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sector’s inherent cyclicality and different corporate profiles in terms of their operational
The following chart shows Scope’s indicative credit quality assessment of selected
Automotive
AA and
18
above
A 15
BBB12
BB 9
B and
below6
3
3 6B BB
9 BBB
12 A15 AA18
and below and above
Business Risk Profile
……………………………………………………….…
Supplier……………………
…………………………………………………………………………………………
. Business and Financial Risk Drivers ……………………………………………………………….
– ………………………………..
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s
suppliers’ pricing power and the complexity and added value of their products.
and development (“R&D”), and the capital intensity of production. The industry is being hit
supplier’s cash
s
eport
Scope’s Rating Methodology on European s
In some cases Scope incorporated private information as well as the companies’ forecasts.
Indicative Credit Quality Assessment
s
this is not the case in Scope’s
Automotive
Scope’s outlook for the European automotive supplier industry is stable. This outlook
Russia. China will lead the sector’s volume growth, expecting a relatively robust growth of
CO
R&D and
s
MAHLE’s
MAHLE’s
cooling systems which complement Behr’s existing product portfolio, thereby improving the
group’s overall innovative power and diversification of revenues.
Business and Financial Risk Drivers
s
ach company’s
s s
s
supplier’s
s s
visibility and predictability of a company’s cash flow are reflected in its order backlog,
MITEC’s
%( MITEC’s
MITEC’s
s MITEC’s
MITEC’s adjusted
Scope believes that the visibility on the company’s future cash flows more than
Scope’s
s
s two divisions “Wiring Systems”
“ ons”
in LEONI’s strategy.
is LEONI’s
The company’s product diversification is modest. Nearly 60% of LEONI’s 2013 sales
’s is of the company’s
LEONI’s 25%
tigates the risk of future cash
from
Scope’s
s
’
s s
Valeo’s market leaders
s
Valeo’s products CO
o’s strong competitive standing in this favourable market
The company’s strong technological
s
company’s
% (
y
in China and the US, Scope expects Valeo’s diversification of sales to improve further.
the group’s
the company’s customer concentration with top
Valeo’s
the company’s
’s Valeo’s
Scope’s
’
’ he company’s
s
’s future competitive
’s
s “ s ”
aragon’s electro
“ ”
aragon’s
s ’
term
Scope’s
is
s
its core segment “Automotive”
is
’s R&D s
’s
from
of HELLA’s largest revenue contributor “Automotive”
is
’s product diversification is
’s
’s busi
The company’s aftermarket
’s ’s
Scope’s
s s
c
s
GRAMMER’s GRAMMER’s
company’s
s
GRAMMER’s
GRAMMER’s
’s s
GRAMMER’s
GRAMMER’s
GRAMMER’s
GRAMMER’s
’s
Scope’s
s
s
Dürr’s
’ s
Scope evaluates the company’s innovative
c
Dürr’s
s the company’s 3
Dürr’s product
’
y
’ s
Scope’s
MAHLE’s
–
MAHLE’s
y
MAHLE’s
CO
’ s
’
s MAHLE’s
MAHLE’s product
MAHLE’s
MAHLE’s ’
Scope’s
AG
direct, indirect, incidental or otherwise damages, expenses of any kind, or losses arising from any use of Scope’s ratings, r
for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks