The document provides an analysis of the auto parts and equipment manufacturing industry. It finds that while the industry supplies important products to the auto industry, recent trends favor some suppliers over others. Specifically, stricter emissions regulations may boost suppliers of emissions systems, while risks include weaker growth in emerging markets and rising interest rates reducing auto demand. Overall, the analyst recommends a market weight for the industry given mixed trends and lower expected earnings growth.
Auto Parts Manufacturing Industry Report - HF_L. TamakloeLiana Tamakloe
The auto parts and equipment manufacturing industry derives about 95% of its demand from the automobile manufacturing industry. Recent positive economic indicators in the US, such as expected GDP growth of 3.4% in 2015 and low unemployment, are expected to increase consumer spending and automobile demand, which will benefit the auto parts industry. While the outlook is positive, the growth drivers are transitory, so a market weight is recommended for the industry. Risks include increased competition from imports if the strong US dollar persists and slow global economic growth reducing overseas demand.
In this issue…
…we feature the following markets:
USA – with a spotlight on the chemicals and metals sectors
Belgium – with a spotlight on the construction and automotive/transport sectors
The Netherlands
Finland
Czech Republic
Slovakia
Romania
Atradius Collections sees a marked increase in its caseload
Panorama sector, european pharmaceutical companies is austerity fatalJaime Cubillo Fleming
This document provides an overview and risk assessment of sectors in three regions (North America, Western Europe, and Emerging Asia) by Coface economists. Some key points:
- Coface is upgrading its risk assessments for the chemicals, transportation, and textile-clothing sectors in North America due to improvements in the US economy, falling oil prices, and gains in competitiveness.
- In Western Europe, manufacturing activity remains weak and the economic recovery is sluggish, keeping risk levels high for most sectors.
- In Emerging Asia, sectors linked to infrastructure in China continue to suffer from overcapacity while consumption-oriented sectors benefit from rising middle classes.
The immediate outlook for key markets and sectors
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the
industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
France – with a spotlight on the household appliances and dairy sectors
Austria – with a spotlight on the paper and timber sectors
Italy
Norway
Canada
New Zealand
Brazil
Japan
Special: Atradius Collections - Keep your cash flow healthy
Automotive Aftermarket in North America to 2016ReportsnReports
This report analyzes the $85.5 billion automotive aftermarket in North America projected to 2016. It provides historical data from 2001-2011 and forecasts by country, product, and service provider for the US, Canada and Mexico markets. The fastest growing segment will be electronic products, fueled by advanced vehicle systems. Mechanical products like filters, brake parts and engines will remain the largest segment. Professional service providers will account for 85% of sales due to increasing vehicle complexity. The report profiles 44 industry competitors and provides insights on market drivers and trends in vehicle quality, technology, regulations and international trade.
The immediate outlook for key markets and sectors
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
Italy – with a spotlight on the metals and textiles sectors
Switzerland – with a spotlight on the banking and automotive sectors
Sweden
Hungary
Russia
Canada
China
Australia
The document summarizes market performance in the third quarter of 2011. Major stock market indexes experienced significant losses, with the S&P 500 returning -13.9%. International markets also saw declines. In contrast, bond markets performed well with the Barclays US Aggregate returning 3.8%. By market segment, large cap stocks declined more than small and mid cap stocks. Among equity styles, growth outperformed value in large caps while value did better in small and mid caps. Most market sectors saw losses, with utilities being the only positive sector.
In the third quarter of 2011, global equity markets experienced significant losses as major market indexes across all segments, styles, and countries posted double-digit declines. The domestic bond market performed better, with the Barclays US Aggregate index returning 3.8% for the quarter. Growth outperformed value in large cap stocks, while value slightly outperformed growth in small and mid caps. Most market sectors saw negative returns, with utilities being the only positive sector among large caps. Volatility is expected to continue in the near future given ongoing economic and political uncertainties.
Auto Parts Manufacturing Industry Report - HF_L. TamakloeLiana Tamakloe
The auto parts and equipment manufacturing industry derives about 95% of its demand from the automobile manufacturing industry. Recent positive economic indicators in the US, such as expected GDP growth of 3.4% in 2015 and low unemployment, are expected to increase consumer spending and automobile demand, which will benefit the auto parts industry. While the outlook is positive, the growth drivers are transitory, so a market weight is recommended for the industry. Risks include increased competition from imports if the strong US dollar persists and slow global economic growth reducing overseas demand.
In this issue…
…we feature the following markets:
USA – with a spotlight on the chemicals and metals sectors
Belgium – with a spotlight on the construction and automotive/transport sectors
The Netherlands
Finland
Czech Republic
Slovakia
Romania
Atradius Collections sees a marked increase in its caseload
Panorama sector, european pharmaceutical companies is austerity fatalJaime Cubillo Fleming
This document provides an overview and risk assessment of sectors in three regions (North America, Western Europe, and Emerging Asia) by Coface economists. Some key points:
- Coface is upgrading its risk assessments for the chemicals, transportation, and textile-clothing sectors in North America due to improvements in the US economy, falling oil prices, and gains in competitiveness.
- In Western Europe, manufacturing activity remains weak and the economic recovery is sluggish, keeping risk levels high for most sectors.
- In Emerging Asia, sectors linked to infrastructure in China continue to suffer from overcapacity while consumption-oriented sectors benefit from rising middle classes.
The immediate outlook for key markets and sectors
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the
industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
France – with a spotlight on the household appliances and dairy sectors
Austria – with a spotlight on the paper and timber sectors
Italy
Norway
Canada
New Zealand
Brazil
Japan
Special: Atradius Collections - Keep your cash flow healthy
Automotive Aftermarket in North America to 2016ReportsnReports
This report analyzes the $85.5 billion automotive aftermarket in North America projected to 2016. It provides historical data from 2001-2011 and forecasts by country, product, and service provider for the US, Canada and Mexico markets. The fastest growing segment will be electronic products, fueled by advanced vehicle systems. Mechanical products like filters, brake parts and engines will remain the largest segment. Professional service providers will account for 85% of sales due to increasing vehicle complexity. The report profiles 44 industry competitors and provides insights on market drivers and trends in vehicle quality, technology, regulations and international trade.
The immediate outlook for key markets and sectors
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
Italy – with a spotlight on the metals and textiles sectors
Switzerland – with a spotlight on the banking and automotive sectors
Sweden
Hungary
Russia
Canada
China
Australia
The document summarizes market performance in the third quarter of 2011. Major stock market indexes experienced significant losses, with the S&P 500 returning -13.9%. International markets also saw declines. In contrast, bond markets performed well with the Barclays US Aggregate returning 3.8%. By market segment, large cap stocks declined more than small and mid cap stocks. Among equity styles, growth outperformed value in large caps while value did better in small and mid caps. Most market sectors saw losses, with utilities being the only positive sector.
In the third quarter of 2011, global equity markets experienced significant losses as major market indexes across all segments, styles, and countries posted double-digit declines. The domestic bond market performed better, with the Barclays US Aggregate index returning 3.8% for the quarter. Growth outperformed value in large cap stocks, while value slightly outperformed growth in small and mid caps. Most market sectors saw negative returns, with utilities being the only positive sector among large caps. Volatility is expected to continue in the near future given ongoing economic and political uncertainties.
The organised retail sector in India faces several challenges that are hindering its growth, including a global economic slowdown reducing consumer demand, intense competition from unorganised retailers, and lack of basic infrastructure. Additional issues include high real estate costs, supply chain inefficiencies, challenges hiring and retaining skilled workers, and losses from retail shrinkage. Addressing these obstacles will help the sector achieve greater economies of scale and expansion.
The document summarizes the performance of various domestic and international stock market indexes in the third quarter of 2011. Some key points:
- Nearly all market segments experienced double-digit losses in the quarter due to events like the debt ceiling debate and US credit downgrade.
- Large cap stocks declined the most, with the S&P 500 down 13.9%. Small and mid cap stocks fared even worse, with the Russell 2000 down 21.9%.
- International stocks also declined sharply when measured in US dollars, with emerging markets down 22.5%.
- Bond markets performed better, with the Barclays US Aggregate Bond Index gaining 3.8% as investors sought safe havens.
SWOT Analysis Covid-19 Impact on Indian Automotive IndustryRahman A
SWOT Analysis Post Covid-19 Impact on Indian Auto Industry.Automobiles represent freedom and economic growth. Automobiles allow people to live, work and travel in ways that were unimaginable a century ago. Automobiles provides access to markets, to doctors, to jobs. Nearly every automobile trip ends with either an economic transaction or some other benefit to the quality of life
Dr Dev Kambhampati | Doing Business in South Korea- 2013 Country Commercial G...Dr Dev Kambhampati
This document provides an overview and guidance for U.S. companies doing business in South Korea. It summarizes 10 chapters on topics like the political and economic environment, selling U.S. products and services, leading industries, regulations, investment climate, and contact information. The first chapter notes that the U.S.-Korea Free Trade Agreement increased U.S. exports to Korea by $10-12 billion annually. It identifies opportunities in industries like life sciences, chemicals, IT, and energy. Establishing a local presence through an agent or distributor is essential for success in the Korean market.
