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.

Event-Driven

<ul>
<li>Aptiv Plc to spin off its Electrical Distribution Systems business (Versigent Ltd.) on April 1, creating two focused entities with distinct growth, margin, and valuation profiles</li>
<li>New Aptiv focuses on higher-margin ADAS and software-led growth, while Versigent Ltd operates as a pure-play EDS supplier.</li>
<li>We assigns a SOTP fair value of $104/share for APTV, valuing New Aptiv at 8.0x and Versigent Inc at 6.0x 2027E EBITDA, reflecting divergent growth and margin profiles.</li>
</ul>


Aptiv Plc to spin off its Electrical Distribution Systems business (Versigent Ltd.) on April 1, creating two focused entities with distinct growth, margin, and valuation profiles
New Aptiv focuses on higher-margin ADAS and software-led growth, while Versigent Ltd operates as a pure-play EDS supplier.
We assigns a SOTP fair value of $104/share for APTV, valuing New Aptiv at 8.0x and Versigent Inc at 6.0x 2027E EBITDA, reflecting divergent growth and margin profiles.


Aptiv Plc (NYSE: APTV) To Spin-Off EDS on April 1; SOTP Valuation Indicates Upside

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

<ul><li>Aptiv is in the final stages of a multi-year strategic simplification that culminates in the spin-off of its Electrical Distribution Systems (EDS) business (to be named Versigent) by early 2Q26.</li><li>The transaction completes Aptiv’s evolution away from ICE-exposed, capital-intensive auto content toward higher-margin, software-enabled, and electrification-levered systems.</li><li>Management’s stated goal is multiple expansion and capital allocation flexibility at RemainCo, while allowing EDS to be valued on its own merits rather than being buried inside a mixed auto supplier multiple.</li></ul>

Aptiv is in the final stages of a multi-year strategic simplification that culminates in the spin-off of its Electrical Distribution Systems (EDS) business (to be named Versigent) by early 2Q26.The transaction completes Aptiv’s evolution away from ICE-exposed, capital-intensive auto content toward higher-margin, software-enabled, and electrification-levered systems.Management’s stated goal is multiple expansion and capital allocation flexibility at RemainCo, while allowing EDS to be valued on its own merits rather than being buried inside a mixed auto supplier multiple.

Aptiv: Pre-Spin Review and Sum-of-the-Parts Analysis

<ul><li>Aptiv PLC (APTV), an automotive technology supplier, will split into two distinct companies in Q1 2026.</li><li>Aptiv will spin-off its electrical systems business.</li><li>The RemainCo will concentrate on technological components, including sensor-to-cloud solutions and autonomous driving software.</li></ul>

Aptiv PLC (APTV), an automotive technology supplier, will split into two distinct companies in Q1 2026.Aptiv will spin-off its electrical systems business.The RemainCo will concentrate on technological components, including sensor-to-cloud solutions and autonomous driving software.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Aptiv maintained its growth trajectory in Q3 2025, capitalizing on robust vehicle production in North America and Asia Pacific.</li><li>The company continued to penetrate nonautomotive markets, demonstrating resilience amidst shifting global trade policies and leveraging its integrated supply chain network.</li><li>This adaptability is evidenced by Supplier Quality Excellence awards from Volkswagen and General Motors, acknowledging Aptiv's reliability in delivering high-quality solutions.</li></ul>

Aptiv maintained its growth trajectory in Q3 2025, capitalizing on robust vehicle production in North America and Asia Pacific.The company continued to penetrate nonautomotive markets, demonstrating resilience amidst shifting global trade policies and leveraging its integrated supply chain network.This adaptability is evidenced by Supplier Quality Excellence awards from Volkswagen and General Motors, acknowledging Aptiv's reliability in delivering high-quality solutions.

