2021 Seale & Associates - Q1 - Seale & Associates
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Seale & Associates
Creative Solutions. Trusted Advice .
AUTOMOTIVE
INDUSTRY
Q1
2021
VALUATION
UPDATE
INTRODUCTION
We are pleased to share our Automotive Industry Valuation Update for Q1 2021.
At Seale & Associates we are committed to provide process-driven solutions designed
to optimize value and achieve our clients’ strategic objectives on a range of transactions
including Mergers, Acquisitions, Divestitures and Carve-Outs, Business Sales,
Recapitalizations, and Joint Ventures, among other corporate finance and strategy
consulting services.
Over the course of 20 years we have been successfully serving clients all over the
world, and we are delighted to provide investment banking advisory services to our
Personal Care clients that are looking to grow through acquisitions or optimize their
portfolio through strategic divestitures.
Sector Relevant Experience Team
Sergio Garcia
Managing Director
O: +52 (55) 8000 7463
M: +52 (55) 5454 3152
sgarcia@sealeassociates.com
has restructured
Grupo Galaz, S.A de C.V.
has been acquired by
Carlos Hernandez
in coordination with
Managing Director
O: +1 (571) 482 3431
M: +1 (703) 795 4903
chernandez@sealeassociates.com
Alejandro Montemayor
Vice President
O: +52 (55) 8000 7463
M: +52 (81) 1212 8004
amontemayor@sealeassociates.com
Sofia Felix
Corporate
CorporateFinance
Finance Acquisition Head of Business Development
Advisory
AdvisoryServices
Services Advisory Services O: +52 (55) 8000 7463
M: +52 (55) 3489 1049
sfelix@sealeassociates.com
Washington, D.C. Mexico City Miami Monterrey
Automotive Industry Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
COMPARABLE PUBLIC COMPANIES – GLOBAL
AUTOMOTIVE MANUFACTURING
Annual Average First Quarter
Market Enterprise
Revenue EBITDA EV/EBITDA Mar. 31, 2021
Company Country Cap. Value
US$MM Margin EV/ EV/
US$MM US$MM 2019 2020
EBITDA Revenue
Bayerische Motoren Werke
DEU $67,104 $172,826 $121,089 8.9% 11.8x 12.4x 14.5x 1.5x
Aktiengesellschaft
Daimler AG DEU $95,444 $238,152 $188,757 8.7% 14.1x 19.6x 13.2x 1.3x
Ford Motor Company USA $48,739 $181,106 $127,144 3.8% 13.6x 19.8x NR 1.4x
Geely Automobile Holdings
HKG $24,980 $22,774 $14,109 6.6% 7.3x 13.4x 20.9x 1.6x
Limited
General Motors Company USA $82,795 $174,576 $122,485 11.1% 8.8x 13.4x 12.0x 1.4x
Honda Motor Co., Ltd. JPN $51,815 $97,255 $126,007 8.1% 6.7x 7.6x 8.4x 0.8x
Hyundai Motor Company KOR $40,743 $102,375 $95,562 5.0% 14.5x 16.0x 20.8x 1.1x
Isuzu Motors Limited JPN $7,929 $9,359 $18,118 9.3% 4.5x 4.5x 5.8x 0.6x
Kia Corporation KOR $29,476 $25,567 $54,369 7.2% 3.8x 3.4x 6.6x 0.5x
Mitsubishi Motors Corporation JPN $4,236 $4,426 $15,078 0.4% 3.4x 8.7x NR 0.3x
Nissan Motor Co., Ltd. JPN $21,791 $74,824 $74,501 0.5% 10.4x NR NR 1.1x
Renault SA FRA $11,781 $62,646 $53,179 5.3% 7.7x 9.3x NR 1.2x
Subaru Corporation JPN $15,282 $8,384 $28,432 12.3% 3.7x 2.8x 2.6x 0.3x
Suzuki Motor Corporation JPN $22,061 $22,637 $29,435 10.7% 5.0x 6.0x 7.5x 0.8x
Toyota Motor Corporation JPN $217,813 $363,548 $257,977 13.2% 7.0x 8.1x 10.9x 1.5x
Volkswagen AG DEU $164,838 $351,773 $272,641 10.4% 8.3x 10.4x 11.2x 1.3x
NR: Not Relevant Mean 8.2x 10.4x 11.2x 1.1x