Enabling Indian manufacturing MSMEs for global competitivenessIET India
This document discusses opportunities for the MSME sector in India in the post-COVID era. It notes that COVID-19 has disrupted global supply chains and more companies are looking to India for manufacturing. However, for Indian MSMEs to capitalize, they need to adopt new business models and technologies. The document outlines challenges MSMEs face related to quality, supply chains, skills, and recommends solutions like digital platforms, IoT, cloud computing and more to help MSMEs become more efficient, flexible and globally competitive. Government support through policies improving the business environment are also encouraged to help MSMEs drive growth and employment in India.
Coronavirus Impact Assessment And Mitigation Strategies On Movie Theater Indu...SlideTeam
Coronavirus of COVID 19 has impacted major industries and sectors. The following presentation highlights the impact and risk assessment of COVID 19 over the Movie Theater Industry. Initially the presentation displays the key impact over the Industry which can be Revenue losses due to cinema closure, the total number of cinema closed and the total box office losses. The slide also displays the key challenges faced by the organization, the key cinema trends to follow post COVID, the three major recovery scenarios and the overall impact over the Industry. The presentation also displays the key risks such as disruption due to social distancing, the effect over the employee productivity of the cinema workers etc. the following also displays challenges such as impact on global recession and the risk of investment pullout. Once the risk is analyzed the various mitigation strategies are taken into consideration, these can be the readiness of the business and various contingency plan such as business contingency plan, the business contingency strategy etc. Once the mitigation strategies are studied , the policies of the workplace are decided and the various steps for incident management are discussed, in the end a survey is perfumed to see the over all risk readiness and impact of COVID. https://bit.ly/3tgqmQr
Global Active Grille Shutter Market Expected to Reach USD 4,920.1 Million by ...AlexFreedman7
This document provides an overview of the global active grille shutter market. Some key points:
- The global active grille shutter market was valued at USD 2,932.3 million in 2019 and is expected to reach USD 4,920.1 million by 2027, growing at a CAGR of 5.2%.
- Active grille shutters are used in vehicles to improve fuel efficiency and reduce emissions by opening and closing air intake at the front of the vehicle.
- The market is fragmented based on type, application, and region. Polypropylene active grille shutters are expected to grow the fastest over the forecast period.
- Leading players like Magna and Valeo hold around
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year period.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions taken to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and
North american auto aftermarket frost 0211 soaringvjr
This document provides a 360-degree perspective on trends in the North American automotive aftermarket industry. It discusses anticipated growth in vehicle maintenance and repairs as more cars age. It also covers political, regulatory, technology, and consumer trends influencing the industry, as well as an analysis of industry participants and best practices. Key areas of focus include the shift from original equipment to aftermarket parts, opportunities in electric and hybrid vehicles, and the roles of various distribution channels in the changing industry landscape.
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and income before
You’ll see from the reports in this edition of Market Monitor that, while there are tentative signs of
economic stabilisation, these are tempered by indicators that still advise caution for future trade.
Germany has recorded positive growth since the summer, but we still expect bank lending to
continue to decline. Spain, in contrast, records negative growth forecasts for the short- and mid-term,
but at least our indicators show that the high tide of payment defaults and insolvencies may finally
have peaked. In the UK, however, a turnaround in the rising insolvency trend is still not in sight, and
the troubled construction sector is forecast to continue to suffer into 2010. That said, the car
scrappage scheme, which started later than in many other countries, will provide some cushion for
the automotive sector in the coming six months.
Against this background, we continue to urge caution, not just when embarking on new trading
ventures, but also in trade with established customers. Essentially, businesses need to tread more
carefully in ALL their sales transactions – monitoring changes in the payment behaviour of current
customers and taking extra care in assessing the financial strength of new prospects.
In this issue…
…we feature the following markets:
United Kingdom – with a spotlight on the construction and automotive sectors
Mexico – with a spotlight on the retail and chemicals sectors
Germany
Spain
Denmark
Portugal
Czech Republic
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger cars and utility vehicles grew by 12% and 11% respectively due to new model launches. Two-wheeler sales declined 4.9% due to economic slowdown and high interest rates. The auto components industry saw production growth of 12% but margins are expected to remain under pressure due to slowing auto demand. The budget provided some relief through reduced excise duties on certain vehicles.
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger car sales grew 12% due to new models. Utility vehicles also saw strong growth. However, two-wheeler sales declined 4.9% due to economic slowdown and financing issues. The auto components industry saw 12% production growth but margins are expected to remain under pressure due to slowing auto demand. The budget provided some stimulus with reduced excise duties on certain vehicles.
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger car sales grew 12% due to new models. Utility vehicles also saw strong growth. However, two-wheeler sales declined 4.9% due to economic slowdown and financing issues. The auto components industry saw 12% production growth but margins are expected to remain under pressure due to slowing auto demand. The budget provided some stimulus with reduced excise duties on certain vehicles.
The document provides an analysis of the January 2021 Purchasing Managers' Index (PMI) surveys for various global regions including the Eurozone, UK, and Northern Ireland. Key highlights include:
- Global output growth slowed for the third month while input cost inflation accelerated to its highest rate since 2011.
- The Eurozone and Japan remained in economic contraction territory while growth eased in emerging markets.
- UK, Northern Ireland, and Republic of Ireland economies saw output fall at the fastest pace in eight months with declines in new orders and employment.
- Northern Ireland's private sector remained in contraction mode across manufacturing, services and construction with falling activity, orders, and job losses.
Thor Fiscal Third Quarter 2013 Investor PresentationThor_Industries
- Thor Industries reported a 13% increase in quarterly sales to $1.05 billion, driven by strength in RV sales. Net income increased 6% to $43.8 million.
- RV segment sales increased 15% to $929.8 million and income before tax grew 31% to $77.6 million. Towable and motorized RV sales both increased substantially.
- Bus segment sales were flat at $119.4 million but income before tax turned to a loss of $7.7 million due to non-cash impairment charges relating to goodwill and intangible assets from the expected sale of an ambulance product line.
Automotive Repair and Maintenance Services Market to Reach US$ 750 Bn by 2026Ankush Nikam
Future Market Insights has announced the addition of the “Automotive Repair and Maintenance Services Market: Global Industry Analysis & Opportunity Assessment, 2016 – 2026” "report to their offering.
Global Auto Components industry profile is an essential resource for top-level data and analysis covering the Auto Components industry. It includes data on market size and segmentation, plus textual and graphical analysis of the key trends and competitive landscape, leading companies and demographic information. Scope * Contains an executive summary and data on value, volume and/or segmentation* Provides textual analysis of Global Auto Components's recent performance and future prospects* Incorporates in-depth five forces competitive environment analysis and scorecards * Includes a five-year forecast of Global Auto Components* The leading companies are profiled with supporting key financial metrics * Supported by the key macroeconomic and demographic data affecting the market Highlights * Detailed information is included on market size, measured by value and/or volume* Five forces scorecards provide an accessible yet in depth view of the market's competitive landscape * Market shares are covered by manufacturer or brand Why you should buy this report * Spot future trends and developments * Inform your business decisions * Add weight to presentations and marketing materials * Save time carrying out entry-level researchMarket DefinitionThe global auto components industry is defined for purposes of this profile as the sum of the automotive parts and equipment market and the tires and rubber market. The global market for automotive parts and equipment is defined as the automotive aftermarket for light vehicles only. It excludes original equipment parts for new cars and parts and equipment for medium and heavy vehicles. The tires and rubber market consists of the revenues generated through the sale of both replacement and original equipment tires for cars, trucks, earthmoving equipment, motorcycles, scooters, bicycles, and aircraft. All currency conversions used in the creation of this report have been calculated using constant 2009 average annual exchange rates.
The automotive market has been a consistent bright spot for metals makers over the past couple of years even as other end-users have become increasingly volatile. Demand up and down the supply chain has remained strong, and steel, aluminum, stainless steel and other metals products show no signs of slowing down.
- Revenue for AT&S was stable at €222.7 million for the quarter, though earnings declined as expected due to market factors and investments in strategic expansion. EBITDA was €34.9 million, down 32.9%.
- Demand was weaker in the Mobile Devices, Automotive and Industrial segments, leading to underutilization of production capacity. The IC Substrates and Medical & Healthcare segments saw sales increases.
- AT&S initiated an investment project of up to €1 billion to significantly increase IC substrate capacity, with production starting in 2021. This is expected to double revenue to €2 billion in the next 5 years and improve margins long-term.
