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News, Analysis and EditorialToyota's
Market Capitalization Exceeds the Combined Market Capitalizations of
DaimlerChrysler, Ford, General Motors, and BMW
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Toyota's Market Capitalization Exceeds the Combined Market Capitalizations of DaimlerChrysler, Ford, General Motors, and BMW
An article for Forbes.com by Susan Kitchen, available at Yahoo! News, reports that the market capitalization, share price times number of shares, of Toyota Motor Corporation exceeds the sum of the market capitalizations of DaimlerChrysler AG, Ford Motor Company, General Motors Corporation, and BMW AG. This likely reflects, in the main, the premium price that Toyota's high quality products command, although the data that AOI has accumulated suggests that even at current prices, Toyota products may be underpriced, or greatly underpriced, relative to Big Three products. (See Mini-Survey No. 55: A Lexus Owner Satisfaction Poll with Enquiries into Lexus Durability, Mini-Survey No. 52: A Toyota Owner Satisfaction Poll with Enquiries into Toyota Durability, Mini-Survey No. 31: The True Value of a Big Three, and Durability Page No.4.)
The market capitalizations of Toyota, DaimlerChrysler, Ford, General Motors, and BMW are given in the table below.
Auto Manufacturer Market Capitalizations as of 8 September 2004 Auto Manufacturer Market Capitalization (in billions of U.S. dollars) Toyota 129.9 DaimlerChrysler 43.2 Ford 26.6 General Motors 24.4 BMW 26.2 The market capitalizations of both Honda (U.S.$46.7 billion) and Nissan (U.S.$44.8 billion) exceed the market capitalization of any one of the Big Three, per the article. Honda and Nissan also offer higher reliability vehicles and are ranked second and fourth, respectively, by both the most current Reliability Index averages and the 1995-1999 Reliability Percentrank averages. (See Table II and Table II-MVRP: Motor Vehicle Line, Manufacturer, and Manufacturer Group Reliability Percentrank Averages.)
Although the market capitalization of Toyota towers over those of its competitors and competitor wanna-bes, Toyota's trailing p-e ratio, share price as of 8 September 2004 divided by its most recent 12-month earnings, is given as 12, and its projected 2005 p-e ratio, share price as of 8 September 2004 divided by projected 2005 earnings (usually fiscal 2005 earnings rather than calendar 2005 earnings, although the article did not specify which), is given as 10. This compares, goes the article, with the trailing p-e ratio averages of 19 for the S&P and 27 for "the Japanese market." The article did not specify what index was used for the Japanese market. The thought expressed is that such makes Toyota not "a bad way to play" economic recovery. Hopefully, such is in the offing.
In any case, the market capitalization of a larger automobile corporation appears to be something of a crude index of the quality of its products.
Source for market capitalizations and p-e ratios: "Wheel Bargains," Forbes.com, 17 September 2004, accessible at Yahoo! News
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