PFCapital Peugeot SA Final 080213

Strictly Confidential August 2013
Point Frederick CapitalPoint Frederick Capital
Point Frederick Capital
Management, LLC
Presentation for: Chand Sooran
Peugeot SA: This Turnaround Train Is Leaving The Station

No representation is made that the Investment manager’s or the Fund’s investment process, investment strategies, goals or risk
management techniques will or are likely to be achieved or be successful. See Important Information on Page 2.
Important Information
2
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2

3
Peugeot SA Is A Turnaround With Value, Operational
Momentum, Leverage And Macro Tailwinds
Recommendation: Buy the common stock of Peugeot SA (ticker ENXTPA:UG). It has a favorable
reward-to-risk tradeoff of more than 4.5 times. We believe that the stock has the potential to move
up 200% from the current price. The stock is currently trading at roughly 25% of its peak price over
the past 5 years. Key events driving the stock higher include the Company’s ongoing operational
restructuring and the controlling family’s public comments indicating a willingness to cede control.
The Bull Case Revolves Around Optionality
• The Peugeot family has signaled their willingness to cede
control, manifested by their 38% voting stake, with the attendant
potential to unleash the hidden value in the sum-of-the-parts
• The Company recently entered into a strategic JV with GM and
GM bought stock in the 2012 rights offering, suggesting the
potential for a closer tie-up
• Management is executing an aggressive plan to cut costs and
revamp the product line in order to capture greater margins and
is under-promising and over-delivering
• The Company is a French national champion and President
Hollande may be motivated politically to develop novel ways of
assisting the restructuring
• The recent reform of the French labor law makes the
turnaround potentially more feasible than skeptics believe
• The Company is growing rapidly in Asia and LatAm and is on
track to have more than 50% of its sales from outside Europe
0
5
10
15
20
25
30
35
40
5 Year Chart - ENXTPA:UG

4
The Company Has High Financial Leverage For A European
Auto OEM With Most Having Net Cash Positions
Reference: Company, Capital IQ.
CAP STRUCTURE AND VALUATION METRICS
Market multiples
Total Senior Secured Debt -
Total Senior Unsecured Debt 12,352
Total Senior Sub Debt -
Total Debt 12,352
Less: Total Liquid Assets (8,070)
Net Debt 4,282
Preferred Shares -
Minority Interest 720
SH Price 9.56
Fully Diluted SH o/s 342
Market Capitalization 3,270
Enterprise Value 8,272

5
Peugeot Is The Second Largest Auto OEM In Europe With
Significant Ancillary Business In Parts And Financing
The Company is engaged in the design, production and distribution of passenger automobiles and light
commercial vehicles in Europe, China and Latin America. In addition, Peugeot owns a 57% stake in European
auto parts company Faurecia (ENXTPA:EO), as well having a captive bank, Banque PSA, that provides retail and
dealer financing for its automotive division. The Company has a number of joint ventures, including notably with
GM, Dongfeng Motors, Changan Autombile, Toyota and Mitsbushi variously for auto design, purchasing and
production. It is a French national industrial champion with an extensive intellectual property portfolio.
Last Twelve Months Rev Mix % OpInc Margin
Automotive 36,791 67.7% (1,349) -3.7%
Automotive Equipment 17,865 32.9% 468 2.6%
Finance 1,819 3.3% 325 17.9%
Other 182 0.3% (18) -9.9%
Eliminations (2,310) -4.3% 4
Total 54,347 100.0% (570) -1.0%
Turning Around Automotive Is Essential Europe Is Still The Biggest Region
Units - Last Twelve Months Share
Europe 58.2%
Russia 2.4%
LatAm 11.0%
China 18.2%
ROW 10.1%
CKD 0.1%
Total 100.0%
Management Is Connected To The French Elite
Philippe Varin has been CEO since 2009. He is the
former CEO of steelmaker Corus and he has held
various executive positions at Pechiney. He is a graduate
of the Ecole Polytechnique and the Ecole des Mines.
CFO Jean Baptiste De Chatillon has been with the
Company since 1989. Several other key executives,
including the head of Asia and the head of product
development are graduates of elite French schools.

