Delphi FVE Raised to $66 from $62 on Higher Revenue, Margin Expansion, and TVM
We have raised our fair value estimate on narrow moat-rated Delphi to $66 from $62 on slightly higher revenue (roughly $0.80 of the increase) and modestly improved margin assumptions (added approximately $1.80) as well as our DCF model’s time value of money component (added $1.40). We continue to expect Delphi revenue growth to exceed global light vehicle demand by 3 to 5 percentage points resulting from its “safe, green, and connected†technologies for the automotive industry. Unfortunately, th...
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