In a market that has punished companies for uncertainty, automakers have been pummelled and Japanese manufacturers have fared worse than most. However, this doesn’t mean that these businesses are absent of value. Although Tesla has been dominating news headlines its sales are not matching up to public perception, yet investors are so convinced of the company’s future success they are prescribing it similar value to long established and consistently profitable automakers such as Honda. As Orbis Investments explains, Honda boasts an unblemished record of net profits and although its margins have been depressed over the past few years, a closer look at what drives its profitability shows the idiosyncratic opportunity of this investment.