Median 7.7x 9.9x 11.2x 1.1x
Automotive Industry Sources: Capital IQ, S&P Market Intelligence
Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
COMPARABLE PUBLIC COMPANIES – GLOBAL
CAR COMPONENTS
Annual Average Last Update
Market Enterprise
Revenue EBITDA EV/EBITDA Mar. 31, 2021
Company Country Cap. Value
US$MM Margin EV/ EV/
US$MM US$MM 2019 2020
EBITDA Revenue
Aisin Corporation JPN $10,235 $16,568 $31,879 11.3% 3.9x 5.4x 5.5x 0.5x
Aptiv PLC IRL $37,297 $39,172 $13,863 13.0% 11.2x 14.6x 24.5x 3.0x
Autoliv, Inc. SWE $8,113 $9,501 $7,843 12.1% 7.1x 7.2x 10.6x 1.3x
BorgWarner Inc. USA $11,081 $13,733 $11,895 15.1% 5.7x 5.9x 8.8x 1.4x
Brembo S.p.A. ITA $4,037 $4,526 $2,737 15.2% 7.3x 7.8x 10.4x 1.7x
Compagnie Générale des
FRA $26,720 $31,068 $25,039 16.6% 5.8x 5.4x 7.5x 1.3x
Établissements Michelin Société
Compagnie Plastic Omnium SA FRA $5,344 $6,410 $8,652 5.1% 5.5x 7.9x 12.5x 0.8x
Continental Aktiengesellschaft DEU $26,456 $32,058 $44,474 9.7% 5.0x 5.3x 7.1x 0.7x
DENSO Corporation JPN $51,474 $52,780 $44,636 9.9% 5.7x 12.3x 19.4x 1.2x
Faurecia S.E. FRA $7,334 $11,397 $17,925 6.0% 4.1x 5.7x 9.1x 0.7x
Hanon Systems KOR $8,353 $10,317 $6,315 11.4% 11.5x 10.8x 14.8x 1.7x
HELLA GmbH & Co. KGaA DEU $6,236 $6,435 $6,808 7.2% 5.1x 8.2x 12.2x 1.0x
Hyundai Mobis Co.,Ltd KOR $23,891 $16,678 $33,656 7.3% 4.4x 3.6x 6.1x 0.5x
Koito Manufacturing Co., Ltd. JPN $10,784 $8,693 $6,387 13.4% 5.4x 5.6x 10.4x 1.4x
Lear Corporation USA $10,896 $12,548 $17,942 7.2% 4.3x 5.6x 9.4x 0.7x
Magna International Inc. CAN $26,517 $29,638 $34,169 10.1% 4.5x 5.2x 8.1x 0.9x
NGK Spark Plug Co., Ltd. JPN $3,515 $3,941 $3,866 18.9% 5.7x 5.7x 5.3x 1.1x
Schaeffler AG DEU $5,925 $8,837 $15,413 13.7% 3.8x 4.0x 4.3x 0.6x
Stanley Electric Co., Ltd. JPN $4,781 $4,113 $3,252 19.3% 4.3x 6.9x 9.5x 1.3x
The Goodyear Tire & Rubber
USA $4,099 $9,613 $12,776 6.3% 5.3x 7.5x 11.9x 0.8x
Company
Valeo SE FRA $8,169 $12,865 $20,105 5.2% 5.8x 10.8x 16.1x 0.7x
- - Excluded from mean and median Mean 5.8x 7.2x 9.1x 1.1x
Median 5.4x 6.4x 9.3x 1.0x
Automotive Industry Sources: Capital IQ, S&P Market Intelligence
Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.
AUTOMOTIVE & CAR COMPONENTS – Q1 GLOBAL TRANSACTIONS
Date Target Country Description Seller Buyer Additional Notes
Doraville's Assembly Automobile manufacturing Pearl Railroad Assembly
Mar-21 USA Doraville Sixty, LLC -
Project plant Yard, LLC
Manufactures and distributes
Mar-21 Wheels Now, Inc. USA Private investors -
wheels, rims, and parts
Manufactures mechanical
Mar-21 Remsons UK Limited GBR Private investors -
control cable assemblies
Manufactures semiconductor-
OSRAM Continental
Mar-21 DEU based lighting modules such Acquired a 50.0% stake
GmbH
for front and rear headlights
Designs, develops, and
manufactures electric
Mar-21 Rimac Automobili d.o.o. CRO Acquired an 8.5% stake for US$83.0 million
vehicles, drivetrains, and
battery systems
Cleer Vision Windows, Manufactures windows and
Mar-21 USA -
Inc. glass for vehicles
Designs and develops
Mar-21 Pi Innovo LLC USA electronics systems and Acquired the remaining 51.0% stake
control software for vehicles
Designs, manufactures,
Cooper Tire & Rubber Acquired for US$3.2 billion. EV/EBITDA: 6.3x.
