DES-AUDI

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This document is being provided for the exclusive use of ZHENG LIANG at [FIRM]. Not for redistribution.

NSU GR Equity
AUDI AG (Automobiles)
Audi AG manufactures luxury automobiles. The Company produces the Audi A1, A3, A4, A6, TT Coupe, TT Roadster, S3, RS4, S6, S8, Q3, Q5 and A8. Audi also owns the
Italian sports car manufacturer Lamborghini SpA and motorbike maker Ducati. The Company is a subsidiary of Volkswagen AG. [FIGI BBG000BD0249]

Earnings & Estimates

Market Data
859.00

Next Announcement Date
P/E EUR
Est P/E 12/15
T12M EPS
Est EPS
--

03/11/16
6.70
N.A.
103.82
N.A.
--

808.40
757.80
707.20
656.60
606.00
/2
6/

7/

/2

/2

/2

/2

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/2

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15

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20

15

15

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5

5

5

5

14

Px/Chg 1D (EUR)
52 Wk H (07/13/15)
52 Wk L (11/16/15)
YTD Change/%
Mkt Cap EUR
Shrs Out/Float
---

11

/2

27

28

29

29

30

30

10

9/

8/

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/2

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www.audi.de
T: 49-841-89-0
Employees 78,995 (06/30/15)
Rupert Stadler
Axel Strotbek
Bernd Martens

1/

30

/3

Grosskunden-Platz
85045 Ingolstadt
Germany
Chairman-Mgmt Board/CEO
Member-Mgmt Bd:Finance
Member-Mgmt Board:Purchasing

3/

3/

1/

12

Corporate Info

696.00/-1.48%
861.00
585.00
46.05/7.09%
29,928.0M
43.0M/.192M
---

Revenue

Earnings Per Share

60B

120
100

40B

80
60
40

20B

20
B

FY
S1
S2

2011
2012
2013
2014
2015
2016
44.10B
48.77B
49.88B
53.79B
-21.53B
25.02B
25.23B
26.69B
29.78B
22.57B
23.75B
24.65B
27.10B
--

2011
----

FY
S1
S2

2012
102.60
37.72
64.88

2013
99.62
50.56
49.06

2014
92.02
48.44
43.57

2015
101.51
52.23
49.32

2016
-54.50
--

----

Ratios
Fiscal Year End
12/2014

* Last Quarter End

~ Current/T12M
09/15 Q3

Issue Data
~ Last Px
~ P/E
~ Dvd Ind Yld
~ P/B
~ P/S
~ Curr EV/T12M EBITDA
~ Mkt Cap
~ Curr EV

Growth Potential
-~ EPS - 1 Yr Gr
~ Cap 1Y Gr
~ BPS 1Y Gr
~ Retntn Rt
~ Rev - 1 Yr Gr
~ Empl 1Y Gr
~ Ast 1Y Gr

EUR/696.00
6.7
0.7%
1.52
0.5
1.6
29,928.0M
12,877.0M

-10.2%
10.8%
2.9%
N.A.
7.8%
10.7%
12.4%

EUR

Per Share Data
~ EPS
~ EPS T12M
~ DPS
~ Bk Val Per Sh
~ Rev/Bas Sh
~ T12M CPS
~ Curr Shares Out
--

101.55
103.82
N.A.
459.33
1.25k
176.00
43.0M
--

Cash Flow Analysis
~ P/CF
~ Curr P/FCF
~ CF/NI
~ Dvd P/O
~ Cash Gen/Cash Reqd
~ Csh Dvd Cov
~ CFO/Sales
~ Eff IR

4.0
7.5
1.7
N.A.
1.2
N.A.
13.8%
0.9%

Profitability
~ EBITDA
~ EBIT
~ OPM
~ Pretax Mrgn
~ ROA
~ ROE
~ ROC
~ Ast TO

7.6B
5.2B
9.6%
11.1%
8.7%
22.6%
N.A.
1.1

Structure
~ Curr Ratio
~ Quick Ratio
~ Debt/Assets
~ Debt/Com Eq
~ A/R Trnovr
~ EBIT/Tot Int Exp
---

1.5
1.2
14.0%
37.7%
7.0
88.8
---

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ®

12/04/2015 12:47:12

1

This document is being provided for the exclusive use of ZHENG LIANG at [FIRM]. Not for redistribution.

NSU GR Equity
Geographic Segmentation

Holdings Summary
2014 Rev

Asia - Pacific
Rest of Europe
Germany
North America
Other

3Yr Gr
17.20B
16.65B
10.70B
8.21B
1.03B

12.37%
-0.33%
5.10%
17.96%
3.03%

Inst Holdings | OWN »
# of Inst. Owners
Shares Owned
Shares Out/Float
# of Buyers/Sellers
Shares Sold

14
67.35k
0.2%/35%
3/0
847.25

Product Segmentation
2014 Rev
Automobile Manufacturing
Motor vechicles

3Yr Gr
53.21B
575.00M

6.46%
N.A.

