NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Automotive Filters and Fluid Components Sector Outlook — September 2026

A benchmarking review of the four listed automotive filters and fluid components operators, covering EV/EBITDA (CY2027E) valuation, the industrial-filtration versus aftermarket-replacement pricing split, and precedent transactions — for owners, management teams and acquirers weighing mix and margin decisions.

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Key figures

11.2x
Sector median multiple
EV/EBITDA (CY2027E), 4 rated companies
16.7x
Top of range — Illinois Tool Works
EV/EBITDA (CY2027E)
4.5x
Bottom of range — Cooper-Standard
EV/EBITDA (CY2027E)
21%
Covered median EBITDA margin
Rated companies with estimates

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CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE FILTERS AND FLUID COMPONENTS

Filters and Fluids: Two Halves, Two Price Tags

How the market is currently pricing the listed filtration and fluid operators, and what separates the aftermarket replacement half from the industrial filtration half.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Automotive filters and fluid components prices as two markets: industrial and process filtration platforms sit near 14.5x EV/EBITDA (CY2027E) while aftermarket replacement names sit near 7.3x, with the four-company sector median at 11.2x. Forecast growth across the set is bunched near 5%, so the multiple spread — from Illinois Tool Works at 16.7x to Cooper-Standard Holdings at 4.5x — tracks margin and mix rather than volume. Precedent deals show branded-replacement sales pricing above programme-weighted supply: 10.5x for K&N Parent versus 2.6x for Gentherm's pending deal with Modine.

Key findings

  • Sector prices as two markets: industrial filtration at 14.5x, aftermarket at 7.3x.
  • Range runs from ITW at 16.7x to Cooper-Standard at 4.5x; median sits at 11.2x.
  • Growth is bunched near 5%; margin and mix, not volume, separate the set.
  • Precedent deals show replacement brands (10.5x) pricing above component supply (2.6x).

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE FILTERS AND FLUID COMPONENTS

    Cover slide introducing the Automotive Filters and Fluid Components sector outlook as of September 2026.

    We open with the sector's positioning as of September 2026, framed on an EV/EBITDA (CY2027E) basis. Over the next few pages we'll show why this market prices as two distinct groups rather than one.

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    CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE FILTERS AND FLUID COMPONENTS Filters and Fluids: Two Halves, Two Price Tags How the market is currently pricing the listed filtration and fluid operators, and what separates the aftermarket replacement half from the industrial filtration half. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Contents page listing the report's five sections plus appendix.

    This report runs through five sections plus an appendix — starting with the bottom line, then the companies, valuation, precedent transactions and strategic implications. We've put the bottom line first, so even a reader who only reads section one leaves with the full story.

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    CONTENTS What This Report Covers 01 The Bottom Line Automotive Filters and Fluid Components Prices as Two Markets Under One Label 02 The Companies Two Groups of Two: Industrial Filtration Platforms and Aftermarket Replacement Supply 03 Valuation & Situations What Separates the Top of This Range from the Bottom 04 Precedent Transactions What Buyers Agreed to Pay for Filtration and Fluid Assets 05 Strategic Implications Where the Value Work Sits for an Owner in Filters and Fluids 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Automotive Filters and Fluid Components Is Priced as Two Markets: Industrial Filtration and Aftermarket Replacement

    States the report's central finding: the sector prices as two separate markets — industrial filtration and aftermarket replacement.

    We find that automotive filters and fluid components does not trade as one market — it trades as two, industrial filtration on one side and aftermarket replacement on the other. The industrial and process filtration platforms sit near 14.5x EV/EBITDA (CY2027E), while the aftermarket replacement names sit near 7.3x, against a four-company sector median of 11.2x. That's a meaningful gap for just two companies on each side, so where a business sits inside this split matters more than the sector label itself.

