Rush Enterprises, Inc. (RUSHA)

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
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
RUSHA	17	Rush Enterprises,	7,672	15.36	12.49	8.48	7.45	13.07	10.16
1268.HK	18	China MeiDong Auto	6,636	-	-	2.64	2.07	-	-
CWH	19	Camping World Hold	6,400	-	-	5.40	5.18	9.73	15.75
1728.HK	20	China ZhengTong Au	5,884	-	-	178.95	364.22	-	-
600335.SS	21	Sinomach Automobil	5,513	20.02	17.92	12.98	12.96	15.92	17.06
DOAS.IS	22	Dogus Otomotiv Ser	5,343	6.01	3.98	3.52	2.11	4.26	2.85
ARAMI.PA	23	Aramis Group SAS	5,231	-	-	11.08	11.08	12.83	55.32
3836.HK	24	China Harmony Auto	4,786	-	-	23.19	35.56	12.48	-
CPRT	25	Copart, Inc.	4,655	26.11	22.03	18.27	15.83	21.18	18.45

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.56	9.64	11.08	8.96	12.48	10.55
Full Range Median Multiple	15.88	13.88	11.37	10.35	12.83	15.75
Industry Multiple	23.45	21.91	24.02	37.25	16.40	21.01
Market Implied Multiple	17.67	14.37	9.51	8.35	14.65	11.40
Company (RUSHA) Multiple	15.36	12.49	8.48	7.45	13.07	10.16
(*) Net Income / EBITDA / Revenue	274	337	617	702	400	514
Winsorized Enterprise Value	N/A	N/A	6,834	6,294	4,994	5,427
Full Range Median Enterprise Value	N/A	N/A	7,012	7,268	5,134	8,101
(-) Net Debt	1,017	1,017	1,017	1,017	1,017	1,017
Winsorized Equity Value	3,171	3,251	5,817	5,277	3,976	4,409
Full Range Median Equity Value	4,356	4,679	5,994	6,251	4,116	7,083
(/) Shares Outstanding	79	79	79	79	79	79
Winsorized Fair Value	$40.26	$41.28	$73.86	$67.00	$50.49	$55.99
Full Range Median Fair Value	$55.30	$59.41	$76.11	$79.37	$52.27	$89.93
Current Price	$61.53	$61.53	$61.53	$61.53	$61.53	$61.53
Upside / Downside	-34.56%	-32.91%	20.04%	8.89%	-17.95%	-9.01%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$28.18	$28.90	$51.70	$46.90	$35.34	$39.19
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy