Bayerische Motoren Werke AG (BMW3.DE)

Industry: Auto - Manufacturers Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
VOW.DE	1	Volkswagen AG	382,850	6.47	5.93	5.89	5.40	11.64	9.28
8TI.DE	2	Stellantis N.V.	378,469	2.24	1.57	1.44	1.23	-	2.55
F	3	Ford Motor Company	189,588	10.12	10.12	15.05	14.30	29.71	51.15
F-PB	4	Ford Motor Company	189,588	10.12	10.12	15.05	14.30	29.71	51.15
F-PC	5	Ford Motor Company	189,588	10.12	10.12	15.05	14.30	29.71	51.15
F-PD	6	Ford Motor Company	189,588	10.12	10.12	15.05	14.30	29.71	51.15
GM	7	General Motors Com	183,892	19.28	19.70	8.90	8.84	39.10	17.44
BMW3.DE	8	Bayerische Motoren	160,181	7.44	6.47	6.85	6.07	17.22	12.91
7267.T	9	Honda Motor Co., L	138,267	8.97	7.39	6.64	5.96	17.27	12.04
RNL.DE	10	Renault S.A.	128,458	-	-	-	-	9.35	5.97
BY6.F	11	BYD Company Limite	120,251	23.60	12.59	17.13	11.83	29.66	10.25
HYUD.L	12	Hyundai Motor Comp	115,317	1.80	1.26	0.86	0.66	1.57	1.09
TSLA	13	Tesla, Inc.	95,633	270.27	170.14	108.23	84.80	220.14	261.89
600104.SS	14	SAIC Motor Corpora	94,539	68.39	102.35	8.94	8.51	-	41.63
000270.KS	15	Kia Corporation	76,680	4.92	3.17	1.84	1.36	5.07	2.01
GRU.VI	16	Geely Automobile H	63,815	5.09	3.43	6.93	5.01	6.97	9.02

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.55	8.76	7.92	7.23	17.27	10.25
Full Range Median Multiple	10.12	10.12	8.92	8.67	29.66	12.04
Industry Multiple	32.25	26.29	16.21	13.63	35.35	38.52
Market Implied Multiple	7.72	6.71	6.94	6.16	17.47	13.09
Company (BMW3.DE) Multiple	7.44	6.47	6.85	6.07	17.22	12.91
(*) Net Income / EBITDA / Revenue	8,243	9,480	24,126	27,194	9,591	12,801
Winsorized Enterprise Value	N/A	N/A	190,960	196,693	165,652	131,197
Full Range Median Enterprise Value	N/A	N/A	215,281	235,853	284,438	154,122
(-) Net Debt	103,908	103,908	103,908	103,908	103,908	103,908
Winsorized Equity Value	78,709	83,003	87,053	92,785	61,744	27,289
Full Range Median Equity Value	83,440	95,963	111,373	131,945	180,530	50,214
(/) Shares Outstanding	717	717	717	717	717	717
Winsorized Fair Value	$109.72	$115.70	$121.35	$129.34	$86.07	$38.04
Full Range Median Fair Value	$116.31	$133.77	$155.25	$183.92	$251.65	$70.00
Current Price	$88.70	$88.70	$88.70	$88.70	$88.70	$88.70
Upside / Downside	23.69%	30.44%	36.81%	45.81%	-2.97%	-57.11%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$76.80	$80.99	$84.94	$90.54	$60.25	$26.63
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy