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  "documentTitle": "The overall positive sentiment was also reflected in the supplier valuation levels that still trade above their long-term average",
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  "authorName": "Roland Berger",
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  "notes": "The chart uses a 10-year average to show the trend divergence.",
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      "text": "The valuation spread is currently at an all-time high – suppliers nearly trade at 2x the valuation of OEMs",
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      "text": "1) NTM = Next twelve months; 2) Excluding the distorting impact of the economic crisis (Jan-Dec 2009 multiples); 3) BMW, Daimler, Ford, General Motors, Honda, Toyota and Volkswagen; 4) American Axle, Autoliv, BorgWarner, Brembo, Continental, Dana, Delphi, Faurecia, Hella, Johnson Controls, Magna, Norma and Valeo",
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      "text": "Supplier valuation multiples have clearly outperformed OEMs over the past years; The valuation spread is currently at an all-time high; OEM valuations appear to have factored in risks from disruptive trends",
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