Post on 20-Jan-2017
1Cleveland Research Company Stock Pitch 2016
Michael Kress | Nicholas Meyerson | Nguyen Nguyen | Joseph Whiteside
NYSE:MBLY
2
Overview & Thesis 3
Industry Dynamics
Drivers & Growth Opportunities
Valuation
Final Thoughts
Appendix 19
18
6
8
16
2
3
Investment Thesis
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye is a technological leader in the autonomous vehicle industry poised to
capitalize on future regulations and increasing demand for autonomous features.
The United States Department of Transportation and IIHS recently announced a plan to
require automatic emergency braking systems on all new vehicles by 2022.
Mobileye has a number of substantial OEM contracts with companies such as General
Motors, Mitsubishi, Honda, Nissan.
Mobileye has created a competitive advantage due to being first to market at supplying
effective and proprietary vision based ADAS (advanced driver assistance systems).
We recommend Mobileye (NYSE:MBLY) as a Buy with a 12 month price target
of $60.00, a 50% upside from the current share price.
4
Company Overview
CompanyDescription
Mobileye N.V. provides image sensing and processing
technology for automotive applications
The firm serves customers worldwide
Corporate headquarters located in Jerusalem, Israel
NYSE: MBLY
CompanyOutlook
Key Statistics Stock Performance
Mobileye pioneered the use of mono-cameras to enhance
Advanced Driver Assistance Systems (ADAS)
The firm is continuing to revolutionize ADAS technology,
adding features such as intelligent headlight control, lane
departure warnings, and collision warnings
347 car models to integrate Mobileye’s EyeQ technology in
2016
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
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Volume
Adj Close
$40.01 107.1x
8,123 36.1x
$0.48 15.8x
133.7x
1.6x
$240.9 - -
31.0% 95.8
14.0% 6.8
28.0% 5.5
Cash
Current Ratio
Quick Ratio
Revenue
Gross Margin
EBITDA Margin
Profit Margin
EV/EBITDA
EV/Sales
Price/Book
Price/Earnings
PEG
Debt
Market Performance
Operations
Value
Capital Structure
Current Price
Market Cap (m)
EPS (ttm)
5
Management Direction
Future Goals
Attain full autonomous driving features while retaining the
positives of the human element in vehicle operation
Fully autonomous driving by 2020
Expand technological capabilities through extensive R&D,
increase the usage of vehicle to infrastructure (V2I) and
vehicle to vehicle (V2V) communications
Research & Development
Strategies Usage Diversification
Increase ADAS performance and further reduce the risk of
collision
Utilize radar and lidar technology to improve monocular
ADAS systems
Developed low bandwidth mapping technology to integrate
GPS technology into autonomous driving
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Use of crowdsourcing to power mapping for autonomous
driving, integrate low bandwidth processing (REM) into
2017 GM, Volkswagen, and Nissan vehicles
Effectively bridge the somewhere/everywhere tradeoff
(Google mapping uses 1gb/km, REM uses 10kb/km)
Expansion of safety features and ADAS into construction and
industrial vehicles
ADAS systems pursued by insurance companies
for improved driver risk analysis
Public transportation
6
Industry Overview
Current Trends
Increasing regulations on fuel efficiency and safety features
Higher cost of technology in vehicles (~35%) due to
increased demand for autonomous features
Integration between telematic features and insurance
companies to increase good driver incentives
ADAS Adoption
Market Share (based on market cap) Willingness to Repurchase
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
15.4%
35.2%17.2%
7.7%
3.3%
21.2%
Mobileye Delphi Autoliv Gentex Calsonic TRW Automotive
8.0%
6.0%
5.0%
4.0%
3.0%
28.0%
23.0%
17.0%
17.0%
8.0%
- - 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
China
Germany
South Korea
United States
Japan
91.0%
87.0%
88.0%
89.0%
87.0%
85.0% 86.0% 87.0% 88.0% 89.0% 90.0% 91.0% 92.0%
China
Germany
South Korea
United States
Japan
7
Autonomous Features
Increasing Affordability Effects
