Automobile companies analysis and valuation

AUTOMOBILE INDUSTRY

SameerShashank G

[Course Title]

[Teacher’s Name]

By

Sameer Shashank G 2012A4PS275P

Varun Jampala 2012A4PS142P

Adithya S Bhat 2012B3A1533P

Vivek Bhargav 2012ABPS586P

Group 12

1

CONTENTS

Introduction ........................................................................................................................ 3

Market definition ................................................................................................................ 3

Five Force analysis of automobile industry ........................................................................ 4

Rivalry among existing firms ......................................................................................... 4

Threat of new entrants .................................................................................................... 4

Threat of substitute ......................................................................................................... 5

Bargaining power of buyers............................................................................................ 5

Bargaining power of suppliers ........................................................................................ 5

Strategy analysis of selected companies ............................................................................. 7

Bayerische motoren worke (BMW) ................................................................................ 7

Introduction ................................................................................................................ 7

Strategy number one ................................................................................................... 7

Analysis of strategic choice ........................................................................................ 8

General Motors (GM) ..................................................................................................... 9

Introduction ................................................................................................................ 9

Strategy 2013 .............................................................................................................. 9

Strategy analysis ......................................................................................................... 9

TATA motors ............................................................................................................... 10

introduction............................................................................................................... 10

strategy ..................................................................................................................... 10

Strategy analysis ....................................................................................................... 10

Corporate level strategy .................................................................................................... 11

TATA Group ................................................................................................................ 11

growth strategy ......................................................................................................... 11

Internal transactions .................................................................................................. 11

Divestment strategy .................................................................................................. 12

2

Financial analysis of selected companies ......................................................................... 13

General Motors (GM) ................................................................................................... 13

Financial Data ........................................................................................................... 13

Cash flow analysis .................................................................................................... 15

Bayerische motoren worke (BMW) .............................................................................. 16

Financial Data ........................................................................................................... 16

Cash Flow Analysis .................................................................................................. 18

TATA Motors ............................................................................................................... 19

Financial Data ........................................................................................................... 19

Cash Flow Analysis .................................................................................................. 21

3

INTRODUCTION

The firms and businesses that produce and sell self-powered vehicles including

passenger cars, trucks, farm equipment and other commercial vehicles are called

automobile industry. We could mark that the automobile industry has been

globalized and accelerated during the last half of 1990's because there were several

constructions of facilities and of course several mergers between giant multinational

automakers were joint during that period. Due to the auto industry, it followed the

development of road systems, a fact that led the growth of suburbs, shopping center

around major cities, and the growth of other industries like ancillary such as the oil

and travel businesses.

MARKET DEFINITION

In this assignment, we are focusing on the passenger car segment of the automobile

industry. It is further segmented based on either style or cost such as sedans, SUVs,

sports cars being different styles and luxury and premium vehicles based on cost.

Europe is the largest producer of automobiles in the world. Competitive and leading worldwide

manufacturers are many-General Motors, Ford Toyota Volkswagen, Chrysler, Peugeot, Honda

Mazda, Hyundai and many others, while the most competitive are Ford, General Motors,

Chrysler, Toyota and Porsche. Meaningful geographic submarkets exist in which companies

compete each other. For example, prior to liberalization Tata Motors and Maruti Motors had

bulk of the market share in India.

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FIVE FORCE ANALYSIS OF AUTOMOBILE INDUSTRY

RIVALRY AMONG EXISTING FIRMS

Industry growth- The automobile industry has been growing very rapidly. The

auto industry is a leading driver of global economic growth, says the

International Organization of Motor Vehicle Manufacturers, and it has expanded

over 30% in the ten-year period ending 2005.

Concentration and Balance of Competitors- The auto industry is very

concentrated with the top 8 global auto companies having more than 90% of

global revenues and the top 50 global auto parts companies having 80% of global

revenues (the top 4 US tire producers have 75% of the US market). Globalization

has also led to an increase in concentration resulting in the industry becoming

top-heavy.

Degree of differentiation- In each segment, there are many competing firms.

For example, Audi and BMW both compete in the premium luxury cars segment.

Scale of economy- High fixed costs for regular manufacturing, so the industries

have to be large scale.

Exit barriers- The assets involved in manufacturing are highly specific to the

auto industry so the exit barriers are high since firms cannot convert their assets.

