reports
- Richard Hilgert
Morningstar | BMW Attractively Valued Despite Headwinds From Higher Sp...
Because of the strength of its intangible assets, including brand and intellectual property, BMW has a narrow economic moat rating. Brand strength has enabled premium pricing across all of BMW's products, while intellectual property supports the brand image with strong product execution, especially in powertrains.BMW continues to outperform the overall car market despite global economic uncertainties and is one of only a handful of automakers to which we assign an economic moat. As emerging-mark...
- Richard Hilgert
BMW Attractively Valued Despite Headwinds From Higher Spending on Elec...
Narrow-moat-rated BMW reported first-quarter diluted earnings per share of EUR 0.85, which includes a EUR 1.4 billion noncash provision recognized for the European Commission's antitrust investigation on diesel equipment. Excluding the provision, we calculate diluted earnings per share before special items of EUR 2.39. Including the provision, EUR 0.85 EPS represented a whooping EUR 0.35 miss compared with the sell-side consensus of EUR 1.20 and EUR 2.59 per share lower than a year ago. We think...
- Richard Hilgert
Morningstar | BMW 1Q Results Hit a Rough Patch but Confirms 2019 Guida...
Narrow-moat-rated BMW reported first-quarter diluted earnings per share of EUR 0.85, which includes a EUR 1.4 billion noncash provision recognized for the European Commission's antitrust investigation on diesel equipment. Excluding the provision, we calculate diluted earnings per share before special items of EUR 2.39. Including the provision, EUR 0.85 EPS represented a whooping EUR 0.35 miss compared with the sell-side consensus of EUR 1.20 and EUR 2.59 per share lower than a year ago. We think...
- Richard Hilgert
BMW 1Q Results Hit a Rough Patch but Confirms 2019 Guidance; Maintain ...
Narrow-moat-rated BMW reported first-quarter diluted earnings per share of EUR 0.85, which includes a EUR 1.4 billion noncash provision recognized for the European Commission's antitrust investigation on diesel equipment. Excluding the provision, we calculate diluted earnings per share before special items of EUR 2.39. Including the provision, EUR 0.85 EPS represented a whooping EUR 0.35 miss compared with the sell-side consensus of EUR 1.20 and EUR 2.59 per share lower than a year ago. We think...
- Richard Hilgert
Morningstar | BMW Attractively Valued Despite Headwinds From Higher Sp...
Because of the strength of its intangible assets, including brand and intellectual property, BMW has a narrow economic moat rating. Brand strength has enabled premium pricing across all of BMW's products, while intellectual property supports the brand image with strong product execution, especially in powertrains.BMW continues to outperform the overall car market despite global economic uncertainties and is one of only a handful of automakers to which we assign an economic moat. As emerging-mark...
- Richard Hilgert
BMW Attractively Valued Despite Headwinds From Higher Spending on Elec...
The European Commission has issued a "Statement of Objection" informing BMW, Daimler, and Volkswagen of its preliminary collusion findings. The EC said that, "…BMW, Daimler and VW participated in a collusive scheme, in breach of EU competition rules, to limit the development and roll-out of emission cleaning technology for new diesel and petrol passenger cars sold in the European Economic Area (EEA)" and that the, "three car manufacturers now have the opportunity to respond to our findings." W...
- Richard Hilgert
Morningstar | EC Charges BMW, Daimler, and Volkswagen with Collusion o...
The European Commission has issued a "Statement of Objection" informing BMW, Daimler, and Volkswagen of its preliminary collusion findings. The EC said that, "…BMW, Daimler and VW participated in a collusive scheme, in breach of EU competition rules, to limit the development and roll-out of emission cleaning technology for new diesel and petrol passenger cars sold in the European Economic Area (EEA)" and that the, "three car manufacturers now have the opportunity to respond to our findings." W...
- Richard Hilgert
EC Charges BMW, Daimler, and Volkswagen with Collusion on Emissions Te...
The European Commission has issued a "Statement of Objection" informing BMW, Daimler, and Volkswagen of its preliminary collusion findings. The EC said that, "…BMW, Daimler and VW participated in a collusive scheme, in breach of EU competition rules, to limit the development and roll-out of emission cleaning technology for new diesel and petrol passenger cars sold in the European Economic Area (EEA)" and that the, "three car manufacturers now have the opportunity to respond to our findings." W...
- Richard Hilgert
Morningstar | BMW Reports 2018 Preliminary Headline Results; Maintaini...
Narrow-moat-rated BMW, maker of premium-brand Mini small cars, premium-brand BMW passenger vehicles and motorcycles, and ultra-luxury-brand Rolls-Royce automobiles, reported preliminary headline numbers for 2018. The company usually issues year-end headline financial results in a press release in mid-March. It will release more details on its 2019 outlook and a full set of 2018 financial statements on March 20 followed by an investor day presentation March 21. BMW's 2018 results were roughly in...
- Richard Hilgert
BMW Reports 2018 Preliminary Headline Results; Maintaining EUR 117 FVE
Narrow-moat-rated BMW, maker of premium-brand Mini small cars, premium-brand BMW passenger vehicles and motorcycles, and ultra-luxury-brand Rolls-Royce automobiles, reported preliminary headline numbers for 2018. The company usually issues year-end headline financial results in a press release in mid-March. It will release more details on its 2019 outlook and a full set of 2018 financial statements on March 20 followed by an investor day presentation March 21. BMW's 2018 results were roughly in ...
