Intrinsic value of Delphi Automotive - DLPH

Previous Close

$50.68

  Intrinsic Value

$75.78

stock screener

  Rating & Target

buy

+50%

Previous close

$50.68

 
Intrinsic value

$75.78

 
Up/down potential

+50%

 
Rating

buy

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

We calculate the intrinsic value of DLPH 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 13.5

 

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, %
  9.86
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  16,661
  17,111
  17,612
  18,165
  18,768
  19,424
  20,131
  20,891
  21,706
  22,577
  23,504
  24,491
  25,539
  26,650
  27,826
  29,071
  30,387
  31,777
  33,244
  34,792
  36,423
  38,142
  39,953
  41,861
  43,868
  45,981
  48,204
  50,543
  53,003
  55,589
  58,308
Variable operating expenses, $m
 
  14,249
  14,662
  15,118
  15,615
  16,155
  16,738
  17,364
  18,036
  18,753
  19,517
  20,179
  21,043
  21,958
  22,928
  23,953
  25,038
  26,183
  27,391
  28,666
  30,011
  31,427
  32,920
  34,491
  36,145
  37,886
  39,718
  41,645
  43,671
  45,802
  48,043
Fixed operating expenses, $m
 
  956
  980
  1,005
  1,030
  1,056
  1,082
  1,109
  1,137
  1,165
  1,194
  1,224
  1,255
  1,286
  1,318
  1,351
  1,385
  1,420
  1,455
  1,492
  1,529
  1,567
  1,606
  1,646
  1,688
  1,730
  1,773
  1,817
  1,863
  1,909
  1,957
Total operating expenses, $m
  14,787
  15,205
  15,642
  16,123
  16,645
  17,211
  17,820
  18,473
  19,173
  19,918
  20,711
  21,403
  22,298
  23,244
  24,246
  25,304
  26,423
  27,603
  28,846
  30,158
  31,540
  32,994
  34,526
  36,137
  37,833
  39,616
  41,491
  43,462
  45,534
  47,711
  50,000
Operating income, $m
  1,874
  1,905
  1,970
  2,042
  2,124
  2,213
  2,311
  2,418
  2,534
  2,659
  2,793
  3,087
  3,241
  3,406
  3,581
  3,767
  3,965
  4,175
  4,397
  4,634
  4,883
  5,148
  5,428
  5,723
  6,036
  6,365
  6,713
  7,081
  7,468
  7,877
  8,308
EBITDA, $m
  2,578
  2,606
  2,686
  2,777
  2,877
  2,988
  3,109
  3,240
  3,382
  3,535
  3,699
  3,874
  4,062
  4,262
  4,475
  4,701
  4,941
  5,196
  5,466
  5,752
  6,054
  6,374
  6,712
  7,068
  7,445
  7,843
  8,262
  8,705
  9,172
  9,664
  10,182
Interest expense (income), $m
  145
  143
  152
  163
  174
  187
  201
  216
  232
  250
  268
  288
  309
  332
  355
  380
  407
  435
  465
  496
  529
  564
  600
  639
  680
  722
  768
  815
  865
  917
  972
Earnings before tax, $m
  1,425
  1,763
  1,818
  1,880
  1,949
  2,026
  2,110
  2,202
  2,301
  2,409
  2,524
  2,799
  2,932
  3,074
  3,225
  3,386
  3,558
  3,740
  3,933
  4,138
  4,355
  4,584
  4,827
  5,084
  5,356
  5,643
  5,946
  6,266
  6,604
  6,960
  7,336
Tax expense, $m
  242
  476
  491
  508
  526
  547
  570
  595
  621
  650
  682
  756
  792
  830
  871
  914
  961
  1,010
  1,062
  1,117
  1,176
  1,238
  1,303
  1,373
  1,446
  1,524
  1,605
  1,692
  1,783
  1,879
  1,981
Net income, $m
  1,257
  1,287
  1,327
  1,372
  1,423
  1,479
  1,540
  1,607
  1,680
  1,758
  1,843
  2,043
  2,140
  2,244
  2,354
  2,472
  2,597
  2,730
  2,871
  3,020
  3,179
  3,346
  3,524
  3,711
  3,910
  4,119
  4,341
  4,574
  4,821
  5,081
  5,355

