Intrinsic value of BorgWarner - BWA

Previous Close

$44.27

  Intrinsic Value

$23.51

stock screener

  Rating & Target

sell

-47%

Previous close

$44.27

 
Intrinsic value

$23.51

 
Up/down potential

-47%

 
Rating

sell

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 2017), $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 9.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  10,583
  11,398
  12,245
  13,125
  14,039
  14,990
  15,978
  17,007
  18,077
  19,190
  20,351
  21,560
  22,821
  24,136
  25,508
  26,941
  28,438
  30,002
  31,637
  33,347
  35,136
  37,008
  38,968
  41,020
  43,169
  45,421
  47,780
  50,252
  52,844
  55,560
Variable operating expenses, $m
  10,299
  11,074
  11,879
  12,716
  13,585
  14,489
  15,429
  16,407
  17,424
  18,483
  19,349
  20,498
  21,697
  22,947
  24,252
  25,614
  27,038
  28,525
  30,079
  31,705
  33,406
  35,186
  37,049
  39,000
  41,044
  43,184
  45,427
  47,778
  50,242
  52,825
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
  10,299
  11,074
  11,879
  12,716
  13,585
  14,489
  15,429
  16,407
  17,424
  18,483
  19,349
  20,498
  21,697
  22,947
  24,252
  25,614
  27,038
  28,525
  30,079
  31,705
  33,406
  35,186
  37,049
  39,000
  41,044
  43,184
  45,427
  47,778
  50,242
  52,825
Operating income, $m
  284
  324
  365
  409
  454
  501
  549
  600
  653
  707
  1,002
  1,062
  1,124
  1,188
  1,256
  1,326
  1,400
  1,477
  1,558
  1,642
  1,730
  1,822
  1,919
  2,020
  2,126
  2,236
  2,353
  2,474
  2,602
  2,736
EBITDA, $m
  1,056
  1,137
  1,221
  1,309
  1,400
  1,495
  1,594
  1,696
  1,803
  1,914
  2,030
  2,150
  2,276
  2,407
  2,544
  2,687
  2,836
  2,992
  3,155
  3,326
  3,504
  3,691
  3,887
  4,091
  4,306
  4,530
  4,765
  5,012
  5,270
  5,541
Interest expense (income), $m
  100
  118
  144
  172
  200
  229
  260
  292
  325
  359
  395
  432
  471
  511
  554
  598
  644
  691
  742
  794
  849
  906
  966
  1,028
  1,094
  1,162
  1,234
  1,310
  1,388
  1,471
  1,558
Earnings before tax, $m
  165
  179
  194
  209
  224
  241
  258
  275
  293
  312
  570
  591
  612
  635
  658
  683
  709
  736
  764
  793
  824
  857
  891
  926
  963
  1,002
  1,043
  1,086
  1,131
  1,178
Tax expense, $m
  45
  48
  52
  56
  61
  65
  70
  74
  79
  84
  154
  159
  165
  171
  178
  184
  191
  199
  206
  214
  223
  231
  240
  250
  260
  271
  282
  293
  305
  318
Net income, $m
  121
  131
  141
  152
  164
  176
  188
  201
  214
  228
  416
  431
  447
  463
  481
  499
  517
  537
  558
  579
  602
  625
  650
  676
  703
  732
  761
  793
  825
  860

