Sign in

You're signed outSign in or to get full access.

Joseph Robert Spak

Managing Director and Senior Analyst at UBS Investment Bank

Joseph Robert Spak is a Managing Director and Senior Analyst at UBS Investment Bank, specializing in autos, auto suppliers, and auto-tech equity research within the auto/tires/trucks sector. He covers specific companies including General Motors (GM), Tesla (TSLA), Ford (F), Adient (ADNT), Magna International (MGA), Lear (LEA), Rivian Automotive (RIVN), and American Axle & Manufacturing (AXL), among 31-47 publicly traded firms, with a track record showing a 45% success rate and average return of -9.9% over 1 year per TipRanks, though his best call on Adient delivered +218% return. Spak began issuing ratings at UBS with 226 total over 11 years, holding an MBA in Finance and Investment Management from Yale School of Management (2004-2006), and maintains active FINRA registration as a broker at UBS Securities LLC.

Joseph Robert Spak's questions to Aptiv (APTV) leadership

Question · Q4 2025

Joseph Robert Spak inquired about the impact of copper prices on VersaGen's top-line growth and the foreign exchange effects on both companies. He also asked if commercial recoveries from canceled programs or lower volumes were factored into the 2026 outlook. Additionally, he sought an update on Aptiv's peso hedging strategy and its sensitivity.

Answer

CEO Kevin Clark confirmed that commercial recoveries from program cancellations and volume adjustments are factored into the 2026 outlook, noting strong OEM agreement to support the supply base, though specific amounts are still being finalized. CFO Varun Laroyia stated that copper, budgeted at $5.50 per pound for 2026 (up from $4.51 in 2025), contributes nearly $200 million to VersaGen's top-line revenue, with adjusted growth excluding FX and commodities. Kevin Clark added that approximately 70% of copper costs are indexed and passed on to customers, typically with a three-month delay. Varun Laroyia explained that the weakening USD and lack of operational hedge, particularly for VersaGen, negatively impact results, but Aptiv is 95% hedged below 18 pesos to the USD for 2026, mitigating some volatility.

Ask follow-up questions

Fintool

Fintool can predict Aptiv logo APTV's earnings beat/miss a week before the call

News for Covered Companies

Samsung's HARMAN Makes $1.8B Bet on Autonomous Driving With ZF Deal

Samsung's HARMAN Makes $1.8B Bet on Autonomous Driving With ZF Deal

APTVDec 23, 2025