Intrinsic value of Aptiv - APTV

Previous Close

$85.45

  Intrinsic Value

$317.99

stock screener

  Rating & Target

str. buy

+272%

Previous close

$85.45

 
Intrinsic value

$317.99

 
Up/down potential

+272%

 
Rating

str. buy

We calculate the intrinsic value of APTV 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 0001), $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 22.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
Revenue, $m
  15,049
  17,399
  19,932
  22,643
  25,528
  28,584
  31,805
  35,191
  38,738
  42,445
  46,314
  50,345
  54,540
  58,903
  63,438
  68,151
  73,049
  78,139
  83,430
  88,931
  94,653
  100,608
  106,808
  113,265
  119,994
  127,011
  134,329
  141,968
  149,943
  158,273
Variable operating expenses, $m
  9,081
  10,450
  11,926
  13,505
  15,185
  16,965
  18,841
  20,813
  22,879
  25,039
  26,976
  29,323
  31,767
  34,308
  36,949
  39,695
  42,547
  45,512
  48,594
  51,798
  55,131
  58,599
  62,210
  65,971
  69,891
  73,977
  78,240
  82,689
  87,334
  92,186
Fixed operating expenses, $m
  3,838
  3,922
  4,008
  4,097
  4,187
  4,279
  4,373
  4,469
  4,567
  4,668
  4,771
  4,876
  4,983
  5,092
  5,204
  5,319
  5,436
  5,556
  5,678
  5,803
  5,930
  6,061
  6,194
  6,330
  6,470
  6,612
  6,757
  6,906
  7,058
  7,213
Total operating expenses, $m
  12,919
  14,372
  15,934
  17,602
  19,372
  21,244
  23,214
  25,282
  27,446
  29,707
  31,747
  34,199
  36,750
  39,400
  42,153
  45,014
  47,983
  51,068
  54,272
  57,601
  61,061
  64,660
  68,404
  72,301
  76,361
  80,589
  84,997
  89,595
  94,392
  99,399
Operating income, $m
  2,130
  3,027
  3,998
  5,042
  6,156
  7,340
  8,591
  9,908
  11,291
  12,739
  14,568
  16,146
  17,790
  19,502
  21,284
  23,138
  25,066
  27,071
  29,158
  31,330
  33,592
  35,948
  38,403
  40,963
  43,634
  46,421
  49,332
  52,372
  55,551
  58,874
EBITDA, $m
  2,915
  3,886
  4,936
  6,065
  7,269
  8,548
  9,900
  11,323
  12,816
  14,380
  16,013
  17,717
  19,492
  21,340
  23,263
  25,264
  27,345
  29,509
  31,761
  34,105
  36,545
  39,087
  41,736
  44,497
  47,378
  50,384
  53,523
  56,802
  60,229
  63,812
Interest expense (income), $m
  145
  224
  304
  392
  486
  587
  694
  808
  927
  1,053
  1,185
  1,323
  1,467
  1,617
  1,772
  1,935
  2,103
  2,278
  2,460
  2,650
  2,846
  3,051
  3,264
  3,485
  3,715
  3,955
  4,206
  4,466
  4,738
  5,022
  5,319
Earnings before tax, $m
  1,906
  2,722
  3,606
  4,556
  5,570
  6,646
  7,784
  8,981
  10,238
  11,554
  13,245
  14,679
  16,174
  17,730
  19,349
  21,034
  22,787
  24,611
  26,509
  28,484
  30,541
  32,685
  34,918
  37,248
  39,679
  42,216
  44,865
  47,634
  50,528
  53,555
Tax expense, $m
  514
  735
  974
  1,230
  1,504
  1,794
  2,102
  2,425
  2,764
  3,120
  3,576
  3,963
  4,367
  4,787
  5,224
  5,679
  6,153
  6,645
  7,157
  7,691
  8,246
  8,825
  9,428
  10,057
  10,713
  11,398
  12,114
  12,861
  13,643
  14,460
Net income, $m
  1,391
  1,987
  2,632
  3,326
  4,066
  4,852
  5,682
  6,556
  7,474
  8,434
  9,669
  10,716
  11,807
  12,943
  14,125
  15,355
  16,635
  17,966
  19,351
  20,793
  22,295
  23,860
  25,490
  27,191
  28,965
  30,817
  32,752
  34,773
  36,886
  39,095

