Renault : H2 FCF beat, higher dividend and robust outlook likely to increase confidence
>H2 in line on EBIT but 10% ahead on FCF, robust guidance & higher dividend - Renault's H2 2023 earnings, released yesterday evening, came in line with expectations at the EBIT level (€ 2.1bn) despite slightly lower revenues (mostly FX driven), hence a slightly better margin (8.1 vs 8.0%) and surprised positively on the FCF (+45% vs consensus at € 1249m vs € 870m). This likely contributed to the much higher dividend proposal at € 1.85 vs consensus at € 1.39 (17.5% pay...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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