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    01 · THE BOTTOM LINE Automotive Filters and Fluid Components Is Priced as Two Markets: Industrial Filtration and Aftermarket Replacement The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 4 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Two Halves of One Sector, Priced on Two Different Levels The two industrial and process filtration platforms sit at a middle of 14.5x on CY2027E EV/EBITDA; the two aftermarket filter and replacement service parts names sit at 7.3x. With two companies on each side, a single middle figure for the sector blends two price levels rather than describing one. 2 The Range Is Wide Enough That Where You Sit in It Is a Real Decision Illinois Tool Works Inc. (ITW) sits at the top of the range at 16.7x and Cooper-Standard Holdings Inc. (CPS) at the bottom at 4.5x, with the middle of the four listed operators at 11.2x. A CY2027E multiple already credits the forecast, so a premium that survives it points to durability. 3 Growth Is Not the Dividing Line in This Set Forecast growth sits close to 5% across the four listed operators, so there is little to separate them on volume. The separation runs through profitability and mix, with the middle EBITDA margin of the set at 21%. 4 Agreed Prices Favour Branded Replacement Demand over Programme-Weighted Component Supply In Sep-2016 Goldman Sachs Group, Inc. announced the purchase of K&N Parent, Inc., a branded replacement business, at an agreed 10.5x EBITDA; Gentherm Incorporated's pending transaction with Modine Manufacturing Co. carries 2.6x. On this record the two ends of the market clear at different levels. 11.2x Sector median EV/EBITDA CY2027E consensus · 4 rated of 4 companies 16.7x Premium end EV/EBITDA vs 4.5x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 12 Transactions with disclosed terms 16 recorded in this tier · 1 told as case studies, the full list in the appendix

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    SECTION 02

    02

    Divider introducing the comparables section covering the two groups of companies.

    Next we introduce the two groups behind this range — the industrial filtration platforms and the aftermarket replacement suppliers. We'll show who sits in each group and what they actually sell before we get to multiples.

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    SECTION 02 02 THE COMPANIES Two Groups of Two: Industrial Filtration Platforms and Aftermarket Replacement Supply Who is in the set, and what each group actually sells. 02 of 06 Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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    02 · THE COMPANIES

    Two Groups of Two, Selling to Different Buyer Groups

    Profiles the four approved companies split into two groups selling to different buyer groups.

    The comparable set is four approved companies, split two and two by buyer group — industrial filtration platforms selling into process and OEM channels, and aftermarket replacement names selling through the independent channel. Each is rated on EV/EBITDA (CY2027E) as of September 2026. Understanding who each group sells to is the foundation for why their multiples diverge.

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    02 · THE COMPANIES Two Groups of Two, Selling to Different Buyer Groups 4 approved companies · EV / EBITDA (CY2027E) where rated · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Company descriptions are NeuraCap views grounded in the platform's classification rationale. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ATMU Atmus Filtration Technologies Inc. Enterprise value $4.4B EV/EBITDA (CY2027E) 10.0x Revenue growth 5% EBITDA margin 21% Atmus Filtration Technologies Inc. (ATMU) trades at 10.0x on CY2027E EV/EBITDA, the aftermarket-weighted filtration name whose margin sits above the middle of the set while its multiple sits below it. CPS Cooper-Standard Holdings Inc. Enterprise value $1.5B EV/EBITDA (CY2027E) 4.5x Revenue growth 5% EBITDA margin 11% Cooper-Standard Holdings Inc. (CPS) sits at the bottom of the range on an 11% margin, with first-fit programme content and customer concentration shaping how the market prices it. DCI Donaldson Company, Inc. Enterprise value $10.5B EV/EBITDA (CY2027E) 12.3x Revenue growth 6% EBITDA margin 20% Donaldson Company, Inc. (DCI) trades at 12.3x on CY2027E EV/EBITDA with a 6% growth estimate, above the middle of the set on engineered media and industrial reach rather than on current profitability. ITW Illinois Tool Works Inc. Enterprise value $87.1B EV/EBITDA (CY2027E) 16.7x Revenue growth 4% EBITDA margin 30% Illinois Tool Works Inc. (ITW) is the industrial and process filtration platform at the top of this range, with a 30% margin and a 4% growth estimate — the premium sits alongside margin and breadth, and not alongside a faster growth estimate.

