november 26, 2018 91.6% s 88.9% s 105% 85%

3-Month Price Performance

LTM Trading Multiples (EV / LTM EBITDA)

November 26, 2018

The Motor Weekly® Index: 318.11 (-5.92, -1.83%)

Historical Gas Prices ($ per gallon)U.S. S.A.A.R. (in millions)

17.5

5.0

10.0

15.0

20.0

Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18

Total Light Vehicles

$2.60

$1.00

$2.00

$3.00

$4.00

Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18

91.6%

81.7%81.5%

82.6%

88.9%

65%

75%

85%

95%

105%

Aug 2018 Sep 2018 Oct 2018 Nov 2018

S&P 500 NA Autos EUR Autos ASIA Autos Heavy Duty

1 Week 3 Months

S&P 500 (3.79%) (8.42%)

NA Autos 0.43% (18.31%)

EUR Autos 0.95% (18.51%)

ASIA Autos (4.70%) (17.40%)

Heavy Duty (1.79%) (11.13%)

*Represents market-weighted index

*Source: Capital IQ

SUPPLIER EQUITY

INDEX RETURNS

6.0x

5.0x 5.9x

7.9x

4.0x

6.0x

8.0x

10.0x

12.0x

Nov 2017 Mar 2018 Jul 2018 Nov 2018

NA Autos EUR Autos ASIA Autos Heavy Duty

11-23-18 1 Year

NA Autos 6.0x (1.4x)

EUR Autos 5.0x (1.7x)

ASIA Autos 5.9x (1.7x)

Heavy Duty 7.9x (3.4x)

SUPPLIER

TRADING MULTIPLES

*Multiples use LTM EBITDA

*Source: Capital IQ

Manufacturers’ Index (M-Index)

The Motor Weekly® Index

2

The Motor Weekly® Index

The Motor Weekly® Index is the average of two sub-indices:

• The Manufacturers’ Index (M-Index) is a market weighted average of global vehicle manufacturers

• The Suppliers’ Index (S-Index) is a market weighted average of global OEM component suppliers

Indexed as of January 2006

Last Six MonthsLast Six Months

Source: Capital IQ

Suppliers’ Index (S-Index)

The Motor Weekly® Index Summary

210.89

318.11

50

100

150

200

250

300

350

400

450

Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18S&P 500 MW Index

210.89

340.34

150

200

250

300

350

400

450

500

550

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18

S&P 500 Vehicle Manufacturers (Global)

210.89

295.89

150

200

250

300

350

400

450

500

550

May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18

S&P 500 Suppliers (Global)

3

• November 26 (Automotive News) – General Motors said it will significantly cut its salaried workforce and could close up to five

plants in North America, including three assembly plants, as part of an overhaul of its operations in 2019. The automaker on

Monday said Lordstown Assembly in Ohio, Detroit-Hamtramck Assembly in Michigan and Oshawa Assembly in Canada will not

be allocated any products beginning in 2019. Propulsion plants in Maryland and Michigan also will not be given any product. All

of the products currently being assembled at those three plants are expected to stop being produced by the end of 2019. GM

expects the announced actions to annually contribute to $6 billion in cash savings by 2020, including $4.5 billion in cost

reductions and $1.5 billion in lower capital expenditures. GM shares rose 2.2 percent to $36.72 in early trading. Not allocating

product doesn’t mean the plants will close, but it puts their future and the jobs of roughly 6,300 hourly and salaried factory

employees -- 3,300 in the U.S. and 3,000 in Canada -- at risk heading into contract negotiations with the UAW in 2019 and

Canadian union Unifor in 2020. GM also announced it will close two unidentified assembly plants outside of North America by

the end of next year and restructure its salaried workforce. The salaried workforce restructuring includes cutting 15 percent of its

54,000 salaried employees in North America, including slashing global executives by 25 percent. It was expected that GM, which

announced the overhaul Monday, needed to address underutilization of its plants. The announcement comes ahead of

negotiations with the UAW in 2019 and Unifor in 2020 is uncommon. GM represents 1 million of the 3.2 million units of

underutilized capacity in the U.S. through October, according to the Center for Automotive Research. The manufacturing

overhaul follows recent cost-cutting measures by GM such as offering buyouts to 18,000 salaried employees and exiting or

restructuring unprofitable markets such as Europe and South Korea. Oshawa currently has two assembly lines. The flex line

produces the low-volume Cadillac XTS and Chevrolet Impala while the truck line produces the light- and heavy-duty Chevrolet

Silverado and GMC Sierra pickups. It employs 1,542 employees, including 1,348 hourly union workers. Detroit-Hamtramck

currently builds the Chevrolet Volt, Chevrolet Impala, Buick LaCrosse, Cadillac CT6. U.S. sales of the Impala were down 13

percent through September. Lordstown, which has dropped from three shifts to one in recent years, exclusively produces the

Chevrolet Cruze. Sales of the compact car were down 27 percent through September, GM said.

