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Auto Parts - 2019 M&A Summary

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Analysis of recent transactions in Automobile parts & equipments Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

Publié dans : Industrie automobile
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Auto Parts - 2019 M&A Summary

  1. 1. page A L P S V E N T U R E P A R T N E R S 1 AUTO PARTS &! EQUIPMENTS! 2019 Mergers & Acquisitions Analysis! ! Alps Venture Partners! TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP
  2. 2. page A L P S V E N T U R E P A R T N E R S 2 Merger & Acquisition Summary – Auto Parts & Equipment Valuation Summary Total Deal Value ($mm) 88,199 Average Deal Value ($mm) 285 Average TEV/Revenue 1.5x Average TEV/EBITDA 10.6x Average Day Prior Premium (%) 29% Average Week Prior Premium (%) 34% Average Month Prior Premium (%) 22% info@alpsvp.com Transaction Ranges Greater than $1 billion 14 $500 - $999.9 mm 19 $100 - $499.9 mm 54 Less than $100 mm 223 *Source: CapitalIQ, AlpsVP Analysis Date Range: Jain 1, 2013 – March 25, 2019
  3. 3. page A L P S V E N T U R E P A R T N E R S 3 Transaction Multiples - Trends *Source – CapitalIQ, AlpsVP Analysis 1.2x 1.6x 1.3x 1.4x 1.9x 2.5x 7.0x 13.5x 10.5x 10.4x 12.2x 12.1x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 2014 2015 2016 2017 2018 2019 Multiples Average TEV/Revenue Average TEV/EBITDA Historical Multiples 2014 2015 2016 2017 2018 2019 5 Year Average TEV/Revenue 1.2x 1.6x 1.3x 1.4x 1.9x 2.5x 1.5x Average TEV/EBITDA 7.0x 13.5x 10.5x 10.4x 12.2x 12.1x 10.7x info@alpsvp.com
  4. 4. page A L P S V E N T U R E P A R T N E R S 4 Transaction Numbers - Trends *Source – CapitalIQ, AlpsVP Analysis 1 4 2 2 4 1 2 3 7 4 3 - 9 8 12 13 8 4 39 36 43 72 32 1 - 10 20 30 40 50 60 70 80 2014 2015 2016 2017 2018 2019 Number of Transactions > $1 billion $500 - $999.9mm $100 - $499.9mm Less than $100mm (in $ Million) 2014 2015 2016 2017 2018 2019 5 Year Average Deal Value 107.6 521.7 207.0 165.5 549.2 330.3 310.2 info@alpsvp.com
  5. 5. page A L P S V E N T U R E P A R T N E R S 5 Geographic Heat Map *Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions; Asia Pacific – 21.8% Americas – 40.8% Europe/MENA/Africa – 37.5% info@alpsvp.com Region / Transactions Number Total Value Average Size Asia Pacific 179 19,188 107 Europe/MENA/Africa 84 33,069 394 Americas 47 35,942 765
  6. 6. page A L P S V E N T U R E P A R T N E R S 6 Investment Focus *Source – Data based on transactions during Jan 01, 2013 and March 25, 2019 from CapitalIQ, AlpsVP Analysis info@alpsvp.com Geographic Location Number of Transactions Average Historical Multiples Average Transaction size (USD mn) China 75 2.6x 74.5 South Korea 49 0.8x 118.7 United States 35 1.1x 975.3 Germany 27 1.1x 326.8 India 22 1.4x 55.5 Japan 12 0.5x 400.0 Italy 10 1.2x 65.2 Spain 9 0.9x 313.6 Australia 6 1.1x 29.3 Canada 6 1.3x 178.1 Netherlands 5 1.3x 152.1 United Kingdom 5 1.0x 2,770.5 France 5 1.0x 369.8 Indonesia 5 0.8x 12.1 Austria 5 0.9x 267.2 Others 34 1.8x 154.0
  7. 7. page A L P S V E N T U R E P A R T N E R S 7 Largest Transactions Target Deal Value ($mm) ZF TRW Automotive Holdings Corp. $14,507 GKN Limited $12,924 Federal-Mogul LLC $5,400 Hanon Systems (KOSE:A018880) $3,953 Metaldyne Performance Group Inc. $3,418 Calsonic Kansei Corporation $3,368 Magna PT B.V. & Co. KG $2,670 Armored AutoGroup Parent, Inc. $1,400 Remy International, Inc. $1,298 ZKW Holding GmbH $1,248 *Source – CapitalIQ, AlpsVP Analysis info@alpsvp.com
  8. 8. page A L P S V E N T U R E P A R T N E R S 8 IND UST RY INSIG HT S
