With the FY22 figures already known, all eyes were on a realistic FY23 outlook which came in line with expectations overall. BMW is accelerating the electrification of its portfolio and should offset the margin headwinds with a focus on its highest-end model. Price parity for BEVS is unlikely before the arrival of the BEV-native platform. Buybacks are part of the strategy. While we continue to like the BMW’s equity story, we maintain our negative recommendation seeing the current valuation as to ....