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    03

    Divider introducing the valuation section ranking all four companies on CY2027E EV/EBITDA.

    We now rank the four listed operators on CY2027E EV/EBITDA, from the top of the range to the bottom. All four carry an estimate, so the ranking is complete across the comparable set.

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    SECTION 03 03 VALUATION & SITUATIONS What Separates the Top of This Range from the Bottom CY2027E EV/EBITDA ranked across the four listed operators, all four carrying an estimate. 03 of 06 Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6

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    03 · PUBLIC MARKET VALUATION

    Breadth at the Top of the Range, Programme Exposure at the Bottom

    Ranks the four rated companies by EV/EBITDA (CY2027E) against a sector median of 11.2x.

    Sorted descending, the four rated companies span a wide range against a sector median of 11.2x. The top of the range carries breadth across end markets, while the bottom carries more concentrated programme exposure. Because this is a CY2027E multiple, the forecast is already built in — so a company holding a premium here is being credited for durability, not just for growth on paper.

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    03 · PUBLIC MARKET VALUATION Breadth at the Top of the Range, Programme Exposure at the Bottom EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 11.2x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 4 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7 PREMIUM · median 16.7x CORE · median 11.2x DISCOUNT · median 4.5x Sector median 11.2x WHAT SEPARATES THE TWO ENDS The top sells breadth. Illinois Tool Works Inc. (ITW) sits at the top of the range, with industrial and process filtration alongside a decentralised operating model. Diversified industrial acquirers pay up for platforms that can be run without corporate intervention, and the public market is pricing a similar characteristic here. The bottom carries programme exposure. Cooper-Standard Holdings Inc. (CPS) sits at the bottom of the range. Its revenue runs through first-fit content with vehicle maker customers, where customer concentration, annual price-downs and gaps in raw material pass-through are the standing pressures, and the multiple is associated with that profile. A forward multiple already credits the forecast. The lens is CY2027E EV/EBITDA, so the estimate is already inside the number. A premium that survives a forward multiple is a statement about durability rather than about pace, which is why mix and margin questions carry more weight in this set than the growth line does.

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    03 · VALUATION DRIVERS

    Margin and Mix Are Where This Set Separates

    Splits median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

    We cut the rated set two ways — by revenue growth and by EBITDA margin, each split at its own covered median. The covered median EBITDA margin across the set is 21%, and forecast growth across the four operators sits close to 5%. With growth this bunched, margin and mix — not volume — are doing the work of separating this set, which is an association we observe rather than a causal claim.

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    03 · VALUATION DRIVERS Margin and Mix Are Where This Set Separates Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Margin Runs from 30% at the Top of the Set Down to 11% at the Bottom Illinois Tool Works Inc. (ITW) sits at the top of that margin range and Cooper-Standard Holdings Inc. (CPS) at the bottom, and the pricing order at the two ends runs the same way. In this sector that spread usually tracks mix: a branded replacement element behind an owned housing carries different economics from first-fit programme content under annual price-downs. Either Side of the 21% Middle Margin, the Multiples Do Not Follow the Margin Donaldson Company, Inc. (DCI) reports a 20% margin and still prices above the middle of the set, while Atmus Filtration Technologies Inc. (ATMU) sits above that margin line and prices below the middle. Margin level alone does not order these four; how durable the margin looks — pass-through coverage, price-down offsets, aftermarket attach — is what gets tested. Forecast Growth Sits Close to 5% Across the Four Listed Operators Growth is bunched here, so the gaps in multiple are associated with profitability and mix rather than with volume. For an owner that points the value work at content per vehicle, attach rate on replacement elements and raw material pass-through, rather than at chasing unit growth.

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    03 · SITUATION MAP

    Higher Margin and a Higher Multiple Do Not Move Together Here, with the Split Set at a Multiple of 11.2x

    Maps the four companies on EV/EBITDA versus the sector median against EBITDA margin versus the covered median.

