Raising Renault FVE to EUR 88 from EUR 79
After rolling our model to the next fiscal year on no-moat-rated Renault, we are raising our fair value estimate to EUR 88 from EUR 79. Most of the increase (EUR 5) was attributable to a 16% jump in the book value of the financial-services business as well as lower debt and an improved unfunded pension status. An additional EUR 2 was attributable to a lower tax rate on French tax reform and another EUR 2 for the time value of money since our last fair value update. With the shares trading at a 7...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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