THREAT OF NEW ENTRANTS

Economies of scale- New entrants have to invest heavily in terms of both

capital and other resources to furbish the complex final product. Large number

of factors such as safety, design, comfort and numerous electronic functions

have to be taken care of. Also, for optimal functioning large number of units

have to be manufactured leading to the requirement of higher capital investment.

In fact, General Motors over the previous ten years has had R&D costs annually

over $400 million.

First mover advantage- Car firms are benefited from lower marketing cost

greater brand value, reduce consumer sensitivity to price and improve financial

results compare with a new firm who don't have any reputation into the auto

industry and tries to survive. For example, Toyota Honda and Mercedes vehicles

successfully gained a significant market share of the global automobile industry,

simply because of the efforts put in to make their brands customer friendly,

economically viable and safe.

Access to distribution channels and relationships- Auto manufacturers have

long tried to protect their exclusive sales organization through contractual

arrangements, pricing strategies, and technical features. Existing auto firms are

benefited from exerting close control over the sales and distribution channels in

order to be able to execute their marketing strategies, including price policy.

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THREAT OF SUBSTITUTE

There are numerous amounts of substitutes in the automotive market and if the price

of one vehicle increases the demand for a substitute will increase

Fuel type and efficiency – The increasing price of gasoline causes the substitution of less

fuel efficient automobiles such as Hummer by fuel efficient cars. This is exemplified by

the decline in sales of SUVs by Ford and General Motors, and the increase in interest for

hybrid vehicles such as the Toyota Prius.

Pollution- The threat of alternative automobiles is mostly being seen in the development

of hybrid-electric vehicles. Since their entrance into the market, this type of vehicle has

given way to new innovation and alternative forms of driving transportation. The need for

this type of automobile was due to the overwhelming outcry over pollution from natural

gas/diesel emissions. As a result, hybrid technology helps automakers meet stricter

environmental standards in Europe and in North America

Other substitutes to the automobile industry include bus, metro, motorcycle, and train.

In Europe and the US, the increase in gasoline prices has increased the use of these other

forms of transportation. As the relative costs of automobiles increases, they are

substituted more easily with other forms of transportation.

BARGAINING POWER OF BUYERS

Majority of automobiles are sold directly to franchised dealerships. However, the end

customers who control demand are private consumers and leasers (for use in governments,

large companies, etc.).

Price sensitivity- Private consumers are highly sensitive to prices, because a car

costs a significant amount to them. They can employ many strategies to cope

with it such as buying pre-owned cars, looking for alternative brands, buying

earlier models at steep discounts, etc. For example, in 1992 the federal government

in U.S., in order to revive auto industry offered a 15 percent income tax credit to new

car buyers, so buyers had the power to control their sales.

Relative bargaining power- The consumer is separated from the manufacturer

by the franchised dealers over whom the auto manufacturers exhibit control.

Hence, the relative bargaining power of the consumer is low since they cannot

easily influence prices.

BARGAINING POWER OF SUPPLIERS

There are different kinds of suppliers in auto industry. There are suppliers for braking system,

classics and frame, cooling system, electrical system and engine, exhaust and fuel supply

system. However, the most important suppliers are steel suppliers and the biggest suppliers

come from China where labor and production cost is very low. Auto firms buy much less these

days (purchase volume is lower relative to other customers of suppliers), and they can make car

components by their own. This results to cut jobs (workforce reduction) and decline profit for

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suppliers as car sales plummeted worldwide. There's no credible threat from supplier to a

product toward a maker. Most makers have many interchangeable suppliers and the ability to

tool up quickly for in-house production

Force Threat level

Rivalry among existent firms Medium

Entry Very Low

Threat of substitutes High

Buyer power Medium

Supplier power Very Low

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STRATEGY ANALYSIS OF SELECTED COMPANIES

BAYERISCHE MOTOREN WORKE (BMW)

INTRODUCTION

The Bayerische Motoren Worke (BMW) group was established in 1916 as an aero-engine

manufacturing company. It later diversified into automobiles and motorcycles. After a

financial crisis in the 1950s, it was restructured and became the premium car

manufacturer it now is.

BMW group primarily manufactures under its 3 brands- BMW, MINI and Rolls-Royce.