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  838
  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
  12,292
  11,760
  12,105
  12,484
  12,899
  13,350
  13,836
  14,358
  14,918
  15,517
  16,154
  16,832
  17,552
  18,316
  19,125
  19,980
  20,885
  21,840
  22,848
  23,912
  25,033
  26,215
  27,459
  28,770
  30,150
  31,602
  33,130
  34,737
  36,428
  38,205
  40,074
Adjusted assets (=assets-cash), $m
  11,454
  11,760
  12,105
  12,484
  12,899
  13,350
  13,836
  14,358
  14,918
  15,517
  16,154
  16,832
  17,552
  18,316
  19,125
  19,980
  20,885
  21,840
  22,848
  23,912
  25,033
  26,215
  27,459
  28,770
  30,150
  31,602
  33,130
  34,737
  36,428
  38,205
  40,074
Revenue / Adjusted assets
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
  1.455
Average production assets, $m
  4,758
  4,894
  5,037
  5,195
  5,368
  5,555
  5,757
  5,975
  6,208
  6,457
  6,722
  7,004
  7,304
  7,622
  7,958
  8,314
  8,691
  9,088
  9,508
  9,950
  10,417
  10,909
  11,427
  11,972
  12,546
  13,151
  13,786
  14,455
  15,159
  15,898
  16,676
Working capital, $m
  1,271
  462
  476
  490
  507
  524
  544
  564
  586
  610
  635
  661
  690
  720
  751
  785
  820
  858
  898
  939
  983
  1,030
  1,079
  1,130
  1,184
  1,241
  1,302
  1,365
  1,431
  1,501
  1,574
Total debt, $m
  3,971
  4,217
  4,514
  4,841
  5,199
  5,587
  6,006
  6,457
  6,940
  7,455
  8,005
  8,589
  9,210
  9,868
  10,565
  11,303
  12,083
  12,906
  13,775
  14,692
  15,658
  16,677
  17,750
  18,880
  20,069
  21,321
  22,638
  24,024
  25,481
  27,013
  28,624
Total liabilities, $m
  9,891
  10,137
  10,434
  10,761
  11,119
  11,507
  11,926
  12,377
  12,860
  13,375
  13,925
  14,509
  15,130
  15,788
  16,485
  17,223
  18,003
  18,826
  19,695
  20,612
  21,578
  22,597
  23,670
  24,800
  25,989
  27,241
  28,558
  29,944
  31,401
  32,933
  34,544
Total equity, $m
  2,401
  1,623
  1,670
  1,723
  1,780
  1,842
  1,909
  1,981
  2,059
  2,141
  2,229
  2,323
  2,422
  2,528
  2,639
  2,757
  2,882
  3,014
  3,153
  3,300
  3,455
  3,618
  3,789
  3,970
  4,161
  4,361
  4,572
  4,794
  5,027
  5,272
  5,530
Total liabilities and equity, $m
  12,292
  11,760
  12,104
  12,484
  12,899
  13,349
  13,835
  14,358
  14,919
  15,516
  16,154
  16,832
  17,552
  18,316
  19,124
  19,980
  20,885
  21,840
  22,848
  23,912
  25,033
  26,215
  27,459
  28,770
  30,150
  31,602
  33,130
  34,738
  36,428
  38,205
  40,074
Debt-to-equity ratio
  1.654
  2.600
  2.700
  2.810
  2.920
  3.030
  3.150
  3.260
  3.370
  3.480
  3.590
  3.700
  3.800
  3.900
  4.000
  4.100
  4.190
  4.280
  4.370
  4.450
  4.530
  4.610
  4.680
  4.760
  4.820
  4.890
  4.950
  5.010
  5.070
  5.120
  5.180
Adjusted equity ratio
  0.136
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,257
  1,287
  1,327
  1,372
  1,423
  1,479
  1,540
  1,607
  1,680
  1,758
  1,843
  2,043
  2,140
  2,244
  2,354
  2,472
  2,597
  2,730
  2,871
  3,020
  3,179
  3,346
  3,524
  3,711
  3,910
  4,119
  4,341
  4,574
  4,821
