LITMIR.BIZ

      1 Chapter OneExhibit 1.1 Screening Output—Buyback Authorizations >5% of Market Cap & Market Cap >$1 bill...Exhibit 1.2 Bottom-Up ApproachExhibit 1.3 Top-Down ApproachExhibit 1.4 N. American Auto Production vs. Vehicles ScrappedExhibit 1.5 Cable vs. Telco Share of Broadband Subscriber Adds

      2 Chapter TwoExhibit 2.1 Idea Review FrameworkExhibit 2.2A Investment Write-up TemplateExhibit 2.2B Investment Write-up TemplateExhibit 2.3 Investment Thesis ComponentsExhibit 2.4 Business OverviewExhibit 2.5 Management AssessmentExhibit 2.6 Delphi TransformationExhibit 2.7 Financials & ValuationExhibit 2.8 Calculation of Market CapExhibit 2.9 Calculation of Enterprise ValueExhibit 2.10 Methods for Calculating Free Cash FlowExhibit 2.11 Leverage RatiosExhibit 2.12 Coverage RatiosExhibit 2.13 EV/EBITDAExhibit 2.14 P/EExhibit 2.15 P/FCF and FCF YieldExhibit 2.16 Selected Sector-Specific Valuation MultiplesExhibit 2.17 ROICExhibit 2.18 Dividend Yield

      3 Chapter ThreeExhibit 3.1 Business Due Diligence ChecklistExhibit 3.2 Global Light Vehicle VolumesExhibit 3.3 Fuel Economy Standards by GeographyExhibit 3.4 Installation Rates of Embedded TelematicsExhibit 3.5 Competitors by SegmentExhibit 3.6 Delphi Customer ListExhibit 3.7 Risk Sensitivity AnalysisExhibit 3.8 Financial Due Diligence ChecklistExhibit 3.9 Delphi Five-Year Historical Financial Summary – Income Statement and Free Cash ...Exhibit 3.10 Summary Model AssumptionsExhibit 3.11 Delphi Five-Year Projected Financial Summary – Income Statement and Free Cash F...Exhibit 3.12 Delphi Five-Year Projected Financial Summary – Balance Sheet Summary

      4 Chapter FourExhibit 4.1 ValuationExhibit 4.2 Benchmarking AnalysisExhibit 4.3 Comparable Companies Analysis—Trading Multiples Output PageExhibit 4.4 Delphi DCF Analysis Output PageExhibit 4.5 Exit Multiple MethodExhibit 4.6 Calculation of WACCExhibit 4.7 DCF Sensitivity AnalysisExhibit 4.8 Rockwood Sum-of-the-PartsExhibit 4.9 Liberty Media Net Asset ValueExhibit 4.10 Precedent Transactions Output PageExhibit 4.11 Synergies-Adjusted EV/EBITDA CalculationExhibit 4.12 How LBOs Generate ReturnsExhibit 4.13 Accretion / (Dilution) AnalysisExhibit 4.14 CatalystsExhibit 4.15 DLPH Annotated Share Price and Volume HistoryExhibit 4.16 Setting the Price Target

      5 Chapter FiveExhibit 5.1 Tracking Sheet—Potential IdeasExhibit 5.2 Quarterly Earnings Comparison TemplateExhibit 5.3 Annual Earnings Comparison TemplateExhibit 5.4 Balance Sheet Comparison TemplateExhibit 5.5 Portfolio Construction ConsiderationsExhibit 5.6 Portfolio Snapshot TemplateExhibit 5.7 Portfolio & Risk Management ToolsExhibit 5.8 $1 Invested in TWX vs. VIAB in 2016Exhibit 5.9 Illustrative Historical Performance – Fund vs. S&P 500

      6 Post-Mortem: Delphi AutomotiveExhibit PM.1 Delphi Share Price vs. Auto Suppliers & S&P 500Exhibit PM.2 Delphi Valuation Progression from IPO to Spin

      1  Cover

      2  Table of Contents

      3  Foreword

      1  ii

      2  iii

      3  iv

      4  v

      5  ix

      6  xi

      7  xii

      8  xiii

      9  xiv

      10  xv

      11  xvi

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