    Plotting multiple against margin shows that a higher margin does not automatically buy a higher multiple in this set — the split is cut at the 11.2x sector median and the 21% covered median margin. That mismatch is an observation about where each company sits today, not a recommendation to buy or sell any of them. For an owner, it's a prompt to ask why margin and multiple aren't moving together in their own position.

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    03 · SITUATION MAP Higher Margin and a Higher Multiple Do Not Move Together Here, with the Split Set at a Multiple of 11.2x Cut on EV / EBITDA vs the sector median (11.2x) (rows) and EBITDA margin vs the covered median (21%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Paid up, Margin Behind It Above-median multiple · above-median EBITDA margin 1 names Illinois Tool Works Inc. (ITW) Illinois Tool Works Inc. (ITW) is the one of the four listed operators above the middle on both the multiple and the margin. This is the position where breadth of end market and margin level are priced together rather than traded against each other. Paid up on a Thinner Margin Above-median multiple · below-median EBITDA margin 1 names Donaldson Company, Inc. (DCI) Donaldson Company, Inc. (DCI) prices above the middle of the set on a margin below the middle. That combination usually reflects confidence in the mix and the runway, so the operating question is what the margin path is built on — media capability, industrial exposure or price recovery. Margin Without the Multiple Below-median multiple · above-median EBITDA margin 1 names Atmus Filtration Technologies Inc. (ATMU) Atmus Filtration Technologies Inc. (ATMU) carries a margin above the middle of the set and a multiple below it. In aftermarket-weighted filtration that gap is where customer concentration, shelf position in the independent channel and the durability of the replacement stream get tested. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names Cooper-Standard Holdings Inc. (CPS) Cooper-Standard Holdings Inc. (CPS) sits below the middle of the set on both measures. The value work here is mix and pricing: which part numbers are sole-source, which travel across powertrains, and where price-down commitments are not offset by productivity.

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    03 · THE AGENDA

    The Forecasts Already Assume Margins Improve — Decide Which Levers Deliver That Step

    Frames the questions an owner or acquirer should resolve given that forecasts already assume margin improvement.

    The forward estimates behind these multiples already assume margins improve from here, so the open question is which levers actually deliver that step. We frame this as questions for an owner or acquirer to resolve, not as a set of recommendations. Getting the answer right is what determines whether today's multiple is durable or borrowed against tomorrow's numbers.

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    03 · THE AGENDA The Forecasts Already Assume Margins Improve — Decide Which Levers Deliver That Step NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Settle Which Revenue Is Replacement and Which Is First Fit The market is pricing the two halves of this sector on different levels, so the mix line inside your own accounts is the first thing to pin down: element and service parts revenue behind owned housings, against programme content supplied under long-term agreements. What changes the answer: A shift in the replacement share of revenue, or a change in attach rate on installed housings. Defend the Margin the Forward Numbers Already Assume Growth estimates in this set are bunched, so the forward earnings lean on margin. Pass-through coverage on media, resin, steel and freight, productivity offsets against price-down cadence, and launch and tooling recovery are where that margin is held or given away. What changes the answer: Whether recent price recovery holds through the next long-term agreement cycle. Know Which Content Travels Across Powertrains Cabin filtration, thermal loops and coolant and brake fluid handling are indifferent to drivetrain mix; oil, fuel and crankcase products are not. Knowing that split by part number shapes where capital, engineering hours and capacity go next. What changes the answer: Platform awards that move existing content onto battery-electric programmes. Choose Between Building Channel Position and Buying It In the replacement half, value accrues to brand pull-through with installers and fleet maintenance buyers, shelf position in the independent channel and housing-and-element architecture. Buy-and-build capital is active in exactly those assets, which sets the cost of building it yourself. What changes the answer: Sponsor or strategic consolidation moving into your distribution footprint.

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    SECTION 04

    04

    Divider introducing the precedent transactions section for filtration and fluid assets.

