Value turns on awarded programs and their remaining life, quality registration, and engineering capability. Suppliers blending production, development, and aftermarket revenue are frequently mispriced as a single business.
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Production work is valued on program life and margin, development and prototype work on the engineering team and the capability, and aftermarket or consumer revenue on brand comparables. Blended together they get priced at the weakest multiple of the three. Separating them, with honest cost allocation, lets a buyer underwrite the piece they want. Commercial terms underpin all of it: a purchase order that is a release against a non-binding forecast is not a contract, and a long-term agreement with annual price-down clauses reduces the margin the multiple is applied to. Both are normal in this industry and both should be disclosed early, because a seller whose contracts turn out to be weaker than described loses leverage on every other negotiating point at once.