The Corporate Restructuring Report-Delphi Technologies Plc (DLPH) Update
On December 4th, 2017, Delphi Automotive Plc (DLPH) completed the tax-free spinoff of its Powertrain Systems business into a separate public company. The spin-off was named Delphi Technologies Plc, while the parent was renamed APtiv Plc.
In our note dated December 4th, 2017, we had a positive view on DLPH and continue to remain bullish on its prospects.DLPH is a leading pure-play propulsions system provider. Stingent regulatory requirements in many markets is forcing OEMs to improve fuel efficiency and reduce emissions.
We expect DLPH, with its broad portfolio of fuel efficient systems, to be a majory beneficiary. Moreover, rapid adoption of electrification technology (48V mild hybrid) is driving increase in propulsion system content per vehicle, which bodes well forDLPH. In our view, DLPH is undervalued.
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