Please provide your calculations and how you reached your result and conclusion! Please check the instructions in the instruction file below. The main company is Aston Ma

FIN3120 – Business Finance

Individual Assignment – Part 3

Title: Comparative Analysis of Two Companies’ Performance

Grade: this part of the assignment represents 30% of your final grade (10% for each requirement) and you will be given a mark out of 30

Submission Date and Time: 12th of April 2024, 17:00

Submission format: via link on module moodle site

This is the third part of your individual assignment for the module and the objectives we are aiming to achieve with it are:

· Ensure you are able to understand a company’s business model and, in so doing, identify who their main competitors are

· Conduct a comparative analysis on the performance of companies operating in the same sector and adopting similar business models

· Be able to draw conclusions about which companies are performance better and which are the relative strengths and weaknesses of the different competitors

· Be able to provide recommendations to investors on which course of action they should be taking when considering an investment in a certain company

For this part of the assignment, the analysis will be comparative and a clear recommendation is expected at the end of it.

In part 2 (Requirement 4, question 7) you identified who your chosen company’s main competitors were. If you have chosen a single main competitor, that is the one company you should use in this part of the assignment, but if you included more than one competitor, for this part of the assignment, you should choose the one company you believe to be the main competitor.

This final part of the assignment incorporates three components to help you develop your knowledge of business finance, the first two of which are consolidating prior knowledge, i.e. activities you’ve already done, while the third is a new requirement:

· Collect data on a company (in this instance, your chosen company’s main competitor)

· Conduct calculations (using techniques discussed during the module)

· Compare the performance of two companies, understanding which one is performing better, and provide recommendations to investors.

As previously, I will not review drafts of your submission, but I will be available to answer any questions/doubts that you might have regarding the correct approach to address the assignment requirements. I can be contacted before/after classes, in my office hours or by e-mail

Requirement:

You are required to submit ONE word or pdf file answering the requirements of the three parts detailed below.

Requirement 7 – Introduction to Competitor

Required:

Prepare a one-page report covering the following contents:

· Presentation of the competitor (who they are, what they do, etc.)

· Explanation of why this is your chosen company’s main competitor including:

· Main similarities between the companies

· Main differences between the companies

· Discussion of whether from a “qualitative” perspective (without any calculations of ratios, returns, share prices, etc.) one company appears to be performing better than the other

You’ve now had the benefit of having prepared parts 2 and 2a of the assignment and received feedback on them (feedback on part 2 will be provided no later than March, 15th and feedback on the presentations no later than one week after the final presentations on March, 20th) so you should be able to judge by yourself what you should include in order to successfully meet the requirement.

As such, I’ll still be answering any questions you have, but will probably in a lot of instances direct you to your prior work and respective feedback.

Requirement 8 – Company Cost of Capital

Required:

1. Calculate the Weighted Average Cost of Capital for the main competitor of your chosen company by using publicly available information.

2. Briefly discuss what you believe to be the potential reasons for the difference (or not) in the WACC of your chosen company and its main competitor

As previously, in order to achieve full marks for this part of the assignment, you will to do following two elements correctly:

1. Use the correct formulas and present a reasonable WACC for your company’s main competitor, including all the prior calculations required to arrive at the WACC

2. Fully reference all sources of reference for the information collected in order to calculate the WACC

Requirement 9 – Quantitative Analysis and Recommendations

Required:

Prepare a one-page report covering the following contents:

· Quantitative comparison of your chosen company and its main competitor (*)

· Assuming an investor had invested £1,000 in each of your chosen company and its main competitor on January 1st, 2019, indicate:

· How much each investment would be worth today

· What has the total return and annual return be on each of the investments

· Whether any or either of the investment performed better than an investment in a portfolio replicate the FTSE100

· Provide a recommendation, with justification, regarding whether you believe both, one or neither of the companies are worth investing in at the moment.

(*) In the previous requirement, you were asked to calculate the competitors’ cost of capital, so you can include that in here, but not discuss it again. Additionally, you can include any other calculations you find relevant relating to any topics we’ve covered during the module.

You can include any tables/charts/other as appendices, outside of the one-page count. Please note that any contents included in appendices needs to be referred to in the report, so that the reader knows what in the appendices to look at when.

