BMW: Stifel still on hold
(CercleFinance.com) - Stifel maintains its "Hold" rating on BMW shares, along with its target price of E108.
"Not the expected earnings beat," says the analyst, for whom these profits contrast "to Mercedes' 12% earnings beat".
For Stifel, the group's Q4 EBIT margin was 8.5%, below the consensus.
However, the analyst tempers, "we understand that provisions increased in Q4, implying that earnings quality was solid".
Still, he points out, "strong FCF of ERU1.2bn (EUR11.1bn in 2022, ahead of the guided >EUR10bn)."
While BMW will provide an outlook with its full report on 15 March, Stifel expects an automotive margin of 8%-10% for 2023.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"Not the expected earnings beat," says the analyst, for whom these profits contrast "to Mercedes' 12% earnings beat".
For Stifel, the group's Q4 EBIT margin was 8.5%, below the consensus.
However, the analyst tempers, "we understand that provisions increased in Q4, implying that earnings quality was solid".
Still, he points out, "strong FCF of ERU1.2bn (EUR11.1bn in 2022, ahead of the guided >EUR10bn)."
While BMW will provide an outlook with its full report on 15 March, Stifel expects an automotive margin of 8%-10% for 2023.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.