AUTOMOTIVE TECHNOLOGIES - · PDF file3 MARKET WATCH | AUTOMOTIVE TECHNOLOGIES 0.9x 0.8x 3.5x...
Transcript of AUTOMOTIVE TECHNOLOGIES - · PDF file3 MARKET WATCH | AUTOMOTIVE TECHNOLOGIES 0.9x 0.8x 3.5x...
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
AUTOMOTIVE TECHNOLOGIES
March 2017
MARKET WATCH
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
MARKET OVERVIEW
ELECTRIC VEHICLES
1.2 million sold worldwide
in 2016
–––––––––––––––––––
20 million in 20201
AUTONOMOUS CARS
12 million fully autonomous, and
18 million partly autonomous
vehicles sold annually
by 20352
CAR SHARING
Global car sharing
users to reach
23.4 million by 2024, creating a
$6.5 billion market3
Dear reader,
The automotive industry is changing at a pace not seen in decades,
driven by three seismic transformations:
1. Electrification. Uptake of hybrid and all-electric powertrains is
picking up pace and reaching critical mass. The resulting
ecosystem effects are driving major roll-outs of new car models,
charging infrastructure and payment systems.
2. Autonomous driving. The early introduction of assisted driving in
top-end cars is filtering down to the mainstream. Initial
scepticism over the timeline to fully autonomous driving has been
countered by audacious early launches of self-driving cars and
taxis. There are more accidents and learning experiences to
come, but at the same time, driving will steadily become safer,
simpler and more passive. For businesses and consumers, this
heralds lower costs and higher productivity in transit.
3. Transport as a service. While cars are a status symbol and an
expression of character for the older generation, younger
(especially urban) consumers want their journeys to be easy and
automatic, without the drag of maintenance, insurance, parking
and garage space that come with ownership. Soon we will take
our rides when and where we want them, and we’ll leave the car
and forget it when we arrive.
The increased presence of auto-makers at the Consumer Electronics
Show this year shows how the car is becoming a smart, digital and
connected device.
All these changes create a fertile environment for the industry. New
entrants can put stakes in the ground, incumbents can capitalise on
their dominance and embrace change, and company founders can
benefit from unprecedented investment and exit opportunities.
JAY MARATHE
Managing Director | Bryan, Garnier & Co
Sources: (1) IEA, (2) BCG (3) Navigant
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
0.9x 0.8x
3.5x 3.3x
Automotive OEMs(excl. Tesla)
Tier-1 Suppliers Auto. Module andComponentSuppliers*
Automotive 2.0
EV/Last Year Revenues
KEY SECTOR NEWS
Mar-17 Porsche bets on digital services to counterbalance car-sharing
Mar-17 Tesla Looking to Raise More Cash to Help with Model 3 Production
Mar-17 BMW detailed its 2021 autonomous vehicle
Jan-17 Nissan to begin autonomous driving tests in London
Jan-17 Honda unveiled its first electric vehicle autonomous concept car
