My risk model shows a Beta of 2 for the stock APTIV (maker of car components). The model looks at the past 3 years with no decay.
Total vol is high but specific vol is very low. Typically when this happens it is because of the leverage which magnifies returns. However in this instance the company does not seem to have much leverage.
What can explain a high sensitivity to the mark and low idiosyncratic risk for a company which is not levered more than others?