6
The Business Model Is Characterized By High Fixed Costs,
Requiring Strong Volumes
The Company seeks to develop a brand and to design vehicles that will command a premium in the market,
across a variety of segments, including compact cars (the A&B segment as classified by the European
Commission), mid-size cars (C&D), premium cars and light commercial vehicles. Given the high fixed cost of
owning and operating manufacturing plants all over the world, the Company seeks to maximize capacity utilization
across its system. Common platforms and volume purchasing agreements are further sources of efficiency.
When capacity utilization falls below 75%, gross margins collapse. Furthermore, margins are lower for smaller,
lower priced cars. Therefore, the Company is working on both “upbranding” its product offering, as well as
rationalizing capacity for a structurally weaker European auto market, even as it seeks to increase its geographic
mix of sales outside of Europe to more than 50%. Peugeot targets 100% capacity utilization within 3 years.
2009 2011 2012 H113
Utilization Rate - Total 80% 86% 75% 74%
Utilization Rate - France 61%
Utilization Rate - A&B 87% 76% 72% 65%
Capacity Utilization Is Currently Weak The Company Is De-Emphasizing Commodity Cars
% of Total Sales 2009 2010 2011 2012 H113
C&D Segments 38% 40% 43% 45% 47%
A&B Segments 46% 43% 38% 38% 36%
Premium Vehicles 9% 13% 18% 18% 19%
# of Units
Top 5 Growth Regions H112 H113 % yoy
China 200 278 39%
Argentina 47 68 45%
Brazil 62 61 -2%
Algeria 36 58 61%
Russia 41 32 -22%
They Have Strong Growth Ex-Europe
Reference: Company, Point Frederick Capital

7
What Went Wrong? And How Can It Be Fixed?
The Company Made Critical Strategic
Miscalculations
• Driven by the Peugeot family, the Company elected to focus on the
return of capital (E6.6B in dividends and buybacks between 1995 and
2012) over geographic diversification and moving into higher margin
segments of the automotive market, reinforcing the perception of a
commoditized brand with poor design
• The Company has a concentrated exposure to Southern Europe,
particularly France, Spain and Italy, countries with especially elevated
unemployment rates and considerable economic uncertainty, leading to
dramatically lower volume
• The Company has suffered market share losses in Europe as a
consequence of its exposure to Southern Europe, reinforcing concerns
about its longevity
• Lower volumes in Europe led to lower utilization rates with concomitant
reductions in gross margin
• The Company has burned through significant amounts of cash
• The stock has been hurt by the perception that restructuring in France
is difficult, if not impossible
• Banque PSA was downgraded in 2012 because of rating agency
concerns about the parent and Banque PSA’s wholesale funding
• All of this disruption is taking place as the Company is refreshing its
portfolio globally at the fastest pace in its history
Management Is Exploiting The Sense Of
Urgency To Move Boldly
• The Peugeot family has signaled its willingness to cede control,
enabling a sale of several key non-core businesses
• The 57% stake in Faurecia
• Banque PSA
• The remaining 25% stake in the logistics business
• The Company is engaged in a massive push to refresh its
product portfolio, coinciding with their move to shift its mix into the
higher-priced, higher margin portions of the market and its target
of having more than 50% of units sold ex-Europe
• They Company is right-sizing production in Europe with the
elimination of the manufacturing facility at Aulnay and significant
cuts at the facility at Rennes, with a goal of obtaining 100%
utilization in 3 years
• The Company obtained an EC-sanctioned guarantee from the
French government for E7B of bonds to be issued by Banque
PSA, which guarantee then enabled the refinancing of a further
E11.5B of credit lines
• The Company is ahead of target for the first of its restructuring
programs delivering E1.2B of cost savings vs. a targeted E1B
and it is on track for a further E1.5B improvement in free cash
flow with its second program, targeting free cash flow breakeven
by YE14
• There are signs that European demand may be stabilizing