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
  10,572
  11,386
  12,232
  13,112
  14,025
  14,975
  15,962
  16,990
  18,058
  19,171
  20,330
  21,538
  22,798
  24,111
  25,483
  26,914
  28,409
  29,972
  31,606
  33,314
  35,101
  36,971
  38,929
  40,979
  43,126
  45,375
  47,732
  50,202
  52,791
  55,505
Adjusted assets (=assets-cash), $m
  10,572
  11,386
  12,232
  13,112
  14,025
  14,975
  15,962
  16,990
  18,058
  19,171
  20,330
  21,538
  22,798
  24,111
  25,483
  26,914
  28,409
  29,972
  31,606
  33,314
  35,101
  36,971
  38,929
  40,979
  43,126
  45,375
  47,732
  50,202
  52,791
  55,505
Revenue / Adjusted assets
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
  1.001
Average production assets, $m
  5,344
  5,756
  6,184
  6,628
  7,090
  7,570
  8,069
  8,588
  9,129
  9,691
  10,277
  10,888
  11,524
  12,188
  12,882
  13,605
  14,361
  15,151
  15,977
  16,840
  17,744
  18,689
  19,679
  20,715
  21,800
  22,937
  24,129
  25,377
  26,686
  28,058
Working capital, $m
  -1,619
  -1,744
  -1,873
  -2,008
  -2,148
  -2,293
  -2,445
  -2,602
  -2,766
  -2,936
  -3,114
  -3,299
  -3,492
  -3,693
  -3,903
  -4,122
  -4,351
  -4,590
  -4,840
  -5,102
  -5,376
  -5,662
  -5,962
  -6,276
  -6,605
  -6,949
  -7,310
  -7,689
  -8,085
  -8,501
Total debt, $m
  2,673
  3,177
  3,702
  4,247
  4,813
  5,402
  6,014
  6,651
  7,314
  8,004
  8,723
  9,471
  10,252
  11,067
  11,917
  12,804
  13,731
  14,700
  15,713
  16,772
  17,880
  19,040
  20,254
  21,525
  22,856
  24,250
  25,712
  27,243
  28,848
  30,531
Total liabilities, $m
  6,555
  7,060
  7,584
  8,129
  8,696
  9,284
  9,897
  10,534
  11,196
  11,886
  12,605
  13,354
  14,135
  14,949
  15,799
  16,687
  17,614
  18,583
  19,595
  20,655
  21,763
  22,922
  24,136
  25,407
  26,738
  28,133
  29,594
  31,125
  32,730
  34,413
Total equity, $m
  4,017
  4,327
  4,648
  4,982
  5,330
  5,690
  6,066
  6,456
  6,862
  7,285
  7,726
  8,185
  8,663
  9,162
  9,683
  10,227
  10,796
  11,389
  12,010
  12,659
  13,338
  14,049
  14,793
  15,572
  16,388
  17,243
  18,138
  19,077
  20,061
  21,092
Total liabilities and equity, $m
  10,572
  11,387
  12,232
  13,111
  14,026
  14,974
  15,963
  16,990
  18,058
  19,171
  20,331
  21,539
  22,798
  24,111
  25,482
  26,914
  28,410
  29,972
  31,605
  33,314
  35,101
  36,971
  38,929
  40,979
  43,126
  45,376
  47,732
  50,202
  52,791
  55,505
Debt-to-equity ratio
  0.670
  0.730
  0.800
  0.850
  0.900
  0.950
  0.990
  1.030
  1.070
  1.100
  1.130
  1.160
  1.180
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.320
  1.340
  1.360
  1.370
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
Adjusted equity ratio
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  121
  131
  141
  152
  164
  176
  188
  201
  214
  228
  416
  431
  447
  463
  481
  499
  517
  537
  558
  579
  602
  625
  650
  676
  703
  732
  761
  793
  825
  860
Depreciation, amort., depletion, $m
  772
  813
  856
  900
  946
  994
  1,044
  1,096
  1,150
  1,207
  1,028
  1,089
  1,152
  1,219
  1,288
  1,361
  1,436
  1,515
  1,598
  1,684
  1,774
  1,869
  1,968
  2,072
  2,180
  2,294
  2,413
  2,538
  2,669
  2,806
Funds from operations, $m
  893
  944
  997
  1,053
  1,110
  1,170
  1,232
  1,297
  1,365
  1,435
  1,444
  1,520
  1,599
  1,682
  1,769
  1,859
  1,953
  2,052
  2,155
  2,263
  2,376
  2,494
  2,618
  2,748
  2,883
  3,025
  3,174
  3,330
  3,494
  3,666
Change in working capital, $m
  -120
  -125
  -130
  -135
  -140
  -145
  -151
  -157
  -164
  -170
  -178
  -185
  -193
  -201
  -210
  -219
  -229
  -239
  -250
  -262
  -274
  -286
  -300
  -314
  -329
  -344
  -361
  -378
  -396
  -416
Cash from operations, $m
  1,013
  1,069
  1,127
  1,187
  1,250
  1,316
  1,384
  1,454
  1,528
  1,605
  1,621
  1,705
  1,792
  1,883
  1,979
  2,078
  2,183
  2,291
  2,406
  2,525
  2,650
  2,781
  2,918
  3,061
  3,212
  3,370
  3,535
  3,709
  3,891
  4,081
Maintenance CAPEX, $m
  -495
  -534
  -576
  -618
  -663
  -709
  -757
  -807
  -859
  -913
  -969
  -1,028
  -1,089
  -1,152
  -1,219
  -1,288
  -1,361
  -1,436
  -1,515
  -1,598
  -1,684
  -1,774
  -1,869
  -1,968
  -2,072
  -2,180
  -2,294
  -2,413
  -2,538
  -2,669
New CAPEX, $m
  -391
  -412
  -428
  -444
  -462
  -480
  -499
  -519
  -540
  -563
  -586
  -611
  -637
  -664
  -693
  -724
  -756
  -790
  -826
  -864
  -903
  -945
  -990
  -1,036
  -1,085
  -1,137
  -1,191
  -1,249
  -1,309
  -1,372
Cash from investing activities, $m
  -886
  -946
  -1,004
  -1,062
  -1,125
  -1,189
  -1,256
  -1,326
  -1,399
  -1,476
  -1,555
  -1,639
  -1,726
  -1,816
  -1,912
  -2,012
  -2,117
  -2,226
  -2,341
  -2,462
  -2,587
  -2,719
  -2,859
  -3,004
  -3,157
  -3,317
  -3,485
  -3,662
  -3,847
  -4,041
Free cash flow, $m
  126
  123
  124
  125
  126
  127
  127
  128
  129
  130
  66
  67
  67
  67
  67
  67
  66
  65
  65
  64
  62
  61
  59
  57
  55
  53
  50
  47
  44
  41
Issuance/(repayment) of debt, $m
  484
  505
  525
  545
  566
  589
  612
  637
  663
  690
  719
  749
  781
  815
  850
  888
  927
  969
  1,013
  1,059
  1,108
  1,160
  1,214
  1,271
  1,331
  1,394
  1,461
  1,531
  1,605
  1,683
Issuance/(repurchase) of shares, $m
  180
  178
  180
  182
  183
  185
  187
  190
  192
  195
  25
  28
  32
  36
  40
  45
  51
  57
  63
  70
  77
  85
  94
  103
  113
  123
  134
  146
  158
  172
Cash from financing (excl. dividends), $m  
  664
  683
  705
  727
  749
  774
  799
  827
  855
  885
  744
  777
  813
  851
  890
  933
  978
  1,026
  1,076
  1,129
  1,185
  1,245
  1,308
  1,374
  1,444
  1,517
  1,595
  1,677
  1,763
  1,855
Total cash flow (excl. dividends), $m
  790
  806
  828
  851
  875
  901
  927
  955
  984
  1,014
  809
  843
  879
  917
  957
  999
  1,044
  1,091
  1,141
  1,193
  1,248
  1,306
  1,367
  1,431
  1,499
  1,570
  1,645
  1,724
  1,808
  1,895
Retained Cash Flow (-), $m
  -300
  -309
  -321
  -334
  -347
  -361
  -375
  -390
  -406
  -423
  -440
  -459
  -479
  -499
  -521
  -544
  -568
  -594
  -621
  -649
  -679
  -711
  -744
  -779
  -816
  -855
  -896
  -939
  -984
  -1,031
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
  49
  53
  57
  61
  66
  70
  75
  80
  85
  90
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  227
  239
  251
  264
Cash available for distribution, $m
  489
  497
  507
  517
  528
  540
  552
  564
  578
  592
  369
  384
  401
  418
  436
  456
  476
  497
  520
  544
  569
  595
  623
  652
  683
  716
  750
  786
  824
  864
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  469
  455
  441
  426
  409
  392
  373
  353
  332
  310
  175
  164
  152
  140
  128
  116
  104
  92
  80
  69
  59
  49
  41
  33
  27
  21
  16
  12
  9
  7
Current shareholders' claim on cash, %
  98.1
  96.4
  94.8
  93.4
  92.0
  90.7
  89.6
  88.5
  87.4
  86.4
  86.3
  86.2
  86.1
  85.9
  85.8
  85.6
  85.4
  85.3
  85.1
  84.9
  84.7
  84.5
  84.2
  84.0
  83.8
  83.5
  83.2
  83.0
  82.7
  82.4

