BMW pre-released hardly surprising Q4 22, except for the dividend payment (14% above consensus). With BMW being one of the last OEMs to publish its FY22, all eyes are on the outlook for FY23 (publication 15 March). Considering the uncertainty about consumption in China and the rising probability of pressure on pricing ahead, we stick to our negative recommendation. We believe that the current valuation is outweighing the premium profile of the group as a hedge against an inflation-driven demand ....