• November 26 (Automotive News) – For nearly two decades, Nissan CEO Hiroto Saikawa had been the faithful protégé of high-

flying frontman Carlos Ghosn. But that all came crashing to an end last week. Saikawa is now using Ghosn's ouster to undo

much of his erstwhile mentor's work at Nissan Motor Co. If it seemed the 65-year-old would be a transitional chief, he's suddenly

talking like a transformational one, eager to get the carmaker back on track in Japan and the U.S. To clear the way, Nissan's

board removed Ghosn as chairman and representative director Thursday, Nov. 22. It also appointed a committee led by outside

directors to further investigate Ghosn's alleged abuses, overhaul the company's governance and nominate a new chairman from

the current board. Mitsubishi Motors Corp., where Ghosn also is chairman, is expected to dismiss him from that role as well at an

extraordinary board meeting this week. "In one word, this is a soft coup d'etat," said Tatsuo Yoshida, a senior auto analyst at

Sawakami Asset Management who worked at Nissan during the beginning of Ghosn's tenure. "There has been anti-Ghosn

sentiment accumulating for a long time.“ Saikawa launched his purge of Ghosn's legacy just hours after Ghosn, 64, was arrested

in Tokyo for alleged financial misconduct. At a hastily called late-night news conference, Saikawa began by slamming his

longtime colleague as the "mastermind" of "significant" fraud. aikawa then rebuked the disgraced chairman — long hailed for

saving Nissan from bankruptcy — as a growing liability in recent years. He blamed Ghosn for dangerously concentrating too

much power in himself, losing touch with daily operations and neglecting Japan. "This is the negative side of Mr. Ghosn's long

regime," Saikawa said of the man who landed at Nissan as COO in 1999 and led as CEO from 2001 until last year. "He

remained in power for many years. In real day-to-day operations, there seems to be a negative impact," Saikawa said. "These

issues have become more prominent lately.“Saikawa pledged to take "visible countermeasures" to rectify Nissan's course. "This

will give us a good opportunity to revise the way we work," Saikawa said. Executives will keep a closer eye on operations, he

promised. The company will also redouble its focus on Japan, a crucial market in which sales had slumped under Ghosn:

Deliveries in fiscal 2018 were down 31 percent from 2005's level. And more importantly, Saikawa said, Nissan will work to reform

the delicate management structure that bonds Nissan with French partner Renault and smaller Japanese ally Mitsubishi into a

corporate alliance of complicated cross-shareholdings. In another swipe at Ghosn, Saikawa said Nissan will seek a "fairer"

management setup that doesn't rely on one charismatic personality to hold it all together. "That is a major issue," Saikawa said.

"Some things should be corrected, like the overconcentration of power in an individual that resulted in distortion.“ Even before

Ghosn's stunning downfall, Saikawa had begun blazing a new direction. Among his first moves was rolling back the self-

destructive sales practices the former CEO foisted upon the U.S. Ghosn's pursuit of rapid U.S. sales growth spurred the

company's addiction to generous incentives and sizable fleet sales. The result was tarnished brand value and deteriorating

profitability, the prices for briefly touching the long-cherished goal of a 10 percent U.S. market share. The figure is now 8.6

percent. Saikawa also shuffled management in ways some observers said re-engaged the carmaker's Japanese roots. Among

the changes, he appointed a Japanese CFO, Hiroshi Karube, and the first Japanese head of global communications in more

than a decade. "Mr. Saikawa's been taking an independent path," said Christopher Richter, an analyst at CLSA Asia-Pacific