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  14,210
  16,430
  18,822
  21,382
  24,106
  26,991
  30,033
  33,230
  36,579
  40,081
  43,734
  47,540
  51,501
  55,621
  59,904
  64,354
  68,979
  73,785
  78,782
  83,976
  89,380
  95,003
  100,857
  106,955
  113,309
  119,934
  126,846
  134,058
  141,589
  149,455
Adjusted assets (=assets-cash), $m
  14,210
  16,430
  18,822
  21,382
  24,106
  26,991
  30,033
  33,230
  36,579
  40,081
  43,734
  47,540
  51,501
  55,621
  59,904
  64,354
  68,979
  73,785
  78,782
  83,976
  89,380
  95,003
  100,857
  106,955
  113,309
  119,934
  126,846
  134,058
  141,589
  149,455
Revenue / Adjusted assets
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
Average production assets, $m
  4,695
  5,429
  6,219
  7,065
  7,965
  8,918
  9,923
  10,979
  12,086
  13,243
  14,450
  15,708
  17,016
  18,378
  19,793
  21,263
  22,791
  24,379
  26,030
  27,746
  29,532
  31,390
  33,324
  35,339
  37,438
  39,627
  41,911
  44,294
  46,782
  49,381
Working capital, $m
  602
  696
  797
  906
  1,021
  1,143
  1,272
  1,408
  1,550
  1,698
  1,853
  2,014
  2,182
  2,356
  2,538
  2,726
  2,922
  3,126
  3,337
  3,557
  3,786
  4,024
  4,272
  4,531
  4,800
  5,080
  5,373
  5,679
  5,998
  6,331
Total debt, $m
  5,638
  7,256
  9,000
  10,866
  12,852
  14,956
  17,173
  19,504
  21,945
  24,498
  27,161
  29,936
  32,823
  35,827
  38,949
  42,193
  45,565
  49,069
  52,711
  56,498
  60,437
  64,536
  68,804
  73,249
  77,881
  82,711
  87,749
  93,007
  98,497
  104,232
Total liabilities, $m
  10,359
  11,977
  13,721
  15,587
  17,573
  19,677
  21,894
  24,225
  26,666
  29,219
  31,882
  34,657
  37,544
  40,548
  43,670
  46,914
  50,286
  53,790
  57,432
  61,219
  65,158
  69,257
  73,525
  77,970
  82,602
  87,432
  92,470
  97,728
  103,218
  108,953
Total equity, $m
  3,851
  4,452
  5,101
  5,794
  6,533
  7,315
  8,139
  9,005
  9,913
  10,862
  11,852
  12,883
  13,957
  15,073
  16,234
  17,440
  18,693
  19,996
  21,350
  22,758
  24,222
  25,746
  27,332
  28,985
  30,707
  32,502
  34,375
  36,330
  38,371
  40,502
Total liabilities and equity, $m
  14,210
  16,429
  18,822
  21,381
  24,106
  26,992
  30,033
  33,230
  36,579
  40,081
  43,734
  47,540
  51,501
  55,621
  59,904
  64,354
  68,979
  73,786
  78,782
  83,977
  89,380
  95,003
  100,857
  106,955
  113,309
  119,934
  126,845
  134,058
  141,589
  149,455
Debt-to-equity ratio
  1.460
  1.630
  1.760
  1.880
  1.970
  2.040
  2.110
  2.170
  2.210
  2.260
  2.290
  2.320
  2.350
  2.380
  2.400
  2.420
  2.440
  2.450
  2.470
  2.480
  2.500
  2.510
  2.520
  2.530
  2.540
  2.540
  2.550
  2.560
  2.570
  2.570
Adjusted equity ratio
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,391
  1,987
  2,632
  3,326
  4,066
  4,852
  5,682
  6,556
  7,474
  8,434
  9,669
  10,716
  11,807
  12,943
  14,125
  15,355
  16,635
  17,966
  19,351
  20,793
  22,295
  23,860
  25,490
  27,191
  28,965
  30,817
  32,752
  34,773
  36,886
  39,095
Depreciation, amort., depletion, $m
  786
  859
  938
  1,023
  1,113
  1,208
  1,309
  1,414
  1,525
  1,641
  1,445
  1,571
  1,702
  1,838
  1,979
  2,126
  2,279
  2,438
  2,603
  2,775
  2,953
  3,139
  3,332
  3,534
  3,744
  3,963
  4,191
  4,429
  4,678
  4,938
Funds from operations, $m
  2,177
  2,846
  3,571
  4,349
  5,179
  6,060
  6,991
  7,970
  8,999
  10,075
  11,114
  12,287
  13,509
  14,781
  16,104
  17,481
  18,914
  20,404
  21,954
  23,568
  25,248
  26,999
  28,823
  30,725
  32,709
  34,780
  36,943
  39,202
  41,564
