Renault SA

RNO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€47.00	Nhgyq	Zhwpnxt

Renault Earnings: Negative Market Reaction Despite Solid Underlying Automotive Performance

Jul 25, 2024

In difficult trading conditions, Renault’s automotive division, which accounts for 90% of group revenue, delivered a solid set of results. However, shares sold off on results failing to meet consensus expectations and an ongoing poor performance from its associate, Nissan. We think this is an overreaction as there are a number of one-offs in this bottom-line figure. We are maintaining our fair value estimate at EUR 67 per share, however, we will be reviewing our forecast to incorporate the latest results from Nissan and the numerous divisional unbundlings currently underway at Renault

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