Markets. "A lot of these strategies are different from the Ghosn era.“

Recent News

MG

BWA

GT

LEA

ALV

TEN

VC DAN

GNTX LNR

AXL

MRE

CPS

TOWR

NEXTEER

MOD

THRM

SRI STRT

GPC

LKQ

SNA

DORM

UNS

SMP

MPAA

GM

F

TSLA

CPRT

FCA

SHLO

(60.0%)

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

(90.0%) (60.0%) (30.0%) 0.0% 30.0% 60.0% 90.0%

4

Last 12 Months Change

La

st 3

Mo

nth

s C

ha

ng

e

Vehicle Manufacturers

Suppliers

Aftermarket

Weighted Group Average

North American Equity Performance

Source: Capital IQ

Companies not within ranges still considered in weighted group averages

5 Source: Capital IQ

Note: Price, Market Cap and Total Enterprise Value are converted into USD

Valuations for GM & Ford exclude financial divisions

($ in millions, except price per share)

North American OEM Market

Price % of Total LTM Totalas of 52-Wk Market Enterprise EBITDA Debt / LTM

Company Ticker 11/23/2018 High Cap Value Margin EBITDA P/E LTM 2018 Performance

TEV / EBITDA Weekly Stock Price


Tesla, Inc. TSLA $ 325.83 84.1% $ 55,956 $ 67,897 NM NM NM NM NM

General Motors Company GM 35.93 78.9% 50,712 52,788 13.9% 5.0x NM 2.6x 2.6x

Fiat Chrysler Automobiles N.V. FCA 15.98 69.8% 24,779 28,555 10.1% 1.5x 6.2x 2.2x 1.9x

Ford Motor Company F 9.13 67.7% 36,318 25,422 8.1% 1.2x 5.4x 1.8x 2.3x

Mean 10.7% 2.5x 5.8x 2.2x 2.2x

High Multiple Suppliers

Aptiv PLC APTV $ 72.99 69.5% $ 19,231 $ 22,769 16.1% 1.8x 15.6x 10.2x 9.4x

BorgWarner Inc. BWA 39.48 67.8% 8,223 10,101 16.6% 1.2x 15.5x 5.8x 5.7x

Autoliv, Inc. ALV 87.77 54.8% 7,649 9,378 12.2% 1.7x 24.1x 7.1x 7.0x

Gentex Corporation GNTX 22.41 88.2% 5,874 5,536 34.0% 0.0x 13.4x 8.9x 8.8x

Visteon Corporation VC 79.42 56.5% 2,296 2,352 9.1% 1.3x 14.7x 8.3x 6.7x

Gentherm Incorporated THRM 44.29 88.1% 1,545 1,599 12.9% 0.9x 52.5x 12.2x 10.6x

Stoneridge, Inc. SRI 27.28 72.4% 777 820 11.5% 1.2x 14.2x 8.3x 7.6x

Mean 16.0% 1.2x 21.4x 8.7x 8.0x

Mid Multiple Suppliers

Magna International Inc. MG $ 50.25 76.3% $ 16,809 $ 20,951 10.1% 1.1x 7.4x 4.9x 4.8x

Goodyear Tire & Rubber Co. GT 22.54 62.5% 5,252 11,076 12.7% 3.3x 11.2x 5.6x 5.4x

Lear Corporation LEA 137.63 66.7% 8,832 9,894 10.6% 0.9x 7.0x 4.3x 4.4x

Adient plc ADNT 24.81 29.3% 2,317 5,432 9.4% 2.3x NM 6.8x 4.6x

American Axle & Mfg. AXL 11.70 59.6% 1,307 4,759 16.4% 3.2x 3.3x 4.0x 4.0x

Linamar Corporation LNR 38.56 66.1% 2,520 4,098 15.4% 2.2x 5.5x 4.6x 4.6x

Tenneco Inc. TEN 32.77 50.0% 2,650 4,058 8.7% 1.8x 7.3x 4.7x 3.9x

Dana Incorporated DAN 14.55 41.3% 2,105 3,930 11.0% 2.2x 9.8x 4.5x 4.1x

Nexteer Automotive Group 1316 1.48 56.7% 3,644 3,546 13.9% 0.8x 10.0x 6.5x 5.4x

Delphi Technologies PLC DLPH 17.45 28.9% 1,544 2,903 15.6% 2.0x 5.6x 3.7x 3.9x

Cooper-Standard Holdings Inc. CPS 73.82 50.3% 1,312 1,824 11.7% 1.8x 8.5x 4.2x 4.7x

