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

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

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

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Event-Driven

<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

Aptiv PLC

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