Feb-21 USA markets, and sells
Company EV/Revenue: 1.0x
replacement tires
Coachman Caravan Acquired the remaining 78.5% stake for
Feb-21 GBR Manufactures caravans
Company Limited US$25.2 million
Manufactures and sells
automotive interior systems
Feb-21 Toyota Boshoku Corp. JPN and products, automotive ND -
filter and power train
equipment components
Develops, manufactures, and
Mando-Hella Electronics Acquired for US$314.4 million. EV/EBITDA:
Feb-21 KOR supplies electronic
Corp. 6.0x. EV/Revenue: 0.5x
automotive parts
Manufactures and distributes
Feb-21 Cia Wheel Group USA aftermarket automotive -
wheels and accessories
Manufactures and sells rims
Jan-21 Felgteknikk Norge AS NOR Acquired an 80.0% stake
for cars and motorcycles
Offers aftermarket parts and
remanufactured products for
Jan-21 Dipaco, Inc. USA -
the diesel fuel injection repair
industry
Manufactures cars and
Jan-21 Ligier Group FRA -
related spare parts
Designs, manufactures, and
Electronic Controls Co., supplies safety lighting and
Jan-21 USA Electronic Controls Co., Inc. -
Inc. audible warning equipment
for vehicles
ND: Not Disclosed
Automotive Industry Sources: Capital IQ, S&P Market Intelligence
Seale & Associates
Q1 2021 Creative Solutions. Trusted Advice.REPRESENTATIVE GLOBAL ENGAGEMENTS
has sold has sold
to has acquired has acquired has acquired has been acquired by
to
GE Power and
Systems JBI Holding SAS
Grupo Educativo
IEJV
has partnered with has acquired
has acquired has acquired
The Zinc Recycling
has been acquired by
Business
of
a subsidiary of has been acquired by
a subsidiary of
has sold the North has sold
American
has been guarding business of has been acquired by and
has sold recapitalized by has acquired
to
A division of Carrier Commercial Refrigeration, Inc.
to
to
and
intelectiva ®
has acquired
has sold has acquired Holding company of
Cosmocel Química
has sold its concrete
to
pumping business to
has been acquired by has acquired a majority
KFC Costa Rica dealerships from stake in
a business unit of from
has sold
Its sanitaryware
has acquired businesses
has merged its
Grupo Galaz, S.A de C.V. has been acquired by beverage division
has been acquired by Workshop and store in
with and
has been acquired by Mexico City from
to
Washington, D.C. | Miami | Mexico City | MonterreyContact Information
Seale & Associates James A. Seale
President
jseale@sealeassociates.com
Creative Solutions. Trusted Advice.
Brett M. Carmel
Since 1999, Seale & Associates has been the trusted advisor to Senior Managing Director
bcarmel@sealeassociates.com
respected public and private companies from around the
Felipe Bueno Viesca
world. Seale is a global investment bank with extensive Senior Director
fbueno@sealeassociates.com
experience in mergers and acquisitions (M&A), corporate
Sergio Garcia del Bosque
finance advisory, and enterprise level strategy consulting with Managing Director
sgarcia@sealeassociates.com
a track record of success in a diverse range of industries. Our
Carlos Hernandez
experienced team of professionals are committed to serving Managing Director
chernandez@sealeassociates.com
clients with excellence and integrity, while offering innovative
Alejandro Montemayor
ideas and solutions to address complex transactions. Vice President
amontemayor@sealeassociates.com
Armando Rios
ADVISOR TO LEADING COMPANIES WORLDWIDE Associate
arios@sealeassociates.com
Carlos Bonilla
Analyst
cbonilla@sealeassociates.com
Fernanda Esparza
Analyst
fesparza@sealeassociates.com
Sofia Felix
Business Development
sfelix@sealeassociates.com
Miguel Leal
Business Development
mleal@sealeassociates.com
Andre de Lachica
Junior Analyst
adelachica@sealeassociates.com
Andre Leroy
Junior Analyst
CONTACT INFORMATION lleroy@sealeassociates.com
Daniela Verdugo
Junior Analyst
dverdugo@sealeassociates.com
Headquarters
901 N. Glebe Road Jose Pablo Arronte
Junior Analyst
5th Floor jarronte@sealeassociates.com
Arlington, Virginia
Regina Labardini
+1 (703) 294 6770 Junior Analyst
rlabardini@sealeassociates.com
Please contact us if you would like further information about M&A trends and/or
specific transaction multiples for your industry
Washington, D.C. | Miami | Mexico City | Monterrey For additional information, please visit
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