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Magna International Inc.
Consumer Discretionary · Automotive Parts & Equipment
Structural: Tier-1 auto supplier with ~$40B revenue; 4 segments (Body Exteriors & Structures, Power & Vision, Seating, Complete Vehicles/Magna Steyr). Content-per-vehicle expansion via ADAS cameras, electrified driveline, mega-castings, active aero.
Magna Steyr contract-manufactures BMW 5-series, Mercedes G-Class, Jaguar I-PACE, Fisker Ocean - capacity ~200k units/yr.
Bull case:
- Content/vehicle rises in EVs (e-drives, battery enclosures, mega-castings) vs ICE
- ADAS/Power & Vision is fastest-growth segment, premium margins
- Magna Steyr OEM-agnostic contract manufacturing is moat
- Diversified customer base ($F $GM $STLA $TSLA German OEMs) limits single-OEM risk
- Trading near 0.4x sales / 8x earnings - deep cyclical discount
Bear case:
- North America light-vehicle production rolling over; Detroit-3 EV pullback hits content
- Fisker bankruptcy ($400M+ writedown precedent) - Magna Steyr customer concentration in stressed EV startups
- China JV exposure compresses as local OEMs ($BYD) insource
- Labor cost inflation (UAW pattern bargaining) lags pricing recovery
- Capex heavy ($2B+/yr) on uncertain EV adoption curve
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Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.
Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.