Revenues in 2013 totaled € 68,821 million, 13.8 % higher than in the previous year.

Earnings were also strong, with profit before financial result (EBIT) up by 56.9 % to €

8,018 million and profit before tax up by 52.1% to € 7,383 million. It has 24 production

facilities in 13 countries and a global sales network spanning 140 countries.

STRATEGY NUMBER ONE

In 2007, BMW implemented a fundamental strategic realignment called Strategy

Number One. This was viewed with a target oriented approach and long term focus. The

strategy is described by this diagram.

Growth- Customer service=growth driver

Shaping the future- Concept cars, etc

Access to technologies and customers- Developing and maintaining

collaborations and networks in industry.

Profitability-Consistently achieve profitability and increase value over time.

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ANALYSIS OF STRATEGIC CHOICE

Cost Leadership-

BMW has never been focused on a cost leadership strategy due to its history of being a

premium provider of products and services, which is reflected on its 3 premium brands-

BMW, Mini and Rolls-Royce. This is further reflected in the high market price of it’s

vehicles. BMW spends approximately €3 billion on labor and R&D.

Differentiation-

BMW has a business strategy that focuses on creating and sustaining competitive

advantages through innovation, technology and customer focus. BMW has accomplished

to build a brand name in the premium segment through this strategy. BMW has

accomplished this through implementation of programs like Efficient Dynamics,

Individual Mobility, etc. Hence BMW follows a differentiation strategy primarily.

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GENERAL MOTORS (GM)

INTRODUCTION

General Motors (GM) is one of the big three auto makers of the world. They have built

some of the most famous and classic vehicles on the road which have portrayed messages

of both modesty and display of class for a market of consumers who range from working

class to music superstar; as Alfred P. Sloan, CEO of the 1920s put it, GM makes “a car

for every purse and purpose.”

After 2007 however, when GM lost 38 billion dollars, GM has taken a hit after the

economic crisis. As financial institutions implemented tighter control, GM struggled to

maintain its complicated value chain and larger portfolio of brands. GM was faced with

mass downsizing to more efficiently designate funds to help bring the company up from

what was a major failure. In 2009, it went public and became partly owned by Treasury.

However, with the completion of financial year 2013, GM has been going strong again

under new leadership with most financial institutions restoring their status and allowing

more investors.

STRATEGY 2013

Since the restructuring of 2009, GM has been consistently selling its assets, creating

sustainable value chains, downsizing, retiring brands, etc. to pay back the pre-

restructuring creditors and regain financial credibility.

Simultaneously, GM is also transforming to a customer focused approach. Primarily,

addressing safety concerns of the customer as well as transforming product design,

quality and customer care.

STRATEGY ANALYSIS

Cost Leadership- Ever since 2010, after going public, GM has had a cost

leadership focused approach under which the company withdrew

Differentiation- After reviewing the flaws of their prior strategies, GM decided

to withdraw auxiliary brands and focus on core brands because the earlier “stop-

start” product development caused inefficiency, resulted in poor product and

also did not allow the company to fully realize the potential of emerging trends

like hybrids and fuel-efficient cars. Also, customer relations caused losses to

competing Hence, the company now follows a moderate differentiation route as

it attempts to build the brand values of core, high potential brands.

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TATA MOTORS

INTRODUCTION

Tata Motors Limited is India’s largest automobile company, with consolidated revenues

of INR 2,32,834 crores (USD 38.9 billion) in 2013-14. It is the leader in commercial

vehicles in each segment.Established in 1945, Tata Motors’ presence cuts across the

length and breadth of India. Over 8 million Tata vehicles ply on Indian roads, since the

first rolled out in 1954. The company’s manufacturing base in India is spread across

Jamshedpur (Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar

(Uttarakhand), Sanand (Gujarat) and Dharwad (Karnataka). Following a strategic alliance

with Fiat in 2005, it has set up an industrial joint venture with Fiat Group Automobiles at

Ranjangaon (Maharashtra) to produce both Fiat and Tata cars and Fiat powertrains. The

company’s dealership, sales, services and spare parts network comprises over 6,600 touch

points, across the world.

Through subsidiaries and associate companies, Tata Motors has operations in the UK,

South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover,

acquired in 2008. In 2004, it acquired the Daewoo Commercial Vehicles Company,

South Korea’s second largest truck maker.

