There are reports that China's Great Wall motors approached Fiat Chrysler Automobiles N.V. (FCAU)  about purchasing its Jeep brand.

We looked at what's going on under the hood of one of America's most iconic vehicle brands.

Jeep Wrangler, the brand's signature model packs 285 horsepower and can tow up to a 3,500 pound load.

The Jeep Cherokee is a crossover with 184 horses undert he hood.

Jeep Patriot's 2.4 L base engine size can take you far off road.

Even after that M&A kicker Fiat Chrysler looks cheap by most measures. Its core equity valuation weighs in at about 3 times its forecast Ebit of about €8 billion for this year, according to number crunched by Goldman Sachs.

That leaves the Italian car maker's EV/EBIT below Renault SA (RNSDF) , France's biggest car maker, which trades at a 2017 EV/Ebit of 3.5 times and in line with Daimler AG (DDAIF) , Germany's No.2 carmaker. The only European carmaker with a lower EV/Eebit is Volkswagen AG (VLKAF) which trades at 1.8 times 2017 EBIT.

The valuation looks even cheaper next to the large U.S. manufacturers. General Motors Co. (GM) and Ford Motor Co. (F) trade at 2017 EV/Eebit ratios of about 7.3 times and 6.9 times, respectively.

On a price to earnings, or P/E, basis Fiat is worth about 4.6 times its estimated 2017 earnings. That is below VW's 5.0 times earnings and Daimler's 6.7 times earnings, and well shy of the European automotive sector average of closer to 11 times earnings. GM and Ford trade at P/E's of 5.9 and 6.1 based on current year estimates.

Chinese auto makers, meanwhile, trade at an average P/E of about 10.7 times forecast 2017 earnings.

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