Intrinsic value of BorgWarner - BWA

Previous Close

$52.17

  Intrinsic Value

$57.28

stock screener

  Rating & Target

hold

+10%

  Value-price divergence*

-67%

Previous close

$52.17

 
Intrinsic value

$57.28

 
Up/down potential

+10%

 
Rating

hold

 
Value-price divergence*

-67%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BWA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.06
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  9,071
  9,307
  9,571
  9,864
  10,184
  10,533
  10,910
  11,317
  11,753
  12,219
  12,716
  13,246
  13,808
  14,405
  15,037
  15,707
  16,415
  17,162
  17,952
  18,785
  19,663
  20,589
  21,564
  22,591
  23,673
  24,811
  26,009
  27,269
  28,594
  29,988
  31,454
Variable operating expenses, $m
 
  8,214
  8,442
  8,695
  8,972
  9,273
  9,599
  9,951
  10,327
  10,730
  11,160
  11,447
  11,934
  12,449
  12,996
  13,574
  14,186
  14,832
  15,514
  16,234
  16,993
  17,793
  18,636
  19,524
  20,459
  21,443
  22,478
  23,567
  24,712
  25,917
  27,183
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  8,845
  8,214
  8,442
  8,695
  8,972
  9,273
  9,599
  9,951
  10,327
  10,730
  11,160
  11,447
  11,934
  12,449
  12,996
  13,574
  14,186
  14,832
  15,514
  16,234
  16,993
  17,793
  18,636
  19,524
  20,459
  21,443
  22,478
  23,567
  24,712
  25,917
  27,183
Operating income, $m
  226
  1,093
  1,129
  1,169
  1,212
  1,260
  1,311
  1,366
  1,425
  1,489
  1,556
  1,798
  1,875
  1,956
  2,042
  2,132
  2,228
  2,330
  2,437
  2,550
  2,669
  2,795
  2,928
  3,067
  3,214
  3,368
  3,531
  3,702
  3,882
  4,071
  4,270
EBITDA, $m
  617
  1,512
  1,555
  1,602
  1,654
  1,711
  1,772
  1,838
  1,909
  1,985
  2,066
  2,152
  2,243
  2,340
  2,443
  2,551
  2,666
  2,788
  2,916
  3,051
  3,194
  3,344
  3,503
  3,669
  3,845
  4,030
  4,225
  4,429
  4,645
  4,871
  5,109
Interest expense (income), $m
  100
  86
  92
  98
  106
  114
  123
  132
  142
  153
  165
  177
  191
  205
  220
  236
  253
  271
  289
  309
  330
  352
  376
  400
  426
  453
  482
  512
  544
  577
  612
Earnings before tax, $m
  191
  1,007
  1,038
  1,071
  1,107
  1,146
  1,189
  1,234
  1,283
  1,335
  1,391
  1,621
  1,684
  1,751
  1,822
  1,896
  1,976
  2,059
  2,148
  2,241
  2,339
  2,443
  2,552
  2,667
  2,788
  2,915
  3,049
  3,190
  3,338
  3,494
  3,658
Tax expense, $m
  31
  272
  280
  289
  299
  309
  321
  333
  346
  361
  376
  438
  455
  473
  492
  512
  533
  556
  580
  605
  632
  660
  689
  720
  753
  787
  823
  861
  901
  943
  988
Net income, $m
  119
  735
  757
  782
  808
  837
  868
  901
  937
  975
  1,016
  1,183
  1,229
  1,278
  1,330
  1,384
  1,442
  1,503
  1,568
  1,636
  1,708
  1,783
  1,863
  1,947
  2,035
  2,128
  2,226
  2,329
  2,437
  2,551
  2,670

