How to value an auto manufacturer? Think F, GM, Toyota.
Very cyclical, DCF might not be the best idea.
EV/EBITDA would standardize for tax differences between international comps, but I feel as if pension obligations should be thrown in there as well (maybe EV/EBITDARPO , D&A, rent, pension obligations?)
any thoughts?
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Why would you net out rent and pension expenses? Aren't those cash expenses that hit the P&L? Can they be different across auto makers?
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