BMW Affected by more intense pricing competition
Yesterday, the German premium carmaker BMW revised down its 2018 financial targets for the automotive segment for similar reasons to most other European carmakers in their profit warnings, although with some delay. WLTP and the trade war were the main two reasons explaining this adjustment. We were already below the group’s 2018 PBT guidance but have revised down our EPS by 5% to reflect the new targets. Note that we continue to prefer DAI to BMW for the mid/long term.Bayerische Motoren Werke is a holding company, engaged in the development, manufacture and sale of cars and motorcycles. Co. owns three brands: BMW, MINI and Rolls-Royce. Co.'s BMW automobile range encompasses the 1 Series, including coupe and convertible models; the 3 Series, including sedan, touring, coupe and convertible models; the 5 Series, including sedan and touring models; the 6 Series, including coupe or convertible; the 7 Series large sedan; the Z4 roadster and coupe; the sports utility vehicles, X3, X5 and X6 and M models. Co. also provides cars under the MINI brand and motorcycles under the BMW brand. The Rolls-Royce brand provides three cars, Phantom, Coupe and Ghost.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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