Renault: More agency than the market credits

研报英文原文证据摘录

Renault: More agency than the market credits

3 August 2026

Stephen Reitman

+44 20 7762 5535

European Automobiles & Components stephen.reitman@bernsteinsg.com

Renault SA Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Outperform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

RNO.FP 40.00 EUR (43.00 OLD)

Harry Martin, CFA

+44 20 7676 8965

harry.martin@bernsteinsg.com

Close Date 31 Jul 2026Considering the widespread concerns about aggressive Chinese imports undermining

pricing structures in Europe (Chinese brands achieved a 9.7% share of the West European RNO.FP Close Price (EUR) 27.26

passenger car market in 1H26, up from 5.2% in 1H25), Renault printed a solid set of 1H26 Price Target (EUR) 40.00

results, vouchsafing that the group has considerably more agency, leverage and volition over Upside/(Downside) 47%

its future than many credit it for and its low valuation multiples suggest. The data we track 52-Week Range 37.97/24.66

confirm Renault’s focus on the quality of its sales, the best way we believe to build long term EDME 1,611.67

brand value. In short, we think Renault punches well above its weight, and offers one of the FYE Dec

most credible counter narratives to that of the inevitable decline of European OEMs. Div Yield 8.1%

Market Cap (EUR) (M) 8,061

The European battleground Market share is a critical metric in highly competitive and EV (EUR) (M) (493.61)

capital intensive industries, and nowhere illustrates the fight for share more vividly than the Performance YTD 1M 6M 12M

domestic Chinese BEV market. Even market leader BYD, arguably one of the main instigators Absolute (%) (23.0) 8.7 (14.5) (16.7)