The Motor Weekly Index: (-9.48, -2.18%)

Transcription

1 October 23, 2017 The Motor Weekly Index: (-9.48, -2.18%) 3-Month Price Performance SUPPLIER EQUITY INDEX RETURNS 1 Week 3 Months S&P % 4.15% 120% 115% 110% S&P 500 NA Autos EUR Autos ASIA Autos Heavy Duty 115.8% 112.2% 110.6% NA Autos 0.85% 12.22% EUR Autos (1.36%) 10.64% ASIA Autos 0.67% 3.91% Heavy Duty 2.40% 15.84% *Represents market-weighted index *Source: Capital IQ 105% 104.2% 103.9% 100% 95% 90% Jul 2017 Aug 2017 Sep 2017 Oct 2017 LTM Trading Multiples (EV / LTM EBITDA) SUPPLIER TRADING MULTIPLES Year 12.5x 10.5x NA Autos EUR Autos ASIA Autos Heavy Duty 11.7x NA Autos 7.7x 1.0x EUR Autos 7.2x 1.2x ASIA Autos 6.7x 0.6x 8.5x 6.5x 7.7x 7.2x 6.7x Heavy Duty 11.7x 2.4x *Multiples use LTM EBITDA *Source: Capital IQ 4.5x Oct 2016 Feb 2017 Jun 2017 Oct 2017 U.S. S.A.A.R. (in millions) Historical Gas Prices ($ per gallon) Total Light Vehicles 18.5 $4.00 $ $ Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 $1.00 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16

2 The Motor Weekly Index The Motor Weekly Index Summary 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 The Motor Weekly Index Indexed as of January Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 S&P 500 MW Index Manufacturers Index (M-Index) Last Six Months Suppliers Index (S-Index) Last Six Months Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 S&P 500 Vehicle Manufacturers (Global) S&P 500 Suppliers (Global) 2 Source: Capital IQ

3 Recent News October 19 (Auto News) Google parent company Alphabet Inc. s investment arm, CapitalG, led a $1 billion investment in Lyft Inc. that values the ride-sharing startup at $11 billion, the ride-sharing startup said. The funding marks a major shift in Alphabet s allegiances away from Uber Technologies Inc., and suggests a tighter pairing of its Waymo autonomous vehicle technology with Lyft s transportation network. David Lawee, a partner at CapitalG, will join Lyft s board. The cash infusion helps Lyft compete with Uber, which has been reeling from a series of scandals and executive turnover in Bloomberg previously reported Alphabet was considering a $1 billion investment. The internet giant was a major Uber backer, but the companies have clashed in court over autonomous vehicle technology this year. General Motors invested $500 million into Lyft in early Lyft has gained market share in the U.S., the only country where it operates, as Uber suffered from self-inflicted wounds, including a protest over the company s ties to the Trump administration. Lyft seized the moment, donating to the American Civil Liberties Union and issuing a string of progressive political statements. Lyft has flirted with expanding abroad. The new money may go into a global expansion or doubling down on the U.S. Earlier this month, Lyft completed its 500 millionth ride and the service is now available to 95 percent of the U.S. population, up from 54 percent at the beginning of the year, the company said on Thursday. The funding is bad news for Uber, which is trying to finalize a major investment from SoftBank Group Corp. Even if the SoftBank deal goes through as expected, a well-financed Lyft is a blow for new Uber CEO Dara Khosrowshahi. GV, another Alphabet investment arm focused on venture capital, co-led a more than $250 million investment in Uber in David Drummond, Alphabet s chief legal officer, took a board seat. But the relationship fractured as Uber started working on self-driving cars in competition with Waymo. Alphabet sued Uber for stealing its autonomous vehicle trade secrets in a highly publicized case set to go to court in December. There s a long history of technology companies investing in the next generation of upstarts. SoftBank invested in Alibaba. Microsoft Corp. invested in Facebook Inc. Those startups turned into the dominant players in their industries and countries. Ride-hailing supremacy in the U.S. is still up for grabs, with Alphabet placing its latest bet on Lyft, while SoftBank backs Uber. Uber mulled acquiring Lyft back in Uber executives scoffed privately that Lyft was only worth $2 billion in But this year, Lyft has closed the valuation and market-share gap. Both companies are betting the ride-hailing market will continue to expand dramatically and move beyond the largest cities by weaving itself into the transportation fabric of America s heartland. Lyft has also flirted with international expansion, while Uber already operates in more than 70 countries October 19 (PRNewswire) Genuine Parts Company announced today acquisitions for both its Industrial Group, Motion Industries, and its U.S. Automotive Parts Group. Motion Industries has entered into a definitive agreement to acquire Apache Hose & Belting Company, Inc. (Apache), with an effective close date of November 1, Apache, founded in 1963 and based in Cedar Rapids, Iowa, offers over 50 years of experience in the industrial hose and belting business, specializing in value-added fabrication of belts, hoses and cut and molded products used in a wide array of industries and applications. Apache operates from seven locations in the United States and serves more than 2,500 customers throughout North America and Europe. The Company expects Apache to generate estimated annual revenues of $100 million. In addition, the Company has entered into a definitive agreement to acquire Monroe Motor Products (Monroe), with an effective close date of November 1, Monroe, founded in 1917 and based in Rochester, New York, is a leading regional automotive parts distributor with 17 stores and a large hub location. The addition of Monroe will consolidate into our U.S. Automotive operations and is expected to generate approximate annual revenues of $25 million 3