Jan-17 Valeo unveiled a range of 5 major innovations destined for autonomous and connected vehicles
Jan-17 Faraday Future unveils its first electric vehicle
Dec-16 General Motors to start autonomous vehicle manufacturing and testing in Michigan
Dec-16 BMW is creating an autonomous vehicle test center in Munich
Dec-16 China plans to adopt a national standard in vehicle-to-vehicle communication, fostering autonomous vehicle development
Dec-16 BlackBerry opens an autonomous vehicle research facility
Dec-16 PSA launches a car-sharing service in Madrid with a fleet of 500 electric vehicles
Dec-16 Uber removes its autonomous cars from San Francisco due to regulatory issues
Dec-16 Ford will raise $2.8bn debt to fund new technologies including self-driving cars, electric vehicle and mobility efforts
Dec-16 Google creates Waymo, its new unit dedicated to self-driving cars
Dec-16 Michigan State enacts first law for full autonomous testing and sales
Dec-16 Apple formalizes its self-driving car project in a letter to National Highway Traffic Safety Administration
Dec-16 BMW to launch its own autonomous ride-hailing scheme
Nov-16 Nissan plans to offer a connection device solution to existing customers in Japan and India starting next year
Nov-16 Porsche targets 20,000 in annual sales for its all-electric 'Mission E' model
Nov-16 NuTonomy to test autonomous vehicles in Boston
Nov-16 Jaguar unveils its first new electric SUV model
PLASTIC OMNIUM (NEUTRAL,
FAIR VALUE EUR 36.5)
Impressive 2016 sales and EBIT
growth - Positive 2017 outlook
SECTOR REPORT (20 PAGES):
CAR PARTS MANUFACTURERS
Automotive industry under
Consumer Electronic Show’s
spotlight
SECTOR REPORT (13 PAGES):
CAR PARTS MANUFACTURERS
2017-21 Bryan Garnier estimates
adjustments for the global
automotive market
TRADING PEER VALUATIONS SUMMARY
BRYAN GARNIER EQUITY RESEARCH
8.0x 9.0x
20.5x
11.7x
Automotive OEMs(excl. Tesla)
Tier-1 Suppliers Auto. Moduleand Component
Suppliers
Automotive 2.0
EV/Last Year EBIT
For more information about our reseach contact:
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
TRADING PEER VALUATIONS
Source : Thomson Reuters
EV/LAST YEAR REVENUE MULTIPLE EV/LAST YEAR EBIT MULTIPLE
1.3x
0.4x
0.3x
0.4x
0.3x
6.4x
0.4x
0.5x
0.2x
0.2x
4.3x
1.8x
1.0x
1.4x
0.9x
0.5x
1.0x
0.3x
0.7x
0.4x
1.0x
6.3x
4.5x
2.9x
3.1x
1.7x
n.m.
2.4x
5.0x
2.1x
2.6x
5.0x
4.8x
2.8x
1.0x
6.5x
0.3x
Toyota
Daimler
General Motors
BMW
Ford
Tesla
Nissan
Renault
Fiat Chrysler
Peugeot
Ferrari
Geely Automobile
Continental
Delphi Automotive
Valeo
Magna International
Autoliv
Faurecia
Hella
Schaeffler
Bertrandt
NVIDIA
NXP Semiconductors
Infineon Technologies
Renesas Electronics
STMicroelectronics
Mobileye
ON Semiconductor
Intersil
TomTom
Apple
Microsoft
Amazon
Samsung Electronics
Baidu
LG Electronics
10.2x
4.4x
4.0x
3.7x
6.1x
n.m.
6.1x
7.7x
3.7x
3.4x
22.2x
16.6x
9.7x
11.0x
11.7x
6.4x
11.3x
6.2x
10.4x
3.2x
10.6x
22.6x
17.1x
21.0x
20.0x
n.m.
n.m.
20.2x
22.0x
n.m.
9.3x
15.3x
15.8x
n.m.
6.9x
n.m.