STRATEGY

As a part of the company's new internationalization strategy, the company has decided to

focus on a narrow base of 14-15 countries where market conditions are similar to that of

India. In these countries, Tata Motors now has dedicated manufacturing facilities,

marketing teams and sales teams. The idea is to have self sustained operations in this

narrow band of countries. The company evaluates locations on the basis of market

opportunities and labour skills.

In the framework pertaining to international expansion strategies, Tata Motors can be

identified as an Extender, and is focusing on expanding into markets similar to those of

the home base, using competencies developed at home.

Tata Motors follows Value Innovation, which is a simultaneous pursuit of cost leadership

as well as differentiation strategy.

STRATEGY ANALYSIS

Cost Leadership- Tata Motors aims to create sustainable, efficient value chains.

This strategy actually also contributes partly to its goal of differentiation. It

introduces new product designs to further enhance the savings in manufacturing.

For example, High performance rail steel that saved around £150,000 over five

years for Tata EU.

Differentiation – Tata motors relies heavily on product differentiation. For

example, they ventured into SUV and MUV markets as well as Tata Nano. Tata

spends around Rs.12,500 on R&D alone.

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CORPORATE LEVEL STRATEGY

TATA GROUP

Founded by in 1868 Jamsetji Tata, tte Tata group is a global enterprise headquartered in

India. Itcomprises over 100 operating companies, with operations in more than 100

countries across six continents. It exports products and services to over 150 countries.

The revenue of Tata companies, taken together, was $103.27 billion (around Rs624,757

crore) in 2013-14, with 67.2 percent of this coming from businesses outside India. Tata

companies employ over 581,470 people worldwide.

Each Tata enterprise operates independently and has its own board of directors and

shareholders. There are 32 publicly-listed Tata enterprises and they have a combined

market capitalisation of about $133.56 billion. Tata companies with significant scale

include Tata Steel, Tata Motors, Tata Consultancy Services , Tata Power, Tata Chemicals,

Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian

Hotels.

GROWTH STRATEGY

Tata group has been following a diversification strategy by pursuing specific and new

product areas and entry into new distribution channels. Tata group intends to enter new

potential businesses both abroad and in India to increase value. Tata’s growth is primarily

inorganic.

Strategic Alliances- Tata entered into a strategic alliance with DOCOMO, a

Japanese telecom major.

Acquisitions/ Horizontal Integration- Since 2011, Tata group has acquired

various companies including Corus (taken over by Steel), BT Mosaic

communication (Telecom),etc.

Joint Ventures- Tata and Fiat have been a JV since 2006. Also, Tata Motors

have a JV with Tata Africa Holdings.

Value Innovation- A balanced approach between cost leadership and

differentiation strategies.

Developing core businesses- Tata has been investing in the core businesses of

Steel, Motors, Chemical and Power.

INTERNAL TRANSACTIONS

When Ratan Tata took over as chairman, the Tata Group seemed on its way to

disintegration, with powerful CEOs running some of the Group companies like their

personal fiefdoms and challenging the core structure of the group. Over a period of four

years, Ratan Tata managed to replace most of these CEOs and to bring in fresh talent to

replace the senior executives in the Group companies.

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Hence, Internal transactions cost lesser now leading to chances for developing value.

DIVESTMENT STRATEGY

Recently, Tata Group has been exiting marginal businesses by selling off businesses

such as Cosmetics, Paints, Oil, Soaps, Pharma and Cement. This results in overall

increment of value.

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FINANCIAL ANALYSIS OF SELECTED COMPANIES

GENERAL MOTORS (GM)

FINANCIAL DATA

Consider the financial data collected for GM for the last financial year.