Martinrea International Inc. MRE 8.96 67.7% 773 1,240 12.3% 1.6x 5.6x 3.6x 3.6x

Modine Manufacturing Company MOD 13.48 52.3% 683 1,134 9.1% 2.4x 13.9x 5.7x 5.5x

Superior Industries SUP 7.83 34.1% 196 1,051 12.9% 3.6x NM 5.5x 5.9x

Tower International, Inc. TOWR 30.09 82.1% 620 891 9.9% 1.5x 10.8x 4.1x 3.9x

Shiloh Industries, Inc. SHLO 8.00 65.1% 187 408 6.7% 3.2x 9.8x 5.5x 5.3x

STRATTEC Security Corp. STRT 31.50 67.3% 116 178 6.5% 1.7x 8.8x 6.0x NM

Mean 11.3% 2.1x 8.3x 5.0x 4.6x

Mean 12.5% 1.9x 11.9x 5.6x 5.3x

Median 11.7% 1.7x 9.8x 5.5x 4.7x (0.32%)

Avg. ∆

(3.6%)

(2.1%)

1.8%

(3.6%)

(0.7%)

(1.4%)

(2.2%)

3.7%

(1.0%)

(1.0%)

(0.8%)

4.3%

(2.0%)

3.5%

2.2%

0.9%

0.3%

0.4%

0.3%

0.8%

(0.4%)

3.5%

(0.8%)

(1.6%)

0.9%

(2.4%)

0.5%

(8.0%)




North American Aftermarket




Retailers & Distributors

O'Reilly Automotive, Inc. ORLY $ 350.63 96.5% $ 28,087 $ 31,221 21.8% 1.6x 24.0x 15.5x 15.1x

AutoZone, Inc. AZO 827.53 98.6% 21,151 25,932 20.7% 2.2x 17.0x 11.2x 10.5x

Genuine Parts Company GPC 99.72 92.5% 14,635 17,242 7.5% 2.1x 20.1x 12.6x 12.0x

Advance Auto Parts, Inc. AAP 177.24 95.2% 12,919 12,995 9.9% 1.1x 24.6x 13.9x 13.7x

Snap-on Incorporated SNA 161.00 85.0% 9,044 10,051 25.4% 1.1x 14.6x 9.7x 9.5x

Uni-Select Inc. UNS 16.50 75.0% 698 1,082 7.2% 3.9x 14.5x 8.9x 8.9x

U.S. Auto Parts Network, Inc. PRTS 1.11 40.5% 39 40 3.5% 0.9x NM 3.9x 3.3x

Mean 13.7% 1.8x 19.1x 10.8x 10.4x

Aftermarket Suppliers

Goodyear Tire & Rubber Co. GT $ 22.54 62.5% $ 5,252 $ 11,076 12.7% 3.3x 11.2x 5.6x 5.4x

Axalta Coating Systems Ltd. AXTA 24.72 64.7% 5,901 9,305 19.1% 4.3x NM 10.3x 9.9x

Dorman Products, Inc. DORM 85.67 93.8% 2,823 2,770 21.5% 0.0x 23.6x 13.7x 13.7x

Cooper Tire & Rubber Company CTB 33.80 82.9% 1,692 1,856 11.3% 1.0x 49.2x 5.9x 5.5x

Standard Motor Products, Inc. SMP 52.24 92.4% 1,172 1,196 12.1% 0.4x 38.5x 9.1x 11.0x

Horizon Global Corporation HZN 1.91 12.9% 48 375 3.5% 11.7x NM 12.3x 8.3x

Motorcar Parts of America, Inc. MPAA 16.68 57.6% 316 375 10.8% 1.6x NM 8.1x 5.0x

Mean 13.0% 3.2x 30.6x 9.3x 8.4x

Collision

LKQ Corporation LKQ $ 27.34 62.3% $ 8,700 $ 12,833 10.7% 3.9x 15.3x 11.2x 10.0x

Copart, Inc. CPRT 48.73 72.6% 11,403 11,483 NM 0.6x 28.2x 15.8x 16.2x

KAR Auction Services, Inc. KAR 56.60 87.7% 7,618 11,205 24.1% 4.6x 18.5x 12.8x 12.4x