,

1

15

FIN3120 – Business Finance: Aston Martin Lagonda Analysis

Ibrahim AL Suroor

Student Number: M00962856

Prof.Carlos Ramos de Pereira Ribeiro

2023-24 FIN3120 Business Finance

FIN3120 – Business Finance: Aston Martin Lagonda Analysis

A. Company Key Information

1. Main activities

The main activity of Aston Martin is to design, create, and export luxury performance cars (Annual Report, 2022, p.4) and the link is (https://www.astonmartin.com/-/media/corporate/documents/annual-reports/aston_martin_annual_report_2022.pdf?rev=6a462584d1c54890a85a324a2663c3d7&hash=9A3C425CE6101D99D4249E882AA19A4F”). Aston Martin focuses on producing ultra-luxury vehicles that blend the latest technology with time-honored craftsmanship and beautiful styling. It envisions to be the world's most desirable, ultra-luxury British brand, delivering vehicles with ultimate technology, precision, and craftsmanship, providing a thrilling performance and bespoke customer experience.

2. Volume of trade

Aston Martin's volume of trade is reflected in its wholesale activities and dealership network across different regions. For FY22, the company's operation in the UK through 21 dealers (22 in 2021), its wholesale volumes reached 1,110 (1,109 in 2021). In the EMEA region, i.e., Europe, the Middle East, and Africa (excluding the UK and South Africa), Aston Martin engaged with 52 dealers (53 in 2021) and achieved wholesale volumes of 1,508 (1,270 in 2021). In the Americas region, the company involved 44 dealers (consistent with 2021) and achieved wholesale volumes of 1,980 (1,984 in 2021). In the Asia Pacific, Aston Martin engaged with 48 dealers (49 in 2021) and attained wholesale volumes of 1,814 (1,815 in 2021) (Annual report 2022, p.5); link: https://www.astonmartin.com/-/media/corporate/documents/annual-reports/aston_martin_annual_report_2022.pdf?rev=6a462584d1c54890a85a324a2663c3d7&hash=9A3C425CE6101D99D4249E882AA19A4F).

3. Market capitalization

As of 2024, Aston Martin's market cap is $ 2.00 Billion. The market cap represents the aggregate market value of all outstanding shares of a publicly traded company. It is a widely utilized metric to assess the overall value of a company in the stock market. (From the website "Companies Market Size. Link: https://companiesmarketcap.com/aston-martin/marketcap/

4. Leadership

Aston Martin's Chairman is “Lawrence Stroll,” the CEO is "Amedeo Felisa" and the Finance Director is “Doug Lafferty” (Annual Report, 2022 p.90); link: (https://www.astonmartin.com/-/media/corporate/documents/annual-reports/aston_martin_annual_report_2022.pdf?rev=6a462584d1c54890a85a324a2663c3d7&hash=9A3C425CE6101D99D4249E882AA19A4F).

5. Market share

Aston Martin's market share was 0.02% in the European Automotive market in 2022. (From the website Good car bad car Link: https://www.goodcarbadcar.net/aston-martin-europe-sales-figures/). The market share shows the percentage of total sales or revenue that a company or product holds within a specific market or industry.

6. Market share change

In 2022, Aston Martin's European market share was 0.02% in 2022, 0.02% in 2021, 0.01% in 2020, 0.02% in 2019 and 0.01% in 2018. The website title is "Good Car Bad Car," and the link is (https://www.goodcarbadcar.net/aston-martin-europe-sales-figures/).

7. Competition

The firm’s key competitors in the luxury automotive sector are privately owned entities. These include: Jaguar Land Rover Automobile PLC, a private UK-based entity with 36,530 employees and revenue of $28.1 billion; Bentley Motors, a private UK entity with over 4,000 employees and $1.205 billion in revenue; and McLaren Group Ltd, a private company headquartered in the UK, with 2,480 employees and revenue amounting to $773.8 million (Global Data website; link: https://www.globaldata.com/company-profile/aston-martin-lagonda-global-holdings-plc/competitors/). These competitors are renowned for their premium automotive offerings and are key competitors of Aston Martin, which had a revenue of £1.4B in 2022 (Annual report, 2022, p.3) and link: (https://www.astonmartin.com/-/media/corporate/documents/annual-reports/aston_martin_annual_report_2022.pdf?rev=6a462584d1c54890a85a324a2663c3d7&hash=9A3C425CE6101D99D4249E882AA19A4F). This translates to 1.66B in US dollars.

