Aptiv (APTV)


January 31, 2024

APTV: Targets Another Record Year; But Street is Disappointed?

By Steven Fox

We are very much surprised that Aptiv’s (APTV; $82.39; O/P) Q4 results and outlook did not dispel the excessive “hand wringing” weighing on the stock in recent months, especially at 14X our latest 2024E EPS,…

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January 31, 2024

APTV: First Look at Q4 Results and Outlook

By Steven Fox

Aptiv (APTV; $86.72; O/P) reported adjusted Q4 EPS of $1.40, which beat our $1.34 and the Street’s $1.33 on sales of $4,919mm (vs. our $5,018mm and the Street’s $5,067mm). As per the table below, operating…

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January 16, 2024

APTV: CES Highlights Technology Breadth

By Steven Fox

Last week, we attended an Aptiv (APTV; $80.88; O/P) investor event at the Consumer Electronics Show (CES) in Las Vegas where we heard from CEO Kevin Clark, CTO Benjamin Lyon, plus Paul Miller, CTO for…

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November 3, 2023

APTV: Major Overreaction to Some Program Volatility

By Steven Fox

We think yesterday’s 10% drop in the shares of Aptiv (APTV; $77.20; O/P), after a healthy Q3 EPS beat, proves a massive over reaction to some disappointing growth over market (GoM) rates we see driven…

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November 2, 2023

APTV: First Look at Q3 Results and Outlook

By Steven Fox

Aptiv (APTV; $86.08; O/P) reported adjusted Q3 EPS of $1.30, which handily beat our $1.15 and the Street’s $1.23 on sales of $5,114mm (vs. our $5,000mm and the Street’s $5,091mm). As per the table below,…

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October 19, 2023

APTV: Buying Opportunity Ahead of Q3 Print

By Steven Fox

The shares of Aptiv (APTV; $90.25; O/P) are -20% since 7/12 with its Q3 print coming up on 11/2 (before market), which we assume reflects concerns around ongoing UAW strikes despite what we see as…

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September 20, 2023

APTV: Supporting Its Software Confidence Game

By Steven Fox

We sat in on Aptiv’s (APTV; $102.57; O/P) Software Teach-In yesterday. The presentation and Q&A suggested to us that management has increased confidence in its ability to leverage last year’s $3.5B acquisition of Wind River’s…

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August 25, 2023

APTV: An Interesting Wind River Win

By Steven Fox

Earlier this week, Aptiv’s (APTV; $97.22; O/P) Wind River business unit, acquired late last year for $3.5B, announced that Geely’s (175.HK; HK$9.51; NR) ZEEKR electric vehicle (EV) brand selected the Wind River Linux operating system…

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August 3, 2023

APTV: Proving Out Many Growth Points

By Steven Fox

We reiterate our Outperform, raise our target from $125 to $130, as we increase our 2023/2024E EPS for Aptiv (APTV; $109.58) from $4.45/$5.80 to $4.80/$6.00 after the company delivered an impressive “beat and raise”. Most…

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August 3, 2023

APTV: First Look at Q2 Results and Outlook

By Steven Fox

Aptiv (APTV; $106.28; O/P) reported adjusted Q2 EPS of $1.25, handily beating our $0.90 and the Street’s $1.01, on sales of $5,200mm, which were ahead of our $4,825mm and the Street’s $4,827mm. As per the…

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July 31, 2023

APTV: Taking a Strategic Step with Wind River

By Steven Fox

Aptiv’s (APTV; $109.51; O/P) Wind River business unit, acquired late last year for $3.5B, announced a strategic partnership today that highlights how the two companies plan to work together to gain automotive software print position,…

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July 24, 2023

APTV: Raising Price Target Ahead of Q2 Print

By Steven Fox

We expect Aptiv (APTV; $109.24; O/P) to produce a bit of a “beat and raise” with Q2 results and guidance, scheduled for August 3rd. Thus, we raise our target from $110 to $125 that for…

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May 30, 2023

APTV: More Support for Its Undervalued Growth Stories

By Steven Fox

We think last week’s Capital Markets Day from Ford (F; $12.59; NR) and FQ1 (Apr) results from NVIDIA’s (NVDA; $401.11; NR) bode especially well for electrification, active safety (Level 2+ autonomy) and software-defined vehicle stories…

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May 19, 2023

APTV: Some More Software Defining Thoughts

By Steven Fox

Earlier this week, BlackBerry (BB; $5.36; NR) hosted an Analyst Summit, which we think provided more support for Aptiv’s (APTV; $94.63; O/P) increasing focus on software innovation following its $3.5B acquisition of Wind River (“Wind…

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May 5, 2023

APTV: Raise Rating to Outperform; Hand Wringing Overdone

By Steven Fox

We raise our rating on the shares of Aptiv (APTV; $92.05) from Equal-Weight to Outperform. The stock was -8% yesterday and is 24% lower since mid-February despite a positive Q1 print and reiterated 2023 outlook,…

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