Epstein Secrets

ber 2017 Autos & Auto Parts General Motors Co Markets, and adjacent opportunities je.g. Delivery, Data) could easily double this. As noted above, GM also pointed out that a number of our financial assumptions are conservative. We're reiterating our Buy. Key risks for GM include cyclicality, and

1 October 2017 Autos & Auto Parts General Motors Co Markets, and adjacent opportunities je.g. Delivery, Data) could easily double this. As noted above, GM also pointed out that a n

ober 2017 Autos & Auto Parts General Motors Co Valuation and Risks Our DCF-derived target price is $51/share. Our estimate assumes $41/share for GM's 1.0 operation, implying a 10% FCF yield on our -.$6.0 bn trend FCF forecast and translating to 4.0x 2018 EV/EBITDAP. We've also incorporated $10/s

1 October 2017 Autos & Auto Parts General Motors Co Valuation and Risks Our DCF-derived target price is $51/share. Our estimate assumes $41/share for GM's 1.0 operation, implying

24 September 2017 Autos & Auto Parts General Motors Co developed by GM in what is known as the "Global B" architecture). While this is probably not an insurmountable challenge, it will take time and resources for other

24 September 2017 Autos & Auto Parts General Motors Co developed by GM in what is known as the "Global B" architecture). While this is probably not an insurmountable challenge, it wil

24 September 2017 Autos & Auto Parts General Motors Co But we believe GM may surprise... While some of the historical characterizations of GM are accurate, there are clear signs that the company is changing. GM has been

24 September 2017 Autos & Auto Parts General Motors Co But we believe GM may surprise... While some of the historical characterizations of GM are accurate, there are clear signs that

cost of operation per mile 0.53 Snot MA am" AMC norm. DO *minims Importantly, this $0.53 reflects operating costs for the network operator (e.g. GM's Maven). To determine pricing for this service, we assumed that the service provider would require a 20% return on invested capital (i.e. NOPAT sho

24 September 2017 Autos & Auto Parts General Motors Co IFigure 4: Variable Cost per Mile of On-Demand Autonomous Vehicles variable cost (per mile) mapping and data services fuel cos

would expect strong adoption of EVs, where fuel/recharging costs are far less (-$0.03-$0.04/mile). Indeed, roughly 2/3 of the incremental growth in GM's Maven carsharing fleet is expected to be Bolt EVs, with GM's Autonomous vehicle platform also based on the Bolt. Page 10 Deutsche Bank Securiti

24 September 2017 Autos & Auto Parts General Motors Co notable exceptions such as New York City-being the city that never sleeps). This implies that these vehicles would generate 56,0