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 79
Price to Sales 1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 17.6
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 $9799 million for the last fiscal year's total revenue generated by BorgWarner. The default revenue input number comes from 2017 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 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 4.3%, 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 97.5%.

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 5.4% 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 0.5%.

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 50.5%.

Life of production assets of 10 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 -15.3%. 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 - $3717 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 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 $9.3 billion.

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COMPANY NEWS

▶ BorgWarner to Host Investor Day on September 18, 2018   [Jul-31-18 04:10PM  PR Newswire]
▶ BorgWarner Earnings: Outperforming Difficult End Markets   [Jul-30-18 09:19AM  Motley Fool]
▶ BorgWarner: 2Q Earnings Snapshot   [06:50AM  Associated Press]
▶ BorgWarner Declares Quarterly Dividend   [06:30AM  PR Newswire]
▶ Q2 Earnings Outlook For BorgWarner   [Jul-25-18 03:48PM  Benzinga]
▶ Estimating The Intrinsic Value Of BorgWarner Inc (NYSE:BWA)   [Jun-22-18 11:54AM  Simply Wall St.]
▶ BorgWarner CEO James Verrier to step down   [Jun-07-18 08:42AM  Reuters]
▶ BorgWarner CEO to step down   [08:15AM  Reuters]
▶ 10 out of 11 S&P sectors higher   [Jun-06-18 03:59PM  CNBC Videos]
▶ BorgWarner to Host Investor Day on September 18, 2018   [May-21-18 04:21PM  PR Newswire]
▶ BorgWarner Continues to Impress   [Apr-30-18 04:36PM  Motley Fool]
▶ BorgWarner: 1Q Earnings Snapshot   [06:51AM  Associated Press]
▶ BorgWarner Declares Quarterly Dividend   [06:30AM  PR Newswire]
▶ 3 Auto Stocks That Can Lead the Pack   [11:44AM  Investopedia]
▶ Auto Suppliers Get It in Gear on Bullish Note   [Apr-16-18 02:32PM  Barrons.com]
▶ 6 Stocks for the Electric Car Boom Not Named Tesla   [Mar-23-18 06:00AM  Investopedia]
▶ UPS And Ryder Are In Strong Bearish Trends   [Mar-05-18 07:01PM  Benzinga]
▶ How BorgWarner Is Outgrowing Its End Markets   [Feb-12-18 02:42PM  Motley Fool]
▶ BorgWarner reports 4Q loss   [07:05AM  Associated Press]
▶ BorgWarner Declares Quarterly Dividend   [06:35AM  PR Newswire]
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