3xDANDanaOW/Neu2423.860.6%2.012.152.4011.9x11.1x9.

6、9x7.2%1.6x3,4815,0126.7x6.1x5.9xDLPHDelphiOW/Neu10792.8915.2%6.737.358.0313.8x12.6x11.6x10.1%1.4x25,03828,8609.5x8.9x8.5xFFordOW/Neu1411.8318.3%1.531.551.417.7x7.6x8.4x-7.1%5.8x47,30835,6092.7x2.7x2.7xGMGeneralMotorsEW/Neu4136.4712.4%6.165.275.785.9x6.9x6.3x-1.9%N/A55,87247,24

7、62.6x2.9x2.7xHTZHertzEW/Neu917.53-48.7%(0.79)(0.03)1.02NMNM17.2x24.8%N/A1,4554,76413.9x10.6x8.0xLEALearCorpEW/Neu146149.13-2.1%16.9518.9921.068.8x7.9x7.1x14.4%0.7x10,48811,3495.3x5.1x5.1xMBLYMobileyeEW/Neu6363.34-0.5%1.031.512.4061.5x41.9x26.4x48.7%0.9x15,13314,68654.0x36.8x22

8、.8xMTORMeritorEW/Neu1618.04-11.3%1.501.902.3512.0x9.5x7.7x12.