Auto_G by factica


                                             GLOBAL COMPARISON
  FY09 / CY08                       Unit              Maruti              Ford        Toyota     Volkswagen
  Vehicles sold                     ('000)               792             5,532         7,500            6,300
  Revenues                          US$ m              4,241           146,300       197,288          157,340
  EBDITA margin                     %                     8.8               NA            7.3             13.6
  Profit after tax                  US$ m                254           (14,672)       (9,490)           3,776
  Net profit margins                %                     6.0               NA           -4.8              3.8
  Return on equity                  %                   13.0                NA            NA               7.8
  Debt to equity                    x                     0.1               NA            1.3              2.2
  Price to earnings                 x                   35.3                NA            NA              17.8
  Enterprise value                  US$ m              8,763           139,736       238,836          138,000
  EV/EBDITA                         x                    23.5               NA           16.6              6.4

                                                   FORD MOTOR

The Ford Motor Company is an American multinational corporation and the world's fifth largest automaker based on
worldwide vehicle sales, following Toyota, General Motors, Volkswagen and Hyundai-Kia. Based in Dearborn,
Michigan, a suburb of Detroit, the automaker was founded by Henry Ford and incorporated on June 16, 1903. In
addition to the Ford, Lincoln, and Mercury brands, Ford also owns Volvo Cars of Sweden, and a small stake in
Mazda of Japan and Aston Martin of England. Ford's former UK subsidiaries Jaguar and Land Rover were sold to
Tata Motors of India in March 2008. Starting in 2007, Ford received more initial quality survey awards from J. D.
Power and Associates than any other automaker. Five of Ford's vehicles ranked at the top of their categories and
fourteen vehicles ranked in the top three. (Source: Wikipedia)

                                              VOLKSWAGEN (GERMANY)

Manufacturer of the world famous 'Beetle', Volkswagen with revenue of US$ 166 bn in 2008, is Europe's largest
passenger carmaker. Including the Beetle, the company produces around 6.3 m cars, trucks and vans annually and
also owns luxury brands as AUDI, Lamborghini, Bentley and Bugatti. Other makes include SEAT (family cars,
headquartered in Spain) and SKODA (family cars, headquartered in Czech Republic). Volkswagen operates plants
in Africa, US, Asia-Pacific, and Europe. The company also offers consumer financing. The company has a presence
in India through its group company, Skoda Auto, and in a short span of time, it has managed to carve a niche for
itself in the fast growing domestic market.

                                                 TOYOTA (JAPAN)

Established in 1937, Toyota Motor Corp is world's largest manufacturer of cars. Its gas-powered cars, pickups,
minivans, and SUVs include such models as Camry, Corolla, 4Runner, Land Cruiser, Sienna, the luxury Lexus line,
the new Scion brand, and a full-sized pickup truck, the V-8 Tundra. Toyota also makes forklifts and manufactured
housing, and offers consumer financial services. The company sells around 7.5 m cars worldwide and recently
surpassed GM in its bid to become the largest manufacturer of cars globally. It employs more than 3.2 lakh people
worldwide and had revenues of approximately US$ 223 bn in FY09. Of late, Toyota has acquired a new ambition of
producing greener cars, out of which has evolved a hybrid-powered sedan, the Prius, which is doing well in European
and the US markets.

Source: Equitymaster Research, Company Annual Reports, Yahoo Finance                    TTM - Trailing twelve months

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