Boyd Group Income Fund BYD 80.10 79.6% 1,576 1,714 8.8% 1.6x 28.6x 14.9x 13.0x

Mean 14.5% 2.7x 22.6x 13.7x 12.9x

Dealerships

CarMax, Inc. KMX $ 62.24 76.2% $ 10,868 $ 24,420 7.0% 10.5x 15.4x 18.8x 18.4x

AutoNation, Inc. AN 37.25 60.1% 3,350 9,468 4.3% 6.6x 7.5x 10.1x 10.4x

Penske Automotive Group, Inc. PAG 44.17 80.6% 3,748 9,354 3.4% 7.3x 5.4x 12.2x 11.6x

Lithia Motors, Inc. LAD 82.25 64.3% 1,932 5,177 4.6% 6.2x 6.9x 9.8x 11.1x

Group 1 Automotive, Inc. GPI 57.61 68.2% 1,065 3,893 4.0% 6.1x 5.0x 8.3x 10.3x

Asbury Automotive Group, Inc. ABG 69.90 89.9% 1,370 3,146 5.1% 5.1x 8.5x 9.0x 9.9x

Sonic Automotive, Inc. SAH 16.67 70.6% 713 3,101 3.2% 7.6x 7.8x 9.8x 11.3x

AutoCanada Inc. ACQ 8.93 48.1% 245 1,103 2.3% 16.1x NM 19.8x NM

Mean 4.2% 8.2x 8.1x 12.2x 11.9x

Mean 10.6% 4.3x 18.3x 11.3x 10.6x

Median 8.8% 3.6x 15.4x 10.8x 10.5x (0.67%)

Avg. ∆

5.7%

(1.9%)

1.3%

3.9%

0.6%

2.8%

0.2%

0.3%

(3.9%)

(1.3%)

(4.5%)

(3.7%)

(6.2%)

6.7%

(2.9%)

(1.1%)

(5.1%)

0.5%

0.9%

(0.9%)

(4.6%)

(2.5%)

(1.1%)

(2.6%)

(0.1%)

(0.6%)




European OEM Market





Volkswagen Aktiengesellschaft VOW $ 171.16 78.4% $ 84,203 $ 249,471 10.8% 6.5x 6.2x 8.0x 6.3x

Daimler AG DAI 57.44 66.3% 61,454 199,068 9.9% 8.4x 5.5x 10.4x 8.9x

BMW AG BMW 83.19 75.6% 54,186 150,000 13.6% 7.1x 5.1x 9.2x 8.9x

Renault SA RNO 68.53 60.0% 18,404 61,894 10.3% 8.8x 3.4x 8.7x 7.7x

Fiat Chrysler Automobiles N.V. FCA 15.98 69.8% 24,779 28,555 10.1% 1.5x 6.2x 2.2x 1.8x

Peugeot S.A. UG 21.88 76.0% 19,550 13,481 9.0% 1.1x 8.3x 1.7x 1.6x

Mean 10.6% 5.6x 5.8x 6.7x 5.9x

Suppliers

Continental AG CON $ 157.64 54.2% $ 31,528 $ 35,128 12.6% 0.9x 8.9x 5.4x 4.9x

Michelin SCA ML 104.02 70.1% 18,678 23,053 18.2% 1.3x 9.2x 5.1x 4.8x

Valeo SA FR 29.80 39.5% 7,079 10,601 11.5% 2.3x 7.4x 4.2x 3.6x

Autoliv, Inc. ALV 87.77 54.8% 7,649 9,378 12.2% 1.7x 24.1x 7.1x 7.0x

Faurecia S.A. EO 45.64 52.3% 6,260 7,204 8.0% 1.1x 8.4x 3.7x 3.2x

Plastic Omnium SA POM 28.72 60.0% 4,199 5,495 11.5% 2.2x 8.2x 6.1x 5.2x

Brembo S.p.A. BRE 11.09 71.6% 3,605 3,910 17.7% 1.2x 11.6x 7.4x 6.7x

LEONI AG LEO 31.57 42.1% 1,031 1,825 6.5% 2.1x 6.6x 4.7x 4.3x

ElringKlinger AG ZIL2 8.89 40.2% 563 1,430 11.0% 4.0x 8.0x 6.6x 5.8x

Kongsberg Automotive ASA KOA 0.99 71.4% 459 685 7.1% 3.5x NM 7.6x 5.1x

Grammer AG GMM 37.61 48.7% 462 642 6.9% 1.9x 10.5x 4.4x 4.9x

Sogefi S.p.A. SO 1.63 32.2% 192 542 8.1% 2.7x 6.8x 3.4x 2.4x

Polytec Holding AG PYT 10.07 41.5% 221 348 11.6% 1.8x 5.9x 3.9x 4.2x

Mean 11.0% 2.1x 10.0x 5.4x 4.8x

Mean 10.9% 3.2x 8.4x 5.8x 5.1x

Median 10.8% 2.1x 7.7x 5.4x 4.9x 0.09%

Avg. ∆

(4.7%)