4 North American Equity Performance Last 12 Months Change (90.0%) (60.0%) (30.0%) 0.0% 30.0% 60.0% 90.0% 60.0% Weighted Group Average Vehicle Manufacturers Suppliers Aftermarket SRI 40.0% HZN AXL STRT NEXTEER CPRT LEA BWA GNTX MG ALV MRE LKQ TEN ST LNR SNA GPC CPS DLPH F MPAA UNS TSLA SMP GT TOWR DORM THRM GM SHLO MOD 1 FCA VC 20.0% 0.0% Last 3 Months Change SUP (20.0%) (40.0%) (60.0%) 4 Source: Capital IQ Companies not within ranges still considered in weighted group averages (1) FCA LTM change is 165.0%

5 North American OEM Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 10/20/2017 High Cap Value Margin EBITDA P/E LTM 2017 Performance Vehicle Manufacturers Tesla, Inc. TSLA $ % $ 57,593 $ 65, % 13.0x NM NM NM General Motors Company GM % 66,211 55, % 4.1x 7.9x 2.6x 2.7x Ford Motor Company F % 48,058 35, % 1.6x 12.7x 2.6x 3.9x Fiat Chrysler Automobiles N.V. FCA % 25,779 33, % 1.8x 8.0x 2.8x 2.1x (2.9%) (0.6%) (5.8%) 0.4% Mean 9.3% 5.1x 9.6x 2.7x 2.9x High Multiple Suppliers Delphi Automotive PLC DLPH $ % $ 25,744 $ 29, % 1.3x 20.5x 9.7x 9.9x BorgWarner Inc. BWA % 11,017 12, % 1.4x 58.2x 8.4x 8.4x Autoliv, Inc. ALV % 10,688 11, % 1.2x 19.4x 9.0x 8.9x Adient plc ADNT % 7,974 10, % 2.3x NM 10.8x 7.3x Gentex Corporation GNTX % 5,534 4, % 0.0x 15.4x 7.8x 7.4x Visteon Corporation VC % 3,862 3, % 1.2x 29.9x 11.1x 10.0x Gentherm Incorporated THRM % 1,341 1, % 1.0x 16.7x 8.5x 8.1x Stoneridge, Inc. SRI % % 1.7x 8.2x 9.2x 8.4x (0.7%) (2.4%) (3.3%) (0.0%) (1.6%) 2.1% 1.6% 0.7% Mean 16.2% 1.3x 24.1x 9.3x 8.5x Mid Multiple Suppliers Magna International Inc. MG $ % $ 20,204 $ 23, % 0.9x 10.0x 5.9x 5.7x Goodyear Tire & Rubber Co. GT % 8,545 13, % 2.6x 7.4x 5.9x 6.3x Lear Corporation LEA % 11,815 12, % 1.0x 11.6x 6.4x 6.1x American Axle & Mfg. AXL % 2,081 5, % 5.1x 6.4x 7.1x 5.4x Dana Incorporated DAN % 4,235 5, % 2.7x 6.2x 8.0x 7.1x Nexteer Automotive Group % 4,952 5, % 1.0x 15.2x 9.3x 7.7x Tenneco Inc. TEN % 3,460 4, % 2.5x 12.5x 7.6x 5.4x Cooper-Standard Holdings Inc. CPS % 1,971 2, % 1.7x 14.0x 5.5x 5.3x Modine Manufacturing Company MOD % 1,060 1, % 3.7x 46.0x 10.9x 8.6x Martinrea International Inc. MRE % 848 1, % 1.9x 7.3x 4.9x 4.3x Superior Industries SUP % 421 1, % 9.7x 63.5x 17.2x 9.5x Tower International, Inc. TOWR % % 2.3x 8.1x 5.1x 4.6x Shiloh Industries, Inc. SHLO % % 2.5x 33.3x 5.6x 5.2x STRATTEC Security Corp. STRT % % 1.2x 22.4x 8.1x NM (0.9%) (6.7%) (3.4%) (1.3%) (0.3%) (1.2%) 1.2% 2.8% 0.2% 6.3% 3.2% 4.1% 2.2% 0.7% 5.3% Mean 11.0% 2.7x 18.2x 7.6x 6.2x Mean 12.3% 2.6x 18.8x 7.5x 6.6x Avg. Median 10.8% 1.7x 12.7x 7.7x 6.3x 0.03% 5 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD Valuations for GM & Ford exclude financial divisions

