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CONSUMER CYCLICALS: BMW (BMW A2/A/NR): 2Q24 Results

CONSUMER CYCLICALS

Marginal negative on disappointing margins. If BMW is correct on China stabilising it will be a relief to the sector.

  • BMW revenue missed consensus by 3%. Strong growth in BEV continues. China remains weak, as per other OEMs.
  • Automotive EBIT margin slightly lower than expected at 8.4% (c 8.8%). Group EBIT missed expectations marginally.
  • FCF was €1bn, 20% better than consensus. Automotive net financial assets showed seasonal decline to €9bn. Nothing unexpected here.
  • FY24 outlook unchanged. It expects China to stabilise in 3Q.
  • Webcast 09.15 BST https://bmw-group-h1-media-and-analyst-call-aug-2024.open-exchange.net/registration

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