Tier1 Providers Tier2 Providers
Autonomous features in vehicles open doors for many new
channels of revenue
Mobile service providers, software firms, financial services,
government
V2V technology is expected to mitigate up to 81% of
distracted crashes
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Tier2 providers such as Mobileye supply the core intelligence
that is used to integrate autonomous systems into vehicles
Tier2 competitors: Hella, Busch Ltd, NVIDIA
Barriers to entry due to Mobileye: secured future contracts,
early entry, proprietary technology, and successful R&D
- -$5,000
$10,000$15,000$20,000$25,000$30,000$35,000
Tier1 Providers are “system integrators”
Some Tier1 and Tier2 manufacturers partner together for a
collective benefit
Tier1 suppliers and Tier2 suppliers indirectly compete with
each other
8
Drivers
Powerful Technology
Capital Structure Sustaining Growth
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye’s Shield is the most effective ADAS camera system
on the market, designed for large commercial vehicles
Utilizes proprietary algorithms, software, and visual cameras
to reduce risk of collisions
Mobileye’s products are the flagship products of the industry,
and they stay in a competitive position due to continued
successful R&D
Mobileye’s capital structure is debt free
Flexible enough to take on debt, make acquisitions, and
investment more into R&D
Firm specific risk is higher than most (98.02%), but carries
little to no risk of bankruptcy 0%
20%
40%
60%
80%
100%
120%
2012 2013 2014 2015 2016E 2017E 2018E
Revenue growth
9
Flagship Technology
EyeQ2
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Proprietary monocular vision-based ADAS system
Only vision based ADAS system that can detect pedestrians on the market
Utilizes a Classifier Engine (CE) and Tracker Engine – Trkfor pattern classification and motion analysis, respectively
Winner of the ‘Best Electronic Design’ in the vision processor category by Electronic Design Magazine
The “Third Eye”
Vision based ADAS has a longer range on detecting objects
than traditional sensors
Can detect and analyze traffic signs such as yield and speed
limit signs
More effective at preventing collisions due to analysis ability
and pedestrian detection than other ADAS systems
10
Aftermarket
AM Add-Ons
Mobileye sells individual mono-cameras that attach to
dashboards for consumers
Incorporates some detection features of the EyeQ chips
Smartphone Integration
Mobileye 5-Series Growth
By 2020, there’s expected to be 6.1 billion smartphone
subscriptions
By integrating some of the features into smartphone apps,
Mobileye is gaining an additional stream of revenue
The firm can release features for sale through the app store,
which results in a lower COGS and larger operating profits
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Aftermarket revenues are relatively small compared to OEM
revenues
Growth can be sustained through finding new sales channels
such as the smartphone market
Utilizes a single camera
Connects via Bluetooth to smartphones
Enables consumers to experience benefits of Mobileye’s
products without buying a new vehicle
11
Somewhere/Everywhere Tradeoff
“Somewhere” “Everywhere”
Mobileye Solution Solution Launch
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
“Somewhere” with full functionality, tradeoff is a large range
of mapping
Problem seen in Google and Baidu’s autonomous vehicle
technology
3D detailed maps, inefficient bandwidth usage (1gb/km)
“Everywhere” with partial functionality, tradeoff is quality of
mapping
Problem seen in general car industry
Lower quality mapping
Roadside experience management (REM)
Utilizes crowd-sourcing of real time data for precise
localization
Extremely efficient, utilizes only 10kb/km of driving
Mobileye to launch REM in new Nissan vehicles in 2016
Also working with Volkswagen and GM
If crowd-sourced mapping is a success, Mobileye would gain
a further competitive edge in terms of autonomous
technology, and increase future economic benefits.