11.3x
AU
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TIV
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AU
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TIV
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AN
D C
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NEN
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SU
PPLIE
RS
TIE
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SU
PPLIE
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AU
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E 2
.0
*
*Mobileye has been acquired by Intel on March 13th
Pre-acquisition valuation: EV/Last year Revenue multiple: 18.1x; EV/Last year EBIT multiple: 33.8x
Post-acquisition valuation: EV/Last year Revenue multiple: 23.3x; EV/Last year EBIT multiple: 44.8x
*
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
STOCK PERFORMANCE: AUTOMOTIVE TECHNOLOGIES
Source : Bloomberg
3-YEAR PERFORMANCE 3-MONTH PERFORMANCE
AU
TO
MO
TIV
E O
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SA
UT
OM
OT
IVE M
OD
ULE A
ND
CO
MPO
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UPPLIE
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SU
PPLIE
RS
AU
TO
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TIV
E 2
.0
SXXP Index: large, mid and small cap companies across 18 European countries
Bryan Garnier selected sub-sector peers indices
80.090.0
100.0110.0120.0130.0140.0150.0160.0170.0180.0190.0200.0
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
SXXP Index Automotive 2.0
80.090.0
100.0110.0120.0130.0140.0150.0160.0170.0180.0190.0200.0
Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17
SXXP Index Automotive 2.0
80
90
100
110
120
130
140
Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17
SXXP Index Automotive OEMs Index
100
105
110
115
120
125
130
Nov-16 Dec-16 Jan-17 Feb-17
SXXP Index Automotive OEMs Index
80
100
120
140
160
Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17
SXXP Index Tier-1 Supplier Index
100
105
110
115
120
125
130
Nov-16 Dec-16 Jan-17 Feb-17
SXXP Index Tier-1 Supplier Index
80
120
160
200
240
280
Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17
SXXP Index
Automotive Module & Component Supplier Index
100
105
110
115
120
125
130
Nov-16 Dec-16 Jan-17 Feb-17
SXXP Index
Automotive Module & Component Supplier Index
80
100
120
140
160
180
200
Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17
SXXP Index Automotive 2.0
100
105
110
115
120
125
130
Nov-16 Dec-16 Jan-17 Feb-17
SXXP Index Automotive 2.0
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
FUNDRAISING ACTIVITY
(US$ in Millions)
DATE TARGET CTY COMPANY DESCRIPTION INVESTORSAMOUNT
RAISED
02/17 Argo AI US Artificial Intelligence for autonomous vehicle Ford $1,000 (1)
01/17 EasyMile FR Electric driverless shuttles Alstom $15
01/17 CloudCar US World-leading developer of connected driver experiences Jaguar Land Rover $15
01/17 99 BR On-demand taxi and ride sharing company Didi $100
12/16 Mojio CA Cloud-based platform for connected cars Amazon; Deutsche Telekom; BDC Capital; Relay Ventures; BC Tech $15
10/16 Navya FR Driverless vehicle tech company Group8; Keolis; Valeo $34
09/16 Karamba Security IL Security systems for connected cars Fontinalis Partners; GlenRock; YL Ventures $3
08/16 Quanergy Systems US Solid state LIDAR sensors and smart sensing solutions Sensata Technologies; Samsung; Delphi; Motus Ventures; GP Capital $90
08/16 Velodyne LIDAR US Developer, manufacturer and supplier of LIDAR Ford; Baidu $150
08/16 Innoviz Tech. IL High definition solid state LIDAR sensors Vertex; Magma Venture; Delek Investments; Amiti Ventures $9
07/16 Civil Maps US Geospatial technology through AI-based mapping solutions Motus Ventures; Ford; StartX; Wicklow Capital; Yahoo Co-founder $7
07/16 FiveAI GB AI-based autonomous vehicle software Amadeus Capital; Notion Capital; Spring Partners $3
05/16 Zubie US Connected-car enabling device and mobile app NGP; Magna; Innoventure; Comporium $8
05/16 Zoox US Self-driving taxi and control system AID Partners $200
05/16 nuTonomy US Software for autonomous/self-driving passenger vehicles Highland; Fontinalis; Signal Ventures $16
04/16 Automatic Labs US Mobile phone based driver assist devices and apps Comcast Ventures; USAA; CDK Global $24