  44,033
Change in working capital, $m
  87
  94
  101
  108
  115
  122
  129
  135
  142
  148
  155
  161
  168
  175
  181
  189
  196
  204
  212
  220
  229
  238
  248
  258
  269
  281
  293
  306
  319
  333
Cash from operations, $m
  2,090
  2,752
  3,469
  4,240
  5,063
  5,938
  6,862
  7,835
  8,857
  9,927
  10,959
  12,125
  13,341
  14,606
  15,923
  17,293
  18,718
  20,200
  21,743
  23,348
  25,019
  26,760
  28,575
  30,467
  32,440
  34,500
  36,650
  38,897
  41,245
  43,700
Maintenance CAPEX, $m
  -402
  -470
  -543
  -622
  -706
  -796
  -892
  -992
  -1,098
  -1,209
  -1,324
  -1,445
  -1,571
  -1,702
  -1,838
  -1,979
  -2,126
  -2,279
  -2,438
  -2,603
  -2,775
  -2,953
  -3,139
  -3,332
  -3,534
  -3,744
  -3,963
  -4,191
  -4,429
  -4,678
New CAPEX, $m
  -677
  -733
  -790
  -846
  -900
  -953
  -1,005
  -1,056
  -1,107
  -1,157
  -1,207
  -1,258
  -1,309
  -1,361
  -1,415
  -1,470
  -1,528
  -1,588
  -1,651
  -1,716
  -1,785
  -1,858
  -1,934
  -2,015
  -2,100
  -2,189
  -2,283
  -2,383
  -2,488
  -2,599
Cash from investing activities, $m
  -1,079
  -1,203
  -1,333
  -1,468
  -1,606
  -1,749
  -1,897
  -2,048
  -2,205
  -2,366
  -2,531
  -2,703
  -2,880
  -3,063
  -3,253
  -3,449
  -3,654
  -3,867
  -4,089
  -4,319
  -4,560
  -4,811
  -5,073
  -5,347
  -5,634
  -5,933
  -6,246
  -6,574
  -6,917
  -7,277
Free cash flow, $m
  1,011
  1,549
  2,136
  2,772
  3,457
  4,188
  4,965
  5,786
  6,652
  7,561
  8,428
  9,423
  10,461
  11,543
  12,670
  13,843
  15,063
  16,333
  17,654
  19,029
  20,459
  21,949
  23,502
  25,119
  26,807
  28,567
  30,404
  32,322
  34,327
  36,423
Issuance/(repayment) of debt, $m
  1,489
  1,618
  1,744
  1,866
  1,986
  2,103
  2,218
  2,330
  2,442
  2,552
  2,663
  2,775
  2,888
  3,003
  3,122
  3,244
  3,372
  3,504
  3,642
  3,787
  3,939
  4,099
  4,268
  4,445
  4,632
  4,830
  5,038
  5,258
  5,490
  5,735
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  1,489
  1,618
  1,744
  1,866
  1,986
  2,103
  2,218
  2,330
  2,442
  2,552
  2,663
  2,775
  2,888
  3,003
  3,122
  3,244
  3,372
  3,504
  3,642
  3,787
  3,939
  4,099
  4,268
  4,445
  4,632
  4,830
  5,038
  5,258
  5,490
  5,735
Total cash flow (excl. dividends), $m
  2,500
  3,168
  3,880
  4,639
  5,443
  6,291
  7,183
  8,117
  9,094
  10,114
  11,091
  12,197
  13,349
  14,547
  15,792
  17,088
  18,435
  19,837
  21,296
  22,816
  24,399
  26,049
  27,769
  29,565
  31,439
  33,396
  35,442
  37,580
  39,817
  42,157
Retained Cash Flow (-), $m
  -552
  -602
  -648
  -694
  -738
  -782
  -824
  -866
  -908
  -949
  -990
  -1,031
  -1,074
  -1,116
  -1,161
  -1,206
  -1,253
  -1,303
  -1,354
  -1,408
  -1,464
  -1,524
  -1,586
  -1,652
  -1,722
  -1,795
  -1,873
  -1,955
  -2,041
  -2,132
Prev. year cash balance distribution, $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 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
  1,948
  2,566
  3,232
  3,945
  4,704
  5,509
  6,358
  7,251
  8,186
  9,165
  10,101
  11,166
  12,275
  13,430
  14,632
  15,881
  17,182
  18,534
  19,942
  21,408
  22,934
  24,525
  26,183
  27,912
  29,717
  31,601
  33,569
  35,626
  37,776
  40,025
Discount rate, %
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
  1,864
  2,340
  2,795
  3,220
  3,605
  3,941
  4,220
  4,437
  4,587
  4,667
  4,639
  4,586
  4,470
  4,294
  4,067
  3,797
  3,494
  3,167
  2,827
  2,484
  2,147
  1,824
  1,523
  1,248
  1,004
  791
  610
  461
  340
  245
Current shareholders' claim on cash, %
  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