12
Sustaining Growth
Legal Environment Future OEM Contracts & Launches
Original Equipment Manufacturer (OEM) Rev Aftermarket (AM) Revenue
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
United States Department of Transportation made an
agreement with 20+ automobile manufacturers
All new vehicles mandated to have Automated Emergency
Braking (AEB) by 2022
AEB is highly dependent on effective ADAS systems
EyeQ3 single camera systems are in development for launch
later this year
9 innovative new features total
Contracts for future launches with Audi, BMW, Citroen,
Ford, GM, & more
0
50
100
150
200
250
300
350
400
450
2011 2012 2013 2014 2015 2016E 2017E
0
50
100
150
200
250
300
350
400
450
2011 2012 2013 2014 2015 2016E 2017E
13
Supply Chain
Suppliers
Sunny Optical Technology Group, STMicroelectronics
Strong relationship with suppliers; STMicroelectronics and
Mobileye hit the 1,000,000th unit sold back in 2012
COGS attributed to suppliers is 0.20%
Products
Mobileye Customers Revenue & Gross Profit
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Audi, BMW, Citroen, Ford, GM, Honda, Hyundai, Jaguar,
Nissan, Volvo are just a few of the major manufacturers that
Mobileye is launching with
Mobileye also provides quality control and accountability
services for smaller, independent businesses
Insurance companies, public transportation
EyeQ1
Lane departure warning, intelligent headlight control
EyeQ2 & EyeQ3
Lane keeping and support, traffic sign recognition, forward collision warning, headway monitoring, fusion to radar, pedestrian detection warning, video only adaptive cruise control, low speed automatic braking
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
2016E 2017E 2018E 2019E 2020E
14
Projections
Revenues Meeting the Projections
Projected Revenues Projected Net Income
AEB regulation passage
Sustaining technological advancement through increased investment in R&D
Achieve fully autonomous driving by 2020
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye’s projections state that the managers believe that it
will experience 40% and 47% growth rates in 2016 and
2017, respectively
The firm also estimates its long term growth rate to be 15%
indicating that the market is nowhere near maturity
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
2016E 2017E 2018E 2019E 2020E
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
2016E 2017E 2018E 2019E 2020E
15
SWOT Analysis
Strengths Weaknesses
Opportunities Threats
Competitors are partners; if they create quality ADAS
systems themselves, Mobileye would lose revenue
Patents held are only on the use of vision in ADAS Heavily dependent on Tier1 companies
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Debt-free capital structure
Flagship ADAS product
Contracts with large automobile companies
Increasing demand for autonomous features
Efficient combination of visual ADAS and crowdsourced
mapping
AEB regulation in the future
Smartphone connectivity – additional add-on revenue
Fully autonomous vehicles open up new channels of potential
revenue
Government and industrial opportunities
Tier1 firms developing their own ADAS systems and not
needing Mobileye anymore
Competition arising as growth is too strong not to attract
attention
Fully autonomous vehicles by companies such as Google
0.0 20.0 40.0 60.0 80.0 100.0 120.0
DCF Value at 3%-5% Perpetuity Range
DCF Value at 10x-14x EBITDA Multiple
Bear Market DCF
Base Case DCF
Bull Market DCF
52 Week Market High/Low
16
Valuation
Comparables Analysis Football Field Valuation
DCF (Perpetuity & Exit EBITDA Multiple) Sensitivity Analysis
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
EV/EBITDA multiple used to derive an implied share price
Implied share price ranged from $45.67 - $91.50 (14.1%-
128.7% upside)
WACC of 7.9% utilized
Perpetuity growth assumed to be 4%
EBITDA Exit Multiple calculated as 12x
$86.69 3.0% 3.5% 4.0% 4.5% 5.0%
11% 43.0 45.0 47.2 49.9 52.9
10% 49.0 51.8 54.9 58.7 63.3
9% 57.1 61.1 65.8 71.6 78.8
8% 68.5 74.6 82.2 91.9 104.9
7% 85.6 95.9 109.5 128.6 157.2
6% 114.3 134.3 164.3 214.3 314.3
$47.01 10.0x 11.0x 12.0x 13.0x 14.0x
11% 37.0 39.4 41.8 44.2 46.6
10% 38.3 40.8 43.3 45.8 48.3
9% 39.7 42.3 44.9 47.5 50.2
8% 41.2 43.9 46.6 49.4 52.1
7% 42.7 45.6 48.4 51.3 54.2
6% 44.3 47.3 50.3 53.3 56.3
W
A
C
C
Equity value per share
Long term growth rate (g):
W
A
C
C
Equity value per share
Long term growth rate (g):
17
Valuation (cont.)