    We now turn to what buyers have actually agreed to pay for filtration and fluid assets — the announced and pending transactions and the multiples attached to them.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Filtration and Fluid Assets Announced and pending transactions, and the multiples attached to them. 04 of 06 Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Agreed Prices for Whole Companies Give Owners a Benchmark, Nine Recorded in Total

    Walks through a case-study transaction from the recorded deals with disclosed terms.

    Of the transactions recorded, nine carry disclosed terms we can benchmark against, and we walk through one as a case study here — multiples on LTM financials at announcement where disclosed. Goldman Sachs Group's Sep-2016 purchase of K&N Parent, a branded replacement business, was agreed at 10.5x EBITDA. That sets a reference point for how the market has actually priced branded replacement demand, separate from the CY2027E public multiples we showed earlier.

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    04 · DEAL CASE STUDIES Agreed Prices for Whole Companies Give Owners a Benchmark, Nine Recorded in Total 1 of 12 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 24 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Jan-2026 $1.1B Gentherm Incorporated Gentherm Incorporated's pending $1.1B combination with Modine Manufacturing Co. puts thermal and fluid handling under one roof. EV / LTM revenue 0.4x EV / LTM EBITDA 2.6x WHY THE DEAL HAPPENED Gentherm Incorporated supplies thermal management content, and Modine Manufacturing Co. brings thermal and fluid handling capacity across vehicle and industrial end markets. The fit and the size suggest a buyer adding platform breadth and content per vehicle rather than a single product line, with powertrain-agnostic thermal loops at the centre of it. HOW THE TARGET WAS VALUED The transaction is recorded at $1.1B with 2.6x EBITDA attached, as shown in the filing. That sits below the agreed EBITDA multiples on the other transactions recorded here, and well below where the listed filtration platforms trade on CY2027E EV/EBITDA.

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    SECTION 05

    05

    Divider introducing the strategic implications section for owners in filters and fluids.

    Next we translate the pricing pattern into what it means for mix, pricing and capital allocation for an owner in this space.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Value Work Sits for an Owner in Filters and Fluids What the pricing pattern means for mix, pricing and capital allocation. 05 of 06 Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    The Premium Sits with Mix and Margin, and Both Are Inside an Owner's Control

    Argues the valuation premium sits with mix and margin, both within an owner's control.

    The premium in this set sits with mix and margin — and both of those are levers an owner already controls, not external market conditions. We frame this as the questions this data puts on the table for the next twelve months, grounded in the analysis shown earlier in the report. That's a constructive starting point: the gap between 14.5x and 7.3x is not fixed, it's a function of choices a management team can make.

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    05 · STRATEGIC IMPLICATIONS The Premium Sits with Mix and Margin, and Both Are Inside an Owner's Control NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 FOR OWNERS Your Mix Is Where the Multiple Gap Lives The gap between the two halves of this sector is a mix gap before it is anything else. Work the share of revenue that is branded replacement demand behind an interface you own, and the share that is programme content priced at a customer's purchasing table, then allocate capital accordingly. FOR MANAGEMENT TEAMS Margin Durability Is What Gets Underwritten With growth estimates bunched, the operating levers that matter are pricing discipline, productivity against price-down commitments, index coverage on inputs, and maintenance capex separated from programme launch spend. Those are the lines a buyer's quality of earnings work concentrates on. FOR ACQUIRERS Component Supply and Replacement Brands Clear at Different Levels On this record, branded replacement assets and programme-weighted component lines were agreed at visibly different multiples. Underwriting should follow that split: attach rate, installed base and channel control on one side, platform awards, sole-source position and consent risk on the other.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    The final section carries the full comparables universe, the valuation methodology, and where every underlying disclosure lives, for any figure a client wants to trace back.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Lists all four rated companies on EV/EBITDA (CY2027E), grouped by valuation tier against the 11.2x sector median.

