Consensus 2016 battu, estimations 2017/18 relevées - ACHAT - OC 110€ (vs 98€)
Vu la forte croissance des volumes, les résultats 2016 ont largement dépassé les attentes. Le groupe devrait rester dopé par la progression des volumes en 2017 et pourra déployer des leviers additionnels à MT (Iran, Chine, Latam, Russie) tout en maintenant le rythme des synergies de l’Alliance Renault-Nissan complétées par Mitsubishi. Le nouveau plan MT table sur un CA 2022 de 70Mds€ et une marge d’EBITA de 7%. Nous adoptons un scénario plus agressif, induisant une révision de nos BNA de +7%en 2017/18e. Opinion ACHAT avec un OC relevé à 110€ ( vs 98€).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.
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