Aptiv

Track record mixes disciplined portfolio shaping with occasional balance sheet stretch. In 2024 Aptiv authorized a 5.0 billion dollar buyback and executed a 3.0 billion dollar ASR (average price $61.84), then reduced debt in 2025. It is separating EDS to optimize multiples and focus RemainCo on higher-margin software/interconnects.

SBC is present but moderate (120 million dollars in 2024). Historic M&A (e.g., Wind River, Intercable Automotive, Winchester Interconnect) strategically broadened capabilities. We like the separation logic and recent deleveraging; we dock points for cycle-timed buyback funding via debt and continued ADAS/software execution risk.