This document outlines AB Roofing Solutions Ltd's health and safety policy. It includes their commitment to complying with relevant legislation and ensuring risks are properly assessed. It assigns roles and responsibilities for health and safety to managers and employees. It also describes the company's arrangements for various health and safety matters like safety audits, guidance, asbestos handling, training records and risk assessments. The policy aims to protect employees, customers and the public from health and safety risks from the company's operations.
Austin provides total solutions for manufacturing dies, molds, and other machined parts. They specialize in investment casting dies, sand casting patterns, shell molding dies, plastic injection molds, and other related tools. Austin handles all aspects of the design, procurement, machining, and delivery of high quality products. They strive to offer competitive prices, prompt communication, and quick problem solving to satisfy customers. Their key markets include dies, molds, casting and machined parts for valves, pumps, and firefighting equipment. Austin has CNC milling and turning machines and a variety of precision measurement instruments for quality inspection.
The organised retail sector in India faces several challenges that are hindering its growth, including a global economic slowdown reducing consumer demand, intense competition from unorganised retailers, and lack of basic infrastructure. Additional issues include high real estate costs, supply chain inefficiencies, challenges hiring and retaining skilled workers, and losses from retail shrinkage. Addressing these obstacles will help the sector achieve greater economies of scale and expansion.
The document summarizes the performance of various domestic and international stock market indexes in the third quarter of 2011. Some key points:
- Nearly all market segments experienced double-digit losses in the quarter due to events like the debt ceiling debate and US credit downgrade.
- Large cap stocks declined the most, with the S&P 500 down 13.9%. Small and mid cap stocks fared even worse, with the Russell 2000 down 21.9%.
- International stocks also declined sharply when measured in US dollars, with emerging markets down 22.5%.
- Bond markets performed better, with the Barclays US Aggregate Bond Index gaining 3.8% as investors sought safe havens.
SWOT Analysis Covid-19 Impact on Indian Automotive IndustryRahman A
SWOT Analysis Post Covid-19 Impact on Indian Auto Industry.Automobiles represent freedom and economic growth. Automobiles allow people to live, work and travel in ways that were unimaginable a century ago. Automobiles provides access to markets, to doctors, to jobs. Nearly every automobile trip ends with either an economic transaction or some other benefit to the quality of life
Dr Dev Kambhampati | Doing Business in South Korea- 2013 Country Commercial G...Dr Dev Kambhampati
This document provides an overview and guidance for U.S. companies doing business in South Korea. It summarizes 10 chapters on topics like the political and economic environment, selling U.S. products and services, leading industries, regulations, investment climate, and contact information. The first chapter notes that the U.S.-Korea Free Trade Agreement increased U.S. exports to Korea by $10-12 billion annually. It identifies opportunities in industries like life sciences, chemicals, IT, and energy. Establishing a local presence through an agent or distributor is essential for success in the Korean market.
Enabling Indian manufacturing MSMEs for global competitivenessIET India
This document discusses opportunities for the MSME sector in India in the post-COVID era. It notes that COVID-19 has disrupted global supply chains and more companies are looking to India for manufacturing. However, for Indian MSMEs to capitalize, they need to adopt new business models and technologies. The document outlines challenges MSMEs face related to quality, supply chains, skills, and recommends solutions like digital platforms, IoT, cloud computing and more to help MSMEs become more efficient, flexible and globally competitive. Government support through policies improving the business environment are also encouraged to help MSMEs drive growth and employment in India.
Coronavirus Impact Assessment And Mitigation Strategies On Movie Theater Indu...SlideTeam
Coronavirus of COVID 19 has impacted major industries and sectors. The following presentation highlights the impact and risk assessment of COVID 19 over the Movie Theater Industry. Initially the presentation displays the key impact over the Industry which can be Revenue losses due to cinema closure, the total number of cinema closed and the total box office losses. The slide also displays the key challenges faced by the organization, the key cinema trends to follow post COVID, the three major recovery scenarios and the overall impact over the Industry. The presentation also displays the key risks such as disruption due to social distancing, the effect over the employee productivity of the cinema workers etc. the following also displays challenges such as impact on global recession and the risk of investment pullout. Once the risk is analyzed the various mitigation strategies are taken into consideration, these can be the readiness of the business and various contingency plan such as business contingency plan, the business contingency strategy etc. Once the mitigation strategies are studied , the policies of the workplace are decided and the various steps for incident management are discussed, in the end a survey is perfumed to see the over all risk readiness and impact of COVID. https://bit.ly/3tgqmQr
Global Active Grille Shutter Market Expected to Reach USD 4,920.1 Million by ...AlexFreedman7
This document provides an overview of the global active grille shutter market. Some key points:
- The global active grille shutter market was valued at USD 2,932.3 million in 2019 and is expected to reach USD 4,920.1 million by 2027, growing at a CAGR of 5.2%.
- Active grille shutters are used in vehicles to improve fuel efficiency and reduce emissions by opening and closing air intake at the front of the vehicle.
- The market is fragmented based on type, application, and region. Polypropylene active grille shutters are expected to grow the fastest over the forecast period.
- Leading players like Magna and Valeo hold around
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year period.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions taken to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and
North american auto aftermarket frost 0211 soaringvjr
This document provides a 360-degree perspective on trends in the North American automotive aftermarket industry. It discusses anticipated growth in vehicle maintenance and repairs as more cars age. It also covers political, regulatory, technology, and consumer trends influencing the industry, as well as an analysis of industry participants and best practices. Key areas of focus include the shift from original equipment to aftermarket parts, opportunities in electric and hybrid vehicles, and the roles of various distribution channels in the changing industry landscape.
- Thor reported sales of $1.05 billion for the third quarter of fiscal 2013, up 13% from the prior year, driven by strength in RV sales. Net income was $43.8 million, up 6% year-over-year.
- RV segment sales were $929.8 million, up 15% from the prior year. RV segment income before tax was $77.6 million, up 31% from the prior year.
- Towable RV sales were $742.5 million, up 9% and income before tax was $62.5 million, up 22% from actions to improve efficiencies. Motorized RV sales were $187.3 million, up 48% and income before
You’ll see from the reports in this edition of Market Monitor that, while there are tentative signs of
economic stabilisation, these are tempered by indicators that still advise caution for future trade.
Germany has recorded positive growth since the summer, but we still expect bank lending to
continue to decline. Spain, in contrast, records negative growth forecasts for the short- and mid-term,
but at least our indicators show that the high tide of payment defaults and insolvencies may finally
have peaked. In the UK, however, a turnaround in the rising insolvency trend is still not in sight, and
the troubled construction sector is forecast to continue to suffer into 2010. That said, the car
scrappage scheme, which started later than in many other countries, will provide some cushion for
the automotive sector in the coming six months.
Against this background, we continue to urge caution, not just when embarking on new trading
ventures, but also in trade with established customers. Essentially, businesses need to tread more
carefully in ALL their sales transactions – monitoring changes in the payment behaviour of current
customers and taking extra care in assessing the financial strength of new prospects.
In this issue…
…we feature the following markets:
United Kingdom – with a spotlight on the construction and automotive sectors
Mexico – with a spotlight on the retail and chemicals sectors
Germany
Spain
Denmark
Portugal
Czech Republic
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger cars and utility vehicles grew by 12% and 11% respectively due to new model launches. Two-wheeler sales declined 4.9% due to economic slowdown and high interest rates. The auto components industry saw production growth of 12% but margins are expected to remain under pressure due to slowing auto demand. The budget provided some relief through reduced excise duties on certain vehicles.
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger car sales grew 12% due to new models. Utility vehicles also saw strong growth. However, two-wheeler sales declined 4.9% due to economic slowdown and financing issues. The auto components industry saw 12% production growth but margins are expected to remain under pressure due to slowing auto demand. The budget provided some stimulus with reduced excise duties on certain vehicles.
The document discusses trends in the Indian auto industry. It notes that commercial vehicle segments like light commercial vehicles saw positive growth, while medium and heavy commercial vehicles declined due to high bases of growth in the previous year. Passenger car sales grew 12% due to new models. Utility vehicles also saw strong growth. However, two-wheeler sales declined 4.9% due to economic slowdown and financing issues. The auto components industry saw 12% production growth but margins are expected to remain under pressure due to slowing auto demand. The budget provided some stimulus with reduced excise duties on certain vehicles.
The document provides an analysis of the January 2021 Purchasing Managers' Index (PMI) surveys for various global regions including the Eurozone, UK, and Northern Ireland. Key highlights include:
- Global output growth slowed for the third month while input cost inflation accelerated to its highest rate since 2011.
- The Eurozone and Japan remained in economic contraction territory while growth eased in emerging markets.
- UK, Northern Ireland, and Republic of Ireland economies saw output fall at the fastest pace in eight months with declines in new orders and employment.
