Intrinsic value of BorgWarner - BWA

Previous Close

$56.94

  Intrinsic Value

$75.31

stock screener

  Rating & Target

buy

+32%

Previous close

$56.94

 
Intrinsic value

$75.31

 
Up/down potential

+32%

 
Rating

buy

*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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  9,071
  9,896
  10,756
  11,652
  12,582
  13,550
  14,555
  15,600
  16,686
  17,815
  18,989
  20,210
  21,480
  22,803
  24,181
  25,617
  27,114
  28,675
  30,305
  32,007
  33,785
  35,642
  37,584
  39,615
  41,740
  43,964
  46,291
  48,728
  51,281
  53,955
  56,757
Variable operating expenses, $m
 
  8,723
  9,466
  10,240
  11,044
  11,881
  12,750
  13,653
  14,591
  15,567
  16,581
  17,466
  18,564
  19,707
  20,898
  22,139
  23,433
  24,782
  26,191
  27,662
  29,198
  30,803
  32,482
  34,237
  36,073
  37,995
  40,006
  42,113
  44,319
  46,630
  49,051
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
  8,723
  9,466
  10,240
  11,044
  11,881
  12,750
  13,653
  14,591
  15,567
  16,581
  17,466
  18,564
  19,707
  20,898
  22,139
  23,433
  24,782
  26,191
  27,662
  29,198
  30,803
  32,482
  34,237
  36,073
  37,995
  40,006
  42,113
  44,319
  46,630
  49,051
Operating income, $m
  226
  1,173
  1,290
  1,412
  1,538
  1,669
  1,806
  1,948
  2,095
  2,248
  2,408
  2,744
  2,916
  3,096
  3,283
  3,478
  3,681
  3,893
  4,114
  4,345
  4,587
  4,839
  5,103
  5,378
  5,667
  5,969
  6,285
  6,616
  6,962
  7,325
  7,705
EBITDA, $m
  617
  1,607
  1,747
  1,893
  2,044
  2,201
  2,364
  2,534
  2,710
  2,894
  3,084
  3,283
  3,489
  3,704
  3,928
  4,161
  4,404
  4,658
  4,922
  5,199
  5,488
  5,789
  6,105
  6,435
  6,780
  7,141
  7,519
  7,915
  8,330
  8,764
  9,219
Interest expense (income), $m
  100
  86
  106
  128
  151
  174
  198
  224
  250
  277
  306
  335
  366
  398
  431
  466
  502
  540
  579
  620
  663
  708
  755
  804
  855
  908
  964
  1,023
  1,084
  1,148
  1,216
Earnings before tax, $m
  191
  1,088
  1,184
  1,284
  1,387
  1,495
  1,607
  1,724
  1,845
  1,971
  2,102
  2,408
  2,550
  2,698
  2,851
  3,012
  3,179
  3,353
  3,535
  3,725
  3,924
  4,131
  4,348
  4,575
  4,812
  5,060
  5,320
  5,593
  5,878
  6,177
  6,490
Tax expense, $m
  31
  294
  320
  347
  375
  404
  434
  465
  498
  532
  568
  650
  689
  728
  770
  813
  858
  905
  954
  1,006
  1,059
  1,115
  1,174
  1,235
  1,299
  1,366
  1,437
  1,510
  1,587
  1,668
  1,752
Net income, $m
  119
  794
  864
  937
  1,013
  1,092
  1,173
  1,258
  1,347
  1,439
  1,534
  1,758
  1,862
  1,969
  2,082
  2,199
  2,321
  2,448
  2,581
  2,719
  2,864
  3,016
  3,174
  3,340
  3,513
  3,694
  3,884
  4,083
  4,291
  4,509
  4,738

