(News Bulletin 247) – Stifel maintains its Hold recommendation on the BMW share and keeps its price target of 108E.
‘Profitability was slightly below market expectations’, begins the analyst for whom these profits contrast ‘with those of Mercedes, which were 12% higher’.
For Stifel, the 4th quarter EBIT margin was 8.5%, below consensus estimates.
However, the analyst tempers: ‘We understand that provisions increased in the 4th quarter, which implies that the quality of earnings was solid. ‘
And to underline: ‘a solid FCF of 1.2 billion euros (11.1 billion euros in 2022, ahead of the forecasts of >10 billion euros)’.
While BMW will provide guidance with the full report on March 15, Stifel forecasts an automotive margin of 8-10% for 2023.
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