04/16 Auro Robotics US Autonomous campus shuttle service Motus Ventures; Rothenberg Ventures $2
03/16 Nauto US Connected camera network and AI-driven smart cloud BMW; Draper Nexus; Playground; Allianz; Toyota; Index Ventures $12
03/16 TravelerCar FR Online car-sharing platform MAIF $6
03/16 Comma.ai US Open Source self-driving car kit developer Andreessen Horowitz $3
03/16 Almotive HU AI-based software for self-driving cars Inventure; Robert Bosch; Draper Associates; Innoventure $6
03/16 Drive.ai US Software enabling control of cars by small computers Oriza Ventures; Northern Light $12
02/16 Zendrive US Traffic data tracking application for mobile phones Sherpa Ventures; Nyca; Thomvest Ventures $14
02/16 5D Robotics US Secure positioning and navigation technology Undisclosed investors $6
01/16 Lyft US Ridesharing service GM; Alibaba; Didi; Rakuten; Janus Capital; Prince Al Waleed $1,000
12/15 Xevo (UIEvolution) US Cloud-based software solutions Mirai Creation $10
10/15 2GIS RU Cloud based application that provides mapping services Baring Vostok; Ru-Net $40
09/15 VuLog FR Software for electric vehicle fleet management BPI; ETF; Opus $9
07/15 Almotive HU AI-based software for self-driving cars Robert Bosch; Day One Capital; Nvidia; Draper Associates $2
07/15 RideCell US Fleet automation software solutions BMW; Khosla Ventures $12
04/15 Telogis US Cloud-based fleet management location software platform Undisclosed investors $40
03/15 GreenRoad Tech. US Driver behavior and fleet performance management solutions Israel GP; Virgin Green; Amadeus; DAG Ventures; Benchmark $26
03/15 Mojio CA Platform for deployment of secure connected car services Deutsche Telekom Capital; BDC Capital; Relay Ventures $8
03/15 Vizzuality US Mapping and geospatial visualization app Accel Partners; Earlybird; Salesforce Ventures; Kibo ventures $23
01/15 Cohda Wireless AU Safe vehicle and connected vehicle design solutions NXP Semiconductors -
12/14 Quanergy Systems US Solid state LIDAR sensors & smart sensing solutions Rising Tide; Wicklow; Motus Ventures; Wardenclyffe (Tesla founders) $30
10/14 Telogis US Cloud-based fleet management location software platform General Motors -
03/14 INRIX US Real-time and predictive traffic information Porsche Family $55
Note (1):Commitment to invest €1bn over the next five years
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
NOTABLE RECENT M&A TRANSACTIONS(1)
COMPLETION TARGET CTY TARGET DESCRIPTION ACQUIRERENTERPRISE
VALUE ($m)
Mar-17 gestigon DE 3D image processing software for the vehicle cabin Valeo -
Mar-17 Mobileye IS Computer vision, machine learning, data analysis, localization and mapping Intel $14 700
Feb-17 PVI FR Electric and natural gas conversion Renault -
Jan-17 Autonomos DEResearch & Development services for automated vehicle assistance systems. 3D
mapping algorithmTomTom
-
Dec-16 Surround.io US Machine learning infrastructure UIEvolution -
Nov-16 CloudMade UA Developer of smart and innovative big data-driven automotive solutions Valeo -
Oct-16 NXP Semiconductors US Automotive computer chip developer Qualcomm $47 000
Oct-16 Innoluce NLFabless semiconductor with strong expertise in micro electro-mechanical systems
(MEMS)Infineon Technologie -
Sep-16 Abalta Technologies US Automotive software including infotainment, mobile, and mapping software Zenrin $13
Aug-16 Otto US Self-driving freight trucks technology developer Uber Technologies $601
Aug-16 SAIPS IL Computer vision and machine learning technologies Ford -
Aug-16Ibeo Automotive
SystemsDE Manufacturer of LIDAR Technology environmental recognition software ZF Friedrichshafen -
Aug-16 Fleetmatics US GPS fleet tracking solutions Verizon $2 400
May-16 PureDepth US 3D display technology Delphi Automotive $15
Mar-16 Cruise Automation US Autonomous vehicle technology General Motors $1 000
Feb-16 SigmaSpace US High-quality 3D maps Hexagon -
Jan-16Sidecar
TechnologiesUS Ride, carpooling and delivery apps General Motors -
Dec-15 Peiker acustic DE On-board telematics and mobile connectivity solutions for the auto industry Valeo -
Oct-15 Control-Tec US Telematics and cloud based analytics solutions for the transportation industry Delphi Automotive $104