6 North American Aftermarket ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 10/20/2017 High Cap Value Margin EBITDA P/E LTM 2017 Performance Retailers & Distributors AutoZone, Inc. AZO $ % $ 16,423 $ 21, % 2.1x 13.4x 8.9x 8.8x O'Reilly Automotive, Inc. ORLY % 18,123 20, % 1.3x 18.0x 10.8x 10.5x Genuine Parts Company GPC % 13,014 13, % 1.0x 19.8x 11.2x 10.9x Snap-on Incorporated SNA % 9,128 10, % 1.2x 16.5x 11.0x 10.1x Advance Auto Parts, Inc. AAP % 6,410 7, % 1.1x 17.3x 6.1x 8.1x Uni-Select Inc. UNS % 965 1, % 1.9x 17.8x 10.8x 9.2x U.S. Auto Parts Network, Inc. PRTS % % 1.2x 3.7x 7.1x 6.6x (7.5%) (8.5%) (1.5%) (1.8%) 1.5% 0.8% 5.3% Mean 14.0% 1.4x 15.2x 9.4x 9.2x Aftermarket Suppliers Goodyear Tire & Rubber Co. GT $ % $ 8,545 $ 13, % 2.6x 7.4x 5.5x 5.5x Axalta Coating Systems Ltd. AXTA % 7,127 10, % 4.6x NM 11.8x 11.1x Dorman Products, Inc. DORM % 2,437 2, % 0.0x 21.8x 12.6x 11.3x Cooper Tire & Rubber Company CTB % 1,965 2, % 0.7x 10.4x 4.1x 4.5x Standard Motor Products, Inc. SMP % 1,077 1, % 0.5x 17.6x 9.4x 9.1x Horizon Global Corporation HZN % % 4.8x NM 11.7x 8.6x Motorcar Parts of America, Inc. MPAA % % 0.4x 15.4x 6.9x 5.9x (0.6%) 2.8% 3.7% 3.0% 2.7% 0.8% 0.8% Mean 16.4% 1.9x 14.5x 8.8x 8.0x Collision LKQ Corporation LKQ $ % $ 11,533 $ 14, % 2.9x 23.4x 13.5x 12.9x KAR Auction Services, Inc. KAR % 6,571 9, % 5.0x 29.4x 13.3x 12.0x Copart, Inc. CPRT % 8,419 8, % 1.2x 22.0x 17.8x 16.0x Boyd Group Income Fund BYD % 1,402 1, % 1.2x 78.2x 15.9x 13.5x 0.2% 0.7% 0.4% 0.1% Dealerships Mean 20.2% 2.5x 38.2x 15.1x 13.6x CarMax Inc. KMX $ % $ 13,700 $ 26, % 9.5x 20.7x 21.5x 20.5x AutoNation, Inc. AN % 4,570 10, % 7.1x 11.3x 10.9x 11.0x Penske Automotive Group, Inc. PAG % 3,917 9, % 8.2x 10.9x 14.5x 13.3x Lithia Motors, Inc. LAD % 2,904 5, % 5.7x 14.0x 13.4x 12.3x Group 1 Automotive, Inc. GPI % 1,400 4, % 7.1x 10.7x 11.3x 10.8x Sonic Automotive, Inc. SAH % 851 3, % 8.2x 13.1x 11.7x 11.1x Asbury Automotive Group, Inc. ABG % 1,164 2, % 5.6x 7.3x 9.6x 9.3x AutoCanada Inc. ACQ % 519 1, % 8.8x 70.2x 18.0x 16.1x (0.4%) (4.7%) (3.0%) (5.1%) 3.4% 0.7% 1.2% 0.2% Mean 4.4% 7.5x 19.8x 13.9x 13.1x Mean 12.6% 3.6x 20.4x 11.5x 10.7x Avg. Median 9.6% 2.4x 16.9x 11.3x 10.9x (0.18%) 6 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