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  444
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,835
  8,609
  8,854
  9,125
  9,421
  9,744
  10,093
  10,469
  10,872
  11,303
  11,764
  12,253
  12,774
  13,326
  13,911
  14,530
  15,185
  15,876
  16,607
  17,377
  18,190
  19,046
  19,948
  20,899
  21,899
  22,952
  24,060
  25,226
  26,452
  27,741
  29,097
Adjusted assets (=assets-cash), $m
  8,391
  8,609
  8,854
  9,125
  9,421
  9,744
  10,093
  10,469
  10,872
  11,303
  11,764
  12,253
  12,774
  13,326
  13,911
  14,530
  15,185
  15,876
  16,607
  17,377
  18,190
  19,046
  19,948
  20,899
  21,899
  22,952
  24,060
  25,226
  26,452
  27,741
  29,097
Revenue / Adjusted assets
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
  1.081
Average production assets, $m
  2,828
  2,904
  2,986
  3,077
  3,177
  3,286
  3,404
  3,531
  3,667
  3,812
  3,968
  4,133
  4,308
  4,494
  4,692
  4,901
  5,121
  5,355
  5,601
  5,861
  6,135
  6,424
  6,728
  7,048
  7,386
  7,741
  8,115
  8,508
  8,921
  9,356
  9,814
Working capital, $m
  820
  568
  584
  602
  621
  643
  666
  690
  717
  745
  776
  808
  842
  879
  917
  958
  1,001
  1,047
  1,095
  1,146
  1,199
  1,256
  1,315
  1,378
  1,444
  1,513
  1,587
  1,663
  1,744
  1,829
  1,919
Total debt, $m
  2,220
  2,182
  2,340
  2,516
  2,708
  2,917
  3,143
  3,387
  3,648
  3,928
  4,226
  4,543
  4,880
  5,238
  5,617
  6,018
  6,443
  6,891
  7,364
  7,863
  8,390
  8,945
  9,529
  10,145
  10,794
  11,476
  12,194
  12,949
  13,744
  14,579
  15,458
Total liabilities, $m
  5,616
  5,579
  5,737
  5,913
  6,105
  6,314
  6,540
  6,784
  7,045
  7,325
  7,623
  7,940
  8,277
  8,635
  9,014
  9,415
  9,840
  10,288
  10,761
  11,260
  11,787
  12,342
  12,926
  13,542
  14,191
  14,873
  15,591
  16,346
  17,141
  17,976
  18,855
Total equity, $m
  3,218
  3,031
  3,117
  3,212
  3,316
  3,430
  3,553
  3,685
  3,827
  3,979
  4,141
  4,313
  4,496
  4,691
  4,897
  5,115
  5,345
  5,588
  5,845
  6,117
  6,403
  6,704
  7,022
  7,356
  7,708
  8,079
  8,469
  8,879
  9,311
  9,765
  10,242
Total liabilities and equity, $m
  8,834
  8,610
  8,854
  9,125
  9,421
  9,744
  10,093
  10,469
  10,872
  11,304
  11,764
  12,253
  12,773
  13,326
  13,911
  14,530
  15,185
  15,876
  16,606
  17,377
  18,190
  19,046
  19,948
  20,898
  21,899
  22,952
  24,060
  25,225
  26,452
  27,741
  29,097
Debt-to-equity ratio
  0.690
  0.720
  0.750
  0.780
  0.820
  0.850
  0.880
  0.920
  0.950
  0.990
  1.020
  1.050
  1.090
  1.120
  1.150
  1.180
  1.210
  1.230
  1.260
  1.290
  1.310
  1.330
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.490
  1.510
Adjusted equity ratio
  0.349
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  119
  735
  757
  782
  808
  837
  868
  901
  937
  975
  1,016
  1,183
  1,229
  1,278
  1,330
  1,384
  1,442
  1,503
  1,568
  1,636
  1,708
  1,783
  1,863
  1,947
  2,035
  2,128
  2,226
  2,329
  2,437
