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Aptiv PLC – Motor Vehicle Gasoline Engine and Engine Parts Manufacturing
Aptiv is a global technology company that develops safer, greener and more connected solutions enabling the future of mobility.
Analysis Results
Intrinsic Value $69.45
Latest Price $78.21
Relative Value 13% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 1.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 1.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 1.56 1.43
2023 1.59 1.32
2024 1.62 1.22
2025 1.65 1.14
2026 1.67 1.05
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 22.1 billion. This corresponds to a present value of 12.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 6.16 billion. Adding in the terminal value gives a total present value of 18.8 billion.

There are presently 271.0 million outstanding shares, so the intrinsic value per share is 69.45.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 16,872,000,000
Current Cash 6,278,000,000
Current Liabilities 8,414,000,000
Current Debt 16,000,000
Non-Cash Working Capital (NCWC) 2,196,000,000
Change in NCWC 1,508,000,000
EBIT 2,026,000,000
Tax Provision 202,000,000
Depreciation and Amortization 1,546,000,000
Capital Expenditure -1,226,000,000
Unlevered Free Cash Flow 3,565,794,366
Current Assets 7,465,000,000
Current Cash 2,821,000,000
Current Liabilities 4,046,000,000
Current Debt 90,000,000
Non-Cash Working Capital (NCWC) 688,000,000
Change in NCWC -558,000,000
EBIT 737,000,000
Tax Provision 49,000,000
Depreciation and Amortization 764,000,000
Capital Expenditure -586,000,000
Unlevered Free Cash Flow 337,698,556
Current Assets 5,319,000,000
Current Cash 412,000,000
Current Liabilities 4,054,000,000
Current Debt 393,000,000
Non-Cash Working Capital (NCWC) 1,246,000,000
Change in NCWC 424,000,000
EBIT 1,439,000,000
Tax Provision 132,000,000
Depreciation and Amortization 717,000,000
Capital Expenditure -791,000,000
Unlevered Free Cash Flow 1,622,524,978
Current Assets 4,777,000,000
Current Cash 567,000,000
Current Liabilities 3,694,000,000
Current Debt 306,000,000
Non-Cash Working Capital (NCWC) 822,000,000
Change in NCWC 300,000,000
EBIT 1,605,000,000
Tax Provision 250,000,000
Depreciation and Amortization 676,000,000
Capital Expenditure -862,000,000
Unlevered Free Cash Flow 1,423,310,980
Current Assets 5,641,000,000
Current Cash 1,596,000,000
Current Liabilities 3,540,000,000
Current Debt 17,000,000
Non-Cash Working Capital (NCWC) 522,000,000
Change in NCWC 77,000,000
EBIT 1,576,000,000
Tax Provision 223,000,000
Depreciation and Amortization 546,000,000
Capital Expenditure -748,000,000
Unlevered Free Cash Flow 1,177,712,286
Current Assets 5,419,000,000
Current Cash 838,000,000
Current Liabilities 4,148,000,000
Current Debt 12,000,000
Non-Cash Working Capital (NCWC) 445,000,000
Change in NCWC -266,000,000
EBIT 2,310,000,000
Tax Provision 242,000,000
Depreciation and Amortization 704,000,000
Capital Expenditure -831,000,000
Unlevered Free Cash Flow 1,534,109,589
Current Assets 5,121,000,000
Current Cash 535,000,000
Current Liabilities 3,927,000,000
Current Debt 52,000,000
Non-Cash Working Capital (NCWC) 711,000,000
Change in NCWC 246,000,000
EBIT 1,916,000,000
Tax Provision 263,000,000
Depreciation and Amortization 540,000,000
Capital Expenditure -727,000,000
Unlevered Free Cash Flow 1,644,351,706
Current Assets 5,224,000,000
Current Cash 904,000,000
Current Liabilities 3,889,000,000
Current Debt 34,000,000
Non-Cash Working Capital (NCWC) 465,000,000
Change in NCWC -65,000,000
EBIT 2,008,000,000
Tax Provision 282,000,000
Depreciation and Amortization 587,000,000
Capital Expenditure -855,000,000
Unlevered Free Cash Flow 1,346,163,763
Current Assets 5,752,000,000
Current Cash 1,389,000,000
Current Liabilities 3,894,000,000
Current Debt 61,000,000
Non-Cash Working Capital (NCWC) 530,000,000
Change in NCWC -73,000,000
EBIT 1,863,000,000
Tax Provision 256,000,000
Depreciation and Amortization 540,000,000
Capital Expenditure -682,000,000
Unlevered Free Cash Flow 1,341,687,861
Current Assets 5,227,000,000
Current Cash 1,105,000,000
Current Liabilities 3,659,000,000
Current Debt 140,000,000
Non-Cash Working Capital (NCWC) 603,000,000
Change in NCWC 70,000,000
EBIT 1,674,000,000
Tax Provision 212,000,000
Depreciation and Amortization 486,000,000
Capital Expenditure -705,000,000
Unlevered Free Cash Flow 1,266,335,276

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