Aptiv’s Secret Weapon: The Smart Vehicle Architecture Revolutionizing Software-Defined Cars!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The market remains relentlessly strong, shrugging off the latest "bearish" headline regarding Moody's U.S. debt downgrade on Friday.</li>
<li>This is exactly what we would expect to happen in a bull market, particularly during this "lockout rally," and helps confirm our bullish outlook.</li>
<li>Our outlook will remain bullish as long as the SPX is above 5500, while short-term gap support is at 5700-5785. We expect a test of all-time highs soon.</li>
</ul>


The market remains relentlessly strong, shrugging off the latest "bearish" headline regarding Moody's U.S. debt downgrade on Friday.
This is exactly what we would expect to happen in a bull market, particularly during this "lockout rally," and helps confirm our bullish outlook.
Our outlook will remain bullish as long as the SPX is above 5500, while short-term gap support is at 5700-5785. We expect a test of all-time highs soon.


Expecting a Test of All-Time Highs; Crypto (MSTR, HOOD, BTDR) And Quantum (QBTS, IONQ, RGTI) Leading

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 Plc (NYSE: APTV) To Spin-Off EDS on April 1; SOTP Valuation Indicates Upside

Aptiv Plc to spin off Versigent Ltd. on April 1, creating two focused entities with distinct growth and valuation profiles. We assign a SOTP fair...

GSBR Research

Aptiv: Pre-Spin Review and Sum-of-the-Parts Analysis

Aptiv is in the final stages of a multi-year strategic simplification that culminates in the spin-off of its Electrical Distribution Systems (EDS)...

Richard Howe

Weekly Update (NLOP, APTV, ETN)

Aptiv PLC (APTV), an automotive technology supplier, will split into two distinct companies in Q1 2026. Aptiv will spin-off its electrical systems...

Richard Howe

Aptiv’s Secret Weapon: The Smart Vehicle Architecture Revolutionizing Software-Defined Cars!

Aptiv maintained its growth trajectory in Q3 2025, capitalizing on robust vehicle production in North America and Asia Pacific. The company...

Baptista Research

Expecting a Test of All-Time Highs; Crypto (MSTR, HOOD, BTDR) And Quantum (QBTS, IONQ, RGTI) Leading

Expecting a Test of All-Time Highs; Crypto $MSTR $HOOD $BTDR $COIN and Quantum $QBTS $IONQ $RGTI $QUBT) Leading. Bullish outlook intact as long as...

Vermilion Research

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Aptiv Plc (NYSE: APTV) To Spin-Off EDS on April 1; SOTP Valuation Indicates Upside

​Aptiv Plc to spin off Versigent Ltd. on April 1, creating two focused entities with distinct growth and valuation profiles. We assign a SOTP fair...

GSBR Research

Aptiv: Pre-Spin Review and Sum-of-the-Parts Analysis

Aptiv is in the final stages of a multi-year strategic simplification that culminates in the spin-off of its Electrical Distribution Systems (EDS)...

Richard Howe

Weekly Update (NLOP, APTV, ETN)

Aptiv PLC (APTV), an automotive technology supplier, will split into two distinct companies in Q1 2026. Aptiv will spin-off its electrical systems...

Richard Howe

Aptiv’s Secret Weapon: The Smart Vehicle Architecture Revolutionizing Software-Defined Cars!

Aptiv maintained its growth trajectory in Q3 2025, capitalizing on robust vehicle production in North America and Asia Pacific. The company...

Baptista Research

Expecting a Test of All-Time Highs; Crypto (MSTR, HOOD, BTDR) And Quantum (QBTS, IONQ, RGTI) Leading

Expecting a Test of All-Time Highs; Crypto $MSTR $HOOD $BTDR $COIN and Quantum $QBTS $IONQ $RGTI $QUBT) Leading. Bullish outlook intact as long as...

Vermilion Research

Aptiv Plc to spin off Versigent Ltd. on April 1, creating two focused entities with distinct growth and valuation profiles. We assign a SOTP fair...