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Review of Magna International

MAR 16, 2023 - MG is a well-established global auto-manufacturing company that has operations focused on almost all aspects of a vehicle. The company is shifting part of its focus to the megatrend areas to address the ‘car of the future’ and anticipates these new markets to continue driving topline growth for the company. 2022 was a challenging year for Magna, as it idled its Russian facilities, witnessed higher input costs and labor costs, faced inefficiencies at some of its facilities, and largely saw a material decrease in its earnings and profit margins. We feel that the company is appropriately priced given its historical valuations and margins against its peers. With headwinds in horizon and growing pains, we are downgrading the name by one notch to 'B+'.

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