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  • 1

    AUTOMOTIVE AFTERMARKET

    Weekly Automotive Aftermarket Intelligence Report August 24, 2015

    Automotive Aftermarket Stock Performance*

    O'Reilly

    Advance Auto

    AutoZone

    Copart

    Dorman

    Pep Boys

    Boyd

    AutoNation

    Sonic

    Cooper Tire

    MPA

    U.S. Auto PartsRush

    Federal-Mogul

    Remy

    CarMax

    Lithia

    Goodyear

    Genuine Parts

    Tenneco LKQ

    Solera

    Snap-on

    KAR

    Standard Motor

    Penske

    Uni-Select

    Asbury

    Group 1

    Monro

    LEADING SLIPPING

    IMPROVING LAGGING

    (5%)(10%) 5%0%

    10%

    15%

    20%

    5%

    0%

    (5%)

    (10%)

    (15%)

    La st

    M on

    th ’s

    R et

    ur n

    Last Week’s Return

    Percent Change

    1 Week 1 Month LTM

    Suppliers (6.5%) (1.6%) 12.1%

    (5.7%) 1.4% 32.4%

    (5.7%) (8.2%) 10.8%

    (4.5%) (0.8%) 5.1%

    (6.2%) (0.2%) 20.1%

    (5.8%) (7.0%) 5.0%

    Retailers & Distributors Independent Service Providers & Dealers Collision

    BB&T Automotive Aftermarket Index

    S&P 500 1 Weighted by market capitalization

    Segment Index 1

    S&P 500 Last Week’s Return

    (5.8%)

    S&P 500 Last Month’s Return

    (7.0%)

    *Size of the bubble represents relative market capitalization Source: CapitalIQ

  • 2

    Automotive Aftermarket Stock Performance

    Most Recent Quarter Sales Growth (Year-Over-Year)

    Source: Capital IQ

    (10%)

    (20%)

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    1.3%

    36.3%

    4.8%

    (10.4%) (15.4%)

    (10.2%)

    (1.2%) (5.0%)

    (0.6%)

    (14.7%)

    (4.1%)

    3.7% 0.0%

    12.4%

    0.8% 6.5%

    10.2%

    0.6%

    8.7% 12.4%

    9.1% 7.1% 8.6%

    63.4%

    37.4%

    3.0%

    12.5%12.2%

    0.6%

    12.4% 7.1%7.5%

    Suppliers Retailers & Distributors CollisionIndependent Service Providers & Dealers

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    dy ea

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    ub be

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    Fe de

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    Aug-15Jul-15Jun-15May-15Apr-15Mar-15Feb-15Jan-15Dec-14Nov-14Oct-14Sep-14

    (20%)

    (10%)

    0%

    10%

    20%

    30%

    40%

    Suppliers

    Independent Service Providers & Dealers

    BB&T Automotive Aftermarket Index

    Retailers & Distributors

    Collision

    S&P 500 Index

    Source: Capital IQ

  • 3

    SUPPLIERS

    INDEPENDENT SERVICE PROVIDERS & DEALERS

    RETAILERS & DISTRIBUTORS

    COLLISION

    TOTAL AUTOMOTIVE AFTERMARKET

    5-Year Average

    0.0x

    2.0x

    4.0x

    6.0x

    8.0x

    10.0x

    CurrentOne Month AgoOne Year Ago

    8.4x 8.4x 8.5x

    9.5x

    5-Year Average

    0.0x

    2.0x

    4.0x

    6.0x

    8.0x

    10.0x

    12.0x

    14.0x

    CurrentOne Month AgoOne Year Ago

    13.0x 12.7x 11.9x

    13.1x

    0.0x

    2.0x

    4.0x

    6.0x

    8.0x

    10.0x

    12.0x

    14.0x

    CurrentOne Month AgoOne Year Ago

    11.2x

    12.7x 12.0x

    10.1x

    5-Year Average

    5-Year Average

    0.0x

    2.0x

    4.0x

    6.0x

    8.0x

    10.0x

    12.0x

    14.0x

    16.0x

    CurrentOne Month AgoOne Year Ago

    14.6x

    12.6x 12.4x

    12.4x

    0.0x

    2.0x

    4.0x

    6.0x

    8.0x

    10.0x

    12.0x

    14.0x

    CurrentOne Month AgoOne Year Ago

    10.9x 11.8x 11.5x 11.2x

    5-Year Average

    1 Enterprise Value = Market Capitalization + Debt – Cash; EBITDA = Earnings Before Interest, Taxes, Depreciation, and Amortization 2 Pep Boys is included in both Retailers & Distributors and Independent Service Providers & Dealers 3 KAR is included in both Retailers & Distributors and Collision Source: Capital IQ

    Enterprise Value / Last 12 Months’ EBITDA Multiples1,2,3

  • 4

    Stock 52 Week Market Price / P / E Forward PEG TEV / Revenue TEV / EBITDA Ticker Price High / Low Cap TEV TBV LTM CY 2015 CY 2016 CY 2015 CY 2016 LTM CY 2015 CY 2016 LTM CY 2015 CY 2016

