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Equity research in the automotive industry: valuation of BMW: BMW’s success at crossroads
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This work project “Equity Research – Valuation of BMW” analyzes BMW’s business within the automotive industry. Given a strong demand for BMW’s luxury cars, e.g. SUVs, we estimate further modest sales growth of 1.2%-1.6% in a challenging environment. However, this imposes potential fines for missing EU CO2 fleet emission target but also finance the necessary R&D and CAPEX needs to master the current sector trends. This results in a lower operating profitability in the future. Our valuation for BMW yields a price target of €75.52 for FY20, which results in a 7.4% total shareholder return and hence, a HOLD recommendation.
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Equity research Automotive industry BMW Valuation