Perpetuity Growth Method EBITDA Exit Multiple Method
Calculation of WACC Comparables Analysis
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
EV/EBITDA
Low Mean Median High
6.8x 10.3x 9.5x 15.9x
Implied Share Price $45.67 $63.30 $59.27 $91.50
Upside 17.1% 62.3% 51.9% 134.6%
Perpetuity Method
Present Value of Projection Period $1,590.6
2020 Free Cash Flow 955.0
Perpetuity Growth Rate 4.0%
Terminal Value $25,196.9
Years 5.0
Present Value of Terminal Value $17,316.3
Total Enterprise Value $18,906.9
EBITDA Exit Multiple Method
Present Value of Projection Period $1,590.6
2020 EBITDA 955.1
EBITDA Multiple 12.0x
Terminal Value $11,461.2
Years 5.0
Present Value of Terminal Value $7,876.6
Total Enterprise Value $9,467.2
Assumptions
Cost of debt 2.0%
Tax Rate 27.0%
Debt and Equivalents - -
Debt as % of total capital 0%
Risk Free Rate 1.8%
Beta 1.2
Market risk premium 5.0%
Equity as % of total capital structure 100.0%
Cost of capital (WACC) 7.8%
Net Diluted Shares Outstanding 237.9
18
Final Thoughts
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye is a technological leader in the autonomous vehicle industry poised to
capitalize on future regulations and increasing demand for autonomous features.
The United States Department of Transportation and IIHS recently announced a plan to
require automatic emergency braking systems on all new vehicles by 2022.
Mobileye has a number of substantial OEM contracts with companies such as General
Motors, Mitsubishi, Honda, Nissan.
Mobileye has created a competitive advantage due to being first to market at supplying
effective and proprietary vision based ADAS (advanced driver assistance systems).
We recommend Mobileye (NYSE:MBLY) as a Buy with a 12 month price target
of $60.00, a 50% upside from the current share price.
19
Appendix
20
Pro Forma Income Statement
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye Historical and Projected FinancialsIncome Statement($ in millions)
2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Period 1 2 3 4 5 6 7 8 9 10
Revenue $19.1 $40.3 $81.3 $143.6 $240.9 $337.3 $495.8 $773.4 $1,276.1 $2,067.3
% Growth 111.0% 101.7% 76.6% 67.8% 40.0% 47.0% 56.0% 65.0% 62.0%
Cost of Sales 6.9 12.2 21.1 37.0 61.4 84.3 123.9 193.4 319.0 516.8
Gross Profit $12.2 $28.1 $60.2 $106.6 $179.5 $252.9 $371.8 $580.1 $957.1 $1,550.5
% Margin 63.9% 69.7% 74.0% 74.2% 74.5% 75.0% 75.0% 75.0% 75.0% 75.0%
Operating Expenses 22.8 28.4 43.5 119.3 101.7 114.7 163.6 247.5 395.6 620.2
Operating Profit ($10.6) ($0.3) $16.7 ($12.7) $77.8 $138.3 $208.2 $332.6 $561.5 $930.3
% Margin (55.5%) (0.7%) 20.5% (8.8%) 32.3% 41.0% 42.0% 43.0% 44.0% 45.0%
Interest Expense $1.5 $1.5 $1.1 $1.3 $2.9 - - - - - - - - - -
Other Expense (2.3) 0.6 1.9 (3.3) (0.9) (0.8) (0.8) (0.8) (0.8) (0.8)
Total Other Expenses ($0.8) $2.1 $3.0 ($2.0) $2.0 ($0.8) ($0.8) ($0.8) ($0.8) ($0.8)