  9. 9. page A L P S V E N T U R E P A R T N E R S 9 Industry Outlook (1/2) [1] Source: Advertising Agencies in US published by IBISWorld, Feb 2019 info@alpsvp.com US Auto Parts Manufacturing Industry1 The Auto Parts Manufacturing industry has grown over the five years to 2019 as automakers, the industry’s largest customers, have benefited from rising sales. Industry operators manufacture various items, including exhaust systems, airbags and HVAC systems. Higher consumer confidence and increased disposable income have led to increased car sales. Furthermore, stronger demand for new cars triggered increased production from vehicle manufacturers, which supported revenue growth for auto parts manufacturing plants. However, recent declines in vehicle production have limited overall industry revenue throughout the period. As a result, industry revenue is expected to increase at an annualized rate of 0.4% to $73.3 billion over the five years to 2019, despite a 2.6% decline in 2019 alone. 22.2% 21.5% 18.1% 15.7% 8.5% 7.8% 6.2% Airbag systems Exhaust systems HVAC systems Other auto parts Filters and fuel tanks New wheels Auto body parts Low interest rates and unemployment levels resulted in strengthened consumer confidence during the period. Equipped with more disposable income and improved confidence in the economy, consumers ramped up spending during the current period. New car sales surged as individuals acted on low interest rates. Consequently, automakers increased orders of industry products to meet the correspondingly heightened production demand. However, during the latter half of the period, declines in exports and automobile production have limited overall revenue growth. Moreover, while operators have expanded per establishment capacity and efficiency, they have struggled to limit the effects of volatile input prices. As a result, profit margins have suffered over the past five years.
  10. 10. page A L P S V E N T U R E P A R T N E R S 10 Industry Outlook (2/2) info@alpsvp.com US Auto Parts Manufacturing Industry1 The recent decline in auto demand is expected to persist over the five years to 2024. In addition, new car sales are expected to stagnate during the outlook period. This stagnation will be driven by rising interest rates and waning consumer confidence; financing big- ticket purchases will be more expensive for consumers and, as a result, the growth of new car sales and vehicle production will be tempered. However, these negative trends will be mitigated by several developments. Over the next five years, the value of the US dollar is expected to further decline, which is anticipated to boost the value of exports and industry revenue. In addition, US companies expanded their domestic capacity over the five years to 2019, which is anticipated to promote innovation and production during the outlook period. Over the five years to 2024, industry revenue is projected to increase at an annualized rate of 0.7% to $75.8 billion. 74.0 73.2 72.9 75.3 73.3 73.3 73.8 74.2 74.7 75.8 3.1% -1.1% -0.4% 3.2% -2.6% 0.1% 0.7% 0.5% 0.6% 1.6% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 71 72 72 73 73 74 74 75 75 76 76 77 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 AutoPartsinUSRevenue($B) Market Size ($B) Growth (%age) [1] Source: Advertising Agencies in US published by IBISWorld, Feb 2019
  11. 11. page A L P S V E N T U R E P A R T N E R S 11 Alps Venture Partners has established a team of experts that have experience in valuing businesses across diverse industry sectors and all developmental stages; ranging from clients with seed funding to pre-IPO stage. With the team having experience of both valuations and audits, our detailed and insightful valuation appraisal reports, along with our responsive support, help our clients easily pass through any stringent audit review process in a smooth, efficient and time-bound manner.
