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Adient

Adient is the world's leading automotive seating supplier and maintains a market leading position in North America, Europe, and China. Indeed, the firm was a pioneer in terms of effectively utilizing the joint venture business structure in China, and enjoys a 45% market share in the region today as a result. The company's proprietary technologies extend into nearly all areas of automotive seating solutions, including complete seating systems, frames, mechanisms, foam, head restraints, and fabrics. Adient is formally divided into two segments: Seating and Interiors, though the firm divested the majority of their Interiors business into their Yanfeng Automotive Interiors JV, sales from which are realized as unconsolidated revenue. As a leader within the seating space, Adient enjoys a healthy degree of revenue diversification both in terms of its customer base and geographic distribution. The company generates most of its revenue in the US and Mexico (42% of FY17 revenues), followed by Europe (41%), and "Other Foreign" (17%). Additionally, Adient serves a relatively diversified customer base, with its largest customer, FCA, accounting for only 12% of sales, followed by Volvo and Ford at 11% apiece. (12 Oct 2018)

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Aston Martin 3Q18: Maintaining Momentum

Worth Watching: 15 Nov 2018, 10:00 PM ET - Aston Martin 3Q18: Aston Martin reported its first quarterly earnings results following its IPO. The company provided a slimmed down version of its financials with very little detail, but the headline figures pointed to solid growth and a growt ..

ESG and Automotive: Ratings and Methodology

Sector Analysis: 14 Nov 2018, 10:23 PM ET - In this piece we discuss our ESG Ratings framework as it pertains to the Automotive sector. We use a total of 13 distinct measures to score each of the 3 ESG parameters and then weight them individually.

LeasePlan 3Q18: Turkish Tribulations

Worth Watching: 14 Nov 2018, 10:58 AM ET - LeasePlan 3Q18 : LeasePlan reported 3Q18 results highlighted by solid performance, somewhat muddied by another write-down to the Turkish fleet reflecting exposure to the depreciation of the Turkish Lira. The company continues to not see any dow ..
Focused

Adient: 4Q18 | A State of Flux

HY Note: 13 Nov 2018, 4:20 AM ET - Adient turned in weak 4Q and FY18 results as it grapples with ongoing operational headwinds. Management plans to cut the dividend and amended its credit agreement, but lack of a clear near-term outlook keeps us guarded. Maintain U/P.

JLR 2Q19: Patience and Forbearance

Earnings Note: 31 Oct 2018, 10:23 PM ET - JLR reported another quarter of weak results, but is taking action through a new turnaround plan.

FCA 3Q18: Inching towards IG?

Earnings Note: 30 Oct 2018, 10:10 PM ET - FCA is struggling with the challenging market environment alongside its auto-OEM peers, but continues to perform well and improve its balance sheet strength as it inches closer to IG ratings.

LKQ 3Q18: Focus on Delevering, New Share Buyback

Earnings Note: 25 Oct 2018, 7:44 PM ET - LKQ reported further margin pressure and lowered its FCF guidance, and announced a share buyback program. But deleveraging the balance sheet still remains a focus at LKQ as well.

JLR: Liquidity and RV Update

HY Note: 23 Oct 2018, 10:34 AM ET - Over the last days and weeks, JLR news flow and spread volatility has picked up, and in this report, we look at issues at hand, seasonal cash flow and refinancing needs, and update our investment recommendation.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Daimler: Another Profit Warning

IG Note: 21 Oct 2018, 10:34 PM ET - Daimler announced a profit warning for the second time this year. This time, diesel vehicles were the main culprit.

China Autos: Slowing Demand Concerns

Sector Analysis: 18 Oct 2018, 7:02 AM ET - September passenger vehicle sales in China marked the third consecutive month of YoY declines. While YTD sales are still up 0.4%, 2018 is already shaping up to be the weakest growth year for the critical China automotive industry. 

IG Note: US Autos Underperformance – Long End Pain

IG Note: 15 Oct 2018, 3:49 AM ET - Autos is the worst performing IG Sector in the YTD18 period, with the long end bonds of Ford and GM driving the underperformance. 
Focused

HY Note: US Autos Underperformance

HY Note: 07 Sep 2018, 5:06 AM ET - Automotive is the worst performing sector YTD within US HY bonds with excess returns of -3.8% vs +2.3% for ML HY Index. We have had a negative view on all the names driving these negative returns including ATD, TEN, ADNT and TSLA. 

Aston Martin/McLaren: A View to an IPO

HY Note: 30 Aug 2018, 8:35 AM ET - Aston Martin posted strong results and is moving closer to an IPO. Results at McLaren are mixed and while an IPO is not on the cards, liquidity is getting a boost from new equity issuance.

Michelin: Considering 7Y/12Y/20Y Eurobond Issuance

IG Note: 28 Aug 2018, 8:26 AM ET - Michelin is considering a 3-tranche issuance of 7Y, 12Y, and 20Y euro bonds. We would take advantage of any new issue concession and be buyers of the new issuance above fair value.

Delphi Technologies: Softer Outlook, Move To M/P

Earnings Note: 08 Aug 2018, 9:34 PM ET - Delphi reported a softer-than-expected of 2Q18 results and downwardly revised its FY18 guidance outlays. We view further credit metric improvement as limited over the near-term and, accordingly, move to M/P.

Cooper Tire: 2Q18 | Muted Outlook

Worth Watching: 06 Aug 2018, 10:29 PM ET - Cooper Tire (B1/BB) recorded modest 2Q18 results, reporting both top and bottom line contraction for the second consecutive quarter. The firm saw revenue fall 3.1%, driven primarily by lower tire volumes as well as the impact of weaker price an ..

Cooper-Standard: 2Q18 | Mixed Performance

Worth Watching: 01 Aug 2018, 11:58 PM ET - Cooper-Standard (B1/B+) reported an all-time high for second quarter sales, but a weaker than expected volume mix and unstable market conditions impacted its bottom line. The company saw modest 2.1% revenue expansion, improving to a quarterly h ..

Meritor: 3Q18 | Keep on Trucking

Worth Watching: 01 Aug 2018, 11:57 PM ET - Meritor (B2/BB-) recorded healthy growth in its third quarter, despite the unfavorable impact of rising commodity costs. Sales were up 22.7% YoY, to $1.1 bn, driven by higher production across the board, and one of the highest North American ma ..

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.

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