  2,551
  2,670
Depreciation, amort., depletion, $m
  391
  418
  425
  433
  442
  451
  461
  472
  484
  496
  509
  353
  368
  384
  401
  419
  438
  458
  479
  501
  524
  549
  575
  602
  631
  662
  694
  727
  763
  800
  839
Funds from operations, $m
  920
  1,154
  1,183
  1,215
  1,250
  1,288
  1,329
  1,373
  1,420
  1,471
  1,525
  1,536
  1,597
  1,662
  1,731
  1,803
  1,880
  1,961
  2,047
  2,137
  2,232
  2,332
  2,438
  2,549
  2,666
  2,790
  2,919
  3,056
  3,199
  3,350
  3,509
Change in working capital, $m
  -116
  14
  16
  18
  20
  21
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  56
  59
  63
  66
  69
  73
  77
  81
  85
  89
Cash from operations, $m
  1,036
  1,139
  1,167
  1,197
  1,230
  1,266
  1,306
  1,348
  1,394
  1,442
  1,495
  1,504
  1,563
  1,626
  1,692
  1,762
  1,837
  1,915
  1,998
  2,086
  2,178
  2,276
  2,378
  2,487
  2,600
  2,720
  2,846
  2,979
  3,119
  3,265
  3,420
Maintenance CAPEX, $m
  0
  -242
  -248
  -255
  -263
  -272
  -281
  -291
  -302
  -313
  -326
  -339
  -353
  -368
  -384
  -401
  -419
  -438
  -458
  -479
  -501
  -524
  -549
  -575
  -602
  -631
  -662
  -694
  -727
  -763
  -800
New CAPEX, $m
  -501
  -76
  -82
  -91
  -100
  -109
  -118
  -127
  -136
  -145
  -155
  -165
  -176
  -186
  -197
  -209
  -221
  -233
  -246
  -260
  -274
  -289
  -304
  -320
  -337
  -355
  -374
  -393
  -414
  -435
  -457
Cash from investing activities, $m
  -404
  -318
  -330
  -346
  -363
  -381
  -399
  -418
  -438
  -458
  -481
  -504
  -529
  -554
  -581
  -610
  -640
  -671
  -704
  -739
  -775
  -813
  -853
  -895
  -939
  -986
  -1,036
  -1,087
  -1,141
  -1,198
  -1,257
Free cash flow, $m
  632
  822
  836
  850
  867
  886
  907
  930
  956
  984
  1,014
  1,000
  1,034
  1,071
  1,111
  1,153
  1,197
  1,244
  1,294
  1,347
  1,403
  1,463
  1,525
  1,591
  1,661
  1,734
  1,811
  1,892
  1,978
  2,068
  2,163
Issuance/(repayment) of debt, $m
  -318
  138
  158
  175
  192
  209
  226
  244
  261
  279
  298
  317
  337
  358
  379
  401
  424
  448
  473
  499
  527
  555
  585
  616
  648
  682
  718
  755
  795
  836
  878
Issuance/(repurchase) of shares, $m
  -288
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -621
  138
  158
  175
  192
  209
  226
  244
  261
  279
  298
  317
  337
  358
  379
  401
  424
  448
  473
  499
  527
  555
  585
  616
  648
  682
  718
  755
  795
  836
  878
Total cash flow (excl. dividends), $m
  -21
  960
  995
  1,026
  1,059
  1,095
  1,133
  1,174
  1,217
  1,263
  1,312
  1,317
  1,372
  1,429
  1,490
  1,554
  1,621
  1,693
  1,768
  1,847
  1,930
  2,018
  2,110
  2,207
  2,309
  2,416
  2,529
  2,648
  2,772
  2,903
  3,041
Retained Cash Flow (-), $m
  336
  -81
  -86
  -95
  -104
  -114
  -123
  -132
  -142
  -152
  -162
  -172
  -183
  -194
  -206
  -218
  -230
  -243
  -257
  -271
  -286
  -301
  -318
  -334
  -352
  -371
  -390
  -410
  -432
  -454
  -477
Prev. year cash balance distribution, $m
 
