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雷达卡
Contents
Summary and Conclusions Page. 3
Comparative Snapshot: AN vs. PAG vs. GPI 4
Industry Debates 5
1: What is the right brand mix? 6
2: When are new car sales likely to recover? 10
3: Will the cyclical recovery extend to other businesses? 14
Key Risks to Our Industry Call ` 16
Company-Specific Analysis
Penske Automotive Group
Risk-Reward Snapshot 17
Company Debates
How will PAG’s luxury mix perform? 18
How will international operations impact PAG? 22
Is used vehicle margin strength sustainable? 23
AutoNation
Risk-Reward Snapshot 25
Company Debate Summary
Can AN leverage its size in an industry recovery? 26
Will AN be able to maintain its margin advantage? 29
How does AN’s balance sheet compare with peers? 30
Group1 Auto
Risk-Reward Snapshot 32
Company Debate Summary
How well is GPI positioned for the recovery? 33
Can GPI improve cost leverage? 34
Company Financials 38
Contents
Summary and Conclusions Page 3
Defining the 3S framework 4
Industry Debates 5
1: What will the auto parts industry look like in 2020? 6
2: How will the industry shift impact OE suppliers? 7
3: Will industry margins recover to historical levels? 8
Company-Specific Analysis
Johnson Controls
Risk-Reward Snapshot 9
Company Debate Summary
How can JCI leverage structural changes in the auto industry? 11
How will commercial construction trends affect JCI? 13
When will margins recover to historical levels? 15
BorgWarner
Risk-Reward Snapshot 17
Company Debate Summary
Will lower gas prices impact fuel-efficient technology penetration? 19
How will European production impact earnings in 2010? 20
When will margins return to historic levels?? 21
TRW Automotive
Risk-Reward Snapshot 24
Company Debate Summary
How well is TRW positioned vs. peers in the new autos enviroment? 26
How will Europe impact TRW in 2010? 28
How strong is the balance sheet? 28
Company Financials 31
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