Group 1 Automotive, Inc. (GPI)

Industry: Auto - Dealerships 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
067990.KS	1	Deutsch Motors Inc	2,421,922	-	-	0.91	0.81	2.70	4.82
0881.HK	2	Zhongsheng Group H	48,659	4.20	3.19	0.02	0.01	6.17	3.42
LAD	3	Lithia Motors, Inc	37,611	9.25	7.66	10.04	7.96	14.06	11.14
PAG	4	Penske Automotive	30,682	11.40	9.81	8.55	7.48	12.25	9.73
AN	5	AutoNation, Inc.	27,915	12.57	11.29	6.94	6.24	8.55	7.59
KMX	6	CarMax, Inc.	26,368	17.74	18.77	14.62	13.87	56.77	176.74
INCH.L	7	Inchcape plc	25,951	4.17	3.73	3.87	2.89	5.77	4.00
GPI	8	Group 1 Automotive	22,538	14.88	13.54	12.36	10.94	26.09	12.65
600297.SS	9	China Grand Automo	19,031	-	-	16.20	19.12	22.45	55.11
DIE.BR	10	D'Ieteren Group S.	18,911	11.81	9.45	11.37	10.35	14.15	18.77
3669.HK	11	China Yongda Autom	18,199	-	-	2.75	2.72	15.70	9.65
ABG	12	Asbury Automotive	17,827	11.32	9.84	10.00	8.18	11.05	8.79
SAH	13	Sonic Automotive,	15,178	19.96	19.96	12.41	8.96	13.60	10.55
VTU.L	14	Vertu Motors plc	12,684	4.20	3.86	1.88	1.45	5.78	3.24
1293.HK	15	Grand Baoxin Auto	8,791	-	-	21.60	33.85	8.17	-
AG1.DE	16	AUTO1 Group SE	8,469	88.22	88.22	44.29	44.29	68.30	70.71

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.32	9.45	8.55	7.48	11.05	9.22
Full Range Median Multiple	11.40	9.81	10.00	7.96	12.25	9.69
Industry Multiple	17.71	16.89	11.03	11.21	17.70	28.16
Market Implied Multiple	13.44	12.23	11.77	10.41	24.83	12.04
Company (GPI) Multiple	14.88	13.54	12.36	10.94	26.09	12.65
(*) Net Income / EBITDA / Revenue	376	414	910	1,028	431	889
Winsorized Enterprise Value	N/A	N/A	7,780	7,687	4,763	8,194
Full Range Median Enterprise Value	N/A	N/A	9,103	8,187	5,284	8,614
(-) Net Debt	5,650	5,650	5,650	5,650	5,650	5,650
Winsorized Equity Value	4,258	3,910	2,130	2,037	-886	2,544
Full Range Median Equity Value	4,291	4,058	3,453	2,537	-366	2,964
(/) Shares Outstanding	13	13	13	13	13	13
Winsorized Fair Value	$332.69	$305.50	$166.38	$159.16	$-69.25	$198.74
Full Range Median Fair Value	$335.22	$317.04	$269.80	$198.19	$-28.60	$231.54
Current Price	$395.06	$395.06	$395.06	$395.06	$395.06	$395.06
Upside / Downside	-15.79%	-22.67%	-57.88%	-59.71%	-117.53%	-49.69%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$232.88	$213.85	$116.47	$111.42	$-48.48	$139.12
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy