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MARKET WATCH | AUTOMOTIVE TECHNOLOGIES

AUTOMOTIVE TECHNOLOGIES

March 2017

MARKET WATCH

2


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

3


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:

[email protected]

mailto:[email protected]

4


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

Google

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

TO

MO

TIV

E O

EM

S

AU

TO

MO

TIV

E M

OD

ULE

AN

D C

OM

PO

NEN

T

SU

PPLIE

RS

TIE

R-1

SU

PPLIE

RS

AU

TO

MO

TIV

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

*

5


STOCK PERFORMANCE: AUTOMOTIVE TECHNOLOGIES

Source : Bloomberg

3-YEAR PERFORMANCE 3-MONTH PERFORMANCE

AU

TO

MO

TIV

E O

EM

SA

UT

OM

OT

IVE M

OD

ULE A

ND

CO

MPO

NEN

T S

UPPLIE

RS

TIE

R-1

SU

PPLIE

RS

AU

TO

MO

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


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


SXXP Index Tier-1 Supplier Index

100

105

110

115

120

125

130


SXXP Index Tier-1 Supplier Index

80

120

160

200

240

280


SXXP Index

Automotive Module & Component Supplier Index

100

105

110

115

120

125

130


SXXP Index

Automotive Module & Component Supplier Index

80

100

120

140

160

180

200



100

105

110

115

120

125

130



6


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

7


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

8


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

9


YOUR TEAM FOR AUTOMOTIVE TECHNOLOGIES

INVESTMENT BANKING DIVISION

EQUITY RESEARCH

FALK MÜLLER-VEERSE

Managing Partner

+49 89 24 22 62 66

[email protected]

OLIVIER BEAUDOUIN

Partner, Head of Technology

+33 1 56 68 75 35

[email protected]

JAY MARATHE

Managing Director

+49 89 24 22 62 71

[email protected]

CLÉMENT DECANTE

[email protected]

MARC-ANTOINE SERFATY

[email protected]

PRIYANSHU BHATTACHARYA

[email protected]

XAVIER CAROEN

Senior Equity Analyst

+33 1 56 68 75 18

[email protected]

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








10


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


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