8
When Does This Play Out?
A Number Of Key Catalysts Could Boost The Stock In The Next Six Months
• On 7/30/13, the EC approved the French government guarantee program for Banque PSA
• The WSJ reported on the possibility of a sale of the Russian assets on 7/30/13 to Dongfeng, one
of Peugeot’s Chinese partners (http://on.wsj.com/162Cmo0)
• The company released better than expected earnings and made more constructive comments in
its earnings release of 7/31/13
• There has been persistent talk of potential interest in Banque PSA from European banks looking
to ramp up their consumer credit businesses, including notably Banco Santander
(http://reut.rs/14y2YjA)
• A sale or spinoff of the Faurecia stake would be a natural step that would provide cash, in
addition to de-consolidating Faurecia’s net debt
• The stock is one of the most heavily shorted in Europe suggesting that the rising possibility of any
of these events might lead to a steady supporting bid from speculators covering shorts
(http://bit.ly/17WA8aV)
• The Company may announce further moves to rationalize capacity in Europe, accelerating the
move to 100% capacity utilization, or offsetting persistent European weakness
(http://reut.rs/15bcedQ)
• The German election in September 2013 may be the trigger for a German softening on austerity
in the Eurozone, with direct benefit to France, Spain and Italy

9
What Does The Red Team Analysis Suggest How This Could
Go Wrong?
Europe takes a fresh leg down, leading to a drop in
utilization rates faster than the Company can
rationalize capacity, in turn creating a massive cash
burn that requires a fresh rights offering or risks a
liquidity crisis
There is an outbreak of widespread, disruptive labor
strife in Europe, particularly in France and Spain,
cutting sales drastically and provoking a cash crisis
Peugeot’s new products fail to gain traction in the
market and the Company endures fresh market share
losses, imperiling the target for capacity utilization and
“upscaling” of the brand and leading to permanent
brand damage
Chinese demand collapses as the new Chinese
government is unable to navigate the transition from
infrastructure-led growth to consumer-led growth

10
What Is The Market Missing?
The market is too pessimistic about the potential for
labor restructuring in France. Renault has already
exploited French labor reform laws enacted at the
beginning of 2013, forced upon the government as a
concession in negotiations on extending French
sovereign deficit compliance.
The market ignores the value of the JVs because they
are equity investments, overly discounting the higher
margin growth particularly from the Dongfeng and
CAPSA JVs in China.
Investors (especially American investors) are
remarkably pessimistic about the potential for a turn in
Southern European auto demand. The Company
does not require a turn, only a stabilization. However,
should Europe improve, Peugeot is the most
leveraged to exploit any nascent recovery.
Management may be much more effective, in the
French context, than investors understand. The C-
suite can exploit the French political context as
Hollande is forced to accommodate industry.

11
Upside Is Predicated On Meeting Current Restructuring
Targets And Continued Emerging Markets Growth
Metric Multiple Discount EV
Automotive 2014E Rev 40,406 0.20x 8,081
Faurecia 57.18% Stake Mkt Cap 2,260 57.18% 0% 1,292
Banque PSA BV 3,240 0.9x 2,916
Equity Investments (ex-Faurecia) BV 1,449 1.0x 1,449
Other Financial Assets BV 760 0.9x 684
Total 14,422
Less: Industrials Debt (ex-Faurecia) (9,871)
Plus: Industrials Cash (ex-Faurecia) 7,442
Less: Minority Interest (720)
Less: Tax-effected Unfunded Pension Liability (566)
Less: Assumed Remaining Cash Restructuring Costs (773)
Peugeot SA Equity Value 9,934
# of SH 342.1
Peugeot SA Equity Value per SH € 29.04
Last Price € 9.57
Upside 203%