Sep-15 ParkMe US Real-time parking data and services Inrix -
Jul-15 Ottomatika US Automated vehicle software Delphi Automotive $27
Jul-15 HERE NL Digital mapping and location-based services BMW; AUDI; Daimler $3 043
Jul-15M/A-COM
AutomotiveUS
Navigation technologies, radio frequency and antenna products for the auto
industryAutoliv ASP $100
May-15Elektrobit
AutomotiveDE Embedded software solutions and services for the automotive industry Continental $685
May-15Hi-Res 3D Flash
LIDARUS Sensor technology business of Advanced Scientific Concepts Inc. (ASC) Continental -
Apr-15 Optech CA Laser-based surveying, mapping, and imaging instruments Teledyne DALSA $45
Apr-15Location Navigation
PtyAU Navigation and digital mapping solutions TomTom -
Mar-15 DeCarta US Location and map service software Uber -
Sep-14 Unwired Technology US Media connectivity modules Delphi Automotive $210
Sep-14Antaya
TechnologiesUS Glass automotive connection solutions Delphi Automotive $157
Jan-14 skobbler DE Location-aware applications and map technology for mobile devices TeleNav $24
Note (1): Please contact the Bryan Garnier team directly for any detail regarding valuation and transaction size of private company deals
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
KEY INDUSTRY PARTNERSHIPS & R&D INVESTMENTS
Mar-17 Nvidia and Bosch team up on self-driving car AI supercomputer
Feb-17 Renault-Nissan Alliance & Transdev to jointly develop driverless vehicle fleet system
Feb-17 BMW and Mobileye signed an agreement to generate new kind of sensor data
Jan-17 Panasonic to extend its partnership with Tesla into ADAS
Jan-17 Mercedes-Benz and Nvidia make a partnership to produce cars empowered by Artificial Intelligence
Jan-17 Nissan partners with Japanese internet firm DeNA to develop self-driving car
Jan-17 Partnership between Audi and Nvidia to develop self-driving cars by 2020
Jan-17 Ford and Toyota established SmartDeviceLink consortium to accelerate the implementation of standards for in-vehicle apps
Jan-17 Autoliv and Volvo Cars to set up JV to develop software for autonomous driving and driver assistance systems
Dec-16 Magna partners with Innoviz on Lidar for autonomous driving systems
Dec-16 BMW teams with IBM's Watson on driver-assist technology
Dec-16 Honda and Waymo discuss collaborating on self-driving technology
Dec-16 Volkswagen created its division for digital mobility services with a budget in the hundreds of millions of euros
Nov-16 BMW, Daimler, Ford and Volkswagen to build an European EV charging network
Nov-16 Intel teams up with Mobileye & Delphi for autonomous driving
Nov-16 Daimler is planning to invest €10bn in developing electric vehicles
Nov-16 BMW and Baidu to end self-driving car partnership
Nov-16 Jaguar Land Rover focuses on EV while setting aside self-driving vehicle
Nov-16 Toyota to create new team for EV development
Nov-16 Intel will invest more than $250m over the next 2 years to develop technology for autonomous vehicles
Oct-16 Renault, Nissan and Mitsubishi to share EV platform
Aug-16 Volvo and Uber join forces and commit $300m to develop autonomous driving cars
Jul-16 BMW, Intel and Mobileye team up to work on autonomous driving
Jul-16 Mobileye ends partnership with Tesla
May-16 Fiat and Google partner on self-driving minivans and ride-sharing
Mar-16 Toyota and Microsoft tie partnership to develop new vehicle connectivity and telematics services
Mar-16 Hyundai ramps up investments in AI and sets up a new business unit to develop 'hyperconnected' and self-driving cars
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
YOUR TEAM FOR AUTOMOTIVE TECHNOLOGIES
INVESTMENT BANKING DIVISION
EQUITY RESEARCH
FALK MÜLLER-VEERSE
Managing Partner
+49 89 24 22 62 66
OLIVIER BEAUDOUIN
Partner, Head of Technology
+33 1 56 68 75 35
JAY MARATHE
Managing Director
+49 89 24 22 62 71
CLÉMENT DECANTE
MARC-ANTOINE SERFATY
PRIYANSHU BHATTACHARYA
XAVIER CAROEN
Senior Equity Analyst
+33 1 56 68 75 18
JMP BRYAN GARNIER EQUITY RESEARCH COVERAGE
BRYAN, GARNIER & CO SELECTED CREDENTIALS
In November 2016 Bryan, Garnier & Co formed a partnership with JMP Securities LLC (NYSE:JMP) to
create JMP Bryan Garnier, a full-service transatlantic investment banking alliance for technology and
healthcare companies.