- Northern Ireland's private sector remained in contraction mode across manufacturing, services and construction with falling activity, orders, and job losses.
Thor Fiscal Third Quarter 2013 Investor PresentationThor_Industries
- Thor Industries reported a 13% increase in quarterly sales to $1.05 billion, driven by strength in RV sales. Net income increased 6% to $43.8 million.
- RV segment sales increased 15% to $929.8 million and income before tax grew 31% to $77.6 million. Towable and motorized RV sales both increased substantially.
- Bus segment sales were flat at $119.4 million but income before tax turned to a loss of $7.7 million due to non-cash impairment charges relating to goodwill and intangible assets from the expected sale of an ambulance product line.
Automotive Repair and Maintenance Services Market to Reach US$ 750 Bn by 2026Ankush Nikam
Future Market Insights has announced the addition of the “Automotive Repair and Maintenance Services Market: Global Industry Analysis & Opportunity Assessment, 2016 – 2026” "report to their offering.
Global Auto Components industry profile is an essential resource for top-level data and analysis covering the Auto Components industry. It includes data on market size and segmentation, plus textual and graphical analysis of the key trends and competitive landscape, leading companies and demographic information. Scope * Contains an executive summary and data on value, volume and/or segmentation* Provides textual analysis of Global Auto Components's recent performance and future prospects* Incorporates in-depth five forces competitive environment analysis and scorecards * Includes a five-year forecast of Global Auto Components* The leading companies are profiled with supporting key financial metrics * Supported by the key macroeconomic and demographic data affecting the market Highlights * Detailed information is included on market size, measured by value and/or volume* Five forces scorecards provide an accessible yet in depth view of the market's competitive landscape * Market shares are covered by manufacturer or brand Why you should buy this report * Spot future trends and developments * Inform your business decisions * Add weight to presentations and marketing materials * Save time carrying out entry-level researchMarket DefinitionThe global auto components industry is defined for purposes of this profile as the sum of the automotive parts and equipment market and the tires and rubber market. The global market for automotive parts and equipment is defined as the automotive aftermarket for light vehicles only. It excludes original equipment parts for new cars and parts and equipment for medium and heavy vehicles. The tires and rubber market consists of the revenues generated through the sale of both replacement and original equipment tires for cars, trucks, earthmoving equipment, motorcycles, scooters, bicycles, and aircraft. All currency conversions used in the creation of this report have been calculated using constant 2009 average annual exchange rates.
The automotive market has been a consistent bright spot for metals makers over the past couple of years even as other end-users have become increasingly volatile. Demand up and down the supply chain has remained strong, and steel, aluminum, stainless steel and other metals products show no signs of slowing down.
- Revenue for AT&S was stable at €222.7 million for the quarter, though earnings declined as expected due to market factors and investments in strategic expansion. EBITDA was €34.9 million, down 32.9%.
- Demand was weaker in the Mobile Devices, Automotive and Industrial segments, leading to underutilization of production capacity. The IC Substrates and Medical & Healthcare segments saw sales increases.
- AT&S initiated an investment project of up to €1 billion to significantly increase IC substrate capacity, with production starting in 2021. This is expected to double revenue to €2 billion in the next 5 years and improve margins long-term.
This document outlines AB Roofing Solutions Ltd's health and safety policy. It includes their commitment to complying with relevant legislation and ensuring risks are properly assessed. It assigns roles and responsibilities for health and safety to managers and employees. It also describes the company's arrangements for various health and safety matters like safety audits, guidance, asbestos handling, training records and risk assessments. The policy aims to protect employees, customers and the public from health and safety risks from the company's operations.
Austin provides total solutions for manufacturing dies, molds, and other machined parts. They specialize in investment casting dies, sand casting patterns, shell molding dies, plastic injection molds, and other related tools. Austin handles all aspects of the design, procurement, machining, and delivery of high quality products. They strive to offer competitive prices, prompt communication, and quick problem solving to satisfy customers. Their key markets include dies, molds, casting and machined parts for valves, pumps, and firefighting equipment. Austin has CNC milling and turning machines and a variety of precision measurement instruments for quality inspection.
EME Informática emitió una factura por valor de 72,32€ a Club Megane RS por la venta de un producto. La factura incluye el IVA de 11,57€ y el total a pagar asciende a 83,89€. Se indica que el método de pago será mediante transferencia bancaria a la cuenta de La Caixa especificada.
-- Created using PowToon -- Free sign up at http://www.powtoon.com/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Bí quyết giữ bàn tay của bé luôn mềm mại và sạch khuẩnJosé García
Sau khi đánh bại binh đoàn Mắt đỏ, Cảm cúm và Tiêu chảy, Biệt đội tay sạch tiếp tục “tháp tùng” Phi thuyền Nối vòng tay lớn Lifebuoy hướng về trái đất. Bỗng dưng từ xa, họ lại thấy bóng đen u ám của một binh đoàn vi khuẩn đang kéo về phía họ….
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The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
19. cuestionario de proverbios 18 sabiduría contra necedadComparte la Biblia
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RAFIQE BIO DATA UPDATED ON 28 JUN 2015. ORIGINALrafique khan
This document is a curriculum vitae submitted by Rafiqe Rahimatulla Khan for the position of Mechanical Technician Rotary. It includes personal details like name, date of birth, address, languages known. It also lists his educational qualification of SSC passed. His work experience details 10 years in India and 27 months in Saudi Arabia for various companies like SABIC, Tasnee, Advanced Petrochemicals. It describes his expertise in overhauling and aligning various mechanical equipment like centrifugal pumps, compressors, heat exchangers, rotary feeders, static equipment etc.
El documento presenta conceptos clave de Mijaíl Bajtín sobre la cultura popular en la Edad Media y el Renacimiento. Explica que la cultura popular se expresaba a través de formas rituales de espectáculo, obras cómicas verbales y formas carnavalescas que parodiaban el culto religioso y permitían una huida temporal de las normas sociales. Por otro lado, la fiesta oficial servía para consagrar el orden establecido y la desigualdad, mientras que la fiesta popular representada por el carnaval promov
This document profiles a potential Starbucks customer persona named "Silly-About-Starbucks-Stacie". Stacie is a 18-25 year old marketing intern and student who enjoys exercising and road trips. She is easily overwhelmed by workloads but is a hard worker. Starbucks could help Stacie by offering caffeinated drinks to aid her energy and calming teas to relax her nerves. Their facilities provide a welcoming environment for her to get work done.
Project dành cho đợt ADC Showcase 4, do các bạn học viên nhóm Visual thực hiện.
Đây là một quyển artbook minh họa bài hát do nhiều bạn thuộc nhóm Visual Art của ADC Academy thực hiện.
Anna Axton has over 4 years of experience in retail and customer relations. She has worked as an assistant manager and sales associate at various stores in Mississippi and South Carolina. She also has experience working as a secretary and has strong skills in Microsoft Office, marketing research, and building client relationships. Anna is highly motivated, engaging, and honest with a warm personality. She will graduate from the University of Mississippi in December 2015 with a Bachelor's in Psychology and minor in Business Administration.
El resumen del documento en 3 oraciones o menos es:
El relato sigue las aventuras de Diego Alatriste, un espadachín madrileño del siglo XVII, y su paje Íñigo. Alatriste recibe el encargo de asaltar a unos ingleses pero decide salvarles la vida, descubriendo que son el príncipe de Gales y el marqués de Buckingham. La trama gira en torno a la conspiración para impedir la alianza matrimonial entre Inglaterra y España.
General Motors AnalysisGeneral Motors AnalysisTeam 7Li.docxhanneloremccaffery
This document provides an analysis of General Motors and the automobile manufacturing industry. It summarizes key details about GM's industry classification and SIC codes. It also analyzes the industry structure based on 10 items from an IBISWorld report, including that the industry is mature with moderate competition and barriers to entry. External drivers for the industry are discussed, along with current performance, outlook, supply chain, demand determinants, products/services, basis of competition, and major players. Toyota, GM, and Ford have the largest market shares, comprising about 45% total.
This document analyzes Toyota Motor Corporation. It begins with an overview of the company and the automotive industry's external environment. It then examines Toyota's internal environment, including its core competencies, strengths, and strategies. The document provides a framework for analyzing Toyota's competitive advantage and making recommendations to sustain its success.
This document analyzes Toyota Motor Corporation. It begins with an overview of the company and the automotive industry's external environment. It then examines Toyota's internal environment, including its core competencies, strengths, weaknesses, and financial performance. The document concludes with recommendations for how Toyota can sustain its competitive advantage.
1. The document analyzes Toyota's industry using Porter's Five Forces model, finding that supplier power is moderate, buyer power is strong, threat of substitution is minimal but strongest from used cars for Toyota, and threat of new entrants is low.