12
The Downside Conservatively Values The Automotive
Business To Create A 4.6x Reward/Risk Ratio
Segment Metric Multiple Discount EV
Automotive 2014E Rev 38,694 0.05x 1,935
Faurecia 57.18% Stake Mkt Cap 2,260 57.18% 20% 1,034
Banque PSA BV 3,240 0.6x 1,944
Equity Investments (ex-Faurecia) BV 1,449 0.7x 1,014
Other Financial Assets BV 760 0.5x 380
Total 6,307
Less: Industrials Debt (ex-Faurecia) (9,871)
Plus: Industrials Cash (ex-Faurecia) 7,442
Less: Minority Interest (720)
Less: Tax-effected Unfunded Pension Liability (566)
Less: Assumed Remaining Cash Restructuring Costs (773)
Peugeot SA Equity Value 1,819
# of SH 342.1
Peugeot SA Equity Value per SH € 5.32
Last Price € 9.57
Downside -44%

13
After The Rights Offering And Refinancing Activity Of 2012,
Liquidity Is Healthy
LIQUIDITY 2010 2011 2012 H113
Cash and Cash Equivalents 9,278 5,190 5,421 8,070
Current & Non-current Financial Assets 1,102 1,052 1,903 489
Total Cash-like Assets 10,380 6,242 7,324 8,559
Back-up Facility (undrawn) - Excluding Faurecia 2,400 2,400 2,400 2,400
Back-up Facility (undrawn) - Faurecia 505 660 850 800
Total Back-up Facilities (undrawn) 2,905 3,060 3,250 3,200
Total "Financial Security" 13,285 9,302 10,574 11,759
Net Debt 1,236 3,359 3,158 3,321
Total Equity 14,303 14,494 10,557 9,559
Gearing (Net Debt/Equity) 8.6% 23.2% 29.9% 16.5%
Reference: Company

14
Management Has Managed The Industrial Debt Maturity
Profile Actively
Reference: Company

Appendices
15

Appendix A: Additional Business Information

Conservative Projections Of Growth Shows The Majority Of
Units Being Sold Ex-Europe By Year End 2014
-
200
400
600
800
1,000
1,200
Quarterly Units Sold Have Stabilized Because
Of Growth Ex-Europe
Europe
Ex-Europe
Total

18
Market Share Has Been Hit By The Company’s
Disproportionate Exposure To Southern Europe
Market Share by Region 2007 2008 2009 2010 2011 2012 H113
Europe 13.6% 13.6% 13.8% 14.2% 13.3% 12.7% 12.2%
China 3.4% 3.5% 3.8%
LatAm 5.5% 4.8% 5.1%
Russia 2.7% 2.6% 2.4%
The Market In Southern Europe Is Improving
If Southern Europe Turns Up, So Will Peugeot’s European Market Share
Market for Cars and LCV - Change % yoy 2011 2012 H111 H211 H112 H113
Europe 30 0% -9% -1% 0% -7% -7%
Italy -10% -21% -12% -8% -21% -11%
France -1% -13% 2% -5% -13% -11%
Spain -17% -15% -25% -4% -10% -5%
UK -2% 4% -4% 0% 1% 10%
Germany 9% -3% 11% 8% 1% -8%
China 7% 7% 10% 2% 7% 16%
LatAm 8% 6% 13% 3% 2% 6%
Russia 39% 11% 57% 25% 14% -6%