Series B financing
Sole advisor
June 2015
€10 000 000
Series D financing
€20 000 000
December 2016
Initial Public Offering
Bookrunner
March 2014
€32 000 000
Paris
€22 000 000
Series C financing
September 2016
Series B financing
Sole advisor
June 2015
€10 000 000
Series D financing
€20 000 000
December 2016
Initial Public Offering
Bookrunner
March 2014
€32 000 000
Paris
December 2016
Private Placement
€100 000 000
o/w
Sole advisor
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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
APPENDIX: REFERENCE GROUP PERFORMANCE
Source : Thomson Reuters - Trading Multiples as of 17-1-2017 (US$ in Billion)
Valuation Operating Metrics Growth Margin EV Multiple
Comparable Companies CountryMarket
Cap.EV
2016
Revenue
2017
Revenue
2016
EBITDA
2017
EBITDA
2016
EBIT
2017
EBIT
2017
Revenue
2016
EBITDA
2016
EBIT
2016
Revenue
2017
Revenue
2016
EBITDA
2017
EBITDA
2016
EBIT
2017
EBIT
Automotive OEMs
Toyota JP 186.2 320.1 248.4 235.9 35.1 27.5 31.3 15.6 -5% 14.1% 12.6% 1.3x 1.4x 9.1x 11.6x 10.2x 20.6x
Daimler DE 77.3 60.6 162.5 167.1 20.2 20.8 13.9 14.7 3% 12.4% 8.6% 0.4x 0.4x 3.0x 2.9x 4.4x 4.1x
General Motors US 55.5 45.6 163.7 165.4 19.0 19.7 11.4 11.0 1% 11.6% 7.0% 0.3x 0.3x 2.4x 2.3x 4.0x 4.2x
BMW DE 55.2 38.3 100.9 103.5 15.9 16.0 10.5 10.5 3% 15.7% 10.4% 0.4x 0.4x 2.4x 2.4x 3.7x 3.6x
Ford US 49.3 38.7 142.9 142.6 12.4 12.4 6.4 6.4 0% 8.7% 4.5% 0.3x 0.3x 3.1x 3.1x 6.1x 6.1x
Tesla US 45.1 45.4 7.0 9.8 0.6 1.1 -0.2 -0.1 40% 9.1% -2.8% 6.4x 4.6x n.m. n.m. n.m. n.m.
