Renault (AO) | Hold | Renault remains comfortable with FY26 guidance. Consensus is not

研报英文原文证据摘录

Renault (AO) | Hold | Renault remains comfortable with FY26 guidance. Consensus is not

Renault Hold | Target Price: EUR31.00

Company description Management

The Renault Group has a history streching back > 115 years. With a presence in Francois Provost, CEO

128 countries, the Group designs, produces, and markets Renault passenger cars Duncan Minto, CFO

and light commercial vehicles. It also manufactures Dacia vehicles, notably in Jean-Dominque Senard, non-executive Chairman

Romania, and Alpine cars in France. It invested early in BEVs (Zoe), with R4, R5 or Key shareholders

Scenic among its latest BEV products. The company also finances vehicles for Free float 63.40%

dealers and customers via Mobilize Financial Services, its fully owned financial French State 15.01%

subsidiary. Nissan Motor 15.00% Employees 2.91%

Investment case Valuation methodology

Renault has gone through a negative sequence of events in We use a multi-criteria valuation analysis for Renault, focusing

2025, notably the loss of key managers and an unexpected on P/E and various stub approaches. A DCF and SOP are used as

warning. New CEO Francois Provost opted for a conservative key back-ups.

2026 guide but ambitious mid-term targets.. European mass market prospects, fragmentation, relative size

Peak performance has probably been reached in 2024. Soft concerns partly explain the current weak metrics.

European markets, in France in particular, rising BEV A softening macro environment, rising rates and increased

penetration, increased competition from Chinese OEMs and direct Chinese competition also contribute to the negative

optimised mix make it difficult to improve margins further. sentiment on the shares.

Those remain at historically high levels. Risks to our rating