GM Analyst Day Optimism Sends Stock Soaring; We Continue to Think the Stock Is Cheap
GM's stock rose on Jan. 11 at times by nearly 9% after it announced 2019 guidance at a New York analyst day. We had been modeling 2019 adjusted diluted EPS of $6.39, well above consensus of $5.86, because of GM's ability to keep realizing more scale and its fresh light truck offerings in the U.S., so the guidance results in only a $1 per share increase in our fair value estimate to $47. For 2019 GM expects adjusted automotive free cash flow, which excludes the Cruise autonomous vehicle business,...General Motors designs, builds and sells trucks, crossovers, cars and automobile parts. The company also provides automotive financing services through its subsidiary, General Motors Financial Company, Inc. (GM Financial). GM Financial provides retail loan and lease lending across the credit spectrum. GM Financial provides commercial lending products to dealers including new and used vehicle inventory floorplan financing and dealer loans, which are loans to finance improvements to dealership facilities, to provide working capital, and to purchase and/or finance dealership real estate. Other commercial lending products include financing for parts and accessories, dealer fleets and storage centers.
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