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Research Tree provides access to ongoing research coverage, media content and regulatory news on BAYERISCHE MOTOREN WERKE AG. We currently have 30 research reports from 1 professional analysts.
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BAYERISCHE MOTOREN WERKE AG
BAYERISCHE MOTOREN WERKE AG
Strong revenue growth, but EBIT margin down
20 Apr 17
Preliminary Q1 17 numbers show a revenue increase of a good 12% to €23.45bn, while EBIT increased by 7.7% to €2.65bn. As a result, the margin fell from 11.8% to 11.3%. Management has also released the margin for Automobiles, which fell from 9.4% to 9.0%. Simultaneously, pre-tax earnings increased by 27% to just above €3bn as a HERE revaluation gain added €183m, other financing income was up by €122m and as the at-equity contribution from the Chinese joint-venture was up by an undisclosed number.
Car deliveries +5.9% in March
12 Apr 17
The number reached 254,862 in the last month which gave a Q1 number of 587,237 (+5.3%). Deliveries of the Mini brand were up by almost 9% to 42,447 in the last month (+6.1% to 83,059 ytd) and those of the BMW brand by 5.3% to 212,093 and 5.2% to 503,445, respectively. Europe (+5.2% to 129,169) and China (+8.3% to 50,783) were the driving forces behind the above growth rates in March, whereas growth was more moderate in the Americas (+4.3% to 43,710). This is primarily the result of subdued growth in the USA (+3.5% to 36,002) where deliveries were hardly up in Q1 (+0.6% to 81,933). The models 7 (+75% to 7,134 in March) and X ranges were the driving forces behind the positive growth rates. Deliveries of X5 and X1 were both up by 21% to 17,678 and 26,759, while X3 saw the volume rising by 10% to 17,596. On the other hand, deliveries of the models 2, 3, 4, and 6 were all down. The changed product mix suggests that the ASP has possibly increased slightly, but we will only know once the Q1 numbers are released on 4 May.
Management hopes for a better 2017
21 Mar 17
BMW’s final 2016 accounts were, compared to what we had anticipated, slightly disappointing. We had said so when preliminary numbers were released earlier this month. Today’s guidance for 2017 shows slight growth in all categories, i.e. volume, revenue and consolidated pre-tax earnings are all projected to go up. Reading between the lines, the statement suggests that the EBIT margin generated by the Automobiles division is likely to fall further (it was down from 9.2% to 8.9% in 2016). Whether Financial Services can again increase its margin (it was up by 0.1pp to 8.4% last year) remains to be seen and will also depend on the price development of used vehicles.
Delivery growth has moderated further in February
10 Mar 17
The group delivered a total of 169,073 (+3.1%) cars in the last month which brought the ytd number to 332,369 (+4.9%). The split of the growth rates between BMW (+3.0% to 147,789) and Mini (+3.2% to 21,045) was pretty much similar in February and also ytd (+5.0% to 291,347 and +3.5% to 40,611).
2016 was good volume-wise, but not revenue- and profit-wise
09 Mar 17
BMW’s revenue and profit numbers have fallen in Q4. As a result, its full-year numbers came in below our expectations. The delivery volume was up by 5.3% to 2.37m vehicles while revenue increased by 2.2% to €94.2bn. The group released an operating profit of slightly less than €9.4bn (-2.2%) and net earnings of just above €6.9bn (+8.0%). We had expected an operating result €750m higher than the final one and net earnings of €7.26bn. Finally, management is proposing a dividend of €3.50 compared to last year’s €3.20 while we had foreseen €3.40. Final 2016 accounts will be released on 21 March.
Reasonable start to 2017
10 Feb 17
BMW delivered a total of 163,288 vehicles in January, of which 143,553 (+7.2%) BMW and 19,563 (+3.7%) Mini cars. Disproportionate volume growth was achieved in Asia (+12% to 66,719) and reasonable growth in Europe (+3.5% to 63,915). On the other hand, deliveries hardly changed in the Americas (+1% to 26,940). The group’s model 7 (+30% to 4,403) and X1 (+40% to 20,059) as well as the X5 (+23% to 14,739) were the driving forces behind the above growth rate. Simultaneously, the model 5, which is now being replaced, saw its volume falling by 14% to 22,144. Assuming the brand’s bread-and-butter models (e.g. 3, 5, X3, X5) will continue doing well or start recovering during the course of 2017, the group should be able to increase earnings further.
19 Apr 17
Lombard Risk Management* (LRM): Beats demanding growth and profit forecasts (CORP) | Frontier Developments* (FDEV): Steaming ahead (CORP) | Tax Systems* (TAX): Right place, right time (CORP) | Acal (ACL): Stronger H2 and brighter outlook (BUY) | Fenner (FENR): Interim results signal upgrades (BUY) | Minds + Machines* (MMX): US and Europe domain sales (CORP)
Small Cap Breakfast
24 Apr 17
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
Mature market growth still negative, despite beat in Q1
20 Apr 17
Unilever (ULVR LN, HOLD, T/P 3800p) released their Q1 trading statement this morning – Q1 underlying sales grew 2.9%. Turnover increased 6.1% to €13.3bn, in front of Bloomberg consensus of €13.2bn. Despite trading market conditions being described as tough, Unilever grew pricing by 3.0%, but saw volume declining 0.1%.