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
  9,155
  9,950
  10,778
  11,640
  12,535
  13,465
  14,431
  15,436
  16,480
  17,566
  18,695
  19,871
  21,094
  22,369
  23,697
  25,082
  26,527
  28,035
  29,609
  31,253
  32,972
  34,768
  36,647
  38,612
  40,669
  42,822
  45,077
  47,438
  49,912
  52,504
Adjusted assets (=assets-cash), $m
  8,391
  9,155
  9,950
  10,778
  11,640
  12,535
  13,465
  14,431
  15,436
  16,480
  17,566
  18,695
  19,871
  21,094
  22,369
  23,697
  25,082
  26,527
  28,035
  29,609
  31,253
  32,972
  34,768
  36,647
  38,612
  40,669
  42,822
  45,077
  47,438
  49,912
  52,504
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
  3,088
  3,356
  3,635
  3,926
  4,228
  4,541
  4,867
  5,206
  5,558
  5,925
  6,305
  6,702
  7,115
  7,544
  7,992
  8,459
  8,947
  9,455
  9,986
  10,541
  11,120
  11,726
  12,360
  13,023
  13,717
  14,443
  15,203
  16,000
  16,834
  17,708
Working capital, $m
  820
  604
  656
  711
  768
  827
  888
  952
  1,018
  1,087
  1,158
  1,233
  1,310
  1,391
  1,475
  1,563
  1,654
  1,749
  1,849
  1,952
  2,061
  2,174
  2,293
  2,417
  2,546
  2,682
  2,824
  2,972
  3,128
  3,291
  3,462
Total debt, $m
  2,220
  2,535
  3,051
  3,587
  4,145
  4,725
  5,328
  5,955
  6,606
  7,282
  7,986
  8,718
  9,479
  10,272
  11,098
  11,959
  12,856
  13,792
  14,769
  15,789
  16,855
  17,969
  19,133
  20,350
  21,624
  22,957
  24,352
  25,813
  27,343
  28,946
  30,626
Total liabilities, $m
  5,616
  5,932
  6,448
  6,984
  7,542
  8,122
  8,725
  9,352
  10,003
  10,679
  11,383
  12,115
  12,876
  13,669
  14,495
  15,356
  16,253
  17,189
  18,166
  19,186
  20,252
  21,366
  22,530
  23,747
  25,021
  26,354
  27,749
  29,210
  30,740
  32,343
  34,023
Total equity, $m
  3,218
  3,223
  3,503
  3,794
  4,097
  4,412
  4,740
  5,080
  5,433
  5,801
  6,183
  6,581
  6,995
  7,425
  7,874
  8,341
  8,829
  9,337
  9,868
  10,422
  11,001
  11,606
  12,238
  12,900
  13,592
  14,316
  15,074
  15,867
  16,698
  17,569
  18,481
Total liabilities and equity, $m
  8,834
  9,155
  9,951
  10,778
  11,639
  12,534
  13,465
  14,432
  15,436
  16,480
  17,566
  18,696
  19,871
  21,094
  22,369
  23,697
  25,082
  26,526
  28,034
  29,608
  31,253
  32,972
  34,768
  36,647
  38,613
  40,670
  42,823
  45,077
  47,438
  49,912
  52,504
Debt-to-equity ratio
  0.690
  0.790
  0.870
  0.950
  1.010
  1.070
  1.120
  1.170
  1.220
  1.260
  1.290
  1.320
  1.360
  1.380
  1.410
  1.430
  1.460
  1.480
  1.500
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
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
  794
  864
  937
  1,013
  1,092
  1,173
  1,258
  1,347
  1,439
  1,534
  1,758
  1,862
  1,969
  2,082
  2,199
  2,321
  2,448
  2,581
  2,719
  2,864
  3,016
  3,174
  3,340
  3,513
  3,694
  3,884
  4,083
  4,291
  4,509
  4,738
Depreciation, amort., depletion, $m
  391
  434
  457
  481
  506
  532
  558
  586
  615
  645
  677
  539
  573
  608
  645
  683
  723
  765
  808
  854
  901
  950
  1,002
  1,056
  1,113
  1,172
  1,234
  1,299
  1,367
  1,439
  1,514
Funds from operations, $m
  920
  1,228
  1,321
  1,418
  1,518
  1,623
  1,732
  1,845
  1,962
  2,084
  2,211
  2,297
  2,434
  2,577
  2,726
  2,882
  3,044
  3,212
  3,389
  3,573
  3,765
  3,966
  4,176
  4,396
  4,626
  4,866
  5,118
  5,382
  5,658
  5,948
  6,251
Change in working capital, $m
  -116
  50
  52
  55
  57
  59
  61
  64
  66
  69
  72
  74
  78
  81
  84
  88
  91
  95
  99
  104
  108
  113
  118
  124
  130
  136
  142
  149
  156
  163
  171
Cash from operations, $m
  1,036
  1,178
  1,269
  1,363
  1,462
  1,564
  1,670
  1,781
  1,896
  2,015
  2,139
  2,223
  2,357
  2,497
  2,642
  2,794
  2,952
  3,117
  3,289
  3,469
  3,657
  3,853
  4,058
  4,272
  4,496
  4,731
  4,976
  5,233
  5,503
  5,785
  6,080
Maintenance CAPEX, $m
  0
  -242
  -264
  -287
  -311
  -336
  -361
  -388
  -416
  -445
  -475
  -506
  -539
  -573
  -608
  -645
  -683
  -723
  -765
  -808
  -854
  -901
  -950
  -1,002
  -1,056
  -1,113
  -1,172
  -1,234
  -1,299
  -1,367
  -1,439
New CAPEX, $m
  -501
  -260
  -268
  -279
  -290
  -302
  -314
  -326
  -339
  -352
  -366
  -381
  -396
  -413
  -430
  -448
  -467
  -487
  -509
  -531
  -555
  -580
  -606
  -634
  -663
  -694
  -726
  -760
  -796
  -834
  -874
Cash from investing activities, $m
  -404
  -502
  -532
  -566
  -601
  -638
  -675
  -714
  -755
  -797
  -841
  -887
  -935
  -986
  -1,038
  -1,093
  -1,150
  -1,210
  -1,274
  -1,339
  -1,409
  -1,481
  -1,556
  -1,636
  -1,719
  -1,807
  -1,898
  -1,994
  -2,095
  -2,201
  -2,313
Free cash flow, $m
  632
  676
  736
  797
  861
  927
  995
  1,067
  1,141
  1,218
  1,298
  1,335
  1,422
  1,511
  1,604
  1,701
  1,802
  1,907
  2,016
  2,130
  2,249
  2,372
  2,501
  2,636
  2,777
  2,924
  3,078
  3,239
  3,407
  3,583
  3,767
Issuance/(repayment) of debt, $m
  -318
  491
  516
  537
  558
  580
  603
  626
  651
  677
  704
  732
  762
  793
  826
  861
  897
  936
  977
  1,020
  1,066
  1,114
  1,164
  1,217
  1,274
  1,333
  1,395
  1,461
  1,530
  1,603
  1,680
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
  491
  516
  537
  558
  580
  603
  626
  651
  677
  704
  732
  762
  793
  826
  861
  897
  936
  977
  1,020
  1,066
  1,114
  1,164
  1,217
  1,274
  1,333
  1,395
  1,461
  1,530
  1,603
  1,680
Total cash flow (excl. dividends), $m
  -21
  1,168
  1,252
  1,334
  1,419
  1,507
  1,598
  1,693
  1,792
  1,895
  2,002
  2,067
  2,183
  2,304
  2,430
  2,562
  2,699
  2,843
  2,993
  3,150
  3,314
  3,486
  3,666
  3,854
  4,051
  4,257
  4,473
  4,700
  4,937
  5,186
  5,447
Retained Cash Flow (-), $m
  336
  -273
  -280
  -291
  -303
  -315
  -327
  -340
  -354
  -368
  -382
  -398
  -414
  -431
  -449
  -468
  -487
  -509
  -531
  -554
  -579
  -605
  -632
  -661
  -692
  -724
  -758
  -794
  -831
  -871
  -912
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
 
