Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>Some of my favorite setups are stocks that are cheap on both an absolute and relative basis with a near-term catalyst. Aptiv fits that mold precisely.</li><li>The stock trades at 8.3x NTM earnings and 6.1x NTM EBITDA — near the low end of its historical range and well below a conservative sum-of-the-parts estimate.</li><li>The upcoming spin-off is the catalyst that forces the market to price each business on its own merits.</li></ul>

Some of my favorite setups are stocks that are cheap on both an absolute and relative basis with a near-term catalyst. Aptiv fits that mold precisely.The stock trades at 8.3x NTM earnings and 6.1x NTM EBITDA — near the low end of its historical range and well below a conservative sum-of-the-parts estimate.The upcoming spin-off is the catalyst that forces the market to price each business on its own merits.

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Aptiv and Versigent commenced when-issued trading on March 27, 2026, ahead of the April 1 distribution, enabling early price discovery for both entities.</li>
<li>We update fair values for APTV and VGNT to reflect current prices and compressed peer multiples amid escalating Middle East tensions and broader risk-off sentiment.</li>
<li>APTV likely remains in the S&amp;P 500 despite size pressure, while VGNT is a candidate for S&amp;P 600 inclusion, subject to meeting GAAP profitability requirements.</li>
</ul>


Aptiv and Versigent commenced when-issued trading on March 27, 2026, ahead of the April 1 distribution, enabling early price discovery for both entities.
We update fair values for APTV and VGNT to reflect current prices and compressed peer multiples amid escalating Middle East tensions and broader risk-off sentiment.
APTV likely remains in the S&amp;P 500 despite size pressure, while VGNT is a candidate for S&amp;P 600 inclusion, subject to meeting GAAP profitability requirements.


Aptiv Plc. (NYSE: APTV) Spin – When-Issued Trading Commences; Fair Value Revised

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener">Aptiv PLC (APTV US)</a> is spinning off its Electrical Distribution Systems business into a standalone publicly listed company, Versigent (VGNT US).</li>
<li>Versigent is expected to list on the New York Stock Exchange on April 1, 2026 under the ticker “VGNT”.</li>
<li>The transaction is expected to trigger index implications across U.S. and global indices, effective on an intra-quarter basis.</li>
</ul>



Aptiv PLC (APTV US) is spinning off its Electrical Distribution Systems business into a standalone publicly listed company, Versigent (VGNT US).
Versigent is expected to list on the New York Stock Exchange on April 1, 2026 under the ticker “VGNT”.
The transaction is expected to trigger index implications across U.S. and global indices, effective on an intra-quarter basis.


Aptiv Spins Off Versigent: US and Global Index Implications Triggered

<ul>
<li>Aptiv confirms April 1 spin-off of Versigent; we initiate stand-alone fair value estimates of $82.50 for New Aptiv and $64.00 for Versigent following pro forma disclosure</li>
<li>New Aptiv emerges as a higher-margin technology platform targeting ADAS and SDV, while Versigent offers stable but cyclical EDS cash flows at a conservative multiple.</li>
<li>Index mechanics warrant attention; Versigent's ~$4.5B implied market cap points to S&amp;P 600 inclusion. New Aptiv (APTV) likely to stay in the S&amp;P 500, but removal overhang remains.</li>
</ul>


Aptiv confirms April 1 spin-off of Versigent; we initiate stand-alone fair value estimates of $82.50 for New Aptiv and $64.00 for Versigent following pro forma disclosure
New Aptiv emerges as a higher-margin technology platform targeting ADAS and SDV, while Versigent offers stable but cyclical EDS cash flows at a conservative multiple.
Index mechanics warrant attention; Versigent's ~$4.5B implied market cap points to S&amp;P 600 inclusion. New Aptiv (APTV) likely to stay in the S&amp;P 500, but removal overhang remains.


Aptiv Plc (NYSE: APTV) – Spin-Off Timeline Confirmed; Initiating Stand-Alone Fair Value Estimates

<ul><li>Aptiv (APTV) will spin off its Electrical Distribution Systems (EDS) business (to be named Versigent) on April 1.</li><li>Post-spin, investors will own: RemainCo (“New Aptiv”):</li><li>higher growth, higher margin, more software-heavy automotive technology.</li></ul>

Aptiv (APTV) will spin off its Electrical Distribution Systems (EDS) business (to be named Versigent) on April 1.Post-spin, investors will own: RemainCo (“New Aptiv”):higher growth, higher margin, more software-heavy automotive technology.

United States

Aptiv PLC manufactures vehicle components. The Company produces electronic safety for automobile and commercial vehicle manufacturers. Aptiv supplies original equipment manufacturers throughout the world.

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Aptiv PLC (APTV US)

Aptiv: Two Businesses, One Bargain

Some of my favorite setups are stocks that are cheap on both an absolute and relative basis with a near-term catalyst. Aptiv fits that mold precisely.

Richard Howe

Aptiv Plc. (NYSE: APTV) Spin – When-Issued Trading Commences; Fair Value Revised

Aptiv and Versigent begin trading ahead of distribution, fair values updated amid market tensions. APTV likely to stay in S&P 500, VGNT a...

GSBR Research

Aptiv Spins Off Versigent: US and Global Index Implications Triggered

Aptiv PLC (APTV US) is spinning off Versigent (VGNT US), which will list on the NYSE on 1 April 2026 with 17 March as the record date, triggering...

Harry Kalfas

Aptiv Plc (NYSE: APTV) – Spin-Off Timeline Confirmed; Initiating Stand-Alone Fair Value Estimates

Aptiv to spin off Versigent on April 1, with New Aptiv focusing on higher-margin technology and Versigent offering stable cash flows. Fair value...

GSBR Research

Weekly Update (ZD, UNTC, APTV)

Aptiv (APTV) will spin off its Electrical Distribution Systems (EDS) business (to be named Versigent) on April 1. Post-spin, investors will own:...

Richard Howe

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Aptiv: Two Businesses, One Bargain

Some of my favorite setups are stocks that are cheap on both an absolute and relative basis with a near-term catalyst. Aptiv fits that mold precisely.

Richard Howe

Aptiv Plc. (NYSE: APTV) Spin – When-Issued Trading Commences; Fair Value Revised

​Aptiv and Versigent begin trading ahead of distribution, fair values updated amid market tensions. APTV likely to stay in S&P 500, VGNT a...

GSBR Research

Aptiv Spins Off Versigent: US and Global Index Implications Triggered

Aptiv PLC (APTV US) is spinning off Versigent (VGNT US), which will list on the NYSE on 1 April 2026 with 17 March as the record date, triggering...

Harry Kalfas

Aptiv Plc (NYSE: APTV) – Spin-Off Timeline Confirmed; Initiating Stand-Alone Fair Value Estimates

​Aptiv to spin off Versigent on April 1, with New Aptiv focusing on higher-margin technology and Versigent offering stable cash flows. Fair value...

GSBR Research

Weekly Update (ZD, UNTC, APTV)

Aptiv (APTV) will spin off its Electrical Distribution Systems (EDS) business (to be named Versigent) on April 1. Post-spin, investors will own:...

Richard Howe

Aptiv and Versigent begin trading ahead of distribution, fair values updated amid market tensions. APTV likely to stay in S&P 500, VGNT a...

Aptiv to spin off Versigent on April 1, with New Aptiv focusing on higher-margin technology and Versigent offering stable cash flows. Fair value...