7 European OEM Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 10/20/2017 High Cap Value Margin EBITDA P/E LTM 2017 Performance Vehicle Manufacturers Volkswagen Aktiengesellschaft VOW $ % $ 85,687 $ 238, % 5.6x 9.0x 9.6x 7.4x Daimler AG DAI % 86, , % 6.6x 7.6x 11.2x 9.7x BMW AG BMW % 66, , % 7.2x 7.7x 11.2x 10.4x Renault SA RNO % 28,710 69, % 8.7x 5.5x 12.5x 10.6x Fiat Chrysler Automobiles N.V. FCA % 25,779 33, % 1.8x 8.0x 3.0x 2.4x Peugeot S.A. UG % 21,327 15, % 1.5x 10.8x 2.8x 2.5x (2.3%) (1.7%) (1.8%) (5.8%) (0.8%) 0.2% Mean 11.1% 5.2x 8.1x 8.4x 7.2x Suppliers Continental AG CON $ % $ 50,359 $ 54, % 0.9x 16.6x 7.7x 6.6x Michelin SCA ML % 25,638 27, % 0.8x 13.0x 6.2x 5.4x Valeo SA FR % 17,034 18, % 1.7x 15.0x 8.3x 6.3x Autoliv, Inc. ALV % 10,688 11, % 1.2x 19.4x 9.0x 9.0x Faurecia S.A. EO % 9,547 10, % 1.3x 11.9x 6.1x 4.8x GKN plc GKN % 6,874 7, % 1.1x 10.6x 5.6x 5.2x Plastic Omnium SA POM % 6,193 7, % 2.2x 15.0x 8.2x 6.4x Brembo S.p.A. BRE % 5,591 5, % 1.2x 19.6x 11.8x 10.2x LEONI AG LEO % 2,200 2, % 2.0x 29.2x 7.4x 6.2x ElringKlinger AG ZIL % 1,116 1, % 2.8x 11.9x 6.9x 6.2x Sogefi S.p.A. SO % 649 1, % 2.4x 29.3x 5.8x 4.8x Grammer AG GMM % % 2.0x 13.2x 5.0x 4.3x Kongsberg Automotive ASA KOA % % 3.3x NM 9.5x 9.7x Polytec Holding AG PYT % % 1.8x 10.5x 6.6x 6.3x (1.2%) (1.5%) (4.4%) (2.4%) (2.4%) (5.4%) (2.2%) (3.4%) (4.7%) (4.1%) 0.4% 2.5% 0.6% 1.8% Mean 11.5% 1.8x 17.1x 7.4x 6.5x Mean 11.4% 2.8x 13.9x 7.7x 6.7x Avg. Median 11.2% 1.9x 11.9x 7.6x 6.3x (1.67%) 7 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