8. Products

Aston Martin has a range of luxury vehicles, including sports cars like Vantage, GT models such as DB11 and DBS, SUVs like DBX, and exclusive specials like the Aston Martin Valkyrie. In 2022, these car brands contributed differing revenue. Sports cars contributed $1.833, Grand Tourers (GT) models contributed £1.271B, SUVs contributed £3.219, and specials contributed £0.89. (From Aston Martin website: Link: https://www.astonmartin.com/-/media/corporate/documents/q3-results-2022/aston-martin-lagonda-q3-results-2022—press release.pdf?rev=3b2fecbba950492ea0e38f1a9ec8ac95). Converting these values to the total revenue in 2020, i.e., £6.412, the percentage contributions of these products are 28.6%, 19.8%, 50.2%, and 1.4% for sports cars, GT models, SUVs, and specials, respectively.

9. Dependency

Aston Martin is not dependent on a single product. It depends on various product categories like sports cars, GT models, SUVs, and specials. (From the website “Aston Martin” and the link: https://www.astonmartin.com/-/media/corporate/documents/q3-results-2022/aston-martin-lagonda-q3-results-2022—press release.pdf?rev=3b2fecbba950492ea0e38f1a9ec8ac95).

10. Auditors

Aston Martin's auditing company is EY. (The website is “Accountancy Daily,” and the link is: https://www.accountancydaily.co/ey-takes-wheel-kpmg-aston-martin-audit)

B. YOUR COMPANY IN THE NEWS

Article 1

Headline: “Aston Martin downgrades production outlook after delays with new car, November 1, 2023.”

Source: The Standard

Link: https://www.standard.co.uk/business/business-news/aston-martin-downgrades-production-outlook-after-delays-with-new-car-b1117369.html

Extract: Aston Martin expects to produce 300 fewer vehicles this year due to production issues with its new DB12 car, leading to a 12% drop in shares. Delays in the initial production ramp-up prompted the company to revise its annual outlook. It reduced the forecasted production to 6,700 vehicles from the initial 7,000. Despite challenges, demand for the DB12 remains strong, with orders extending into the second quarter of 2024.

Assessment: Despite the company's reassurance about strong demand for the DB12 and maintaining the rest of its outlook, the production downgrade could impact Aston Martin's short-term financial performance, reflected in the 12% share drop.

Article 2

Headline: “Billionaire Lawrence Stroll’s Yew Tree consortium hikes stake in Aston Martin, September 29, 2023.”

Source: The Standard

Link: https://www.standard.co.uk/business/business-news/billionaire-lawrence-stroll-s-yew-tree-consortium-hikes-stake-in-aston-martin-b1110269.html

Extract: Aston Martin reports that Lawrence Stroll's Yew Tree Consortium has increased its stake in the firm by 3.27%, acquiring 26 million more ordinary shares. Despite this boost in ownership, the consortium remains below the 30% threshold requiring a declaration of takeover intentions. Lawrence Stroll, the Chairman of Aston Martin, expresses confidence in the company's future and sees it as a turnaround since the consortium's initial investment three years ago.

Assessment: The increase in Lawrence Stroll's consortium stake is a positive outlook on Aston Martin's future. The rise in share indicates investor optimism in response to this strategic move since significant stakeholders influence a firm's direction. The continued support from Lawrence Stroll's consortium could contribute positively to Aston Martin's long-term stability and growth.

Article 3

Headline: “F1 News: Lance Stroll Under FIA Investigation Following Furious Reaction at Qatar Grand Prix, October 11, 2023.”

Source: The Standard

Link: https://www.standard.co.uk/sport/formula-one/lance-stroll-qatar-grand-prix-fia-investigation-f1-news-b1112727.html

Extract: Aston Martin's driver Lance Stroll faces an FIA investigation for potential rules breaches during the Qatar Grand Prix. The FIA spokesperson confirms discussions with Stroll regarding incidents that violated rules, policies, and procedures. This is due to Stroll's reaction after failing to progress in qualifying, where he reacted by throwing his steering wheel and shoving his trainer. Stroll criticizes penalties for track limit violations and expresses frustration with extreme weather conditions.

Assessment: Lance Stroll's FIA investigation and publicized frustrations can create negative perceptions around Aston Martin in the future. It can negatively impact the team's public representation, influencing Aston Martin's brand reputation and market standing.

Article 4

Headline: “Supercar of SUVs Unleashed on the Las Vegas Strip Circuit™ as Aston Martin Celebrates Brand’s Biggest-Ever F1 Race Weekend, November 20, 2023.”