Earnings Before Taxes ($13.1) $0.3 $17.8 ($17.8) $79.8 $139.1 $209.0 $333.4 $562.3 $931.1
Corporate Taxes (0.4) (0.3) 2.3 (12.3) (11.3) 37.6 56.4 90.0 151.8 251.4
Net Earnings ($12.7) $0.6 $15.5 ($5.5) $91.1 $101.5 $152.6 $243.4 $410.5 $679.7
% Margins (66.5%) 1.5% 19.1% (3.8%) 37.8% 30.1% 30.8% 31.5% 32.2% 32.9%
Metrics & Drivers
Corporate Tax Rate 24.0% 25.0% 25.0% 26.5% 27.0% 27.0% 27.0% 27.0% 27.0% 27.0%
Operating Expenses as a % of Revenue 119.4% 70.5% 53.5% 83.1% 42.2% 34.0% 33.0% 32.0% 31.0% 30.0%
Fiscal Year Ending December 31st
21
Pro Forma Balance Sheet
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye Historical and Projected FinancialsBalance Sheet($ in millions)
2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Period 1 2 3 4 5 6 7 8 9 10
Cash and Cash Equivalents $15.0 $72.6 $339.9 $152.7 $324.7 $509.0 $751.2 $1,083.2 $1,716.6
Accounts Receivable 7.1 12.5 15.8 23.7 27.7 40.7 63.6 104.9 169.9
Other Current Assets 58.3 70.2 62.6 116.9 162.9 205.3 293.5 457.6 613.6
Total Current Assets $80.4 $155.3 $418.3 $293.3 $515.3 $755.0 $1,108.3 $1,645.7 $2,500.1
Net Property, Plant & Equipment $4.5 $5.7 $8.8 $272.0 $281.4 $295.3 $311.0 $353.2 $400.4
Other Long-Term Assets 5.2 7.3 9.3 12.3 12.3 12.3 12.3 12.3 12.3
Total Assets $90.1 $168.3 $436.4 $577.6 $809.0 $1,062.7 $1,431.6 $2,011.2 $2,912.8
Deferred Revenue - - $1.1 $1.3 - - $3.8 $2.2 $4.4 $10.1 $10.5
Other Current Liabilities 11.3 14.8 26.2 43.2 $69.5 $92.9 $146.0 $243.0 $399.4
Total Current Liabilities $11.3 $15.9 $27.5 $43.2 $73.3 $95.2 $150.4 $253.1 $409.9
Total Debt - - - - - - - - - - - - - - - - - -
Other Long-Term Liabilities 7.1 9.7 14.2 18.9 18.9 18.9 18.9 18.9 18.9
Total Liabilities $18.4 $25.6 $41.7 $62.1 $92.2 $114.1 $169.3 $272.0 $428.8
Shareholders' Equity 71.5 142.7 394.6 515.5 710.8 935.6 1,241.3 1,709.2 2,444.0
Total Liabilities & Equity $89.9 $168.3 $436.3 $577.6 $803.0 $1,049.7 $1,410.6 $1,981.2 $2,872.8
Metrics & Drivers
Net Earnings ($12.7) $0.6 $15.5 ($5.5) $91.1 $101.5 $152.6 $243.4 $410.5 $679.7
Cash Ratio 1.3 4.6 12.4 3.5 4.4 5.3 5.0 4.3 4.2
Return on Equity 0.8% 10.9% (1.4%) 17.7% 14.3% 16.3% 19.6% 24.0% 27.8%
Net Debt (15.0) (72.6) (339.9) (152.7) (324.7) (509.0) (751.2) (1,083.2) (1,716.6)
Fiscal Year Ending December 31st
22
Pro Forma Statement of Cash Flows
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye Historical and Projected FinancialsStatement of Cash Flows($ in millions)
2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Period 1 2 3 4 5 6 7 8 9 10
Net Earnings $101.5 $152.6 $243.4 $410.5 $679.7
Depreciation 6.7 7.4 13.1 10.2 24.8
Change in Working Capital (19.9) (33.6) (55.8) (102.7) (64.2)
Cash from Operating Activities $88.4 $126.5 $200.7 $318.0 $640.3
Capital Expenditures (10.1) (14.4) (20.9) (43.4) (62.0)
Cash From Investing Activities ($10.1) ($14.4) ($20.9) ($43.4) ($62.0)