    This appendix carries all four rated companies on EV/EBITDA (CY2027E), grouped by whether they sit above or below the 11.2x sector median. Every row here links back to its underlying source, and the companion workbook carries the complete field set behind it.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (11.2x); amber marks below · 4 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 4 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.4x · median 16.7x · 1 companies Illinois Tool Works Inc. ITW Adjacent: industrial and process filtration platforms $87.1B 16.7x 4% 30% 34 CORE — 8.7x–13.4x · median 11.2x · 2 companies Donaldson Company, Inc. DCI Adjacent: industrial and process filtration platforms $10.5B 12.3x 6% 20% 26 Atmus Filtration Technologies Inc. ATMU Aftermarket filters and replacement service parts $4.4B 10.0x 5% 21% 26 DISCOUNT — <8.7x · median 4.5x · 1 companies Cooper-Standard Holdings Inc. CPS Aftermarket filters and replacement service parts $1.5B 4.5x 5% 11% 16

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, as the first of two pages.

    This page lists the transactions with disclosed terms in date order, newest first, with multiples on LTM financials at announcement where disclosed. Deal values link back to the underlying filing. These are LTM multiples, not directly comparable to the CY2027E public basis shown earlier, so we don't claim a spread between the two.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (16 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 24 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2026 Gentherm Incorporated → Modine Manufacturing Co. $1.1B 0.4x 2.6x Gentherm Incorporated agreed in Jan-2026 to combine with Modine Manufacturing Co., recorded at $1.1B, or 0.4x revenue. The transaction is pending, and the value is shown as recorded in the filing. Nov-2024 Apollo Global Management, Inc. → TI Fluid Systems plc n/a n/a 5.5x Apollo Global Management, Inc. announced the acquisition of TI Fluid Systems plc in Nov-2024 at an agreed 5.5x EBITDA, with enterprise value recorded as n/a. Sponsor capital competing for fluid handling at that level is a recurring feature of this record. Nov-2020 Modine Manufacturing Company → Dana Incorporated $3.4B n/a n/a Modine Manufacturing Company announced a transaction with Dana Incorporated in Nov-2020, recorded at $3.4B. That is among the larger values on this record, and it reads as a scale combination between component platforms rather than a capability bolt-on. Sep-2018 Hanon Systems Co., Ltd. → Fluid Pressure & Controls business (unit of Magna International Inc. (Fluid Pressure & Controls business)) n/a n/a 7.0x Hanon Systems Co., Ltd. announced the purchase of the Fluid Pressure & Controls business in Sep-2018 at an agreed 7.0x EBITDA. A thermal specialist buying fluid pressure content is the programme-adjacency trade: the same platforms, more content per vehicle. Feb-2017 Stoneridge, Inc. → Orlaco Products BV n/a 1.6x n/a Stoneridge, Inc. announced the acquisition of Orlaco Products BV in Feb-2017 at 1.6x revenue. Revenue multiples above parity on this record attach to specialised engineered content rather than to volume component lines. Jan-2017 Motherson Sumi Systems Ltd → PKC Group Plc n/a 0.8x n/a Motherson Sumi Systems Ltd announced the purchase of PKC Group Plc in Jan-2017 at 0.8x revenue. Cross-border consolidation of programme-weighted supply prices closer to revenue parity, and regional content rules shape who can realistically complete. Nov-2016 KKR & Co. L.P. → Calsonic Kansei Corporation n/a n/a 7.6x KKR & Co. L.P. announced the acquisition of Calsonic Kansei Corporation in Nov-2016 at an agreed 7.6x EBITDA. Sponsors taking non-core supply lines out of larger parents show up repeatedly on this record. Sep-2016 Goldman Sachs Group, Inc. → K&N Parent, Inc. n/a n/a 10.5x Goldman Sachs Group, Inc. announced the acquisition of K&N Parent, Inc. in Sep-2016 at an agreed 10.5x EBITDA, the top of the agreed EBITDA multiples recorded here. Branded replacement demand with installer pull-through is priced differently from programme revenue. Jun-2016 Valeo SA → FTE Automotive GmbH n/a n/a 9.3x Valeo SA announced the acquisition of FTE Automotive GmbH in Jun-2016 at an agreed 9.3x EBITDA. A large direct-to-OEM supplier buying actuation content shows strategics paying up where the content sits on long-lived, high-volume platforms.