All figures are in USD Millions

Column 2012-2013

Revenue USD Mil 155,427

Gross Margin % 11.6

Operating Income USD Mil 5,131

Operating Margin % 3.3

Net Income USD Mil 5,346

Earnings Per Share USD 2.38

Dividends USD —

Payout Ratio % —

Shares Mil 1,676

Book Value Per Share USD 26.33

Operating Cash Flow USD Mil 12,630

Cap Spending USD Mil -7,565

Free Cash Flow USD Mil 5,065

Free Cash Flow Per Share USD 3.02

Working Capital USD Mil 19,089

ASSETS

Current Assets

Cash And Cash Equivalents 21,268

Short Term Investments 8,972

Net Receivables 33,162

Inventory 14,039

Other Current Assets 4,060

Total Current Assets 81,501

Long Term Investments 22,448

Property Plant and Equipment 29,250

Goodwill 1,560

Intangible Assets 5,668

Accumulated Amortization -

Other Assets 3,181

Deferred Long Term Asset

Charges

22,736

Total Assets 166,344

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LIABILITIES

Current Liabilities

Accounts Payable 48,254

Short/Current Long Term Debt 564

Other Current Liabilities 13,594

Total Current Liabilities 62,412

Long Term Debt 6,573

Other Liabilities 54,185

Deferred Long Term Liability

Charges

-

Minority Interest 567

Negative Goodwill -

Total Liabilities 123,737

STOCKHOLDER'S EQUITY

Misc Stocks Options Warrants -

Redeemable Preferred Stock -

Preferred Stock 3,109

Common Stock 15

Retained Earnings 13,816

Treasury Stock -

Capital Surplus 28,780

Other Stockholder Equity -3,113

Total Stockholder Equity 42,607

Net Tangible Assets 35,379

After calculations from the above data, the following ratios have been arrived at using the

formulae.

1. Return On Equity- ROE= 11.54%

2. Return On Assets- ROA= 2.39%

3. Return On Sales/ Net Profit Margin- ROS=2.43%

4. Asset Turnover: 0.98

5. EBITDA Margin: 4.80%

6. Current Ratio: 1.305

7. Quick Ratio: 1.015

8. Cash Ratio: 0.34

9. Dividend Payout Ratio: 58.2%

10. Sustainable Growth Rate: 4.84%

11. Operating Cash Flow Ratio: 0.13

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12. Liabilities-to-equity ratio: 2.99

13. Debt to Equity Ratio: 0.167

14. Debt to capital Ratio: 0.143

CASH FLOW ANALYSIS

Following is the table detailing cash flow for GM in the year 2013

All figures are in USD thousands

Operating Activities, Cash Flows Provided By or Used In

Depreciation 7,587,000

Adjustments To Net Income -5,252,000

Changes In Accounts Receivables -

Changes In Liabilities -

Changes In Inventories -

Changes In Other Operating Activities -3,456,000

Total Cash Flow From Operating Activities 8,166,000

Investing Activities, Cash Flows Provided By or Used In

Capital Expenditures -6,249,000

Investments -12,704,000

Other Cash flows from Investing Activities 6,213,000

Total Cash Flows From Investing Activities -12,740,000

Financing Activities, Cash Flows Provided By or Used In

Dividends Paid -916,000

Sale Purchase of Stock -

Net Borrowings 697,000

Other Cash Flows from Financing Activities -139,000

Total Cash Flows From Financing Activities -358,000

Effect Of Exchange Rate Changes -253,000

Change In Cash and Cash Equivalents -5,185,000

16

BAYERISCHE MOTOREN WORKE (BMW)