8 Asian OEM Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 10/20/2017 High Cap Value Margin EBITDA P/E LTM 2017 Performance Vehicle Manufacturers Toyota Motor Corporation 7203 $ % $ 179,936 $ 306, % 5.5x 11.1x 9.7x 11.0x Nissan Motor Co., Ltd % 37,187 99, % 7.1x 6.4x 10.0x 9.4x Honda Motor Co., Ltd % 54,441 97, % 5.1x 9.4x 8.2x 8.0x Hyundai Motor Company A % 27,717 72, % 10.3x 10.9x 11.8x 9.4x BYD Company Limited % 27,667 35, % 3.8x 41.6x 16.4x 15.1x Geely Automobile Holdings Limited % 30,219 27, % 0.2x 27.4x 21.9x 14.4x Suzuki Motor Corporation % 23,048 22, % 1.5x 13.8x 5.4x 4.9x Mahindra & Mahindra Limited % 11,467 18, % 4.6x 20.2x 11.3x 21.2x Yamaha Motor Co., Ltd % 10,125 12, % 2.2x 12.4x 8.3x 7.6x Isuzu Motors Limited % 10,968 11, % 1.2x 11.9x 6.3x 6.4x Kia Motors Corporation A % 11,810 10, % 2.3x 6.3x 3.4x 4.3x Dongfeng Motor Group Co % 11,948 10, % 6.2x 5.9x NM NM Mazda Motor Corporation % 8,862 8, % 2.5x 8.7x 5.1x 4.4x Mitsubishi Motors Co % 11,764 7, % 0.5x NM 13.2x 6.4x Faw Car Co., Ltd % 3,275 3, % 0.9x NM 16.7x 13.4x (1.9%) (5.2%) (0.2%) (2.5%) (3.4%) (2.4%) (3.1%) (1.7%) (1.0%) (2.8%) (3.4%) 0.1% 3.5% 2.6% 3.5% Mean 9.0% 3.6x 14.3x 10.5x 9.7x Suppliers DENSO Corporation 6902 $ % $ 39,440 $ 36, % 0.7x 15.5x 6.9x 6.8x Bridgestone Corporation A % 36,821 35, % 0.7x 15.6x 6.4x 6.1x Aisin Seiki Co., Ltd % 14,866 19, % 1.1x 14.7x 5.2x 4.8x Hyundai Mobis Co.,Ltd % 20,722 16, % 1.0x 9.0x 5.7x 5.7x Asahi Glass Co., Ltd % 8,693 13, % 2.6x 17.0x 6.9x 6.4x Koito Manufacturing Co., Ltd % 10,662 9, % 0.3x 19.6x 8.1x 8.0x NSK Ltd % 7,241 8, % 2.4x 16.1x 8.4x 7.5x JTEKT Corporation % 5,014 6, % 1.7x 11.0x 5.5x 5.4x Stanley Electric Co., Ltd % 5,949 5, % 0.2x 21.9x 7.9x 7.4x NTN Corporation % 2,342 4, % 4.6x NM 7.4x 6.8x Toyota Boshoku Corporation % 4,009 3, % 0.8x 9.6x 3.8x 3.9x Toyoda Gosei Co., Ltd % 3,234 3, % 1.0x 21.0x 4.7x 4.4x NHK Spring Co., Ltd % 2,668 2, % 0.7x 11.4x 4.3x 4.4x Sanden Holdings Corporation % 529 1, % 10.6x NM 13.6x NM TS TECH Co., Ltd % 2,358 1, % 0.0x 11.7x 3.7x 3.7x Tokai Rika Co., Ltd % 1,889 1, % 0.2x NM 3.5x 3.4x Akebono Brake Industry Co., Ltd % 426 1, % 6.1x 12.1x 8.0x 7.8x Clarion Co., Ltd % 1,113 1, % 1.4x 16.2x 6.0x 6.1x SGA Group Co % 1,104 1, % 9.4x 18.8x NM NM Halla Holdings Corp. A % 616 1, % 4.6x 7.6x 8.5x 9.2x F-Tech Inc % % 3.3x 8.1x 5.5x NM Alpine Electronics, Inc % 1, % 0.0x 17.3x 8.2x 7.1x SHOWA Corporation % % 0.8x NM 7.9x 3.6x Futaba Corporation TSE: % % 0.0x NM 17.9x 11.4x China Automotive Systems, Inc. CAAS % % 1.6x 6.3x 4.2x 3.6x (0.1%) (0.2%) (0.2%) (0.4%) (1.4%) (3.5%) (3.8%) (0.9%) (5.7%) (0.3%) (1.7%) (1.4%) (1.9%) 2.4% 0.4% 1.3% 0.4% 3.1% 1.4% 1.2% 1.1% 1.1% 0.5% 7.5% 1.3% Mean 10.4% 2.2x 14.0x 7.0x 6.1x Mean 9.8% 2.8x 14.1x 8.4x 7.5x Median 10.1% 1.6x 12.0x 7.9x 6.4x Avg. (0.41%) 8 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