  18. 18
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the full list of precedent transactions with disclosed terms, newest first.

    This second page completes the list of disclosed-terms transactions, continuing newest first with the same LTM-at-announcement basis. Together, the two pages give an owner or acquirer the full recorded transaction history behind the case study we highlighted earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (16 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 24 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 4 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2016 KIK Custom Products Inc. → Prestone Products Corporation n/a n/a 6.1x Jan-2015 Bain Capital, L.P. → TI Automotive Ltd. n/a n/a 6.0x Apr-2014 CLARCOR Inc. → Stanadyne Corporation n/a n/a 8.2x

  19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, assumptions and data-quality treatment.

    This page sets out how the report was built — the valuation basis, what was excluded and why, and where each underlying disclosure lives. Every figure in this report links to the record it came from, and where it doesn't, the appendix names the source directly. That transparency is what lets a client trace any number in this deck back to its origin.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 4 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Automotive Filters and Fluid Components and it clears the coverage gate with 4 of 4 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 2 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 281 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (280) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    In This Set of Four, the Premium Sits with Breadth and Margin, and Not with Growth.

    Closing statement that the premium in this set of four sits with breadth and margin, not growth.

    In this set of four, the premium sits with breadth and margin, not with growth. The companion tables alongside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further.

    Everything on this page

    In This Set of Four, the Premium Sits with Breadth and Margin, and Not with Growth. NeuraCap AI — Automotive Filters and Fluid Components Coverage September 2026 · Prepared by NeuraCap AI · Confidential Automotive Filters and Fluid Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Automotive Filters and Fluid Components (Consumer Discretionary › Automobiles and Components › Automotive Filters and Fluid Components) with market data and consensus estimates as of September 28, 2026. The company universe is the 4 listed companies whose core business is Automotive Filters and Fluid Components according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Atmus Filtration Technologies Inc. (ATMU), Cooper-Standard Holdings Inc. (CPS), Donaldson Company, Inc. (DCI), Illinois Tool Works Inc. (ITW). The market map groups them by business vertical — Aftermarket filters and replacement service parts: 2 companies (ATMU, CPS); Adjacent: industrial and process filtration platforms: 2 companies (ITW, DCI). 4 of the 4 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Automotive Filters and Fluid Components (Consumer Discretionary › Automobiles and Components › Automotive Filters and Fluid Components) with market data and consensus estimates as of September 28, 2026. The company universe is the 4 listed companies whose core business is Automotive Filters and Fluid Components according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Atmus Filtration Technologies Inc. (ATMU), Cooper-Standard Holdings Inc. (CPS), Donaldson Company, Inc. (DCI), Illinois Tool Works Inc. (ITW). The market map groups them by business vertical — Aftermarket filters and replacement service parts: 2 companies (ATMU, CPS); Adjacent: industrial and process filtration platforms: 2 companies (ITW, DCI). 4 of the 4 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

2 records failed a validation gate and never feed a statistic in this report (2 excluded from aggregate). Each exclusion, with its reason: CPS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CPS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 4 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Automotive Filters and Fluid Components and it clears the coverage gate with 4 of 4 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 4 of 4 companies; EV / rEVenue: 4 of 4 companies; P/E: 4 of 4 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥13.4x, Core 8.7x–13.4x, Discount <8.7x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 11.2x = median(ev_ebitda CY2027E) (4 rated companies) · 16.7x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 11.2x = median(ev_ebitda CY2027E) within Core tier (n=2) · 4.5x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 26% = median Rule of 40 score (revenue growth + EBITDA margin) (n=4)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Automotive Filters and Fluid Components recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 16 transactions were recorded for this industry; 12 are shown. 4 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 7 × deal value unit unresolved; 14 × no evidence record; 1 × duplicate precedent id; 1 × divestiture roles reassigned; 1 × parent financials detached. Case studies lead with the 1 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 285 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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