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 PLC reported its first quarter 2026 financial results following the completion of the separation of its Electrical Distribution Systems (EDS) business into a new independent public company, Versigent.</li><li>This strategic portfolio evolution is intended to sharpen Aptiv’s focus on its advanced software and hardware technology offerings, which cater to automotive and other high-growth markets such as aerospace, telecommunications, and industrial robotics.</li><li>For the quarter, Aptiv delivered revenue of over $5 billion, reflecting a modest 1% year-over-year increase despite continued challenges due to vehicle production declines and macroeconomic headwinds including input cost inflation driven by commodities and foreign exchange fluctuations.</li></ul>

Aptiv PLC reported its first quarter 2026 financial results following the completion of the separation of its Electrical Distribution Systems (EDS) business into a new independent public company, Versigent.This strategic portfolio evolution is intended to sharpen Aptiv’s focus on its advanced software and hardware technology offerings, which cater to automotive and other high-growth markets such as aerospace, telecommunications, and industrial robotics.For the quarter, Aptiv delivered revenue of over $5 billion, reflecting a modest 1% year-over-year increase despite continued challenges due to vehicle production declines and macroeconomic headwinds including input cost inflation driven by commodities and foreign exchange fluctuations.

Aptiv Technologies: Can New Programs, OEM Partnerships, and Bolt-On Deals Reshape Its Growth Story?

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>Aptiv completed the Versigent (VGNT) spin on April 1 and reported Q1 May 5.</li><li>The spin executed cleanly, the thesis is intact, and the stock has sold off putting APTV at $57 against my $83 SOTP target.</li><li>New Aptiv is a focused industrial technology company: Engineered Components (comparable to Amphenol) and Intelligent Systems, which houses Wind River, the OS powering F-35s, satellites, and 5G networks. </li></ul>

Aptiv completed the Versigent (VGNT) spin on April 1 and reported Q1 May 5.The spin executed cleanly, the thesis is intact, and the stock has sold off putting APTV at $57 against my $83 SOTP target.New Aptiv is a focused industrial technology company: Engineered Components (comparable to Amphenol) and Intelligent Systems, which houses Wind River, the OS powering F-35s, satellites, and 5G networks. 

<ul><li>Since my last write-up, Aptiv has spun off Versigent (VGNT). Versigent now trades separately at $40, putting combined value at roughly $70 per pre-spin Aptiv share.</li><li>This update covers New Aptiv (post-spin) only.</li><li>New Aptiv reported results on May 5th. Aptiv beat expectations on the top and bottom line, but issued below consensus Q2 guidance. </li></ul>

Since my last write-up, Aptiv has spun off Versigent (VGNT). Versigent now trades separately at $40, putting combined value at roughly $70 per pre-spin Aptiv share.This update covers New Aptiv (post-spin) only.New Aptiv reported results on May 5th. Aptiv beat expectations on the top and bottom line, but issued below consensus Q2 guidance. 

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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>
Regular-Way trading commenced April 1: Aptiv +3.21%, Versigent -1.49%; Aptiv pivots to high-margin intelligent systems, Versigent to electrical architectures</li>
<li>
Strong consolidated performance: APTV up 13.78% since Jan 22, 2025 spin announcement, outperforming S&amp;P 500 (+8.03%); WI period saw VGNT outperform (+6.17%) vs APTV (+0.86%)</li>
<li>
Index positioning: VGNT added to S&amp;P SmallCap 600 (Apr 2), classified Consumer Discretionary; APTV retains S&amp;P 500 membership, supporting visibility and institutional ownership continuity.</li>
</ul>



Regular-Way trading commenced April 1: Aptiv +3.21%, Versigent -1.49%; Aptiv pivots to high-margin intelligent systems, Versigent to electrical architectures

Strong consolidated performance: APTV up 13.78% since Jan 22, 2025 spin announcement, outperforming S&amp;P 500 (+8.03%); WI period saw VGNT outperform (+6.17%) vs APTV (+0.86%)

Index positioning: VGNT added to S&amp;P SmallCap 600 (Apr 2), classified Consumer Discretionary; APTV retains S&amp;P 500 membership, supporting visibility and institutional ownership continuity.


Aptiv (NYSE: APTV) And Its Spin-Off Versigent (VGNT) Begin Regular Way Trading

<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.

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 Technologies: Can New Programs, OEM Partnerships, and Bolt-On Deals Reshape Its Growth Story?

Aptiv PLC reported its first quarter 2026 financial results following the completion of the separation of its Electrical Distribution Systems...

Baptista Research

Weekly Update (APTV, VGNT, Earnings!)

Aptiv completed the Versigent (VGNT) spin on April 1 and reported Q1 May 5. The spin executed cleanly, the thesis is intact, and the stock has sold...

Richard Howe

Aptiv: Q1 Weakness But Thesis on Track

Since my last write-up, Aptiv has spun off Versigent (VGNT). Versigent now trades separately at $40, putting combined value at roughly $70 per pre...

Richard Howe

Aptiv (NYSE: APTV) And Its Spin-Off Versigent (VGNT) Begin Regular Way Trading

APTV up 13.78% since spin announcement, VGNT outperforms during WI period; VGNT added to S&P SmallCap 600, APTV retains S&P 500 membership.

GSBR Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aptiv Technologies: Can New Programs, OEM Partnerships, and Bolt-On Deals Reshape Its Growth Story?

Aptiv PLC reported its first quarter 2026 financial results following the completion of the separation of its Electrical Distribution Systems...

Baptista Research

Weekly Update (APTV, VGNT, Earnings!)

Aptiv completed the Versigent (VGNT) spin on April 1 and reported Q1 May 5. The spin executed cleanly, the thesis is intact, and the stock has sold...

Richard Howe

Aptiv: Q1 Weakness But Thesis on Track

Since my last write-up, Aptiv has spun off Versigent (VGNT). Versigent now trades separately at $40, putting combined value at roughly $70 per pre...

Richard Howe

Aptiv (NYSE: APTV) And Its Spin-Off Versigent (VGNT) Begin Regular Way Trading

​APTV up 13.78% since spin announcement, VGNT outperforms during WI period; VGNT added to S&P SmallCap 600, APTV retains S&P 500 membership.

GSBR Research

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

APTV up 13.78% since spin announcement, VGNT outperforms during WI period; VGNT added to S&P SmallCap 600, APTV retains S&P 500 membership.