2. It also discusses external factors affecting Toyota, including regional politics, recent massive recalls, the credit crunch, appreciation of the yen, shifts to greener practices, and technological changes in the industry.
3. A SWOT analysis identifies Toyota's strengths as strong financial performance and brand image, and weaknesses as poor profitability in financial services and expenses for employee benefits. Opportunities include hybrid vehicles and Asian markets, while threats include competition, emissions standards,
Running head AUTOMOTIVE INDUSTRY ANALYSIS13.docxtoddr4
Running head: AUTOMOTIVE INDUSTRY ANALYSIS 1
3
Automotive Industry Analysis
Team 5
Automotive Industry Analysis
Executive Summary
The following report is a strategic analysis of the Automotive Industry. This report will use several resources to analyze the industry and overall market. Additionally, including the information gathered from strategic and analytical recommendations are considered for the Automotive Industry analysis which could help achieve a greater market share in this industry.
The report analysis includes the external industry environment which includes, …. Additionally, a PESTEL analysis as well as Five Forces analysis has been conducted. These are important to understand the market environment of the industry needed by anyone trying grow or enter this market.
Introduction
The automotive industry is an industry that has been steadily growing over the several decades due to rising demand for vehicles. There is a considerable market share for the supply which occurs although the industry faces immense challenges to do with governance and political interests (Wells & Rawlinson, 2009). The consumers of the automotive sector mostly include individuals, organizations, governments, and institutions. The industry has been steadily marked by around five hundred players who have been regularly producing cars over the last few decades. The first boom that was related to the automobile industry was in the nineteen-hundred where the demand for vehicles shot up due to the change of governance and industrialization.
Background
The first dominant players in the market were France and closely followed by Germany. Eventually, Germany was the most significant car producers. The needs for mass production lead to the emergence of Japanese brands and the United States as well (Winkelhake, 2018). Many companies that first started as the most desirable brands are being phased out while others are barely making enough profit due to factors associated with the external environment of the industry. Strategic choices have to be considered to ensure survival in a highly competitive market. The industry has faced an immense shift in the external environment that has led to the market players having to be innovative to keep their competitive advantage.
Part 1: External Environmental Analysis
General Environmental Analysis
A PESTEL analysis was conducted to evaluate all relevant external factors and evaluating macro-economic influences the industry may have.
Political factors
The automobile industry has been having challenges of a political nature due to the interests that the governments have on the industry (Kaplan & Smolkin, 2009). The benefits are but of a positive and negative environment. For instance, fuel emissions from guzzlers are a significant issue of concern to the politics in a country such a United States of America. It has led to the imposition of tax on vehicles that have high emissions, and this affects the production a.
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The automotive interior segment shows significant need for consolidation due to increasing requirements from OEMs and fierce competition. M&A activity is expected to increase over the next few years, especially among mid-sized suppliers, as Tier 1 suppliers vertically integrate to meet OEM demands, emerging market suppliers look overseas for technology, and private equity invests in platform acquisitions.
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- Time Technoplast is a leading manufacturer of technologically advanced polymer products with 46 facilities across 13 countries.
- It has a diverse product portfolio including industrial packaging, infrastructure products, automotive products, lifestyle and healthcare products.
- Financial analysis shows revenues grew 19.92% in FY2012 while profits declined due to lower margins. Ratio analysis tracks company's performance over time.
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Automotive Insulation Market Report: Trends, Forecast and Competitive AnalysisLucintel
The global automotive insulation market is expected to reach $2.5 billion by 2024, growing at a CAGR of 3.5% between 2019 and 2024. The market segments include PU foam, elastomeric foam, glass wool, and others for acoustic insulation and thermal insulation in passenger vehicles and light commercial vehicles across North America, Europe, Asia Pacific and the rest of the world. Key players in the industry include Recticel, BASF, Armacell, Saint-Gobain, SoundTech Inc., and others.
The automobile industry designs, develops, manufactures, markets and sells motor vehicles globally. It is expected to see 7% growth in 2021, though the industry in India has been impacted by the global financial crisis. The document discusses the automobile industry crisis from 2008-2010 and analyzes the key demand and supply factors affecting the industry. On the demand side, factors include financing options, marketing, vehicle price, consumer income and affordability. Supply factors include production capabilities, operations efficiency, distribution networks, technology access and costs of raw materials. Studying these demand and supply dynamics provides insight into upturns and downturns in the automobile sector.
This document provides a summary of a case study on General Motors from 2005. It discusses GM's losses in the first two quarters of 2005 due to issues in North America operations. To address this, GM adopted a strategy of offering employee discounts to boost sales by 47% and increase its market share. The document also provides overviews of GM's products, mission, vision, history, current situation, organizational structure, financial analysis, SWOT analysis, competitor analysis, and recommendations.
Hose Pipe Market Report: Trends, Forecast and Competitive AnalysisLucintel
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2) Complying with tightening emissions regulations for air pollutants from vehicles like particulate matter, hydrocarbons, and nitrogen oxides in Europe.
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Sample_Global Lime Market research .pptxkvsreerag096
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Martinrea International Inc. is an automotive parts manufacturer that has experienced significant revenue growth through acquisitions and organic growth. The company is well positioned to benefit from increasing auto sales and the trend toward lighter weight vehicles. The analyst values Martinrea using a discounted cash flow model and estimates the stock price could rise 70-105% to a range of $16-19.50 per share based on margin expansion, growth opportunities, and a narrowing of its valuation gap with peers. Key growth drivers include the company's global scale, research capabilities, aluminum expertise, and strong order backlog.
1. Important disclosures appear on the last page of this report.
The Henry Fund
Henry B. Tippie School of Management
Benjamin Martin [benjamin‐martin@uiowa.edu]
Auto Parts & Equipment Manufacturing Industry February 9, 2016
Consumer Discretionary Sector Industry Rating Market Weight
Investment Thesis Key Industry Statistics
The Henry Fund recommends a Market Weight rating for the global auto parts
and equipment manufacturing industry. While this industry provides valuable
products and services to the ever‐important auto industry, recent industry
trends and changes in consumer preferences are likely to favor certain
suppliers over others.
Drivers of Thesis
Stricter emissions regulations may provide a boost to certain industry
segments, specifically manufacturers of turbochargers and emissions
systems.
Steady or accelerating growth in real GDP per capita in North America and
Europe is a positive for automobile demand.
Industry consolidation leads to greater economies of scale which will
benefit growth among the top suppliers with the best financial position.
Low oil prices effectively increase consumers’ disposable income and are
typically a positive for auto sales.
Risks to Thesis
Weaker growth in China, Russia, & Brazil has the potential to reduce global
demand for automobiles as these markets are growing in importance.
Rising interest rates in the United States may put pressure on the
consumer and reduce demand for automobiles in that market.
Impact of car sharing services is still uncertain and may have negative
implications for future new car production and sales.
Consensus industry earnings growth over the next two years are expected
to be lower than the broader market and may continue to depress
valuations.
Price Data
TTM Price Performance ‐26.6%
Beta 1.3
Key Statistics
Net Debt/EBITDA 0.96x
Dividend Yield 1.9%
Price/Earnings (TTM) 10.7x
Price/Earnings (FY1) 9.6x
Price/Sales (TTM) 0.6x
Price/Book (mrq) 2.7x
Profitability
Operating Margin 8.0%
Profit Margin 5.25%
Return on Assets (TTM) 6.9%
Return on Equity (TTM) 24.7%
Top Competitors Market Cap ($B)
Robert Bosch N/A (Private)
Continental AG $20.8
Delphi Automotive $19.9
Cummins Inc. $17.8
Autoliv Inc. $9.9
BorgWarner Inc. $7.7
12 Month Performance Industry Description
Companies in the Auto Parts & Equipment
industry manufacture components and modules
that are ultimately to be included in the
production of cars, trucks, SUVs, as well as
commercial & off‐highway vehicles. Products
include transmissions, turbochargers, air
conditioning systems, ball bearings, gears, tires,
airbags, etc.
Component manufacturers typically have two
primary distribution channels: Original Equipment
Manufacturers (OEMs) and the aftermarket.
9.6
24.7
6.4
9.7
12.1
7.8
0
10
20
30
NTM P/E ROE EV/EBITDA
Auto Parts Suppliers
Global Consumer Durables
‐30%
‐20%
‐10%
0%
10%
F M A M J J A S O N D J
Auto Parts: OEM S&P 500
2.
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EXECUTIVE SUMMARY
The automobile parts & equipment industry is driven by a
number of factors, the largest being global automobile
production. Other important macroeconomic factors
include growth in real GDP per capita, interest rates,
income growth, employment growth, oil prices, and
consumer confidence.
Competition is primarily based on price and technological
advancement. As such, the most successful companies are
the ones who make sufficient investments in research and
development, operate efficiently, and have achieved
global scale.
