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Bayerische Motoren Werke AG ADR BMWYY

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BMW Raises Guidance, We Increase our Fair Value Estimate to EUR 134 from EUR 131

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Narrow-moat BMW, maker of premium Mini cars, BMW luxury passenger vehicles, and premium motorcycles, as well as ultraluxury Rolls-Royce cars, raised 2021 automotive segment EBIT margin guidance to a range of 9.5%-10.5% from 7%-9%, up 2 percentage points at the midpoint. While the microchip shortage and lingering COVID-19 effects have reduced output, the company allocates chips to production of higher contribution margin models, enrichening product mix. Also, because all automakers have produced much less than optimal volume for current demand, pricing for new and used vehicles has been strong.

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Company Profile

Business Description

In addition to being one of the world's leading premium light-vehicle manufacturers, BMW Group produces BMW motorcycles and provides financial services. Premium light-vehicle brands include BMW, Mini, and ultraluxury brand Rolls-Royce. Operations include 31 production facilities in 15 countries, with a sales network reaching over 140 countries. In 2020, worldwide sales volume exceeded 2.3 million automobiles and more than 179,000 motorcycles.

Petuelring 130
Munich, BY, 80788, Germany
T +?49 893820
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 120,726