(1.8%)

(6.1%)

(2.8%)

5.0%

2.5%

4.3%

1.9%

0.1%

3.5%

6.2%

2.4%

1.6%

(3.2%)

(2.4%)

(6.8%)

(1.7%)

(0.2%)

4.3%




Asian OEM Market





Toyota Motor Corporation 7203 $ 60.44 87.4% $ 173,020 $ 312,706 14.5% 4.8x 7.6x 8.2x 9.0x

Nissan Motor Co., Ltd. 7201 8.52 80.3% 33,910 96,979 9.7% 7.0x 5.3x 9.6x 12.0x

Honda Motor Co., Ltd. 7267 27.98 76.1% 49,240 94,502 9.2% 5.1x 5.0x 7.4x 7.2x

Hyundai Motor Company A005380 82.80 55.9% 16,844 61,791 6.7% 11.2x 10.9x 10.7x 10.4x

BYD Company Limited 1211 7.13 71.7% 20,682 28,264 8.8% 5.7x 53.5x 18.2x 12.9x

Suzuki Motor Corporation 7269 47.36 69.6% 22,213 21,246 14.0% 0.7x 9.9x 4.5x 4.5x

Mahindra & Mahindra Limited 500520 10.58 75.2% 11,521 18,849 12.4% 4.6x 10.0x 9.5x 18.3x

Geely Automobile Holdings Ltd. 175 1.91 51.9% 17,421 15,280 13.3% 0.2x 9.0x 7.1x 5.9x

Isuzu Motors Limited 7202 13.90 78.3% 10,457 11,466 11.8% 1.1x 11.2x 5.2x 5.2x

Yamaha Motor Co., Ltd. 7272 20.06 57.5% 7,056 8,956 11.4% 1.6x 8.4x 5.3x 5.2x

Mitsubishi Motors Co. 7211 5.97 72.2% 9,179 6,783 7.0% 1.3x 9.1x 4.6x 4.4x

NIO Inc. NIO 7.46 54.1% 7,654 6,760 NM NM NM NM NM

Kia Motors Corporation A000270 24.52 77.5% 10,148 6,719 5.6% 2.1x 9.4x 2.5x 2.4x

Dongfeng Motor Group Co. 489 0.96 71.3% 8,292 6,686 0.5% 28.9x 3.6x NM 13.0x

Mazda Motor Corporation 7261 10.44 73.1% 6,691 5,799 5.3% 3.0x 10.2x 3.5x 3.7x

Faw Car Co., Ltd. 000800 1.03 57.2% 1,708 1,594 2.0% 0.0x NM 20.2x 10.0x

Mean 8.8% 5.2x 11.6x 8.3x 8.3x

Suppliers

DENSO Corporation 6902 $ 45.52 71.2% $ 35,540 $ 35,878 11.8% 0.9x 14.4x 6.4x 6.2x

Bridgestone Corporation A012330 39.03 79.9% 30,130 28,905 17.2% 0.7x 10.8x 5.2x 5.3x

Aisin Seiki Co., Ltd. 7259 38.81 64.0% 10,579 16,446 12.1% 1.1x 8.3x 3.8x 3.8x

AGC Inc. 5201 33.72 74.8% 7,514 13,584 16.7% 2.8x 11.8x 6.0x 6.0x

Hyundai Mobis Co.,Ltd 5108 147.57 59.0% 14,064 8,497 7.4% 1.2x 11.6x 3.7x 3.5x

Koito Manufacturing Co., Ltd. 7276 52.72 71.0% 8,361 6,675 16.6% 0.2x 11.0x 5.7x 5.4x

