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BMW(A2/A): 4Q23 Results{BMW GR Equity}

CONSUMER CYCLICALS

Good results and outlook in line. Neutral for spreads.


• 4Q revenue beat consensus by 5%, with automotive revenue ahead by 2.5%.

• Operating income of €4.41bn beat by 13%.

• Automotive FCF of €6.94bn, 1% ahead of expectations.2024 forecast: 8-10% EBIT margin. Slight decrease in PBT and slight increase in deliveries appear in line with consensus.

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