Source: Aston Martin Lagonda

Link: https://www.astonmartinlagonda.com/news/2023/11/20/supercar-of-suvs-unleashed-on-the-las-vegas-strip-circuit-as-aston-martin-celebrates-brand-s-biggest-ever-f1-race-weekend

Extract: During the Las Vegas event, the Aston Martin Aramco Cognizant Formula 1 Team achieves a double points-winning performance. This is a significant event for the brand. At this event, Aston Martin showcased the DBX707, a high-performance SUV, with a track demonstration. This event was a promotional event to highlight the capabilities of the DBX707.

Assessment: The Las Vegas event provides Aston Martin with a platform to amplify its brand and engage audiences. The successful Formula 1 performance enhances the brand's competitive image, aligning with the high-performance ethos. These marketing efforts can positively impact brand perception and contribute to customer loyalty for Aston Martin.

Article 5

Headline: “Aston Martin Reveals the World’s Most Bespoke, Advanced, and Meticulously Engineered Road Bicycle, October 31, 2023.”

Source: Aston Martin Lagonda

Link: https://www.astonmartinlagonda.com/news/2023/10/31/aston-martin-reveals-the-world-s-most-bespoke-advanced-and-meticulously-engineered-road-bicycle

Extract: Aston Martin collaborates with J.Laverack to unveil the J.Laverack Aston Martin .1R, a road bicycle with great design and engineering. This bicycle is crafted with input from high-performance automotive designers. The .1R features an innovative visually boltless design, combining 3D-printed titanium lugs and sculpted carbon fiber tubes. Each bicycle is fully customizable through the world's first online bicycle configurator, allowing owners to match colors and materials from Aston Martin's sports cars.

Assessment: Aston Martin's venture into the world of bespoke road bicycles reflects a commitment to craftsmanship and innovation. In the future, this bicycle could attract cycling enthusiasts seeking a blend of performance and luxury. This can lead to an expansion of Aston Martin's brand presence beyond the automotive sector.

Article 6

Headline: “Aston Martin Electrification Programme Awarded £9 Million in Funding”

Source: Aston Martin Lagonda

Link: https://www.astonmartinlagonda.com/news/2023/10/9/aston-martin-electrification-programme-awarded-9million-funding-from-the-advanced-propulsion-centre

Extract: Aston Martin secures £9 million in government funding from the Advanced Propulsion Centre UK (APC) to advance its electrification strategy. The funding supports the development of Aston Martin’s modular battery electric vehicle (BEV) platform that focuses on vehicle lightweighting, a digital toolchain, and electrification training. This funding is in line with Aston Martin’s Racing. Green sustainability strategy. The firm is committed to invest the £2 billion in advanced technologies over the next five years.

Assessment: This funding will aid Aston Martin in meeting its plan to introduce electric and plug-in hybrid models. This will position the company as a leader in the ultra-luxury, high-performance electric vehicle segment.

Article 7

Headline: “Aston Martin Agrees Deal with Lucid to Produce Electric Vehicles from 2025”

Source: The Guardian

Link: https://www.theguardian.com/business/2023/jun/26/aston-martin-agrees-deal-make-electric-vehicles-us-firm-lucid

Extract: Aston Martin announces a deal with US firm Lucid to manufacture "ultra-luxury high-performance electric vehicles" starting in 2025. The cash and shares deal, valued at £182 million, grants Lucid a 3.7% stake in Aston Martin. The partnership involves selecting powertrain components from Lucid for initial and future battery electric vehicle (BEV) models. This will contribute to Aston Martin's plan to launch its first BEV in 2025. The collaboration aims to create a bespoke BEV platform suitable for Aston Martin products, from hypercars to sports cars and SUVs.

Assessment: Aston Martin's agreement with Lucid signals is a move toward electric vehicle production. This will enhance Aston's luxury electric vehicle market position and improve its competitive edge.

Article 8

Headline: “Aston Martin Shares Tumble on Volume Target Reduction and Lingering Debt Concerns, November 1, 2023.”

