Renault (RENA.PA): Outperforming expectations - but no one is looking

研报英文原文证据摘录

Renault (RENA.PA): Outperforming expectations - but no one is looking

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03 Aug 2026 00:00:17 ET │ 11 pages

Renault (RENA.PA)

Outperforming expectations - but no one is looking

CITI'S TAKE

Buy Renault 1H 26 EBIT margin of 5.2% clearly outperformed any buy-side

expectations for earnings - given the consensual fears of China OEM Price (31 Jul 26 17:30) €27.54

market share gains and European price deterioration. Clearly, investors Target price €38.00

have not rewarded Renault for the sustained higher RNO auto EBIT Expected share price return 38.0%

margins relative to history; for the leading BEV and E-Tech HEV Expected dividend yield 8.2%

positioning in Europe; for the sustainability of record high Renault Expected total return 46.2%

Mobilize EBIT; for the record net cash on the balance sheet (>€20 per

Market Cap €8,144M share net cash) and re-based €2.20 dividends (~8% yield); nor for the

US$9,388M management execution and focus on costs - which has protected RNO in

1H 26. RNO performance highlights how EU auto OEMs are simply being

ignored, at any valuation.

Harald C HendrikseAC

RNO 1H 26 was much better than real expectations - Of course, RNO 1H 26 EBIT +44-2075-0858-10

margin of 5.2% only MET the post pre-close EBIT margin consensus, but in the real harald.hendrikse@citi.com

world, we think very few investors believed that RNO would maintain guidance for Ross MacDonald

FY26E at this time. We are aware and admit that we would question the R&D +44-20-7986-7547

capitalisation of SDV (D&A in total was down ~€100m yoy - 40bps of margin, but ross.macdonald@citi.com

D&A > Capex & R&D on the cash flow), warranty movements, and/or Other

Soumava Banerjee

Operating expenses of €441m (of which €313m restructuring costs), but it was ever

+44-20-7986-4126

thus.