Nissan JP 41.8 41.9 107.2 101.7 11.4 12.0 6.8 6.2 -5% 10.6% 6.4% 0.4x 0.4x 3.7x 3.5x 6.1x 6.8x
Renault FR 27.9 24.8 53.6 59.3 6.2 6.5 3.2 3.6 11% 11.5% 6.0% 0.5x 0.4x 4.0x 3.8x 7.7x 6.9x
Fiat Chrysler GB 17.4 23.7 139.4 144.3 14.2 16.0 6.4 8.1 4% 10.2% 4.6% 0.2x 0.2x 1.7x 1.5x 3.7x 2.9x
Peugeot FR 16.0 9.8 57.6 59.3 5.8 6.0 2.9 3.3 3% 10.1% 5.0% 0.2x 0.2x 1.7x 1.6x 3.4x 3.0x
Ferrari IT 13.3 14.0 3.3 3.6 0.9 1.0 0.6 0.7 10% 27.2% 19.3% 4.3x 3.9x 15.8x 13.8x 22.2x 19.4x
Geely Automobile HK 12.7 11.7 6.6 9.8 0.9 1.2 0.7 1.1 47% 12.9% 10.6% 1.8x 1.2x 13.6x 9.3x 16.6x 11.0x
High 47% 27.2% 19.3% 6.4x 4.6x 15.8x 13.8x 22.2x 20.6x
Low -5% 8.7% -2.8% 0.2x 0.2x 1.7x 1.5x 3.4x 2.9x
Mean 9% 12.9% 7.7% 1.4x 1.1x 5.5x 5.1x 8.0x 8.0x
Median 3% 11.6% 6.7% 0.4x 0.4x 3.1x 3.1x 6.1x 6.1x
Tier-1 Suppliers
Continental DE 40.6 43.2 43.1 45.4 6.4 7.2 4.5 5.1 6% 14.8% 10.4% 1.0x 1.0x 6.8x 6.0x 9.7x 8.5x
Delphi Automotive GB 20.6 23.9 16.5 16.8 2.9 3.0 2.2 2.3 2% 17.5% 13.1% 1.4x 1.4x 8.3x 8.1x 11.0x 10.6x
Valeo FR 15.3 15.9 17.4 19.6 2.2 2.5 1.4 1.5 12% 12.7% 7.8% 0.9x 0.8x 7.2x 6.4x 11.7x 10.3x
Magna International CA 11.7 13.8 27.9 28.4 3.0 3.0 2.1 2.2 2% 10.7% 7.7% 0.5x 0.5x 4.6x 4.5x 6.4x 6.3x
Autoliv SE 9.5 9.9 10.2 10.4 1.3 1.3 0.9 0.9 2% 12.3% 8.6% 1.0x 1.0x 7.9x 7.7x 11.3x 11.1x
Faurecia FR 6.2 6.4 20.0 20.5 1.7 1.8 1.0 1.1 3% 8.4% 5.1% 0.3x 0.3x 3.8x 3.5x 6.2x 5.8x
Hella DE 4.5 4.6 6.7 7.1 0.9 0.9 0.4 0.5 5% 13.0% 6.6% 0.7x 0.7x 5.3x 4.9x 10.4x 9.0x
Schaeffler DE 2.7 5.7 14.2 14.8 2.6 2.7 1.8 1.9 4% 18.2% 12.6% 0.4x 0.4x 2.2x 2.1x 3.2x 3.0x
Bertrandt DE 0.9 1.0 1.0 1.0 0.1 0.1 0.1 0.1 5% 12.3% 9.3% 1.0x 0.9x 8.0x 7.6x 10.6x 10.2x
High 12% 18.2% 13.1% 1.4x 1.4x 8.3x 8.1x 11.7x 11.1x
Low 2% 8.4% 5.1% 0.3x 0.3x 2.2x 2.1x 3.2x 3.0x
Mean 4% 13.3% 9.0% 0.8x 0.8x 6.0x 5.6x 9.0x 8.3x
Median 4% 12.7% 8.6% 0.9x 0.8x 6.8x 6.0x 10.4x 9.0x
Automotive Module and Component Suppliers
NVIDIA US 58.3 43.2 6.8 8.0 2.1 2.5 1.9 2.3 17% 30.7% 27.9% 6.3x 5.4x 20.6x 17.4x 22.6x 19.1x
NXP Semiconductors NL 35.5 42.7 9.5 9.0 2.9 3.2 2.5 2.7 -6% 31.0% 26.2% 4.5x 4.8x 14.5x 13.2x 17.1x 15.6x
Infineon Technologies DE 19.5 19.0 6.5 7.0 1.7 1.9 0.9 1.0 7% 25.9% 13.9% 2.9x 2.7x 11.3x 10.2x 21.0x 18.1x
Renesas Electronics JP 14.6 12.9 4.12 5.9 0.9 1.3 0.6 1.0 44% 20.7% 15.6% 3.1x 2.2x 15.1x 10.1x 20.0x 13.0x
STMicroelectronics CH 11.9 11.5 6.9 7.6 1.0 1.4 0.3 0.7 10% 14.1% 3.7% 1.7x 1.5x 11.8x 8.4x n.m. 17.2x
Mobileye IL 10.5 10.2 0.4 0.5 0.2 0.3 0.2 0.3 40% 53.3% 50.4% n.m. 19.5x n.m. n.m. n.m. n.m.