NSK Ltd. 6471 9.28 54.6% 4,873 6,185 13.8% 1.8x 7.7x 4.9x 4.8x

JTEKT Corporation 6473 12.20 65.9% 4,282 5,756 9.5% 2.0x 11.9x 4.6x 4.6x

NTN Corporation 6472 3.31 62.8% 1,788 4,128 10.1% 4.5x 9.9x 6.1x 6.0x

Stanley Electric Co., Ltd. 6923 28.98 68.5% 4,725 3,967 20.1% 0.2x 13.6x 5.0x 4.9x

Toyoda Gosei Co., Ltd. 7282 18.85 69.7% 2,441 2,739 9.0% 1.6x 18.0x 4.2x NM

Toyota Boshoku Corporation 3116 15.66 69.5% 2,888 2,527 7.4% 1.1x 9.2x 2.8x 2.8x

NHK Spring Co., Ltd. 5991 8.77 77.6% 2,061 1,908 8.7% 1.2x 12.0x 3.7x 3.6x

Sanden Holdings Corporation 6444 7.67 34.8% 209 1,350 5.2% 9.8x 35.4x 10.4x NM

Clarion Co., Ltd. 6796 21.88 99.6% 1,234 1,342 9.2% 1.9x NM 9.7x 10.1x

Tokai Rika Co., Ltd. 6995 18.02 80.4% 1,650 1,214 10.9% 0.2x 7.7x 2.5x 2.6x

Akebono Brake Industry Co., Ltd. 7238 1.85 54.9% 249 1,161 7.2% 6.0x NM 7.2x 6.6x

TS TECH Co., Ltd. 7313 28.13 60.9% 1,898 1,014 11.0% 0.0x 7.6x 2.3x 2.1x

Halla Holdings Corp. A060980 37.69 62.3% 417 824 7.4% 8.3x 24.1x 13.3x 8.2x

SHOWA Corporation 7274 12.92 65.4% 1,008 757 13.2% 0.2x 7.3x 2.2x 2.2x

F-Tech Inc. 7212 9.40 56.7% 177 713 7.7% 2.8x 4.8x 4.5x 4.1x

Alpine Electronics, Inc. 6816 16.41 65.9% 1,132 701 8.4% 0.0x 10.8x 3.2x 3.7x

SGA Group Co. 600303 0.63 43.2% 419 436 6.3% 5.9x NM 14.1x NM

Futaba Corporation TSE:6986 15.15 69.0% 651 305 6.1% 0.2x 61.5x 8.3x 7.4x

China Automotive Systems, Inc. CAAS 2.18 41.7% 69 56 4.1% 4.0x NM 2.7x 2.1x

Mean 10.3% 2.3x 14.7x 5.7x 4.8x

Mean 9.7% 3.5x 13.5x 6.6x 6.2x

Median 9.2% 1.8x 10.0x 5.2x 5.2x

Avg. ∆

(1.01%)

5.3%

(0.7%)

(8.1%)

4.1%

(0.3%)

(3.3%)

(1.3%)

(4.2%)

4.0%

(2.4%)

(0.1%)

1.7%

2.5%

(5.0%)

(3.5%)

(1.5%)

1.1%

2.2%

(0.2%)

1.9%

(14.1%)

(0.1%)

0.2%

2.1%

0.5%

(0.4%)

(0.7%)

(2.8%)

(6.4%)

3.8%

(7.8%)

(0.9%)

(0.4%)

1.3%

(1.0%)

0.4%

1.4%

(9.5%)

(0.8%)

(4.8%)

3.5%




Commercial Vehicle Market




Commerical Vehicle Manufacturers

Daimler AG DAI $ 57.44 66.3% $ 61,454 $ 199,068 9.9% 8.4x 5.5x 10.4x 9.3x

AB Volvo (publ) VOLV-B 13.58 73.6% 27,591 38,619 11.3% 3.1x 8.9x 8.0x 6.3x

PACCAR Inc PCAR 60.05 75.4% 20,984 26,807 13.9% 3.0x 10.3x 8.8x 9.6x

MAN SE MAN 101.75 92.1% 14,965 17,773 5.6% 4.2x 22.1x 18.3x 11.4x

Isuzu Motors Limited 7202 13.90 78.3% 10,457 11,466 11.9% 1.1x 10.9x 5.1x 5.1x

Navistar International Corporation NAV 29.87 62.6% 2,953 7,476 7.5% 7.8x 10.4x 10.4x 9.0x

