BorgWarner Inc. (BWA)

A tier-one supplier sells not to the motorist but to the carmaker, and is designed into a model for its whole production run — usually six or seven years. Hence predictability: the book of programmes won says more about future revenue than current sales do.

The company sits between two eras: turbochargers and systems for petrol engines bring in the money now, while electric drive units require investment and are still unprofitable. The slowdown in the shift to electric vehicles postponed both. Risks: vehicle production volumes, the pace of electrification and price pressure from carmakers. A dividend is paid.