While regulation has always played a role in the evolution
of the auto industry, the rise of hybrid/electric vehicles
and a tougher stance by regulators on emission controls
have been a driving force for change in recent years. The
highly publicized Volkswagen scandal and the escalating
requirements of California’s zero emission mandate stand
to benefit parts suppliers who manufacture products that
reduce emissions and increase fuel efficiency.
Although several current industry trends stand to benefit
global auto production, recent reductions in world GDP
growth estimates and lower industry earnings growth
estimates over the next two years will likely depress share
prices. While it is likely that some firms will be able to
navigate these challenges better than others, prospects
for the industry as a whole seem subdued. For this reason,
we are recommending a market weighting.
INDUSTRY DESCRIPTION
The Auto Parts & Equipment industry is a sub‐industry of
the broader Auto Parts Industry. Suppliers to OEMs can be
grouped into three categories: Tier One (T1) suppliers sell
assembled components and systems directly to OEMs; Tier
Two (T2) suppliers sell parts to be incorporated into T1
products (i.e. ball bearings, gears, etc.); and Tier Three (T3)
suppliers process raw materials (steel, aluminum, etc.)
which are then sold to T2 suppliers.
Products
Companies in the Auto Parts Supplier (APS) industry supply
a wide variety of parts to OEMs. Products in this industry
can be grouped into several categories including electrical
& electronic components, steering & suspension, exhaust
systems, brake systems, auto body parts & wheels, HVAC
parts, airbags, filters, radiators, & other components.
A breakdown of industry products by type is shown in the
following table1
.
Demand
Demand for auto parts is primarily driven by global
automotive production volume and the number of parts
required is typically higher in periods where OEMs are
producing more vehicles. In turn, demand for vehicles is
influenced by several macroeconomic factors including
GDP growth, consumer spending, wage/disposable
income growth, employment levels, and interest rates.
Due to the global nature of this industry, the economic
growth of North America, Europe, and the BRIC nations
(Brazil, Russia, India, China) tends to be the most
influential.
Demand for auto parts is also influenced, albeit to a lesser
extent, by the production mix. In periods of economic
stability and rising incomes, demand for more expensive
trucks and luxury cars is boosted and suppliers margins
may realize a slight expansion.
Currently, global light vehicle sales are expected to grow
approximately 4.1% annually to a total of 111 million units
by 20202
.
Supply
Products in this industry are manufactured from a wide
variety of raw materials and, as a result, profitability can
Electrical &
Electronic
components
25.8%
Steering &
Suspension
14.5%
Exhaust
Systems
14.3%
Brake
Systems
12.6%
Auto Body
Parts &
Wheels
12.1%
HVAC Parts
9.2%
Filters,
Radiators, &
Other
7.0%
Airbags
4.5%
Auto Parts Supplier Products
Source:
IBISWorld
3.
Page 3
be affected by volatile commodity prices. The major
industry inputs include steel, nickel, copper, aluminum, &
plastic resins. While a limited amount of hedging takes
place to help alleviate these costs, suppliers will typically
seek to pass increases in input costs through to the OEMs
via pass‐through provisions in their customer contracts.
However, these measures are very often challenged and it
is unlikely that increases in the cost of materials will be
recouped, particularly given the availability of alternative
suppliers.
Costs
As mentioned in the previous section, purchases of raw
materials are a major factor in the industry’s profit
structure. Steel, which accounts for 68% of total
purchases1
, is particularly important as it is the primary
input in a wide variety of products.
After raw materials purchases, the next most important
cost is labor and administrative expenses. Most companies
in this industry spend between 8% ‐ 12% on SG&A
expenses3
, the largest operating line item. Additionally,
much of the labor force in this industry is unionized and
the influence of these unions tends to keep wages high.
This can have negative consequences during times of
economic strife but can also help boost margins during
expansions or recoveries due to the tendency for revenue
to grow at a faster rate than wages.
Finally, as the pressure to increase fuel efficiency ramps
up, APSs are coming under increasing pressure to develop
technologies that can help the OEMs achieve this goal. This
requires that firms continually invest in research and
development in order to stay ahead of the technology
curve.
Industry Stage & Success Factors
The auto parts supply industry is considered a mature
industry for two primary reasons: a growth rate that has
typically been comparable with the overall global economy
and a significant level of M&A activity. Currently, industry
top line growth is expected to be 4.4%3
in 2016 vs. the
growth in global GDP of approximately 2.8%3
. While
estimates for global growth have recently been revised
down to reflect the weaker economic outlook in China, the
majority of analysts have not made any changes to their
estimates for industry growth so we will have to wait and
see what kind adjustments are made as the year
progresses.
There are several factors that determine the degree of
success that companies in this industry can achieve. Some
of the most important include:
Degree of globalization – Driven by the global
expansion of OEMs, auto parts suppliers who can
capitalize on opportunities in foreign markets will
enjoy a larger degree of success. An important
component of this factor includes outsourcing
manufacturing operations to areas where they can
be utilized in the just‐in‐time manufacturing
operations of the OEMs. One of the most
important growth markets for these companies is
China/the Asia region. Currently, some of the best
positioned companies in this region are
Continental AG, Delphi Automotive, Autoliv,
BorgWarner, and Bosch.
Investments in R&D –Successful companies need
to invest sufficient capital into research and
development in order to stay ahead of the
technology curve and continue to secure design
wins and supply contracts. In 2015, top spenders
on R&D included Continental AG, Autoliv, WABCO
Holdings, Allison Transmission, and BorgWarner.
Effective cost controls – As the industry becomes
increasingly global and as new, low‐cost, regional
suppliers enter the market, success may come
down to who can operate more efficiently in order
to meet the annual price reductions demanded by
the OEMs. Based on 2015 results, some of the
companies who are executing successfully in this
area are BorgWarner, Delphi Automotive,
Continental AG, and Hyundai Mobis.
4.
Page 4
RECENT DEVELOPMENTS & TRENDS
Increased Globalization & OEM Portfolio
Rationalization
The financial crisis of 2008 had a devastating impact on the
auto industry, particularly in the United States. Light
vehicle sales declined from 16.2 million in 2007 to a low of
10.1 million in 2009 (‐38%)4
and many major OEMs were
on the verge of bankruptcy.
Ultimately, the American manufacturers were saved by
the actions of the US government who, through an $80
billion dollar investment, effectively saved the industry
from collapse. In the aftermath of these events, the both
Chrysler and General Motors (GM) implemented
significant restructuring programs in an attempt to restore
profitability and return to growth. In addition to reducing
their labor force and cutting benefits, the US automakers
eliminated several lines of vehicles in order to focus
exclusively on their most popular and highest margin
brands. For example, GM effectively reduced the number
of brands carried by 50% by terminating their Pontiac,
Saturn, Hummer, and Saab brands while retaining
Chevrolet, Cadillac, Buick, & GMC due to their popularity
in the US and abroad. Also, while the Detroit 3 (Ford, GM,
Chrysler) shuttered domestic assembly plants and
increased the capacity utilization of the ones that remain
in an attempt to grow profits at a more sustainable rate,
foreign‐headquartered auto manufacturers moved their
production facilities to the US. In turn, the US automakers
have started major pushes into foreign markets,
particularly Europe and the BRIC nations.5
This trend has significant implications for the auto parts
supply industry. Namely, as part of their cost reduction
efforts, OEMs are demanding more from their suppliers.
These demands require that the suppliers produce not just
parts, but entire systems or modules (i.e. an entire
interior). The pressure to meet these expectations is even
greater as foreign suppliers enter the market.
Industry Consolidation
As previously mentioned, in order to facilitate just‐in‐time
manufacturing, OEMs prefer to select suppliers that are in
close proximity to their assembly plants. This preference
may lead these companies to consider local suppliers
(particularly in China and India, where local firms typically
have a cost advantage) as they roll into new model year
vehicles. In order keep pace with the global growth
strategies of their biggest customers, auto parts suppliers
are also expanding their operations overseas, primarily
through the acquisition of smaller, regional companies. In
addition, as the major OEMs continue to consolidate their
supplier base, T1 suppliers are buying up smaller
competitors to increase their product offerings and
hopefully regain some bargaining power.
In 2015, auto parts suppliers closed over 200 deals for a
total of about $48 billion6
, marking six consecutive years of
increased M&A activity. However, about $29 billion of that
value is the result of Johnson Controls spin‐off of their auto
interiors business20
. Excluding that transaction, the total
would be a more on‐trend $19 billion. Popular acquisition
targets include companies who manufacture safety
systems, improve fuel efficiency, and who design
infotainment/electronics systems. ZF Group’s acquisition
of TRW Automotive21
, BorgWarner’s acquisition of Remy
International23
, and Harman’s acquisition of Symphony
Teleca and Red Band Software22
are prime examples of
these preferences.