Mean 10.0% 4.6x 11.4x 10.2x 8.5x

Off-Highway, Specialty Vehicles and Trailers

Caterpillar Inc. CAT $ 122.32 70.6% $ 72,182 $ 100,809 21.9% 3.1x 19.4x 8.6x 8.8x

Deere & Company DE 142.84 81.5% 45,948 85,018 15.3% 7.8x 22.3x 15.6x 15.6x

Oshkosh Corporation OSK 67.54 67.4% 4,856 5,219 9.7% 1.1x 12.3x 7.1x 6.9x

Thor Industries, Inc. THO 67.29 41.7% 3,553 3,284 8.7% 0.0x 8.3x 4.5x 5.2x

Wabash National Corporation WNC 15.24 57.4% 854 1,256 8.7% 2.8x 7.6x 7.0x 7.1x

Winnebago Industries, Inc. WGO 25.73 43.9% 820 1,110 9.0% 1.6x 8.0x 6.1x 6.0x

Blue Bird Corporation BLBD 19.18 71.2% 490 603 4.2% 3.4x 23.2x 14.2x 8.4x

Spartan Motors, Inc. SPAR 7.99 41.1% 281 283 4.9% 0.5x 11.8x 7.9x 7.0x

Mean 10.3% 2.5x 18.8x 8.9x 8.1x

Commercial Vehicle and Off-Highway Suppliers

Eaton Corporation plc ETN $ 74.09 82.5% $ 32,111 $ 38,948 17.6% 1.9x 15.2x 10.4x 10.0x

Ingersoll-Rand Plc IR 101.93 96.4% 25,040 28,143 14.8% 1.8x 16.6x 12.4x 11.8x

Cummins Inc. CMI 144.81 74.6% 23,178 25,105 12.7% 0.8x 18.5x 8.5x 7.1x

Westinghouse Air Brake Technologies CorporationWAB 85.71 74.3% 8,281 11,750 13.8% 6.5x 26.8x 19.6x 17.6x

Allison Transmission Holdings, Inc. ALSN 47.77 88.9% 6,193 8,494 39.9% 2.4x 9.3x 8.0x 7.7x

WABCO Holdings Inc. WBC 118.70 73.2% 6,192 6,442 16.4% 1.8x 14.2x 10.2x 9.8x

Dana Incorporated DAN 14.55 41.3% 2,105 3,930 11.0% 2.2x 9.8x 4.5x 4.1x

Meritor, Inc. MTOR 16.13 54.6% 1,369 2,109 10.6% 1.8x 4.5x 4.9x 4.4x

LCI Industries LCII 71.92 54.2% 1,814 2,039 11.2% 0.9x 12.6x 7.3x 7.3x

Douglas Dynamics, Inc. PLOW 37.12 75.0% 843 1,166 18.1% 3.5x 13.5x 12.6x 12.4x

Modine Manufacturing Company MOD 13.48 52.3% 683 1,134 9.1% 2.4x 13.9x 5.7x 5.5x

SAF-Holland S.A. DB:SFQ 14.23 62.6% 646 962 8.7% 3.4x 13.2x 7.6x 7.8x

Stoneridge, Inc. SRI 27.28 72.4% 777 820 11.8% 1.0x 13.1x 8.1x 7.7x

Haldex AB (publ) HLDX 7.61 70.6% 337 374 11.7% 0.9x 16.2x 5.8x 6.6x

Commercial Vehicle Group, Inc. CVGI 6.63 47.7% 205 312 8.9% 2.1x 7.0x 4.0x NM

Mean 14.4% 2.2x 13.6x 8.6x 8.6x

Mean 12.4% 2.8x 13.3x 9.0x 8.4x

Median 11.2% 2.2x 12.6x 8.0x 7.7x (1.16%)

Avg. ∆

(0.5%)

0.7%

0.4%

(1.1%)

(0.7%)

(1.2%)

(3.9%)

(5.1%)

(1.0%)

1.1%

0.3%

(1.5%)

(1.6%)

(2.3%)

(0.2%)

(3.4%)

(0.2%)

0.6%

(3.1%)

(0.0%)

1.0%

(3.4%)

(5.9%)

(1.0%)

(0.4%)

(0.3%)

(1.2%)

(4.5%)

(0.2%)

Justin E. Mirro

Founder

Kensington Capital Partners LLC

[email protected]

646.382.5153

www.TheMotorWeekly.com

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