Financials BorgWarner Inc.

Equities

BWA

US0997241064

Auto, Truck & Motorcycle Parts

Market Closed - Nyse Other stock markets 04:00:02 2024-05-17 pm EDT			5-day change	1st Jan Change
37.09 ^USD	-1.44%		-1.09%	+3.46%

May. 14	US companies with highest exposure to China	RE
May. 13	Nomura Adjusts Price Target on BorgWarner to $37 From $35, Kee[s Neutral Rating	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,958	9,448	10,806	9,425	8,427	8,450	-	-
Enterprise Value (EV) ¹	10,086	11,585	13,292	12,315	10,673	10,640	10,354	9,879
P/E ratio	12 x	16.5 x	20.1 x	10.1 x	13.3 x	9.88 x	8.39 x	7.7 x
Yield	1.57%	1.76%	1.51%	1.69%	-	1.19%	1.25%	1.23%
Capitalization / Revenue	0.88 x	0.93 x	0.73 x	0.6 x	0.59 x	0.57 x	0.54 x	0.5 x
EV / Revenue	0.99 x	1.14 x	0.9 x	0.78 x	0.75 x	0.72 x	0.66 x	0.59 x
EV / EBITDA	6.04 x	7.44 x	5.77 x	5.53 x	5.7 x	5.44 x	4.87 x	4.4 x
EV / FCF	19.1 x	15.6 x	20.8 x	14.6 x	18.9 x	21.5 x	13.7 x	12.2 x
FCF Yield	5.23%	6.41%	4.81%	6.87%	5.29%	4.66%	7.32%	8.18%
Price to Book	1.9 x	1.44 x	1.56 x	1.3 x	-	1.33 x	1.17 x	1.02 x
Nbr of stocks (in thousands)	206,493	244,519	239,771	234,154	235,055	227,838	-	-
Reference price ²	43.38	38.64	45.07	40.25	35.85	37.09	37.09	37.09
Announcement Date	2/13/20	2/11/21	2/15/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,168	10,165	14,838	15,801	14,198	14,776	15,735	16,735
EBITDA ¹	1,671	1,558	2,303	2,227	1,873	1,955	2,125	2,247
EBIT ¹	1,232	990	1,531	1,603	1,358	1,395	1,533	1,651
Operating Margin	12.12%	9.74%	10.32%	10.14%	9.56%	9.44%	9.74%	9.87%
Earnings before Tax (EBT) ¹	1,265	964	789	1,318	991	1,204	1,412	1,540
Net income ¹	746	500	537	944	625	836.7	974.2	1,056
Net margin	7.34%	4.92%	3.62%	5.97%	4.4%	5.66%	6.19%	6.31%
EPS ²	3.610	2.340	2.240	3.990	2.700	3.753	4.421	4.814
Free Cash Flow ¹	527	743	640	846	565	495.5	758.3	808
FCF margin	5.18%	7.31%	4.31%	5.35%	3.98%	3.35%	4.82%	4.83%
FCF Conversion (EBITDA)	31.54%	47.69%	27.79%	37.99%	30.17%	25.35%	35.69%	35.96%
FCF Conversion (Net income)	70.64%	148.6%	119.18%	89.62%	90.4%	59.22%	77.84%	76.48%
Dividend per Share ²	0.6800	0.6800	0.6800	0.6800	-	0.4414	0.4629	0.4560
Announcement Date	2/13/20	2/11/21	2/15/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,655	3,874	3,759	4,060	4,108	4,180	3,671	3,622	3,522	3,595	3,757	3,738	3,685	3,804	3,964
EBITDA ¹	562	546	506	592	583	555	531	404	471	472	485.9	481.6	493.1	507.9	533
EBIT ¹	375	389	348	438	428	396	369	349	332	339	352.9	351.3	351.5	367.9	393.1
Operating Margin	10.26%	10.04%	9.26%	10.79%	10.42%	9.47%	10.05%	9.64%	9.43%	9.43%	9.39%	9.4%	9.54%	9.67%	9.92%
Earnings before Tax (EBT) ¹	155	315	288	396	319	317	328	238	229	290	320	312	313.7	348.7	368.7
Net income ¹	129	200	216	273	255	217	204	50	154	206	218	212.3	212.3	243.9	255.5
Net margin	3.53%	5.16%	5.75%	6.72%	6.21%	5.19%	5.56%	1.38%	4.37%	5.73%	5.8%	5.68%	5.76%	6.41%	6.45%
EPS ²	0.5400	0.8400	0.9100	1.160	1.090	0.9300	0.8700	0.2100	0.6400	0.9000	0.9625	0.9677	0.9627	1.118	1.177
Dividend per Share ²	0.1700	0.1700	0.1700	0.1700	0.1700	0.1700	0.1700	-	-	0.1100	0.1100	0.1100	0.1125	0.1100	0.1100
Announcement Date	2/15/22	5/4/22	8/3/22	10/27/22	2/9/23	5/4/23	8/2/23	11/2/23	2/8/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,128	2,137	2,486	2,890	2,246	2,189	1,903	1,429
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.675 x	1.372 x	1.079 x	1.298 x	1.199 x	1.12 x	0.8958 x	0.6358 x
Free Cash Flow ¹	527	743	640	846	565	496	758	808
ROE (net income / shareholders' equity)	16.7%	8.96%	14.9%	14.7%	13.5%	15.1%	15.1%	14.4%
ROA (Net income/ Total Assets)	7.54%	3.89%	6.1%	6.48%	5.59%	6.37%	6.78%	7.01%
Assets ¹	9,898	12,868	8,807	14,563	11,180	13,140	14,378	15,066
Book Value Per Share ²	22.80	26.90	29.00	30.90	-	27.90	31.70	36.50
Cash Flow per Share ²	4.870	5.720	5.450	6.630	5.960	6.590	7.240	7.650
Capex ¹	481	501	666	723	832	804	806	849
Capex / Sales	4.73%	4.93%	4.49%	4.58%	5.86%	5.44%	5.12%	5.07%
Announcement Date	2/13/20	2/11/21	2/15/22	2/9/23	2/8/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BorgWarner Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

37.09 USD

Average target price

41.83 USD

Spread / Average Target

+12.79%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto, Truck & Motorcycle Parts

	1st Jan change	Capi.
BORGWARNER INC.	+3.46%	8.45B
DENSO CORPORATION	+23.77%	49.3B
APTIV PLC	-8.48%	22.34B
WEICHAI POWER CO., LTD.	+20.25%	19.84B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+27.95%	16.94B
HYUNDAI MOBIS CO.,LTD	-4.22%	15.1B
MAGNA INTERNATIONAL INC.	-17.45%	13.65B
CONTINENTAL AG	-19.01%	13.55B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+32.05%	11.9B
BOSCH LIMITED	+39.02%	10.98B

Other Auto, Truck & Motorcycle Parts