U.S. Autos & Mobility: The Autos Valuation Chartbook - a Framework for Understanding US Autos Valuation

研报英文原文证据摘录

U.S. Autos & Mobility: The Autos Valuation Chartbook - a Framework for Understanding US Autos Valuation

Equity Research

12 June 2026

U.S. Autos & Mobility

The Autos Valuation Chartbook - a SIGNATURE

Framework for Understanding US

U.S. Autos & MobilityAutos Valuation

NEUTRAL

In this chartbook we highlight the key factors impacting US U.S. Autos & Mobility

Dan LevyAutos valuation, with case studies on Tesla, GM, and Aptiv.

Autos remain cheap. We believe some concerns are overdone +1dan.levy@barclays.com212 526 3212

and auto companies have changed for the better, but proving BCI, US

this will take time. Josh Cho

+1 212 526 7156

joshua.cho@barclays.com

Executive Summary  2026 Valuation Chartbook BCI, US

•• Autos are cheap, both on an absolute basis and Final.pdf Joshua Young

especially relative to the S&P 500. However OEM and +1 212 526 3280

supplier multiples have recovered from tariff-driven jryoung@barclays.com

lows, with strong performance in ’25 and YTD supporting a trend back towards historical BCI, US

averages.

•• Autos have been challenged on managing the “Two Clocks” – both cyclical and secular

pressures – including unstable end markets, inflationary pressures, EV uncertainty, and China

competitive threats. We believe some of these concerns are overdone and that autos

companies have changed for the better, but proving this will take time.

•• Tesla has historically traded at a sharp premium multiple. Its robust valuation premium

reflects its leverage to AI and other other growth opportunities. Tesla’s premium reflects the

Elon premium, a number of technical factors, and a wide retail following. It is the OG “meme

stonk.”

•• GM and the other legacy OEMs (F, STLA) have consistently been amongst the cheapest

companies in the S&P 500.