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CPS
Cooper-Standard Holdings·Auto Parts·United States
Cooper-Standard Holdings Inc., through its subsidiary, manufactures sealing systems and fluid handling systems in the North America, Europe, the Asia Pacific, and the South America. The company offers...
1 Total1 External0 In-site
CPSCooper-Standard Holdings
2026-04-05🛍️ Consumer CyclicalLong
Externalby Alex's Investment Memo · Substack
Alex's Investment Memo on Cooper-Standard Holdings (CPS)
主要经营地
US
详细生意模式
Tier 1汽车供应商,密封+液体处理。BYD brake share 0%→25%。$1.1B refi完成。
护城河
🟡中：OEM relationships+EV content premium,但执行风险高
估值水平
EV/EBITDA 6.2x, 2028E 3.7x(同行Aptiv~18x PE)
EV/Market Cap
EV $1.5B / MC $0.5B
网络观点
Margin recovery locked in(2026 100% booked +500bp)。EBITDA path $167M→$210M→$260-300M。China BYD+EV content。Refi saves $13M/yr。2028E 3.7x→>100% upside。
AI观点
FY25 EBITDA $209.7M确认。$25M FX headwind未计入。BYD ramp execution delay possible。Turnaround compelling,small-mid position for 2-3yr。