  5,081
  5,355
Depreciation, amort., depletion, $m
  704
  701
  717
  735
  754
  775
  798
  822
  848
  876
  906
  787
  821
  856
  894
  934
  976
  1,021
  1,068
  1,118
  1,170
  1,226
  1,284
  1,345
  1,410
  1,478
  1,549
  1,624
  1,703
  1,786
  1,874
Funds from operations, $m
  1,969
  1,987
  2,044
  2,107
  2,177
  2,254
  2,338
  2,430
  2,528
  2,635
  2,749
  2,831
  2,961
  3,100
  3,249
  3,406
  3,574
  3,751
  3,939
  4,138
  4,349
  4,572
  4,808
  5,057
  5,319
  5,597
  5,890
  6,198
  6,524
  6,867
  7,229
Change in working capital, $m
  28
  12
  14
  15
  16
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
Cash from operations, $m
  1,941
  1,975
  2,030
  2,092
  2,161
  2,236
  2,319
  2,409
  2,506
  2,611
  2,724
  2,804
  2,933
  3,070
  3,217
  3,373
  3,538
  3,714
  3,900
  4,097
  4,305
  4,526
  4,759
  5,005
  5,265
  5,540
  5,830
  6,135
  6,457
  6,797
  7,155
Maintenance CAPEX, $m
  0
  -535
  -550
  -566
  -584
  -603
  -624
  -647
  -671
  -698
  -725
  -755
  -787
  -821
  -856
  -894
  -934
  -976
  -1,021
  -1,068
  -1,118
  -1,170
  -1,226
  -1,284
  -1,345
  -1,410
  -1,478
  -1,549
  -1,624
  -1,703
  -1,786
New CAPEX, $m
  -828
  -136
  -143
  -158
  -173
  -187
  -202
  -217
  -233
  -249
  -265
  -282
  -300
  -318
  -337
  -356
  -376
  -397
  -420
  -443
  -467
  -492
  -518
  -545
  -574
  -604
  -636
  -669
  -703
  -740
  -778
Cash from investing activities, $m
  -578
  -671
  -693
  -724
  -757
  -790
  -826
  -864
  -904
  -947
  -990
  -1,037
  -1,087
  -1,139
  -1,193
  -1,250
  -1,310
  -1,373
  -1,441
  -1,511
  -1,585
  -1,662
  -1,744
  -1,829
  -1,919
  -2,014
  -2,114
  -2,218
  -2,327
  -2,443
  -2,564
Free cash flow, $m
  1,363
  1,305
  1,337
  1,368
  1,404
  1,446
  1,493
  1,545
  1,602
  1,665
  1,733
  1,766
  1,846
  1,932
  2,024
  2,122
  2,228
  2,340
  2,459
  2,586
  2,721
  2,864
  3,015
  3,176
  3,346
  3,526
  3,716
  3,917
  4,130
  4,354
  4,591
Issuance/(repayment) of debt, $m
  -44
  258
  297
  327
  358
  388
  419
  451
  483
  516
  550
  585
  621
  658
  697
  738
  780
  823
  869
  917
  967
  1,019
  1,073
  1,130
  1,189
  1,252
  1,317
  1,385
  1,457
  1,532
  1,611
Issuance/(repurchase) of shares, $m
  -634
  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  
  -764
  258
  297
  327
  358
  388
  419
  451
  483
  516
  550
  585
  621
  658
  697
  738
  780
  823
  869
  917
  967
  1,019
  1,073
  1,130
  1,189
  1,252
  1,317
  1,385
  1,457
  1,532
  1,611
Total cash flow (excl. dividends), $m
  576
  1,563
  1,634
  1,695
  1,762
  1,834
  1,912
  1,995
  2,085
  2,180
  2,283
  2,351
  2,467
  2,590
  2,721
  2,860
  3,007
  3,163
  3,328
  3,503
  3,687
  3,882
  4,088
  4,306
  4,535
  4,778
  5,033
  5,303
  5,587
  5,887
  6,202
Retained Cash Flow (-), $m
  -151
  -48
  -48
  -52
  -57
  -62
  -67
  -72
  -77
  -83
  -88
  -94
  -99
  -105
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -211
  -222
  -233
  -245
  -258
Prev. year cash balance distribution, $m
 