  268
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,147
  908
  931
  955
  982
  1,010
  1,042
  1,075
  1,111
  1,150
  1,145
  1,188
  1,235
  1,284
  1,336
  1,391
  1,449
  1,511
  1,576
  1,644
  1,716
  1,792
  1,872
  1,957
  2,045
  2,139
  2,237
  2,341
  2,450
  2,564
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  1,099
  830
  807
  783
  756
  728
  698
  665
  630
  594
  535
  498
  459
  421
  382
  343
  305
  268
  233
  200
  169
  141
  116
  93
  74
  58
  44
  33
  24
  17
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

BorgWarner Inc. is engaged in providing technology solutions for combustion, hybrid and electric vehicles. The Company's segments include Engine and Drivetrain. The Engine segment's products include turbochargers, timing devices and chains, emissions systems and thermal systems. The Engine segment develops and manufactures products for gasoline and diesel engines, and alternative powertrains. The Drivetrain segment's products include transmission components and systems, all-wheel drive (AWD) torque transfer systems and rotating electrical devices. The Company's products are manufactured and sold across the world, primarily to original equipment manufacturers (OEMs) of light vehicles (passenger cars, sport-utility vehicles (SUVs), vans and light trucks). The Company's products are also sold to other OEMs of commercial vehicles (medium-duty trucks, heavy-duty trucks and buses) and off-highway vehicles (agricultural and construction machinery and marine applications.

FINANCIAL RATIOS  of  BorgWarner (BWA)

Valuation Ratios
P/E Ratio 93.1
Price to Sales 1.2
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate 13.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.2%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 63.5%
Total Debt to Equity 69%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 3.5%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 21.3%
Gross Margin - 3 Yr. Avg. 21.2%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 2.1%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 1.3%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 16.2%
Eff/ Tax Rate - 3 Yr. Avg. 25.4%
Payout Ratio 95%

BWA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BWA stock intrinsic value calculation we used $9071 million for the last fiscal year's total revenue generated by BorgWarner. The default revenue input number comes from 2016 income statement of BorgWarner. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BWA stock valuation model: a) initial revenue growth rate of 2.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.4%, whose default value for BWA is calculated based on our internal credit rating of BorgWarner, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of BorgWarner.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BWA stock the variable cost ratio is equal to 88.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BWA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.2% for BorgWarner.

Corporate tax rate of 27% is the nominal tax rate for BorgWarner. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BWA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BWA are equal to 31.2%.

Life of production assets of 11.7 years is the average useful life of capital assets used in BorgWarner operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BWA is equal to 6.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3218 million for BorgWarner - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 210.145 million for BorgWarner is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of BorgWarner at the current share price and the inputted number of shares is $11.0 billion.

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COMPANY NEWS

▶ Is It Time To Sell BorgWarner Inc (BWA)?   [07:42AM  Simply Wall St.]
▶ BorgWarner Technologies Electrify Commercial Vehicles   [Sep-25-17 08:30AM  PR Newswire]
▶ Sevcon Stockholders Approve Acquisition by BorgWarner   [Sep-22-17 04:05PM  GlobeNewswire]
▶ 14 Stocks Insulated From Amazon's Dominance   [Sep-09-17 04:15PM  Benzinga]
▶ Trading autos after Harvey: 5 picks   [Aug-30-17 05:00PM  CNBC Videos]
▶ ETFs with exposure to BorgWarner, Inc. : August 11, 2017   [Aug-11-17 05:03PM  Capital Cube]
▶ BorgWarner CEO Says U.S. Auto Market Has Hit a Plateau   [Aug-07-17 04:20PM  Bloomberg Video]
▶ BorgWarner to Webcast 2017 Investor Day   [06:30AM  PR Newswire]
▶ BorgWarner Manages Market Shifts   [Jul-29-17 01:07PM  Motley Fool]
▶ BorgWarner beats Street 2Q forecasts   [01:24AM  Associated Press]
▶ BorgWarner Declares Quarterly Dividend   [06:31AM  PR Newswire]
▶ 4 Auto Stocks On Track to Beat in Q2   [Jul-21-17 01:08PM  Zacks]
▶ [$$] BorgWarner, Up 30%, Can Accelerate   [Jul-08-17 12:57AM  Barrons.com]
▶ BorgWarner to Host Investor Day on Aug. 7   [Jun-05-17 06:30AM  PR Newswire]
▶ The Hot Stock: BorgWarner Gains 3.3%   [May-30-17 04:16PM  Barrons.com]
Financial statements of BWA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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