We believe Renault is the cleanest way to play European auto demand recovery; fuelled by improved consumer affordability, a constructive LCV market outlook and subsidies for small vehicle categories. New management are pulling the gear on the product cycle, where average age should reach decade lows in ''26. We therefore see Renault in the fast lane to achieve BEV/ICE margin parity and fend off growing competition. Cash is near all-time highs, with increasing distributions around the corner, and valuation is near all-time lows; an attractive entry point in our view. We initiate at Outperform with a EUR45 TP. RNO is our top pick within Mass Auto OEMs.