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Renault: Berenberg reiterates buy recommendation, TP E55

( - On Wednesday, Berenberg reiterated its Buy recommendation and E55 target price for Renault shares, following an event earlier this week devoted to its low-cost Dacia brand.

The analyst highlights the "uniqueness" of the subsidiary's business model, charactersed by the "accessibility" of its products, but also by superior margins.

An unprecedented strategy at a time when the sector is seeking to move upmarket ('premiumization'), thanks to the pooling of parts used for each model (up to 80%), which reduces the entry ticket for its models by more than 50% and gives it a cost advantage of around 15% over its competitors, he continues.

The broker also refers to the brand's "particularly efficient" distribution model, which translates into costs 50% lower than the European average.

Berenberg adds that the share is currently trading on the basis of a P/E of 4.4x, i.e. a discount to the 5.2x in the sector.

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