Source: CNBC

Link: https://www.cnbc.com/amp/2023/11/01/aston-martin-shares-plunge-16percent-after-volume-target-cut.html

Extract: Aston Martin faces a share price decline of 11%, and shares had plunged by up to 20% earlier, following a larger-than-expected quarterly loss and a revision of its 2023 volume target. The firm reported a Q3 adjusted operating loss of £48.4 million and a net revenue of £362.1 million which was a miss from its compiled consensus. The firm said that although deliveries of the new DB12 sports car began in the last quarter, production issues led to a reduced 2023 volume projection of 6,700 units, down from around 7,000 units. Aston Martin attributed the production setback to supplier readiness and integration delays for the new EE platform supporting the infotainment system.

Assessment: Due to the share price decline, Aston Martin should demonstrate a robust recovery strategy to regain market trust in the future.

Article 9

Headline: “2024 Aston Martin DB12 First Look: Aston Drops Another Stunning Supercar", May 24, 2023.”

Source: Motor Trend

Link: https://www.motortrend.com/news/aston-martin-db12-first-look-review/

Extract: The 2024 Aston Martin DB12 is introduced as a "statement car," boasting impressive specifications, including 671 horsepower, 0-60 mph in 3.5 seconds, and a top speed of 202 mph. Aston Martin's chief technology officer sees it as a new grand tourer that marks the brand's entry into the digital age, maintaining a front-engine, rear-drive layout.

Assessment: The DB12's high-performance features with an emphasis on modernization seem promising for the company. This move could enhance the brand's appeal to traditional enthusiasts and those seeking cutting-edge performance.

Article 10

Headline: “Honda to Supply F1 Power Units to Aston Martin Beginning in 2026, May 24, 2023.”

Source: Motor Trend

Link: https://www.motortrend.com/news/honda-will-supply-f1-power-units-to-aston-martin-beginning-in-2026/

Extract: After officially leaving Formula 1 in 2021, Honda announces its return in 2026 as the official engine supplier for the Aston Martin F1 team. The Aston Martin Aramco Honda team collaboration will conclude Aston's usage of Mercedes-AMG engines and signifies Honda's return to F1 after its recent partnership with Red Bull Racing.

Assessment: Since Honda has a rich history and technical expertise in Formula 1, Aston Martin can benefit from Honda's advanced power-unit technology. This will enhance the performance and competitiveness of its F1 team.

C. Company Cost of Capital

The WACC of a firm is the weighted average of its cost of equity and debt and reflects the proportion of each in its capital structure (Fernandez, 2020). To calculate WACC, the following elements are needed: the cost of equity, the cost of debt, the weights of equity and debt in the capital structure, and the tax rate. The formula is:

WACC= (E/V) × Re + (D/V) × Rd × (1-Tc)

Where:

E is the market value of equity, i.e., the market cap

D is the market value of debt

V is the total value of the firm (Equity + Debt)

Re is the cost of equity

Rd is the cost of debt

Tc is the tax rate

From the website "Value Investing" and link: https://valueinvesting.io/AML.L/valuation/wacc), the following information was obtained for the elements of calculating WACC:

Cost of Equity = 8.9%

Tax rate = 10.55%

Cost of debt = 7.85%

Furthermore, the market cap is $2.00 billion, according to the website "Companies Market Size" and link: https://companiesmarketcap.com/aston-martin/marketcap/

Moreover, Aston's total debt and equity are obtained from the website "Investing" and link (https://valueinvesting.io/AML.L/valuation/wacc). Their values are as follows:

Total debt (long-term liabilities) as of the latest fiscal year = 1196.4

Total equity = $772.5

Therefore total value of the firm (V) = (1196.4 + 772.5) = $1968.9 million

The market value of debt (D) is $1196.4

Replacing the values gives:

WACC= ($2,000,000,000/1968900000) × 8.9% + (1196.4million/1968900000) × 7.85% × (1-10.55%)

WACC= (1.01 × 8.9%) + (0.67 × 7.85%) × 0.8945

WACC = 0.08989 + 0.052595) × 0.8945 = 0.750595 × 0.8945 = 0.127 ×100% = 12.7%

Therefore, the WACC for Aston Martin Lagonda is 12.7%

References

Aston Martin (2023). Market capitalization. CompaniesMarketCap.com – companies ranked by market capitalization. Available at: https://companiesmarketcap.com/aston-martin/marketcap (Accessed: 22 Jan. 2024).

Aston Martin. (2023). Aston Martin Lagonda Global Holdings Plc Peers & Key Competitors – GlobalData. Available at: https://www.globaldata.com/company-profile/aston-martin-lagonda-global-holdings-plc/competitors/.