19
The Rights Offering And Asset Sales Have Helped Keep Net
Debt In Check Despite Poor (But Improving) Free Cash Flow
Free Cash Flow,
as defined by the
Company,
improved
significantly in
H113
Note the cash
restructuring
costs incurred to
date for the two
restructuring
programs (“2012”
and “Rebound
2015”).
Industrial & Commercial Net Debt 2011 2012 H113
Industrial & Commercial Net Debt - BoP (1,236) (3,359) (3,148)
Cash Flow (A) 2,596 1,235 894
Restructuring (B) - (202) (177)
Inventories (661) 339 (165)
Trade Receivables (319) (9) (727)
Trade Payables 97 (835) 986
Other Change in W/C 199 (97) 159
Total Change in W/C (684) (602) 253
CapEx & Capitalized R&D (3,713) (3,814) (1,230)
Financial Investments & Others (CAPSA) 9 (67) (77)
Net Dividends Received (132) 532 286
Real Estate - 634 -
Buyback (199) - -
GefCo - 897 -
Cash Flow from Investing (D) (4,035) (1,818) (1,021)
Free Cash Flow (A+B+C+D) (2,123) (1,387) (51)
CITER - 448 -
Capital Increase - 1,056 -
Others - 94 (122)
Total Change in Cash (2,123) 211 (173)
Industrial & Commercial Net Debt - EoP (3,359) (3,148) (3,321)

20
Faurecia Is A Profitable, Globally Diversified Auto Parts
Supplier
FAURECIA - KEY METRICS 2011 2012 LTM
Revenues 16,190 17,365 17,865
Growth % yoy 7.3%
Recurring Operating Income 651 514 467
% of Revenues 4.0% 3.0% 2.6%
Growth % yoy -21.0%
Non-recurring Operating Income (58) (88) (92)
Operating Income 593 426 375
Net Financial Income (Expenses) (118) (196) (72)
Consolidated Net Income 413 184 102
% of Revenues 2.6% 1.1% 0.6%
Free Cash Flow 19 (539) (261)
Net Financial Position - EOP (1,391) (1,892) (1,853)

21
Banque PSA Is A Well Capitalized Financing Company
Making Efforts To Diversify Its Sources Of Funding
BANQUE PSA - KEY METRICS 2011 2012 LTM
Net Banking Revenue 1,032 1,075 991
Revenues 1,902 1,910 1,819
Cost of Risk (in % of average loans) 0.49% 1.23% 1.21%
Recurring Operating Income 532 391 325
Recurring Operating Income w/o retail credit loss provisions adjustment 532 527 461
Penetration Rate 27.8% 29.8% 28.4%
# of New Contracts (Lease & Financing) 843,810 805,143 767,432
Total Outstanding Loans 24,300 23,100 22,300
# of Units 3,549,416 2,964,910 2,805,510
Distingo Passbook Savings Account Balances 780
Tier 1 Capital Ratio 13.0%
Securitization and Collateralization Ratio 18% 27% 24%
ECB Repo Eligible Assets 2,900 700

Appendix B: Restructuring Plans

23
The Latest Restructuring Plan Targets Free Cash Flow With
Cost Savings And Reduced Capital Expenditure
CapEx can be reduced because much of it was front-loaded with the buildup in recent years in
emerging markets. Now the Company is looking to harvest those earlier investments. Note that a
significant portion of the CapEx number is for capitalized R&D; the Company is an intellectual
powerhouse in France. Also, the Company sees $1B of benefits from the GM JV to be at run-rate
by year end 2015.

Appendix C: Product Refresh

25
The Company Is Moving Aggressively To Roll Out New
Launches
Reference: Company

26
The New Launches Target Premium, Higher Margin Positions
Reference: Company

Appendix D: Industry Comments

28
Industry Comments Remain, Naturally, Cautious Despite
Green Shoots
"Regarding now the outlook for the rest of the year. Let's say that regarding, first, the market outlook
and regions by regions, we all know that European automotive production in the first half has been
better than expected initially, particularly in the second quarter. Nevertheless we remain cautious,
it could have been generated by, I would say, inventory management fluctuations in the OEM. So I'm
not sure it makes a trend. And for the moment, we keep, I would say, an assumption of markets
slightly negative in the second half, down around 1% which would make for Europe, globally for the
year, including Russia, something around minus 3%, minus 4% for the automotive production."
Faurecia H113 Sales Call 07/25/13
"Our order intake in Europe is now stabilizing against the previous year of 2012. We are 1.7 in the
month currently, which is a reasonable number, even though of course we would like it to be higher.
But it's stabilized against last year, that's I think the best way to summarize it … Yes, this is retail, what
I was answering to you was retail."
Renault H113 Sales Call 07/26/13
"We expect 2013total European light vehicle production to be approximately 18.4million units, also
in line with our March outlook. Both our March outlook and today's outlook include light vehicle
production of 11.9million units in Western Europe and 6.5million units in Eastern Europe."
Magna Q113 Call 5/10/13
Reference: Company, Capital IQ