FINANCIAL DATA

Following is the financial data for BMW for the financial year 2012-13

All figures in EUR Millions

Column 2012-13

Revenue EUR Mil 76,058

Gross Margin % 20.1

Operating Income EUR Mil 7,515


Net Income EUR Mil 5,314

Earnings Per Share EUR 2.7

Dividends EUR 0.58

Payout Ratio % 21.5

Shares Mil 1,808

Book Value Per Share USD 27.23

Operating Cash Flow EUR Mil 3,614

Cap Spending EUR Mil -6,759

Free Cash Flow EUR Mil -3,145

Free Cash Flow Per Share USD -2.4

Working Capital EUR Mil 2,131

All figures in EUR thousands

ASSETS

Current Assets

Cash And Cash Equivalents 6,205,000

Short Term Investments 3,262,000

Net Receivables 3,464,000

Inventory 7,766,000

Other Current Assets 2,957,000

Total Current Assets 43,151,000

Long Term Investments 2,256,000

Property Plant and Equipment -

Goodwill 111,000

Intangible Assets -


Other Assets -

Deferred Long Term Asset Charges 1,393,000

Total Assets 110,164,000

17

LIABILITIES

Current Liabilities

Accounts Payable 3,918,000

Short/Current Long Term Debt 60,343,000

Other Current Liabilities 7,312,000

Total Current Liabilities 40,134,000

Long Term Debt 34,609,000

Other Liabilities -

Deferred Long Term Liability Charges 4,625,000

Minority Interest -

Negative Goodwill -

Total Liabilities 86,234,000




Preferred Stock -

Common Stock 2,594,000

Retained Earnings 22,492,000

Treasury Stock -1,182,000

Capital Surplus 158,000

Other Stockholder Equity -

Total Stockholder Equity 24,059,000

Net Tangible Assets -

After calculations from the above data, the following ratios have been arrived at using

the formulae.








8. Cash Ratio: 0.154

9. Dividend Payout Ratio: 21.5 %



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CASH FLOW ANALYSIS

All figures in EUR thousands


Depreciation 2,422,000

Adjustments To Net Income -

Changes In Accounts Receivables -427,000

Changes In Liabilities -

Changes In Inventories -

1,170,000

Changes In Other Operating Activities 572,000

Total Cash Flow From Operating Activities 4,319,000


Capital Expenditures -

3,263,000

Investments -

Other Cash flows from Investing Activities -

Total Cash Flows From Investing Activities -

5,190,000

Financing Activities, Cash Flows Provided By or Used In

Dividends Paid -

Sale Purchase of Stock -

Net Borrowings -

Other Cash Flows from Financing Activities -

1,982,000

Total Cash Flows From Financing Activities 510,000

Effect Of Exchange Rate Changes 22,000

Change In Cash and Cash Equivalents -335,000

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TATA MOTORS

FINANCIAL DATA

All figures in INR Million

Column 2014

Revenue INR Mil 2,350,900

Gross Margin % 38.3

Operating Income INR Mil 74,000


Net Income INR Mil 131,200

Earnings Per Share INR 400.08

Dividends INR 9

Payout Ratio % 4.3

Shares Mil 643

Book Value Per Share INR 977.4

Operating Cash Flow INR Mil 372,900

Cap Spending INR Mil -259,800

Free Cash Flow INR Mil 113,100

Free Cash Flow Per Share INR 175.8

Working Capital INR Mil 43,300

All figures in INR million

ASSETS

Current Assets

Cash And Cash Equivalents 114,096

Short Term Investments 12,077

Net Receivables 135,710

Inventory 140,705

Other Current Assets 14,241

Total Current Assets 420,888

Long Term Investments 13,366

Property Plant and Equipment -

Goodwill 35,848

Intangible Assets -


Other Assets -

Deferred Long Term Asset Charges 6,323

Total Assets 1,010,142

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LIABILITIES

Current Liabilities

Accounts Payable 279,031

Short/Current Long Term Debt 336,784

Other Current Liabilities 74,169

Total Current Liabilities 551,256

Long Term Debt 172,436

Other Liabilities -

Deferred Long Term Liability Charges 51,482

Minority Interest -

Negative Goodwill -

Total Liabilities 815,961




Preferred Stock -

Common Stock 119,853

Retained Earnings 114,470

Treasury Stock -42,608

Capital Surplus 124

Other Stockholder Equity -

Total Stockholder Equity 191,839

Net Tangible Assets -

After calculations from the above data, the following ratios have been arrived at using

the formulae.








8. Cash Ratio: 0.206

9. Dividend Payout Ratio: 4.3 %




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CASH FLOW ANALYSIS

All figures in INR million


Depreciation 66,450

Adjustments To Net Income 75,366

Changes In Accounts Receivables -54,138

Changes In Liabilities 88,512

Changes In Inventories -34,824

Changes In Other Operating Activities -16,242

Total Cash Flow From Operating Activities 260,352


Capital Expenditures -78,894

Investments -63,828

Other Cash flows from Investing Activities -98,520

Total Cash Flows From Investing Activities -241,242

Financing Activities, Cash Flows Provided By or Used

In

Dividends Paid -17,544

Sale Purchase of Stock -1,956

Net Borrowings 99,714

Other Cash Flows from Financing Activities -42,876

Total Cash Flows From Financing Activities 32,592

Effect Of Exchange Rate Changes 13,446

Change In Cash and Cash Equivalents 51,702

Automobile companies analysis and valuation

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