Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent sixty years explaining why we'd rather own a wonderful business at a fair price than a fair business at a wonderful price. Aptiv, at ten times forward earnings, is the second thing. It is a competent, well-managed, perpetually restructuring automotive supplier that sells sophisticated products to a handful of powerful customers who demand contractual price reductions every year. The stock is statistically cheap. The business is average. Under our discipline, an average business does not earn capital merely by being cheap — the cheapness of auto suppliers is a permanent feature of the category, not a mispricing. Two stars.
Recent filings analysed: 8-K (2026-08-04), 10-Q (2026-08-04), 8-K (2026-05-05), 10-Q (2026-05-05).
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