Appendix E: Economic Indicators

30
Economic Indicators In Europe Look Surprisingly Positive
Reference: Markit http://www.markiteconomics.com/Survey/Page.mvc/PressReleases

31
Reference: Financial Times http://www.ft.com/intl/cms/s/0/2e0ae73e-f9c3-11e2-b8ef-00144feabdc0.html#axzz2aklrFhYZ
Could Unemployment In Europe Be Peaking, Admittedly At
Extremely High Levels?

32
European Consumer Confidence Is Still Below Average,
But It Is Bouncing
Reference: European Commission http://ec.europa.eu/economy_finance/db_indicators/surveys/

Appendix F: Guidance

34
Company Guidance Is Likely Conservative
2012G 2013G
Company Guidance For Market Assumptions Q112 H212 Q312 Q412 Q113 Q213
Europe -5% -8% -9% -3% to -5% -5% -5%
China 7% 7% 7% 8% 8% 10%
LatAm 6% 2% 5% 2% 2% 2%
Russia 5% 9% 11% 2% 0% -5%
Operational Cash Consumption vs. 2012 Performance -50% -50%
-50% or
better
Stabilization of Net Debt at June 2012 level Yes N/A N/A N/A
Breakeven in Group Operational Free Cash Flow YE2014 YE2014 YE2014 YE2014
H113 Cash Flow:
"… the Group is targeting to reduce its consumption by at least half in 2013 and confirms the announced
trend of very significant reduction throughout 2014."

Appendix G: Base Case Financial Summary

36
Ex-European Unit Growth Offsets European Weakness In
The Base Case
BASE CASE SUMMARY
Units Sold 2011 2012 LTM 2013 2014
Europe 2,063 1,758 1,633 1,581 1,490
Ex-Europe 1,486 1,207 1,172 1,246 1,353
Total 3,549 2,965 2,806 2,827 2,843
Note: The end of the Iranian CKD kit assembly business in 2012
Ex-Europe % of Units Sold 41.9% 40.7% 41.8% 44.1% 47.6%
Units Growth % yoy 2011 2012 LTM 2013 2014
Europe -14.8% -10.1% -5.8%
Ex-Europe -18.8% 3.2% 8.6%
Total -16.5% -4.7% 0.6%
Automobile Division Revenue per Unit 12,033 12,917 13,114 13,279 13,612
Growth % yoy 7.4% 2.8% 2.5%
Sales and Revenue - Total 2011 2012 LTM 2013 2014
Automotive 42,710 38,299 36,791 37,534 38,694
Automotive Equipment 16,190 17,365 17,865 18,295 19,210
Transportation & Logistics - - - - -
Finance 1,902 1,910 1,819 1,701 1,883
Other 210 202 182 184 184
Eliminations (2,503) (2,330) (2,310) (2,460) (2,460)
Total 58,509 55,446 54,347 55,254 57,511

