Ct Automotive Group PLC

First-pass take

CT Automotive supplies commodity interior components to OEMs (Ford, VW, Rivian, etc.) with internal AI usage in manufacturing, not customer-facing AI revenue. Genuine operating leverage evident (margins +295bps, PBT +20% despite 4% revenue decline), but cyclical automotive exposure and absence of valuation multiples constrain appeal. Low 0.5x net leverage offset by customer concentration and tariff/macro sensitivity.