Renault : Insuffisant pour revenir dans la course
Le plan de réduction de coûts répond, certes, aux faiblesses du constructeur mais ne nous semble pas suffisamment tenir compte d’un environnement volumes durablement dégradé. Ainsi, nos estimations 2022, ~20% inférieures au consensus, restent largement inférieures à 2019 sur la plupart des agrégats, notamment la MOP Auto et le FCF. Dans ce contexte, l’argument de la valorisation ne nous semble pas, seul, pertinent et nous maintenons notre opinion Neutre, préférant Volkswagen et P...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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