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After the storm, upgrade to Neutral

发布日期: 2026-06-22研究机构: BofA Global Research报告页数: 24原文语言: English证据页码: 1

研报英文原文证据摘录

Research Analyst BofA Europe (Frankfurt)

financial result and BMW’s strong balance sheet. We now expect Automotive EBIT +49 69 5899 5080

margin to trough at c2% in FY26e, before recovering only gradually to c5% by FY28e. horst.schneider@bofa.com

Stephen Benhamou >>

Research AnalystCMD in September: credibility of the recovery path is key BofASE (France)

The next catalyst is BMW’s CMD at the end of September, which should give new CEO 33 1 8770 0293

Milan Nedeljković the opportunity to reset the equity story. We do not expect a stephen.benhamou@bofa.com

revolutionary new target framework, but we would expect BMW to defend the 8%

Automotive EBIT margin ambition, likely with a pushed-out timeline towards 2030. We

think BMW needs to show where cost savings can still come from, despite already being Stock Data

one of the leanest OEMs; how Neue Klasse can compete in China without destroying

margins; and whether China overcapacity can be addressed. The CMD should also Price 59.74 EUR

provide an opportunity to highlight the high-margin potential of Alpina, and potentially a Price Objective 70.00 EUR

more ambitious productivity narrative around humanoid robotics. Date Established 22-Jun-2026

Investment Opinion B-2-8

Estimates (Dec) (EUR) 2024A 2025A 2026E 2027E 2028E 52-Week Range 58.76 EUR-97.92 EUR

EPS (Reported) 11.6 11.9 7.04 9.63 11.6 Mrkt Val / Shares Out (mn) 35,963 EUR / 602.0

EPS Change (YoY) -34.3% 2.3% -40.8% 36.8% 20.5% Average Daily Value (mn) 105.70 USD

Consensus EPS (Visible Alpha) 7.50 9.70 11.62

Free Float 49.8%

Dividend / Share 4.30 4.40 2.85 3.65 4.36

BofA Ticker / Exchange BAMXF / GER

Valuation (Dec)

P/E 5.14x 5.03x 8.48x 6.20x 5.14x Bloomberg / Reuters BMW GY / BMWG.DE

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