Despite Anemic Brazil and Russia, Renault Reports Record 2016 Results; Maintaining EUR 79 Fair Value
No-moat-rated Renault reported 2016 earnings per share of EUR 12.46, EUR 0.46 better than our EUR 12 estimate. Revenue and global registrations jumped an impressive 14% on healthy gains throughout all regions except Russia and Brazil. However, because of a greater mix of small and micro cars, average revenue per unit declined by 1%. Even so, overall vehicle pricing contributed to 4 percentage points of the year-over-year revenue increase. Margins expanded on improved operating leverage, which wa...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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