  1,163
  972
  1,042
  1,115
  1,192
  1,271
  1,353
  1,438
  1,527
  1,620
  1,670
  1,769
  1,873
  1,982
  2,094
  2,212
  2,335
  2,462
  2,596
  2,735
  2,881
  3,033
  3,192
  3,359
  3,533
  3,715
  3,906
  4,106
  4,315
  4,534
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
 
  1,114
  888
  904
  914
  918
  916
  906
  890
  866
  837
  780
  741
  697
  649
  598
  545
  491
  437
  383
  332
  283
  238
  197
  160
  128
  100
  77
  58
  43
  31
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 101.6
Price to Sales 1.3
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 22.6
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 9.1% 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 214.915 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 $12.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to BorgWarner, Inc. : December 5, 2017   [Dec-05-17 12:27PM  Capital Cube]
▶ GOP bargains over tax plan   [Nov-20-17 08:57AM  Yahoo Finance]
▶ Should You Buy BorgWarner Inc (BWA) At $51.68?   [Nov-16-17 01:17PM  Simply Wall St.]
▶ BorgWarner Declares Quarterly Dividend   [06:30AM  PR Newswire]
▶ BorgWarner Continues to Outperform   [Oct-30-17 11:54AM  Motley Fool]
▶ Auto Stocks: Don't Get in This Car Chase   [Oct-26-17 03:00PM  TheStreet.com]
▶ BorgWarner beats Street 3Q forecasts   [06:59AM  Associated Press]
▶ 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]
Financial statements of BWA
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