  826
  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
 
  2,341
  1,586
  1,643
  1,705
  1,772
  1,845
  1,923
  2,007
  2,098
  2,195
  2,257
  2,368
  2,485
  2,609
  2,742
  2,882
  3,031
  3,189
  3,356
  3,532
  3,719
  3,916
  4,125
  4,345
  4,577
  4,822
  5,081
  5,354
  5,641
  5,944
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  2,223
  1,424
  1,385
  1,343
  1,297
  1,245
  1,190
  1,129
  1,064
  996
  908
  836
  762
  688
  614
  541
  471
  405
  343
  286
  235
  189
  150
  116
  89
  66
  48
  34
  24
  16
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

Delphi Automotive PLC is a global technology company serving the automotive sector. The Company designs and manufactures vehicle components, and provides electrical and electronic, powertrain and active safety technology solutions to the global automotive and commercial vehicle markets. The Company's segments include Electrical/Electronic Architecture, Powertrain Systems, and Electronics and 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 Powertrain Systems segment offers products for engine management systems (EMS). 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  Delphi Automotive (DLPH)

Valuation Ratios
P/E Ratio 10.9
Price to Sales 0.8
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 12.3
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%

DLPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DLPH stock intrinsic value calculation we used $16661 million for the last fiscal year's total revenue generated by Delphi Automotive. The default revenue input number comes from 2016 income statement of Delphi Automotive. 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 DLPH stock valuation model: a) initial revenue growth rate of 2.7% 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 5.3%, whose default value for DLPH is calculated based on our internal credit rating of Delphi Automotive, 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 Delphi Automotive.
    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 DLPH stock the variable cost ratio is equal to 83.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $933 million in the base year in the intrinsic value calculation for DLPH 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 3.6% for Delphi Automotive.

Corporate tax rate of 27% is the nominal tax rate for Delphi Automotive. 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 DLPH 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 DLPH are equal to 28.6%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Delphi Automotive 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 DLPH is equal to 2.7%. 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 - $2401 million for Delphi Automotive - 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 265.799 million for Delphi Automotive 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 Delphi Automotive at the current share price and the inputted number of shares is $13.5 billion.

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COMPANY NEWS

▶ Parent of self-driving car startup nuTonomy plans Seaport tech center   [Dec-12-17 03:10PM  American City Business Journals]
▶ Weekly CEO Buys Highlight   [10:53AM  GuruFocus.com]
▶ 'A handful' of Lyft users were shuttled around in self-driving cars in Boston   [Dec-06-17 05:35PM  American City Business Journals]
▶ Delphi Automotive Splits Into Two   [03:07PM  Forbes]
▶ 2 Top Auto Stocks to Consider Buying Now   [06:32AM  Motley Fool]
▶ Multiple Companies Reach Yearly Highs   [11:09AM  GuruFocus.com]
▶ Aptiv PLC to Transform Future Mobility   [12:01AM  PR Newswire]
▶ 3 Top Autonomous Car Stocks to Buy Now   [Nov-29-17 07:31PM  Motley Fool]
▶ Delphi Closes Acquisition of nuTonomy   [Nov-21-17 03:00PM  PR Newswire]
▶ BofA: Buy Delphi Automotive Before It's Too Late   [Nov-20-17 12:30PM  Benzinga]
▶ Why the Market Is Losing Confidence in Tesla Inc Stock   [Nov-15-17 11:05AM  InvestorPlace]
▶ Delphi Automotive tops Street 3Q forecasts   [06:51AM  Associated Press]
▶ NuTonomy CEO on Delphi Combination, Self-Driving Cars   [Oct-27-17 06:32PM  Bloomberg Video]
▶ Delphi Declares Quarterly Dividend   [Oct-26-17 04:15PM  PR Newswire]
▶ [$$] Nvidia Boosted by Delphi-NuTonomy Deal   [Oct-25-17 03:06PM  Barrons.com]
▶ [$$] Einhorn stocks: halo pay high   [07:41PM  Financial Times]
▶ Auto-parts giant to pay up to $450M for self-driving startup nuTonomy   [10:45AM  American City Business Journals]
▶ 2 Sneaky Dividend Stocks for Savvy Investors   [Oct-19-17 08:33AM  Motley Fool]
▶ Delphi to Discuss 2017 Q3 Earnings November 2   [Oct-13-17 08:00AM  PR Newswire]
▶ Delphi's Spinoff Upside Already Priced In?   [Oct-10-17 09:42AM  Benzinga]
▶ [$$] Ford Trends Boost Delphi, Visteon, BorgWarner   [Oct-05-17 02:55PM  Barrons.com]
▶ 5 Auto Stocks Near Sell Territory Ahead Of Key Data: Investing Action Plan   [Oct-02-17 04:15PM  Investor's Business Daily]
▶ Is Delphi Automotive PLCs (DLPH) ROE Of 44.59% Sustainable?   [Sep-29-17 05:57PM  Simply Wall St.]
▶ Why Delphi Automotive Will Soon Have Two New Names   [Sep-27-17 08:45PM  Motley Fool]
▶ Delphi set for 'above-market growth': Cowen   [Sep-25-17 11:16AM  MarketWatch]
▶ BlackBerry Stock: Buyers Step Up Ahead of Earnings   [Sep-21-17 12:13PM  Investopedia]
Financial statements of DLPH
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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