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Tenneco Inc. (TEN)

S hao- Lun Lu Ying Jiang Hui Li. Tenneco Inc. (TEN). Agenda. Company Overview Relevant Macroeconomic Trends Industry Structure Analysis Financial Analysis Projections/Assumptions Valuation Recommendation. Company Overview. Info: Incorporated in Delaware in 1929

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Tenneco Inc. (TEN)

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  1. Shao-Lun Lu Ying Jiang Hui Li Tenneco Inc. (TEN)

  2. Agenda • Company Overview • Relevant Macroeconomic Trends • Industry Structure Analysis • Financial Analysis • Projections/Assumptions • Valuation • Recommendation

  3. Company Overview • Info: • Incorporated in Delaware in 1929 • About 25,000 employees • Market Cap : 3.66 billion • Business: • Producing Ride performance & Clean air products systems to original equipment and aftermarket customers • operate 62 clean air and 27 ride performance manufacturing facilities worldwide • Segment • Clean Air – 68% • Ride Performance – 32% • Clients • Original Equipment Manufacturer – 84% • Aftermarket – 16% Source: TEN 10-K report & FOURTH QUARTER AND FULL YEAR 2013 report

  4. Revenue Analysis Source: TEN 10-K report & Bloomberg

  5. Tenneco’s Brand Source: TEN Website

  6. Product Map Source :Tenneco fourth quarter and full year 2013 report

  7. Technology & Regulation map Technology Roadmap Source :Tenneco official website & TransportPolicy.net

  8. SWOT Analysis

  9. Relevant Macroeconomic Trends Global automotive manufacturing industry volume forecast: thousand units, 2012–17 • In 2017, the global automotive manufacturing industry is forecast to have a volume of 188,398 thousand units, an increase of 37.2% since 2012. • The compound annual growth rate of the industry in the period 2012-17 is predicted to be 6.5% • In 2017, the North American automotive manufacturing industry is forecast to have a volume of 21,666.2 thousand units, an increase of 32.1% since 2012. • The compound annual growth rate of the industry in the period 2012-17 is predicted to be 5.7%. North America automotive manufacturing industry value forecast: $ billion, 2012–17 Source: MARKETLINE

  10. Automotive Manufacturing Industry Volume Forecast: thousand units, 2012–2017 Asia-Pacific India Europe South America Source: MARKETLINE

  11. Light Vehicle industry production YoY% Change

  12. Porter’s Five forces

  13. Stock Performance Source: Yahoo Finance

  14. Financial Analysis Source: Tenneco Inc. 2013 10-K, Tenneco Inc. 2010 10-K, Bloomberg

  15. Comparable Companies Source: Capital IQ, Bloomberg

  16. Comparable Companies Source: Capital IQ, Bloomberg

  17. Technical Analysis Source: StockCharts.com

  18. Forecast Assumptions Source: Tenneco Inc. 2013 10-K, Tenneco Inc. 2010 10-K

  19. Forecast Assumptions

  20. Cost of Capital Source: Tenneco Inc. 2013 10-K, Bloomberg

  21. Valuation-DCF Source: Tenneco Inc. 2013 10-K, Tenneco Inc. 2010 10-K

  22. Valuation-DCF

  23. Implied Share Price Current Stock Price: $59.72

  24. Recommendation Watch List

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