Aptiv PLC, formerly Delphi Automotive PLC, is a global technology company serving the automotive sector. The Company designs and manufactures vehicle components, and provides electrical and electronic and active safety technology solutions to the global automotive and commercial vehicle markets. The Company's segments include Electrical/Electronic Architecture, and Electronics & Safety. The Electrical/Electronic Architecture segment provides complete design of the vehicle's electrical architecture, including connectors, wiring assemblies and harnesses, electrical centers and hybrid high voltage and safety distribution systems. The Electronics and Safety segment offers a range of electronic and safety equipment and software in the areas of controls, security, infotainment, communications and safety systems.

FINANCIAL RATIOS  of  Aptiv (APTV)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 1.4
Price to Book 9.6
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.6%
Cap. Spend. - 3 Yr. Gr. Rate 6.5%
Financial Strength
Quick Ratio 70
Current Ratio 0
LT Debt to Equity 164.9%
Total Debt to Equity 165.4%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.4%
Ret/ On Assets - 3 Yr. Avg. 12.7%
Return On Total Capital 19.9%
Ret/ On T. Cap. - 3 Yr. Avg. 24%
Return On Equity 54.1%
Return On Equity - 3 Yr. Avg. 54.9%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 21.3%
Gross Margin - 3 Yr. Avg. 20.2%
EBITDA Margin 13.6%
EBITDA Margin - 3 Yr. Avg. 14.2%
Operating Margin 11.2%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 17%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio 25.2%

APTV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APTV stock intrinsic value calculation we used $12884 million for the last fiscal year's total revenue generated by Aptiv. The default revenue input number comes from 0001 income statement of Aptiv. 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 APTV stock valuation model: a) initial revenue growth rate of 16.8% 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 4.5%, whose default value for APTV is calculated based on our internal credit rating of Aptiv, 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 Aptiv.
    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 APTV stock the variable cost ratio is equal to 60.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3755 million in the base year in the intrinsic value calculation for APTV 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 5.4% for Aptiv.

Corporate tax rate of 27% is the nominal tax rate for Aptiv. 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 APTV 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 APTV are equal to 31.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Aptiv 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 APTV is equal to 4%. 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 - $3299 million for Aptiv - 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 264.738 million for Aptiv 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 Aptiv at the current share price and the inputted number of shares is $22.6 billion.

COMPANY NEWS

▶ 7 Self-Driving Car Stocks Veering Off the Road   [Sep-14-18 12:21PM  InvestorPlace]
▶ Kelly Ortberg Joins Aptiv Board of Directors   [Sep-13-18 05:15PM  PR Newswire]
▶ How Lyft Brought Self-Driving Taxis to Vegas   [Aug-23-18 04:05PM  Motley Fool]
▶ Aptiv Celebrates 5,000 Self-Driving Public Rides   [Aug-22-18 12:13PM  PR Newswire]
▶ Aptiv: 2Q Earnings Snapshot   [08:07AM  Associated Press]
▶ Aptiv PLC to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ Aptiv Declares Quarterly Dividend   [Jul-25-18 04:05PM  PR Newswire]
▶ NuTonomy in pilot with Boston, Cambridge to digitize traffic rules   [Jul-23-18 05:59AM  American City Business Journals]
▶ Wired News - Aptiv Acquires Winchester   [Jul-12-18 07:15AM  ACCESSWIRE]
▶ Aptiv to Acquire Winchester Interconnect   [Jul-10-18 07:01AM  PR Newswire]
▶ Self-driving cars might be coming to these 14 Mass. towns   [Jun-21-18 02:40PM  American City Business Journals]
▶ Boston gives green light to self-driving car startup   [Jun-20-18 01:32PM  American City Business Journals]
▶ Aptiv Completes Acquisition of KUM   [12:00AM  PR Newswire]
▶ Royal Wedding Stirs Interest in U.K. Stocks   [May-18-18 10:31AM  Zacks]
▶ Aptiv to Present at Wells Fargo Industrials Conference   [May-07-18 04:30PM  PR Newswire]
▶ Aptiv Declares Quarterly Dividend   [Apr-26-18 04:05PM  PR Newswire]
▶ $5M gift to fund new Raj & Kamla Gupta Governance Institute at Drexel University   [Apr-17-18 02:36PM  American City Business Journals]
▶ 6 Stocks for the Electric Car Boom Not Named Tesla   [Mar-23-18 06:00AM  Investopedia]
▶ Are Aptiv PLCs (NYSE:APTV) Interest Costs Too High?   [Feb-01-18 12:49PM  Simply Wall St.]
▶ Aptiv PLC to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ 3 Things You Must Know Before the Stock Market Opens Monday   [Jan-07-18 06:16PM  TheStreet.com]

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