BMW: Oddo confirms its opinion after results
(CercleFinance.com) - Oddo confirms its Neutral opinion on the share and its price target of 88 euros after the announcement of 1st-quarter results.
EBIT is down -3% to 2,733 million euros. It is in line with consensus and above Oddo's expectations.
“The FCF has experienced a considerable fall (302 million euros compared to 1.6 billion for Q1 17) but with good reason. The decline comes from the stock increase (+2.3 billion euros) to prepare for the product offensive announced by the group” explains the analyst firm.
Oddo believes that the rise in volumes should accelerate in line with the increased power in the new models (X2 from March, X4, 8 Series and X3 in China in the second half-year).
“The impact will certainly be seen from 2019”.
“We review our EBIT forecast +4.5% because of the Auto (Q1 > our expectations) and the eliminated item (on which we have no visibility)” indicates Oddo.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
EBIT is down -3% to 2,733 million euros. It is in line with consensus and above Oddo's expectations.
“The FCF has experienced a considerable fall (302 million euros compared to 1.6 billion for Q1 17) but with good reason. The decline comes from the stock increase (+2.3 billion euros) to prepare for the product offensive announced by the group” explains the analyst firm.
Oddo believes that the rise in volumes should accelerate in line with the increased power in the new models (X2 from March, X4, 8 Series and X3 in China in the second half-year).
“The impact will certainly be seen from 2019”.
“We review our EBIT forecast +4.5% because of the Auto (Q1 > our expectations) and the eliminated item (on which we have no visibility)” indicates Oddo.
Copyright (c) 2018 CercleFinance.com. All rights reserved.