- Richard Hilgert
Morningstar | BMW Is One of Very Few Automakers That Possesses an Econ...
Because of the strength of its intangible assets, including brand and intellectual property, BMW has a narrow economic moat rating. Brand strength has enabled premium pricing across all of BMW's products, while intellectual property supports the brand image with strong product execution, especially in powertrains.BMW continues to outperform the overall car market despite global economic uncertainties and is one of only a handful of automakers to which we assign an economic moat. As emerging-mark...
- Richard Hilgert
BMW Is One of Very Few Automakers That Possesses an Economic Moat
Narrow-moat-rated BMW reported third-quarter earnings per share before special items of EUR 2.12; this missed the sell-side consensus of EUR 2.31 by EUR 0.19 and was EUR 0.64 lower than a year ago. Group revenue improved by 5% compared with the prior year to EUR 24.7 billion on automotive unit volume that was nearly flat, up just 0.3% versus the third quarter of 2017. We estimate that excluding favorable euro/dollar currency exchange rates, revenue would have grown 4%. Headwinds including new, m...
- Richard Hilgert
Morningstar | BMW Posts Mixed 3Q Results, Confirms Guidance; Maintain ...
Narrow-moat-rated BMW reported third-quarter earnings per share before special items of EUR 2.12; this missed the sell-side consensus of EUR 2.31 by EUR 0.19 and was EUR 0.64 lower than a year ago. Group revenue improved by 5% compared with the prior year to EUR 24.7 billion on automotive unit volume that was nearly flat, up just 0.3% versus the third quarter of 2017. We estimate that excluding favorable euro/dollar currency exchange rates, revenue would have grown 4%. Headwinds including new, m...
- Richard Hilgert
BMW Posts Mixed 3Q Results, Confirms Guidance; Maintain EUR 117 FVE
Narrow-moat-rated BMW reported third-quarter earnings per share before special items of EUR 2.12; this missed the sell-side consensus of EUR 2.31 by EUR 0.19 and was EUR 0.64 lower than a year ago. Group revenue improved by 5% compared with the prior year to EUR 24.7 billion on automotive unit volume that was nearly flat, up just 0.3% versus the third quarter of 2017. We estimate that excluding favorable euro/dollar currency exchange rates, revenue would have grown 4%. Headwinds including new, m...
- Richard Hilgert
Morningstar | BMWYY Updated Forecasts and Estimates from 19 Oct 2018
On Oct. 8, the Intergovernmental Panel on Climate Change released a report that calls for faster electric vehicle and hybrid adoption as part of the actions needed to limit the effects of climate change. The report calls for emissions to be reduced 45% versus 2010 levels by 2030. The report will be a key topic at the Katowice Climate Change Conference in December, where governments from around the world will review the Paris agreement. We think the report's conclusions could lead to governments ...
- Richard Hilgert
Morningstar | IPCC Report Recommends Faster EV Adoption; Our Above-Con...
On Oct. 8, the Intergovernmental Panel on Climate Change released a report that calls for faster electric vehicle and hybrid adoption as part of the actions needed to limit the effects of climate change. The report calls for emissions to be reduced 45% versus 2010 levels by 2030. The report will be a key topic at the Katowice Climate Change Conference in December, where governments from around the world will review the Paris agreement. We think the report's conclusions could lead to governments ...
- Richard Hilgert
IPCC Report Recommends Faster EV Adoption; Our Above-Consensus EV Adop...
On Oct. 8, the Intergovernmental Panel on Climate Change released a report that calls for faster electric vehicle and hybrid adoption as part of the actions needed to limit the effects of climate change. The report calls for emissions to be reduced 45% versus 2010 levels by 2030. The report will be a key topic at the Katowice Climate Change Conference in December, where governments from around the world will review the Paris agreement. We think the report's conclusions could lead to governments ...
- Richard Hilgert
Morningstar | BMW Cuts 2018 Guidance on Confluence of Headwinds; Maint...
Narrow-moat BMW, maker of premium brand BMW cars and motorcycles, Mini, and Rolls-Royce, cut 2018 guidance because of a confluence of several items affecting revenue and margin, including negative currency effect, upfront investment in future mobility technologies, Europe market distortions on new emissions testing regulations, higher warranty reserves, and international trade conflicts. We had already been using assumptions at the low end of management guidance, which resulted in only a slight ...
- Richard Hilgert
BMW Cuts 2018 Guidance on Confluence of Headwinds; Maintaining EUR 117...
Narrow-moat BMW, maker of premium brand BMW cars and motorcycles, Mini, and Rolls-Royce, cut 2018 guidance because of a confluence of several items affecting revenue and margin, including negative currency effect, upfront investment in future mobility technologies, Europe market distortions on new emissions testing regulations, higher warranty reserves, and international trade conflicts. We had already been using assumptions at the low end of management guidance, which resulted in only a slight ...
- Richard Hilgert
Morningstar | EV Sales in China and the EU Will Accelerate, Driving Ab...
Over the next decade, battery electric vehicles will reach cost parity with internal combustion engines as battery costs decline. Additionally, battery innovations will increase driving range and shorten charging times such that EVs will no longer be an inferior product versus ICEs. Charging infrastructure, which dictates range capabilities, will be the regional wild card that will either spur or limit EV adoption. Through a massive investment by its SOEs, China plans to build the world's large...
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