    SUPPLIERS Cooper Tire & Rubber Co. CTB $36.30 $43.94 / $27.24 $2,067 $2,014 2.8x 9.9x 11.6x 11.0x NA NA 0.6x 0.7x 0.7x 3.9x 4.7x 4.6x

    Dorman Products, Inc. DORM $48.97 $53.69 / $37.22 1,770 1,703 3.7x 20.2x 18.4x 16.1x 1.0x 0.9x 2.2x 2.1x 1.9x 11.2x 10.4x 9.2x

    Federal-Mogul Corp. FDML $9.05 $18.09 / $8.79 1,515 4,298 NM 17.4x 10.5x 9.1x NA NA 0.6x 0.6x 0.5x 7.0x 6.8x 5.9x

    Goodyear Tire & Rubber Co. GT $28.99 $32.95 / $18.87 7,888 13,148 2.4x 12.3x 9.4x 8.0x NA NA 0.8x 0.8x 0.8x 5.6x 5.2x 5.0x

    Motorcar Parts of America, Inc. MPAA $29.65 $36.62 / $22.12 543 564 2.9x NM 17.2x 13.9x 0.7x 0.6x 1.7x 1.8x 1.5x NM 8.6x 6.9x

    Remy International, Inc. REMY $29.25 $29.73 / $16.31 931 1,178 NM 37.1x 17.9x 15.2x 1.3x 1.1x 1.0x 1.0x 1.0x 9.1x 9.8x 8.2x

    Snap-on, Inc. SNA $157.68 $170.70 / $111.28 9,361 10,177 7.1x 22.7x 19.6x 17.4x 1.8x 1.6x 2.8x 3.0x 2.8x 12.8x 12.7x 11.5x

    Standard Motor Products, Inc. SMP $34.67 $43.72 / $30.30 781 822 2.6x 16.1x 14.8x 12.5x 1.2x 1.0x 0.8x 0.8x 0.8x 7.3x 8.2x NA

    Tenneco, Inc. TEN $45.98 $65.33 / $45.98 2,852 3,903 6.2x 12.3x 10.0x 8.6x 0.9x 0.8x 0.5x 0.5x 0.4x 5.3x 5.0x 4.5x

    MEAN $3,079 $4,201 4.0X 18.5X 14.4X 12.4X 1.2X 1.0X 1.2X 1.3X 1.2X 7.8X 7.9X 7.0X

    MEDIAN $1,770 $2,014 2.9X 16.8X 14.8X 12.5X 1.1X 0.9X 0.8X 0.8X 0.8X 7.1X 8.2X 6.4X

    RETAILERS & DISTRIBUTORS Advance Auto Parts, Inc. AAP $174.76 $192.27 / $128.20 $12,992 $14,331 22.3x 22.1x 21.1x 17.9x 1.5x 1.3x 1.4x 1.5x 1.4x 11.2x 11.0x 9.6x

    AutoZone, Inc. AZO $696.01 $754.90 / $491.93 21,639 26,005 NM 20.6x 19.4x 17.2x 1.4x 1.2x 2.6x 2.6x 2.4x 11.9x 11.7x 11.0x

    Genuine Parts Company GPC $81.11 $109.00 / $81.11 12,648 13,286 6.8x 17.7x 17.4x 15.9x 1.9x 1.7x 0.9x 0.9x 0.8x 10.4x 10.1x 9.5x

    KAR Auction Services, Inc. KAR $36.51 $39.87 / $25.91 5,251 7,887 NM 24.6x 21.0x 18.2x 1.6x 1.4x 3.2x 3.1x 2.9x 12.7x 12.0x 11.1x

    O'Reilly Automotive, Inc. ORLY $234.84 $258.15 / $146.22 23,675 24,812 19.5x 28.8x 26.4x 23.2x 1.5x 1.4x 3.3x 3.2x 3.0x 15.4x 14.7x 13.4x

    Pep Boys - Manny, Moe & Jack PBY $10.59 $12.62 / $8.00 585 878 1.2x NM NM NM NM NM 0.4x 0.4x 0.4x 11.1x 8.8x NA

    U.S. Auto Parts Network, Inc. PRTS $2.05 $3.34 / $1.50 75 89 4.3x NM NM NM NM NM 0.3x 0.3x 0.3x 23.2x 11.6x 8.8x

    Uni-Select, Inc.1 UNS $42.75 $45.80 / $20.63 936 965 4.0x 21.0x 17.4x 17.8x 5.8x 5.9x 0.6x 0.7x 0.9x 11.0x 10.4x 10.5x

    MEAN $9,725 $11,031 9.7X 22.5X 20.4X 18.4X 2.3X 2.1X 1.6X 1.6X 1.5X 13.4X 11.3X 10.5X

    MEDIAN $8,950 $10,586 5.5X 21.6X 20.2X 17.8X 1.5X 1.4X 1.2X 1.2X 1.1X 11.5X 11.3X 10.5X

    INDEPENDENT SERVICE PROVIDERS & DEALERS Asbury Automotive Group, Inc. ABG $77.76 $96.58 / $60.63 $2,102 $3,720 8.9x 15.3x 13.8x 12.4x 0.8x 0.8x 0.6x 0.6x 0.5x 11.7x 11.3x 10.5x

    AutoNation, Inc. AN $58.01 $67.50 /