Dividends - - - - - - - - - -
Share Repurchases 93.8 72.2 62.4 57.5 55.1
Change in Debt - - - - - - - - - -
Cash from Financing Activities $93.8 $72.2 $62.4 $57.5 $55.1
Change in Cash $172.0 $184.3 $242.2 $332.0 $633.4
Beginning Cash $152.7 $324.7 $509.0 $751.2 $1,083.2
Ending Cash 324.7 509.0 751.2 1,083.2 1,716.6
Metrics & Drivers
Free Cash Flow $78.2 $112.1 $179.9 $274.6 $578.3
Operating Profit 138.3 208.2 332.6 561.5 930.3
EBITDA 145.0 215.7 345.7 571.7 955.1
Fiscal Year Ending December 31st
23
Discounted Cash Flow Analysis
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
Mobileye Historical and Projected FinancialsDiscounted Cash Flow Analysis
($ in millions)
2011 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Years 1 2 3 4 5
Revenue $19.1 $40.3 $81.3 $143.6 $240.9 $337.3 $495.8 $773.4 $1,276.1 $2,067.3
Less: Operating Expenses 22.8 28.4 43.5 119.3 101.7 114.7 163.6 247.5 395.6 620.2
Operating Income ($3.7) $11.9 $37.8 $24.3 $139.2 $222.6 $332.2 $525.9 $880.5 $1,447.1
Taxes 27.0% 27.0% 27.0% 27.0% 27.0%
Tax-Effected EBIT $162.5 $242.5 $383.9 $642.8 $1,056.4
Plus: Depreciation $6.7 $7.4 $13.1 $10.2 $24.8
Change in Working Capital (19.9) (33.6) (55.8) (102.7) (64.2)
Less: Capital Expenditures (10.1) (14.4) (20.9) (43.4) (62.0)
Unlevered Free Cash Flow $139.2 $202.0 $320.4 $506.9 $955.0
Present Value @ a Discount Rate of 7.8% $129.1 $173.8 $255.8 $375.5 $656.3
Present Value of Projection Period $1,590.6
Fiscal Year Ending December 31st
24
Comparables Analysis
Overview & Thesis Industry DynamicsDrivers & Growth
OpportunitiesValuation &
Final ThoughtsAppendix
ADAS Technology Firms - Auto Parts
Company Name Ticker Exchang
e
Share
Price
% of 52
Week HighMarket Cap
Enterprise
Value
LTM
EBITDA
LTM
Revenue
Price/Earning
sPrice/Book EV/EBITDA EV/Sales
EPS
(TTM)
Estimated
EPSForward PE
Profit
Margin
Delphi DLPH NYSE $72.35 79.9% 20.0 23.6 2.5 15.2 14.3x 9.0x 9.5x 1.6x $5.06 $6.04 10.3x 9.6%
Autoliv ALV NYSE $112.76 85.3% 9.9 10.1 1.1 9.2 21.8x 2.8x 9.0x 1.1x $5.17 $6.73 15.2x 5.0%
Continental Automotive CON.DE XETRA $212.61 80.7% 42.5 45.8 6.7 43.3 14.1x 3.1x 6.8x 1.1x $15.13 $17.26 - - 7.0%
Oracle Corp ORCL NASDAQ $40.42 89.3% 167.7 159.4 15.2 37.5 19.5x 3.7x 10.5x 4.3x $2.07 $2.44 14.4x 24.6%
Ansys, Inc. ANSS NASDAQ $86.57 88.0% 7.6 6.9 0.4 0.9 31.4x 3.5x 15.9x 7.3x $2.76 $3.32 21.9x 26.8%
80.7% 9.9 10.1 1.1 9.2 14.3x 3.1x 9.0x 1.1x $2.76 $3.32 10.3x 7.0%
84.6% 49.6 49.1 5.2 21.2 20.2x 4.4x 10.3x 3.0x $6.04 $7.16 12.4x 14.6%
85.3% 20.0 23.6 2.5 15.2 19.5x 3.5x 9.5x 1.6x $5.06 $6.04 14.4x 9.6%
88.0% 42.5 45.8 6.7 37.5 21.8x 3.7x 10.5x 4.3x $5.17 $6.73 15.2x 24.6%
EV/EBITDA
Low Mean Median High
6.8x 10.3x 9.5x 15.9x
Implied Share Price $45.67 $63.30 $59.27 $91.50
Upside 17.1% 62.3% 51.9% 134.6%
(in billions)
1st Quartile
Mean
Median
3rd Quartile