Issue Information | RELS »
Sec Type
Pri Exch
PAR None
Pri MIC
Incorp
---FIGI
ISIN
CUSIP
SEDOL1
Common
--WPK #
Sicovam
---

Common Stock
Xetra
-XETR
GERMANY
---BBG000BD0249
DE0006757008
-5761498 DE
001116479
--675700
907660
---

Public Offerings | CACS »

Insider Holdings | OWN »
% Held by Insiders
Net change last 6M

---

Top Holders | HDS »
as of
VOLKSWAGEN AG
FTIF-FRANKLIN MUTUAL EUROPEAN FU
FMR LLC
ME FONDS - SPECIAL VALUES
GREIFF SPECIAL SITUATIONS FUND O
DJE INVESTMENT SA
VJ GLOBAL

-99.55%
0.09%
0.05%
0.01%
0.00%
0.00%
0.00%

Equity Weights
BBG WORLD INDEX
GERM CDAX PERFORMANCE
BBG EMEA WORLD INDEX
Bloomberg ESG Processed
BI GL Automobiles Val
BI EU Automobiles Val
BBG WORLD A MANUFACTR IX
BBG Germany all
BBG WRLD CON CYC IX
BBG NAKED SHRT-WORLD

0.062%
N.A.
0.258%
N.A.
2.651%
9.920%
3.164%
0.000%
0.490%
1.242%

Dividend | DVD »
EUR

---Lead Manager

-----

Ind Gross Yield
-5Y Net Growth
Ex-Date

0.69%
-24.57%
--

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ®

12/04/2015 12:47:12

2

This document is being provided for the exclusive use of ZHENG LIANG at [FIRM]. Not for redistribution.

NSU GR Equity
Bloomberg Intelligence: Automobiles, Europe
Critical Themes: EU Consumers May Tire of Sniffing Diesel
Fumes

Volkswagen Cheating Scandal Dirties Europe's Diesel
Allure

17,326,105
16,484,788
15,643,471
14,802,154
13,960,837
20

20

20

20

20

20

20

20

20

20

20

20

20

20

16

15

14

13

12

11

10

08

09

07

06

05

04

03

03

02

01

Source: Bloomberg Intelligence, Currency: , Unit: N/A, Periodicity: Annually

Industry Indicators: Germany Capacity
Utilization (Passenger Vehicle)

Critical Themes: Volkswagen 'Defeat Device' Tricks EPA Tests

Volkswagen Defeat-Device Shame Tears at Enterprise,
Diesel Tech

94
90
86
82
78
20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

16

15

13

14

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08

09

06

07

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04

02

02

Analysts Kevin Tynan & Tanner Murphy
Sep 21, 2015
Volkswagen's admission it used a "defeat device" to trick
emissions testing on it 2.0L TDI "clean diesel" engines in
482,000 VW Passat, Beetle, Golf and Jetta models and the
Audi A3 threatens to shake the foundations of the company.
Martin Winterkorn's role as CEO will be questioned after he
acknowledged VW broke the trust of its customer, and as the
company faces fines that could approach $20 billion. Europe
may also investigate, given real-world emissions performance
hasn't aligned with test results.

20

20

20

Analysts Tanner Murphy & Kevin Tynan
Oct 2, 2015
Diesel vehicles have grown to over 50% of auto sales in Europe
from less than 15% when Volkswagen introduced its first TDI
(Turbo Direct Injection) engine more than 25 years ago. The
technology improved performance and made diesel engines
cleaner. Combined with favorable tax treatment for diesel fuel,
higher mileage drove their popularity to the highest levels in the
world. VW's cheating scandal questions automaker compliance
with emission tests and threatens to curb sales and credibility of
the technology.

Industry Indicators: Europe Passenger Cars New Registrations
18,167,422

Source: IFO Institute - Institut fuer, Currency: , Unit: N/A, Periodicity: Annually

Industry Indicators: Euro Area Leading Indicators YoY(%)
5
3
1
-1
-3
16
20 5
1
20 4
1
20 3
1
20 3
1
20 2
1
20 1
1
20 0
1
20 9
0
20 8
0
20 7
0
20 6
0
20 5
0
20 4
0
20 3
0
20 2
0
20 1
0
20 0
0
20 9
9
19 8
9
19 7
9
19 6
9
19 5
9
19 4
9
19 3
9
19 2
9
19 1
9
19 1
9
19

-5

Source: Organization for Economic Coop, Currency: , Unit: % Change,
Periodicity: Annually

Industry Revenue (CCB)
Company
AUDI AG
VOLKSWAGEN AG
FIAT CHRYSLER AU
DAIMLER AG
BAYER MOTOREN WK
RENAULT SA

Operating Statistics of Industry Comparables (RV)
FY Revenue
53.8B
158B
90.9B
80.5B
61.3B
38.9B

Company Revenue Breakdown (CCB)
Industry
Automobiles

Percentage
100.00%

Total Revenue
100.00%
78.00%
90.58%
61.98%
76.28%
94.69%

Metric
Sales Growth Yoy (%)
EBITDA Margin (%)
EPS Growth Yoy (%)
WACC

Company

Comps Low

7.83
14.1
10.2
5.31

0.3
4.95
-37.5
3.46

Comps
Median
6.77
13
17.2
5.67

Comps High
20.7
95.9
222
10.5

Equity Valuation of Industry Comparables (RV)
Metric
Est P/E Current Yr
P/Book

Company

Comps Low

N.A.
1.52

7.28
0.483

Comps
Median
10.5
1.22

Comps High
22.9
3.95

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

Bloomberg ®

12/04/2015 12:47:12

3

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