  12. 12. page A L P S V E N T U R E P A R T N E R S 12 Corporate Finance Services We provide clients with high quality research, analytical and advisory support for transactions. We offer a range of services such as initial opportunity assessment, market analysis, financial modeling, commercial and financial due diligence, valuation, capital structure planning, and deal structuring. v  Investment Opportunity Assessment v  Target Identification v  Preparation of Pitch Books v  Buyer & Seller Services v  Fairness Opinions v  Financial Modeling v  Business and Financial Due Diligence etc. Transaction advisory Financial Modeling Whether it is evaluating new business ventures, proposed transactions or financial and operational strategies, a robust and dynamic financial model is an integral component to the decision- making process. Transaction Identification We can help by global target identification considering the requirements with maximum synergy. The financial due diligence process is a necessity to any transaction. Our aim is to enable owners and managers to make such investments with confidence by supporting and advising at every stage. We will help reduce the risk – and stress – of investing at home or in another country. Due Diligence Custom Research We provide clients with customized research report, model, decks with client specific requirements such as: v  Business plan development, v  Diagnostic review of operations v  Competitor benchmark analysis v  Intellectual Property info@alpsvp.com
  13. 13. page A L P S V E N T U R E P A R T N E R S 13 Financial Reporting and Tax Compliance Services IRC 409a We have experience of handling more than 2000+ 409a valuations across Industries. With the team having experience of both valuations and audits, our detailed and insightful Section 409A appraisal reports, along with our responsive support, help our clients easily pass through any stringent audit review process in a smooth, efficient and time-bound manner. Fair Value Measurement We help PE and VC clients to comply with ASC 820 and IFRS 13 standard’s complex provisions and avoid any audit issues in their quarterly and annual reporting. Relative TSR Programs We value the awards with Relative TSR metrics, using sophisticated modeling techniques which allow clients to quickly and accurately value new grants. Our business valuation experienced team along with the team of veteran Patent lawyers position us uniquely to assist clients in completing annual Goodwill and Investment Impairment testing. ASC 350 / IAS 38 ASC 718 (FAS 123R)/IFRS 2 Our experienced team at Alps Venture Partners has performed hundreds of stock options valuations for ASC 718 for privately held companies and publicly listed companies across diverse industry sectors and enterprise development stages. ASC 805 / IFRS 3 We have unmatched proficiency in delivering Business Combinations Accounting solutions to clients in v a r i e d i n d u s t r i e s . O u r comprehensive USPAP compliant appraisal reports are auditable and cost-effective, and help our clients stay focused on the deal. IRC 83 B Election Alps Venture Partners has extensive experience in assisting companies seeking to comply with IRC 83 B election. Failing to make a timely 83(b) election may lead to disastrous tax consequences for a start-up company founder or employee. info@alpsvp.com
  14. 14. page A L P S V E N T U R E P A R T N E R S 14 Disclaimer The contents of this presentation are protected by copyright. You may read the contents and make copies for your own personal use. You may also give copies of reasonable extracts, on an occasional basis, free of charge to your contacts for their personal use provided that Alps Venture Partners is acknowledged as the source, the text is not altered in any way, and this warning is brought to their attention. Any other use or copying of the contents of this presentation is prohibited, unless Alps Venture Partners gives its prior written consent. For further information please contact us at info@alpsvp.com Pursuant to Title 17, United States Code, Section 512(c)(2), notifications of claimed copyright infringement under United States copyright law should be sent to Service Provider’s Designated Agent. ALL INQUIRIES NOT RELEVANT TO THE ABOVE PROCEDURE WILL RECEIVE NO RESPONSE. This Agreement (and any further rules, policies, or guidelines incorporated by reference) shall be governed and construed in accordance with the laws of the United States (USA), United Kingdom, Canada, Brazil, France, and India without giving effect to any principles of conflicts of law. Alps Venture Partners welcomes your questions or comments regarding this Statement of Privacy. If you believe that Alps Venture Partners has not adhered to this Statement, please contact Alps Venture Partners at our given toll free contact numbers. Copyright © 2019 ALPS VENTURE PARTNERS. All Rights Reserved

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