Source: PwC Automotive
5.
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Ride/Car Sharing
The last several years have seen the rapid rise of ride or car
sharing services such as Uber, Lyft, Zipcar, and Car2Go.
Uber and Lyft operate much like conventional taxi cab
services, allowing passengers to arrange a one‐time ride
on short notice typically through a mobile application
while Zipcar offers hourly or daily car rentals. Consumers
have flocked to these services due to their higher levels of
customer service, accessibility, and convenience, much to
the dismay of the taxi and auto manufacturing industries.
Given the rise in popularity, analysts and executives have
begun to attempt to estimate the impact on vehicle
ownership. Currently, several industry sources7,8
have
indicated that the proliferation of these services will have
a significant negative impact on vehicle ownership,
reducing the number of privately owned vehicles by as
much as fifteen for every one shared car8
on the road.
However, some believe these estimates may be
overstated6
, as higher utilization rates may increase
replacement demand. While the jury is still out on the
exact impact, this trend remains a potentially powerful
force that is worth considering.
Electric Cars and ZEV Mandates
In recent years, the popularity of electric cars has grown as
consumer preferences are beginning to shift. This trend is
expected to continue as battery technology improves,
electric cars become cheaper, and auto manufacturers
begin to produce a wider variety of models. Current
forecasts call for global sales of electric vehicles to reach
5.1 million units by 2020 (10.5% CAGR)2
.
The proliferation of electric vehicles is being helped along
by state regulators as well. For example, under the Clean
Air Act, the state of California was granted the right to set
their own emissions standards. One of the most significant
components of California’s standards is a mandate that
automakers produce and deliver a certain percentage
battery‐electric, fuel cell, and plug‐in hybrid vehicles
(called “zero emission vehicles” or ZEVs). The current
version of the mandate requires that, by model year 2025,
15% of all vehicles delivered for sale in the state be ZEVs9
.
Currently, nine other states have either adopted at least a
portion of California’s ZEV program.
The impact of these regulations on the auto parts industry
will likely depend on the specific products manufactured
by each company. Demand will likely be the highest for
companies who specialize in the manufacture of the
electronic components that are unique to electric vehicles.
Volkswagen Emissions Scandal
Late in the third quarter of 2015, German automaker
Volkswagen rocked the industry with the announcement
that they had been cheating emissions tests on several
models of cars. The news sent their stock crashing over
30%10
and resulted in VW’s first sales drop since 2002.
Although the final number is not set, the company is
rumored to be facing between $18 and $90 billion in fines
and penalties.
While the immediate impact of the scandal has been
negative for auto parts suppliers (particularly those who
do a significant amount of business with VW), the long
term effects should be a net positive for the industry. As
regulators crack down on the auto OEM industry, demand
for parts that reduce emissions (i.e. turbochargers) is
expected to rise.
MARKETS AND COMPETITION
Overall, competition in the auto parts industry is very high.
Many companies offer similar products and almost none
dominate any one product category. For example, of the
top ten largest publically‐traded suppliers, there are at
least two companies operating in each of the following
categories: interior products, powertrain systems, safety
products, electrical components, and heating/cooling.
Also, all of these companies mention that they face
competition from privately held, regional suppliers.
With so many companies making competing products and
only few OEMs (there are only three in the US) to buy
them, buyer power is enormous. A common industry
practice is for suppliers to include pass‐through provisions
in their customer contracts in an attempt to hedge their
input costs by allowing the parts suppliers to pass through
any increases in raw materials to the manufacturers.
However, the OEMs almost always challenge these
provisions and rarely compensate the suppliers for an
increase in raw material prices. Also, the OEMs typically
demand annual price reductions. If suppliers do not
comply, it is relatively easy for them to switch to a new
supplier.
While raw material prices (particularly steel) are certainly
important to auto parts suppliers, contracts to acquire
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many of these products are traded on exchanges like the
London Metals Exchange (LME). The biggest risk to the
auto parts suppliers is that during times of abnormally low
commodity prices, capacity may be cut, leading to a
shortage in the market. However, with prices of most
major commodities expected to increase in the future, the
risk of this happening is relatively low.
Lastly, there is a moderate risk that new competitors will
enter the market and increase competition, especially in
less developed and faster growing markets. While this is
certainly possible, it may prove difficult as these new
competitors will have to enter as a low‐cost leader and
invest heavily in R&D in order to establish themselves.
However, regional factors are also at play. While it may be
tougher for a potential competitor to break into the U.S.
auto parts supply industry, we have already seen the
successful entry of several Chinese suppliers.
The takeaway from the information above is that
competition in the auto parts supply industry relies
primarily on two factors: price and technological
innovation. When combined with a global network, the
companies who can execute on these two factors will be
the most successful. A few of the top companies in this
regard are Honeywell, BorgWarner, Delphi Automotive,
Continental AG, and NSK Ltd.
Peer Comparisons
The table on the next page shows some operating statistics
for a collection of some of the larger public and private
auto parts suppliers. As can be seen, many of the
companies are relatively in‐line with the averages.
However, there are a few stand outs that, in our opinion,
are better positioned and likely to outperform going
forward. These companies are all positioned to take
advantage of the long‐term trends currently playing out in
the auto industry (fuel efficiency, hybrid/electric vehicles,
interconnected vehicles, autonomous vehicles, active
safety) and are executing on the success factors
mentioned earlier (global presence, investment in R&D,
cost controls). Additionally, these companies all have
moderate leverage compared to the industry average,
allowing more flexibility in making acquisitions.
ZF Friedrichshafen – well positioned within
autonomous driving/active safety, leverage is a little
high but still below the industry average.
BorgWarner Inc. – Strong position in turbocharger
technology and hybrid/electric vehicles, above
average margins, and reasonable leverage.
Honeywell – Produces turbochargers, strong margins,
reasonable leverage.
Continental AG – Has a presence in hybrid/electric
vehicles, autonomous driving, active safety, and
connectivity, strong margins, and reasonable leverage.
Autoliv – Presence in active safety, strong margins,
and reasonable leverage.
Mitsubishi Electric Corp. – Various fuel efficiency
products, strong margins, and low leverage.
ECONOMIC OUTLOOK
As mentioned before, demand for auto parts is driven by
demand for automobiles. Auto sales are typically strongest
during times of stable economic growth and expanding
consumer wealth which can be measured by real GDP per
capita. Due to the global nature of OEM strategy, an
examination of the trends in real GDP per capita in the
United States, the European Union, and the BRIC nations
can provide a valuable backdrop for gauging potential
demand. Additionally, factors such as interest rates,
income/employment levels, global oil prices, and
consumer confidence can be very influential as well.
United States
In the United States, auto sales are typically the best
during stable periods of real GDP growth. In 2008, auto
sales suffered a steep decline as unemployment spiked
and consumers lost access to credit. Since then, sales have
recovered to higher levels than ever. Going forward, the
CBO projects that real GDP will grow between 1.8% and
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2.5% out to 202048
. Accordingly, IHS Automotive expects
auto sales in the US to grow 1.8% in 201611
.
Another potential concern is that wage growth over the
last 6 – 7 years has been subdued by post‐recession
standards. However, the year‐over‐year growth rate in
wages accelerated to a more normal 4% ‐ 5.5% in
2014/201511
. Additionally, although the most recent gain
in non‐farm payrolls was below expectations, the growth
was healthy and in‐line with the current trend. While some
argue that these metrics are not as strong as they should
be, they are far from levels that would seriously impair
demand for automobiles.
One potential negative worth considering is the
probability of rising interest rates. Late last year, the
Federal Reserve raised their overnight benchmark rate
(the fed funds rate) for the first time in a decade. Based on
comments from the Fed, our team expects a gradual rise
in the fed funds rate to 1.25% over the next two years and
a subsequent rise in the 10‐year Treasury rate to 3.25%. If
this expectation materializes, it may put pressure on some
consumers’ financial ability to purchase cars.
Finally, while by no means a deciding factor, consumer
confidence can give us an indication of the willingness of
consumers to purchase automobiles. Our team expects
near‐term confidence to continue to decline moderately
Source: Mergent Online
Note: Average net margin excludes results from Visteon
(large gain from discontinued operations) and average P/E
excludes NSK
8.
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from its current 96.5 level, reflecting recent misses in real
GDP and non‐farm payrolls. However, over a longer (two
year) timeframe we expect confidence to return to more
normal levels.
Europe
In 2015, the European Union accounted for 22.2% of global
auto production13
and, as a result, their economic output
exerts a significant influence on the global auto industry.
Coming off several years of weak economic growth, real
GDP per capita in the EU is expected to grow 1.8% in 2016
and maintain around that rate out to 2020. While the
specific impact on the auto industry will certainly be more
regional, this trend indicates a healthy contribution from
the EU to global production.
