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Renault: still on a slippery slope after H1 loss

( - The Renault share is down a further 5% on Friday, after losing 9.
2% yesterday.
However, Invest Securities confirms its buy rating on the share, although has cut its corresponding target price to 26.7 euros (from 28 euros previously).

Analysts believe that the stock has crossed a delicate moment (-9.2% yesterday), with the publication of an historical H1 2020 loss of 7.2 billion euros, amplified by Nissan which weighed 4.8 billion euros.

Invest Securities says that this means that, excluding Nissan, Renault's net loss is close to 2.5 billion euros, with EBITA of -1.2 billion euros and an EBIT of -2 billon euros. With negative FCF of -6.3 billion euros, this pushes its financial debt to 5 billion euros.

It adds that with no quantified guidance for 2020 and while waiting for the details of the "De Meo" strategy, albeit with a few leads unveiled on brands, engines and its "footprint", analysts' 2020/22e EPS estimates confirm the recovery, although have been reduced, taking into account the low visibility for Q4 2020 and the weaker outlook for the automotive market in 2021/22.

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