Bmw: H1-18 earnings first take, all targets confirmed
Bmw: (NEUTRAL, Fair Value Fair Value EUR88 (+9%))H1-18 earnings first take, all targets confirmed
BMW posted this morning declining Q2 and H1 earnings, as expected, yet in line with group’s targets. EBIT margin at automotive declined by 60bp to 9.2% while at motorcycle dropped by 260bp. The group indicated it is not expecting any impact from WLTP on its H2 sales. At this stage we confirm our Neutral rating with FV unchanged at EUR88.
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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