RENAULT Lower Q3-18 sales perf. than expected notably on volumes & sales to partners
We assume Q4-18 could remain challenging for the group with still low visibility in Europe after the pre-buying impact observed over Q3. Demand in emerging markets should remain hard to predict due to high volatility, yet the group should still benefit from good growth in Russia and Brazil where it has solid market shares. Market growth assumption was revised down from +3% expected at end of June 2018 to +2% with most of deterioration made on growth in China (+2% now vs. +5% expected before).
Renault is an automobile manufacturer. Co.'s activities have been organized into two main business sectors, in more than 120 countries: Automotive and Sales Financing. Co. designs, develops and sells passenger cars and light commercial vehicles. Following the acquisition of Romanian carmaker Dacia and Samsung Motors' operating assets in South Korea, Co. has three automotive brands: Renault, Dacia and Samsung. RCI Banque, Co.'s captive financing arm, finances sales of the Renault, Renault Samsung Motors (RSM) and Dacia brands, and, in Europe, the Nissan and Infiniti brands. In addition to these two activities, Co. has equity investments in the following two companies: Nissan and AVTOVAZ.
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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