Part of the driving force behind these growth expectations
is the monetary policy being pursued by the European
Central Bank (ECB). In December, the ECB cut their
overnight lending rate deeper into negative territory (‐
0.3%) and announced the continuation of their
quantitative easing program. The intent of negative rates
is to encourage banks to lend more to consumers for
purchases. While the overall impact of these
unprecedented rate decisions is still under debate,
intuition would indicate that this policy will be a positive
for large purchases, such as automobiles.
BRIC Nations
As a counter to the relatively optimistic outlook in the
United States and Europe, the BRIC nations (Brazil, Russia,
India, and China) represent potential areas of weakness as
they represent approximately one‐third of global auto
production. The biggest potential threat to the industry
seems to be coming from the growth concerns in China,
where GDP per capita has been revised down to 5.6%
growth in 2016 and is expected to moderate further to 5%
by 2019. This is in contrast to the 6.5% annual target set by
the country’s leaders and historical Y/Y growth of 6% ‐ 9%12
over the last five years. In 2015, China accounted for
24.2%13
of the total passenger car production so this data
is causing some serious concerns about the global fallout
from a slowdown in the world’s second largest economy.
Meanwhile, sanctions against the Russian government and
an economic crisis in Brazil have pushed both countries
well into recession territory. Current 2016 GDP per capita
forecasts indicate a ‐1% and ‐1.8%12
contraction for these
two countries, respectively. Both are expected to return to
growth by 2020 but, until then, it is highly likely that they
will put a moderate amount of downward pressure on
auto production as they accounted for a combined 4.6% of
total production in 201513
.
Possibly the only bright spot in this nation group is India
whose real GDP per capita is forecast to increase from
6.3% in 2015 to 7.1% in 202012
. In 2015, India accounted
for 4.6% of global auto production13
and, as the economy
continues to expand, I would expect that its contribution
will grow as well.
Global Oil Prices
Beginning in June 2014, an abundance of supply and
subdued demand has sent the price of WTI oil tumbling
from over $100/barrel to less than $30, a level many never
expected to see again. Currently, many industry experts
are beginning to adopt the stance that prices will remained
low for the foreseeable future and the Henry Fund team
agrees. The majority of our analysts expect oil to remain in
the $40 ‐ $50 range over the next two years. Additionally,
the average price of gasoline in the U.S. has fallen 20% in
the last year alone14
. This action effectively increases the
disposable income of consumers and is typically good for
auto sales. Assuming a sustained drop in prices does not
spark a recession, these lower gas prices and the greater
levels of purchasing power among consumers should be a
positive for the auto industry.
CATALYSTS FOR GROWTH
Like the broader consumer discretionary sector, the auto
parts & equipment industry outperforms during periods of
strong economic growth. Additionally, stronger
automobile production will drive higher levels of demand
for the industry’s products. Going forward, some of the
more important catalysts for growth include the following:
Sustained GDP per capita growth in the United States,
Europe, and the BRIC nations
Higher levels of wage and income growth among
consumers
Strengthening labor market and employment figures
Availability of consumer credit
Sustained low oil and gasoline prices
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INVESTMENT POSITIVES
Increasing regulation and demand for electric vehicles
may drive demand for more fuel efficient technology.
Parts suppliers who manufacture products that help
reduce emissions and improve fuel economy as well as
manufacturers of electronic components will likely
benefit from an uptick in demand.
Industry consolidation may help larger and more
financially stable companies achieve higher growth
rates.
Low oil prices increase consumer incomes which has
the potential to increase auto sales.
INVESTMENT NEGATIVES
Interest rate increases in the United States may
hamper consumers’ ability to purchase autos.
Reduced global economic outlook.
Proliferation of car sharing services may have a net
negative impact on global auto sales.
VALUATION
While we are still awaiting final numbers for a few
companies, earnings in the auto parts supplier industry are
expected to have grown 5.6% in 2015. Additionally, the
industry is expected to grow earnings by 10.7% in 2016.
These numbers are below the 11% ‐ 15% rates realized in
2013 and 2014, respectively. Meanwhile, analysts
currently expect the S&P 500 to grow earnings 15% in 2016
and early estimates indicate 16% growth in 2017. When
compared to the 10.7% growth in 2016 industry earnings
and the expected 13% growth in 2017 combined with a
slowdown in global GDP growth, it is not hard to see why
the industry’s market capitalization has fallen 29% over
the last twelve months vs. a 10.5% decline in the broader
index.
Currently, the 2016 forward P/E multiple on the auto parts
and equipment industry is 9.65x compared to 15.4x for the
S&P 500. While this may seem cheap at first glance, I
believe some kind of discount is warranted given the
slower growth over the next two years.
KEYS TO MONITOR
The following are some important factors to monitor going
forward:
Federal Reserve/ECB key rate decisions
Trends in oil prices
Global GDP reports
Global employment reports
Total automobile sales
REFERENCES
1. IBISWorld
2. KPMG Global Automotive Executive Survey 2015
http://www.kpmg.com/LU/en/IssuesAndInsights/Arti
clespublications/Documents/AutomotiveSurvey‐
01092015.pdf
3. FactSet
4. “Detroit back from the brink? Auto industry crisis and
restructuring, 2008 – 2011” ‐ Authored by Thomas H
Klier and James Rubenstein – Federal Reserve Bank of
Chicago
5. “GM International Operations Powering Reorganized
Auto Maker” – By James M. Amend, Wards Auto
http://wardsauto.com/news‐analysis/gm‐
international‐operations‐powering‐reorganized‐auto‐
maker
6. “Consolidation in the Global Automotive Supply
Industry 2014” – PWC
http://www.pwc.com/gx/en/automotive/publications/
assets/pwc‐global‐automotive‐supply‐industry‐2014‐
study.pdf
7. “Car‐Sharing, Social Trends Portend Challenge for Auto
Sales” – BY Neal E Boudette – The Wall Street Journal
8. “Quantifying the impact of Car Sharing” – Zipcar,
https://sustainabledevelopment.un.org/content/doc
uments/10664zipcar.pdf
9. Ford 2014 10‐k
10.
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10. “VW Scandal Socks Auto‐Parts Makers” – By Jack
Hough, Barron’s
http://www.barrons.com/articles/vw‐scandal‐socks‐
auto‐parts‐makers‐1443243547
11. Bureau of Economic Analysis – Interactive GDP data
table
http://bea.gov/iTable/index.cfm
12. USDA.gov
http://www.usda.gov/wps/portal/usda/usdahome
13. European Automobile Manufacturers Association –
Economic and Market Report Quarter 3 2015
http://www.acea.be/statistics/article/economic‐and‐
market‐report‐quarter‐3‐2015
14. AAA Daily Fuel Gauge Report
http://fuelgaugereport.aaa.com/
15. Bloomberg.com/energy
16. “Reinventing the Wheel: Scenarios for the
Transformation of the Auto Industry” – PWC
http://www.pwc.com/gx/en/automotive/publication
s/assets/reinventing‐the‐wheel.pdf
17. European Commission Economic Forecasts
http://ec.europa.eu/economy_finance/eu/forecasts/i
ndex_en.htm
18. U.S. Department of the Treasury – TARP Program
Overview
https://www.treasury.gov/initiatives/financial‐
stability/TARP‐Programs/automotive‐
programs/Pages/default.aspx
19. Maryland Department of the Environment
http://mde.maryland.gov/programs/Air/MobileSourc
es/CleanCars/Pages/states.aspx
20. WSJ.com: JCI Spin‐off
http://www.wsj.com/articles/SB10001424052702304
198504579569741641633918
21. ZF TRW Acquisition Press Release
http://ir.trw.com/releasedetail.cfm?ReleaseID=91341
7
22. Bloomberg.com: Harman Acquisition
http://www.bloomberg.com/news/articles/2015‐01‐
22/harman‐spending‐almost‐1‐billion‐on‐two‐
software‐acquisitions
23. WSJ.com: BorgWarner to Acquire Remy Intl.
http://www.wsj.com/articles/borgwarner‐to‐buy‐
remy‐international‐1436790596
IMPORTANT DISCLAIMER
Henry Fund reports are created by student enrolled in the
Applied Securities Management (Henry Fund) program at
the University of Iowa’s Tippie School of Management.
These reports are intended to provide potential employers
and other interested parties an example of the analytical
skills, investment knowledge, and communication abilities
of Henry Fund students. Henry Fund analysts are not
registered investment advisors, brokers or officially
licensed financial professionals. The investment opinion
contained in this report does not represent an offer or
solicitation to buy or sell any of the aforementioned
securities. Unless otherwise noted, facts and figures
included in this report are from publicly available sources.
This report is not a complete compilation of data, and its
accuracy is not guaranteed. From time to time, the
University of Iowa, its faculty, staff, students, or the Henry
Fund may hold a financial interest in the companies
mentioned in this report.