BMW: Jefferies still a buyer, maintains target price

(CercleFinance.com) - Jefferies reinstates its Buy rating on the BMW shares, along with its target price of 125 euros.


"With BMW set to finalise control of its China JV before the end of Q1, we refine our estimates of the impact on BMW financial metrics," Jefferies said.

"On 5.6x 2022E proforma earnings we don't think the shares are pricing the transaction's unusually high cash and bsheet accretion (YE net cash >50% market value)."

"Dividends are on the rise but hoarding so much cash is also clearly hurting the valuation," the analyst adds.


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