Spin-offs/BorgWarner → PHINIA Inc.

PHINIA Inc.PHIN

Spin-off from BorgWarner (BWA) · Jul 3, 2023 · NYSE

Announced

—

Form 10 filed

May 18, 2023

Record date

Jun 23, 2023

Distributed

Jul 3, 2023

Ratio

1 : 5

Debt loaded

$800M

Cash to parent

—

Latest filing

Jun 9, 2023

one share of PHINIA for every five shares of BorgWarner

Documents

Form 10 Information statement New company filings Parent filings

Both companies today

The new company

PHINIA Inc.PHIN

Market cap

$2.71B

Moat

Narrow

Quality

Price

$69.04

Fair value

$119.71

Price / FV

0.57×

The parent

BorgWarnerBWA

Market cap

$14.5B

Moat

None

Quality

Price

$67.54

Fair value

$58.04

Price / FV

1.11×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

PHINIA holds BorgWarner's former Fuel Systems and Aftermarket segments — fuel injection and delivery systems for commercial and light vehicles, plus a global aftermarket parts business — as a stand-alone company.

Stated rationaleBorgWarner said the split would create two focused companies: an electrification-oriented BorgWarner and a fuel-systems and aftermarket business built to generate cash through the transition.

The four questions

The four-question write-up for PHINIA Inc. is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.