BMW: Oddo raises estimates and TP
(CercleFinance.com) - The German carmaker has presented its ambitions for electrification, particularly in Europe, having presented a new platform that will be available from 2025 and which will be decisive in achieving its new target of 50% BEV in its global sales by 2030.
The bulk of this acceleration will take place after 2025 - analysts believe that it still seems to be lagging its peers until then - both Volkswagen and Daimler (EVA2 platform available this year, MMA in 2024, more BEV launches in 2021-2022).
The broker is raising our estimates (EBIT +8%, EPS +17%) and target in order to take into account the recent sector rerating, which analysts believe is deserved. However, they maintain their Underperform rating on the stock (2022e P/E of 7.0x) and still prefer Volkswagen (Outperform) and Daimler (Outperform) among German OEMs.
Over the longer term, the group has also confirmed its aim to return to a margin of 8%-10% as soon as possible (Oddo expects this from 2022).
The BMW share is up almost 2.5% at lunchtime on Thursday.
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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.
The bulk of this acceleration will take place after 2025 - analysts believe that it still seems to be lagging its peers until then - both Volkswagen and Daimler (EVA2 platform available this year, MMA in 2024, more BEV launches in 2021-2022).
The broker is raising our estimates (EBIT +8%, EPS +17%) and target in order to take into account the recent sector rerating, which analysts believe is deserved. However, they maintain their Underperform rating on the stock (2022e P/E of 7.0x) and still prefer Volkswagen (Outperform) and Daimler (Outperform) among German OEMs.
Over the longer term, the group has also confirmed its aim to return to a margin of 8%-10% as soon as possible (Oddo expects this from 2022).
The BMW share is up almost 2.5% at lunchtime on Thursday.
Copyright (c) 2021 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.