ON Semiconductor US 6.5 9.3 3.9 5.1 0.7 1.1 0.5 0.7 32% 18.7% 11.8% 2.4x 1.8x 12.8x 8.6x 20.2x 13.3x
Intersil US 3.0 2.7 0.5 0.6 0.1 0.1 0.1 0.1 7% 23.1% 22.8% 5.0x 4.7x 21.8x 20.1x 22.0x 19.5x
TomTom NL 2.2 2.1 0.998 0.973 0.141 0.152 0.038 0.031 -3% 14.1% 3.8% 2.1x 2.2x 14.8x 13.7x n.m. n.m.
High 44% 53.3% 50.4% 6.3x 19.5x 21.8x 20.1x 22.6x 19.5x
Low -6% 14.1% 3.7% 1.7x 1.5x 11.3x 8.4x 17.1x 13.0x
Mean 17% 25.7% 19.6% 3.5x 5.0x 15.3x 12.7x 20.5x 16.6x
Median 10% 23.1% 15.6% 3.0x 2.7x 14.7x 11.7x 20.6x 17.2x
Automotive 2.0
Apple US 711 560 215.7 228.0 70.7 73.5 60.0 61.1 6% 32.8% 27.8% 2.6x 2.5x 7.9x 7.6x 9.3x 9.2x
Google US 532 451 89.4 106.3 36.1 43.2 29.6 28.4 19% 40.4% 33.1% 5.0x 4.2x 12.5x 10.4x 15.3x 15.9x
Microsoft US 499 441 91.5 96.6 34.4 36.5 27.9 28.6 6% 37.6% 30.5% 4.8x 4.6x 12.8x 12.1x 15.8x 15.4x
Amazon US 402 389 137.0 165.2 15.2 19.3 4.1 5.7 21% 11.1% 3.0% 2.8x 2.4x n.m. 20.1x n.m. n.m.
Samsung Electronics KR 233 175 176.9 194.7 44.1 56.8 25.3 35.7 10% 25.0% 14.3% 1.0x 0.9x 4.0x 3.1x 6.9x 4.9x
Baidu CN 73 67 10.3 12.4 2.2 2.9 1.5 2.1 21% 21.8% 14.7% 6.5x 5.4x n.m. 23.3x n.m. n.m.
LG Electronics KR 9 14 48.3 51.1 2.8 3.1 1.3 1.5 6% 5.9% 2.6% 0.3x 0.3x 5.0x 4.6x 11.3x 9.3x
High 21% 40.4% 33.1% 6.5x 5.4x 12.8x 23.3x 15.8x 15.9x
Low 6% 5.9% 2.6% 0.3x 0.3x 4.0x 3.1x 6.9x 4.9x
Mean 12% 24.9% 18.0% 3.3x 2.9x 8.4x 11.6x 11.7x 10.9x
Median 10% 25.0% 14.7% 2.8x 2.5x 7.9x 10.4x 11.3x 9.3x
11
MARKET WATCH | AUTOMOTIVE TECHNOLOGIES
DEDICATED TO GROWTH
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