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Scope Ratings’ (Scope) application study on European automotive suppliers assesses


such corporates based on Scope’s Rating Methodology on

sector’s inherent cyclicality and different corporate profiles in terms of their operational

limit an automotive supplier’s ability to achieve an

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 on the success of the OEM’s business is

suppliers’ relatively volatile cash flows are order backlogs

protect a company’s production capacit

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

sector’s inherent cyclicality and

An automotive supplier’s profitability correlates its product focus. In Scope’s

s
this is not the case in Scope’s

the rating distribution of Scope’s assessment of the


industry’s rating drivers as reflected by the peer group (see figure ) as well as Scope’s
Indicative Credit Quality Assessment

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

Business Risk Drivers


supplier’s size and competitive positioning determine its market
strength. Scope considers a company’s size
s
s

s s

and weaken the company’s competitive position.


is
company’s innovative capacity. Strong innov

supplier’s geographical, product and customer diversification

supplier’s EBITDAR margin as the most important

s
supplier’s

suppliers’ EBITDAR margins.

s s
visibility and predictability of a company’s cash flow are reflected in its order backlog,

reliable indicators of a company’s future cash


AG

automobile propulsion technology. MITEC’s product portfolio comprises balancer

MITEC’s

MITEC’s innovative power

%( MITEC’s

…. 55% of MITEC’s revenues generated in


the company’s geographic

MITEC’s

z MITEC’s adjusted EBITDA

s MITEC’s

Financial Risk Profile

MITEC’s adjusted

The company’s future cash MITEC’s

Scope believes that the visibility on the company’s future cash flows more than

Scope’s

Source: Scope based on company’s financial reports


s
s two divisions “Wiring Systems”
“ ons”

Business Risk Profile

Scope considers the company’s

in LEONI’s strategy.

Nevertheless, the company’s

is LEONI’s

34% of the company’s sales were generated outside Europe


s

The company’s product diversification is modest. Nearly 60% of LEONI’s 2013 sales

’s is of the company’s

Financial Risk Profile


LEONI’s leverage

st. Scope expects LEONI’s


term

LEONI’s 25%
tigates the risk of future cash
from

Scope’s
s

Valeo’s product and services are


group’s shares are li


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

Financial Risk Profile


Valeo’s leverage is comparably stable
’s
The company’s EBITDAR/Fixed Charge Cover stands at a
x . Given Valeo’s
company’s credit metrics

’s Valeo’s

) representing 1.4x Valeo’s

Scope’s

Business Risk Profile


s

’ he company’s
s
’s future competitive

’s
s “ s ”
aragon’s electro
“ ”

Scope cautions on paragon’s material customer concentration: the company’s top

aragon’s

Financial Risk Profile


Modest ’ m) in 2013/14 the company’s
x
Paragon’s

s ’

– aragon’s cash flow generation as strong


aragon’s long

term

Scope’s
is

Business Risk Profile

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

company’s growth program

Financial Risk Profile


’s
the company’s v
x
’s EBITDAR Fixed Charge Coverage stands at a
’s credit metrics to

’s busi
The company’s aftermarket
’s ’s

Scope’s
s s

c
s

Business Risk Profile


s s

GRAMMER’s GRAMMER’s
company’s

s
GRAMMER’s

GRAMMER’s
’s s
GRAMMER’s

Financial Risk Profile


x

GRAMMER’s

GRAMMER’s

GRAMMER’s
’s

Scope’s
s

Business Risk Profile

s
Dürr’s

’ s
Scope evaluates the company’s innovative
c

Dürr’s

s the company’s 3

Dürr’s product

y

Dürr’s adjusted EBITDAR margin of 11


s
group’s

Financial Risk Profile

’ s

Scope’s
MAHLE’s

Business Risk Profile



MAHLE’s

y
MAHLE’s
CO
’ s


s MAHLE’s

MAHLE’s product

would limit MAHLE’s current dependence on automot

MAHLE’s

Financial Risk Profile


is
s MAHLE’s

MAHLE’s ’

Scope’s
AG

Scope’s ratings, rating reports,

. Scope’s ratings, rating


reports, rating opinions, or related research and credit opinions are provided “as is” without any represen

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

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