BMW Attractively Valued Despite Headwinds From Higher Spending on Electrification and Autonomy
Narrow-moat-rated BMW reported first-quarter diluted earnings per share of EUR 0.85, which includes a EUR 1.4 billion noncash provision recognized for the European Commission's antitrust investigation on diesel equipment. Excluding the provision, we calculate diluted earnings per share before special items of EUR 2.39. Including the provision, EUR 0.85 EPS represented a whooping EUR 0.35 miss compared with the sell-side consensus of EUR 1.20 and EUR 2.59 per share lower than a year ago. We think...
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