37
The Cost Savings And Capex Cuts Make A Significant
Difference To Free Cash Flow
BASE CASE SUMMARY 2011 2012 LTM 2013 2014
Gross Profit - Manufacturing and Sales Companies 8,736 7,079 7,028 7,546 9,085
Growth % yoy -19.0% 6.6% 20.4%
Margin % 15.3% 13.1% 13.3% 14.0% 16.2%
EBITDA - Manufacturing and Sales Companies 3,452 1,935 2,022 1,733 2,969
Growth % yoy -43.9% -10.4% 71.3%
Margin % 6.1% 3.6% 3.8% 3.2% 5.3%
EBIT - Manufacturing and Sales Companies 561 (951) (899) (539) 699
Growth % yoy
Margin % 1.0% -1.8% -1.7% -1.0% 1.2%
NOPAT - Manufacturing and Sales Companies 483 (555) (463) (222) 746
Growth % yoy
Margin % 0.8% -1.0% -0.9% -0.4% 1.3%
PF FD EPS 1.49 (2.53) (2.08) (1.27) 1.55
Growth % yoy
Free Cash Flow - Manufacturing and Sales Companies (1,769) (1,387) (990) 800 912
Growth % yoy 14.0%
Margin % -3.1% -2.6% -1.9% 1.5% 1.6%
Free Cash Flow, as defined by the Company
RNOA % 2.5% -3.9% -3.4% -1.7% 5.3%
ROE % 2.4% -8.6% -8.1% -4.9% 5.5%

Appendix H: Upside Case Financial Summary

39
UPSIDE CASE SUMMARY
Units Sold 2011 2012 LTM 2013 2014
Europe 2,063 1,758 1,633 1,581 1,490
Ex-Europe 1,486 1,207 1,172 1,280 1,422
Total 3,549 2,965 2,806 2,861 2,912
Note: The end of the Iranian CKD kit assembly business in 2012
Ex-Europe % of Units Sold 41.9% 40.7% 41.8% 44.7% 48.8%
Units Growth % yoy 2011 2012 LTM 2013 2014
Europe -14.8% -10.1% -5.8%
Ex-Europe -18.8% 6.1% 11.1%
Total -16.5% -3.5% 1.8%
Automobile Division Revenue per Unit 12,033 12,917 13,114 13,351 13,877
Growth % yoy 7.4% 3.4% 3.9%
Sales and Revenue - Total 2011 2012 LTM 2013 2014
Automotive 42,710 38,299 36,791 38,195 40,406
Automotive Equipment 16,190 17,365 17,865 18,295 19,210
Transportation & Logistics - - - - -
Finance 1,902 1,910 1,819 1,701 1,883
Other 210 202 182 184 184
Eliminations (2,503) (2,330) (2,310) (2,460) (2,460)
Total 58,509 55,446 54,347 55,916 59,223
The Upside Case Is More Optimistic About Unit Growth
And Pricing

40
UPSIDE CASE SUMMARY 2011 2012 LTM 2013 2014
Gross Profit - Manufacturing and Sales Companies 8,736 7,079 7,028 7,914 9,940
Growth % yoy -19.0% 11.8% 25.6%
Margin % 15.3% 13.1% 13.3% 14.5% 17.3%
EBITDA - Manufacturing and Sales Companies 3,452 1,935 2,022 2,002 3,567
Growth % yoy -43.9% 3.5% 78.2%
Margin % 6.1% 3.6% 3.8% 3.7% 6.2%
EBIT - Manufacturing and Sales Companies 561 (951) (899) (270) 1,297
Growth % yoy
Margin % 1.0% -1.8% -1.7% -0.5% 2.3%
NOPAT - Manufacturing and Sales Companies 483 (555) (463) (34) 1,164
Growth % yoy
Margin % 0.8% -1.0% -0.9% -0.1% 2.0%
PF FD EPS 1.49 (2.53) (2.08) (0.72) 2.78
Growth % yoy
Free Cash Flow - Manufacturing and Sales Companies (1,769) (1,387) (990) 1,059 1,450
Growth % yoy 37.0%
Margin % -3.1% -2.6% -1.9% 1.9% 2.5%
Free Cash Flow, as defined by the Company
RNOA % 2.5% -3.9% -3.4% -0.3% 8.4%
ROE % 2.4% -8.6% -8.1% -2.8% 9.3%
Leverage And Improving End Markets Make For A Dazzling
Turnaround

Contact Information
41
Chand Sooran
Chief Investment Officer, Manager & Founding Member
chand.sooran@pointfrederickcapital.com
917.414.2921
41

PFCapital Peugeot SA Final 080213

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