9 Commercial Vehicle Market ($ in millions, except price per share) Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 10/20/2017 High Cap Value Margin EBITDA P/E LTM 2017 Performance Commercial Vehicle Manufacturers Daimler AG DAI $ % $ 86,179 $ 206, % 6.6x 7.6x 11.6x 10.0x AB Volvo (publ) VOLV-B % 41,289 53, % 3.4x 16.1x 17.6x 13.0x PACCAR Inc PCAR % 26,325 31, % 3.7x 20.1x 13.1x 17.1x MAN SE MAN % 16,342 18, % 4.1x NM 25.0x 15.7x Isuzu Motors Limited % 10,968 11, % 1.2x 11.9x 6.3x 5.5x Navistar International Corporation NAV % 4,269 8, % 19.6x NM NM 14.7x (0.6%) 0.2% 1.9% 5.8% 3.1% 2.6% Mean 9.3% 6.4x 13.9x 14.7x 12.7x Off-Highway, Specialty Vehicles and Trailers Caterpillar Inc. CAT $ % $ 77,630 $ 105, % 6.4x NM 18.2x 15.4x Deere & Company DE % 41,495 73, % 8.7x 21.4x 18.5x 17.1x Oshkosh Corporation OSK % 6,520 6, % 1.4x 25.9x 11.6x 10.7x Thor Industries, Inc. THO % 6,947 6, % 0.2x 18.6x 11.5x 10.3x Winnebago Industries, Inc. WGO % 1,508 1, % 2.0x 20.6x 15.1x 11.9x Wabash National Corporation WNC % 1,343 1, % 1.2x 14.7x 7.0x 7.4x Blue Bird Corporation BLBD % % 2.6x 24.5x 11.3x 9.2x Spartan Motors, Inc. SPAR % % 1.4x NM NM 19.0x 0.5% 1.0% 0.1% 2.3% 9.8% 1.8% 2.9% 4.9% Mean 9.7% 3.0x 20.9x 13.3x 12.6x Commercial Vehicle and Off-Highway Suppliers Eaton Corporation plc ETN $ % $ 35,108 $ 42, % 2.7x 18.1x 13.3x 12.5x Cummins Inc. CMI % 29,579 30, % 0.8x 20.0x 12.9x 10.4x Ingersoll-Rand Plc IR % 23,720 26, % 2.0x 23.2x 13.4x 12.6x WABCO Holdings Inc. WBC % 8,297 8, % 2.4x 28.0x 17.7x 15.8x Allison Transmission Holdings, Inc ALSN % 5,882 8, % 3.4x 22.4x 11.6x 10.5x Dana Incorporated DAN % 4,235 5, % 2.7x 6.2x 8.0x 7.1x Meritor, Inc. MTOR % 2,345 3, % 3.9x 4.3x 12.3x 9.0x LCI Industries LCII % 3,075 3, % 0.2x 22.3x 11.9x 11.3x Modine Manufacturing Company MOD % 1,060 1, % 3.7x 46.0x 10.9x 8.6x Douglas Dynamics, Inc. PLOW % 945 1, % 3.7x 33.2x 14.5x 13.6x Saf-Holland S.A. DB:SFQ % 877 1, % 3.9x 21.2x 8.1x 8.3x Stoneridge, Inc. SRI % % 1.7x 8.2x 8.4x 7.6x Haldex AB (publ) HLDX % % 0.8x NM 11.4x 13.0x Commercial Vehicle Group, Inc. CVGI % % 3.9x NM 8.7x 7.8x (1.4%) (1.6%) 0.5% 2.6% 2.4% 3.2% 3.6% 5.7% 3.2% 2.7% 2.3% 2.2% 4.5% 0.7% 9.3% Mean 13.9% 2.6x 21.5x 11.9x 10.8x Mean 11.8% 3.5x 20.1x 12.8x 11.7x Avg. Median 11.3% 2.7x 20.6x 11.9x 11.3x 2.29% 9 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD

10 Publisher Justin E. Mirro Founder Kensington Capital Partners LLC The Motor Weekly is interested to share the views and perspectives from its readership Please contact us at to inquire about having your company s message delivered to over 10,000 accounts each month Scan here to download the most recent newsletter