Aston Martin. (2022.). Q3 2022 results Available at: https://www.astonmartin.com/-/media/corporate/documents/q3-results-2022/aston-martin-lagonda-q3-results-2022—presentation.pdf?rev=c2a7cecf8c3e4d1ca472b9e9cff96358

Aston Martin. (2022). Accelerating. Forward. Available at: https://www.astonmartin.com/-/media/corporate/documents/annual-reports/aston_martin_annual_report_2022.pdf?rev=6a462584d1c54890a85a324a2663c3d7&hash=9A3C425CE6101D99D4249E882AA19A4F

Aston Martin Lagonda. (2023). Available at: https://www.astonmartinlagonda.com/news/2023/10/9/aston-martin-electrification-programme-awarded-9million-funding-from-the-advanced-propulsion-centre [Accessed 22 Jan. 2024].

Aston Martin Lagonda. (2023. Available at: https://www.astonmartinlagonda.com/news/2023/10/31/aston-martin-reveals-the-world-s-most-bespoke-advanced-and-meticulously-engineered-road-bicycle [Accessed 22 Jan. 2024].

Aston Martin Lagonda. (2023). Available at: https://www.astonmartinlagonda.com/news/2023/11/20/supercar-of-suvs-unleashed-on-the-las-vegas-strip-circuit-as-aston-martin-celebrates-brand-s-biggest-ever-f1-race-weekend [Accessed 22 Jan. 2024].

Austin, A. (2019). EY takes the wheel from KPMG on Aston Martin audit. Available at: https://www.accountancydaily.co/ey-takes-wheel-kpmg-aston-martin-audit.

Baldwin, A. (2023). Lance Stroll under FIA investigation following furious incident at Qatar Grand Prix. Evening Standard. Available at: https://www.standard.co.uk/sport/formula-one/lance-stroll-qatar-grand-prix-fia-investigation-f1-news-b1112727.html [Accessed 22 Jan. 2024].

Cortina, M. (2023). Honda to supply F1 power units to Aston Martin starting in 2026. MotorTrend. https://www.motortrend.com/news/honda-will-supply-f1-power-units-to-aston-martin-beginning-in-2026/ [Accessed 22 Jan. 2024].

Fernandez, P. (2020). “The Most Common Error in Valuations Using WACC.” SSRN Electronic Journal, 2020. https://doi.org/10.2139/ssrn.3512739.

Graham, A. (2023). Aston Martin downgrades production outlook after delays with new car. Evening Standard. Available at: https://www.standard.co.uk/business/business-news/aston-martin-downgrades-production-outlook-after-delays-with-new-car-b1117369.html [Accessed 22 Jan. 2024].

MacKenzie, A. (2023). 2024 Aston Martin DB12 First Look: All About the Gorgeous New Supercar. MotorTrend. Available at: https://www.motortrend.com/news/aston-martin-db12-first-look-review/ [Accessed 22 Jan. 2024].

Saker-Clark, H. (2023). Billionaire Lawrence Stroll’s Yew Tree consortium hikes stake in Aston Martin. Evening Standard. Available at: https://www.standard.co.uk/business/business-news/billionaire-lawrence-stroll-s-yew-tree-consortium-hikes-stake-in-aston-martin-b1110269.html [Accessed 22 Jan. 2024].

Sales, A.M.M. (n.d.). Aston Martin Sales Figures – Europe Market. GCBC. Available at: https://www.goodcarbadcar.net/aston-martin-europe-sales-figures/.

Smith, E. (2023). Aston Martin shares plunge on volume target cut, lingering debt. CNBC. Available at: https://www.cnbc.com/amp/2023/11/01/aston-martin-shares-plunge-16percent-after-volume-target-cut.html [Accessed 22 Jan. 2024].

Sweney, M. (2023). Aston Martin agrees deal to make electric vehicles with US firm Lucid. The Guardian. 26 Jun. Available at: https://www.theguardian.com/business/2023/jun/26/aston-martin-agrees-deal-make-electric-vehicles-us-firm-lucid.

Templatemo. (n.d). Comprehensive Value Investing Platform." Comprehensive Value Investing Platform. https://valueinvesting.io/AML.L/valuation/wacc). [Accessed 22 Jan. 2024].

Templatemo (n.d). AML.L WACC: Aston Martin Lagonda global holdings plc (AML.L), AML.L WACC | Aston Martin Lagonda Global Holdings PLC (AML.L). Available at: https://valueinvesting.i