Financials BMW AG Deutsche Boerse AG

Equities

BMWB

US0727433056

Auto & Truck Manufacturers

Market Closed - Deutsche Boerse AG Other stock markets 02:38:01 2024-05-17 EDT			5-day change	1st Jan Change
31.6 ^EUR	-4.24%		-4.82%	-4.24%

05-17	BMW : RBC reaffirms its Neutral rating	ZD
05-17	EVs Capture 18% Share of South Korea's Car Imports in January-April Period	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,120	46,621	57,499	53,582	63,947	60,446	-	-
Enterprise Value (EV) ¹	29,543	27,976	35,137	28,979	46,944	43,606	39,801	38,145
P/E ratio	9.79 x	12.6 x	4.71 x	3.05 x	5.7 x	5.85 x	5.77 x	5.55 x
Yield	3.42%	2.63%	6.55%	10.2%	5.95%	6%	6.08%	6.32%
Capitalization / Revenue	0.45 x	0.47 x	0.52 x	0.38 x	0.41 x	0.38 x	0.37 x	0.36 x
EV / Revenue	0.28 x	0.28 x	0.32 x	0.2 x	0.3 x	0.28 x	0.24 x	0.23 x
EV / EBITDA	2.2 x	2.55 x	1.77 x	1.28 x	1.71 x	1.75 x	1.59 x	1.42 x
EV / FCF	11.5 x	8.24 x	5.53 x	2.62 x	6.76 x	6.36 x	5.7 x	4.65 x
FCF Yield	8.69%	12.1%	18.1%	38.2%	14.8%	15.7%	17.6%	21.5%
Price to Book	0.82 x	0.78 x	0.72 x	0.57 x	0.65 x	0.62 x	0.58 x	0.55 x
Nbr of stocks (in thousands)	658,122	658,863	659,685	645,288	640,854	632,585	-	-
Reference price ²	73.14	72.23	88.49	83.38	100.8	96.02	96.02	96.02
Announcement Date	20-03-12	21-03-17	22-03-10	23-03-15	24-03-21	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	104,210	98,990	111,239	142,610	155,498	158,120	162,488	167,104
EBITDA ¹	13,428	10,969	19,895	22,565	27,456	24,977	25,035	26,818
EBIT ¹	7,411	4,830	13,400	13,999	18,482	16,238	15,822	16,233
Operating Margin	7.11%	4.88%	12.05%	9.82%	11.89%	10.27%	9.74%	9.71%
Earnings before Tax (EBT) ¹	7,118	5,222	16,060	23,509	17,096	15,715	15,891	16,248
Net income ¹	5,022	3,775	12,382	17,941	11,290	10,552	10,591	10,858
Net margin	4.82%	3.81%	11.13%	12.58%	7.26%	6.67%	6.52%	6.5%
EPS ²	7.470	5.730	18.77	27.31	17.67	16.42	16.64	17.29
Free Cash Flow ¹	2,567	3,395	6,354	11,071	6,942	6,859	6,988	8,211
FCF margin	2.46%	3.43%	5.71%	7.76%	4.46%	4.34%	4.3%	4.91%
FCF Conversion (EBITDA)	19.12%	30.95%	31.94%	49.06%	25.28%	27.46%	27.91%	30.62%
FCF Conversion (Net income)	51.12%	89.93%	51.32%	61.71%	61.49%	65.01%	65.98%	75.62%
Dividend per Share ²	2.500	1.900	5.800	8.500	6.000	5.764	5.841	6.070
Announcement Date	20-03-12	21-03-17	22-03-10	23-03-15	24-03-21	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	43,225	55,360	28,408	31,142	34,770	65,912	37,176	39,522	36,853	37,219	74,072	38,458	42,968	36,614	38,828	74,907	38,928	44,201	82,657	-	-
EBITDA ¹	-	-	4,171	5,179	5,570	-	5,876	5,940	-	6,606	-	6,534	6,653	-	6,829	-	6,514	6,197	-	-	-
EBIT ¹	709	8,030	2,487	3,391	3,426	6,817	3,682	3,500	5,375	4,343	9,718	4,352	4,412	4,054	4,314	8,332	4,002	4,054	8,823	-	-
Operating Margin	1.64%	14.51%	8.75%	10.89%	9.85%	10.34%	9.9%	8.86%	14.58%	11.67%	13.12%	11.32%	10.27%	11.07%	11.11%	11.12%	10.28%	9.17%	10.67%	-	-
Earnings before Tax (EBT)	-	-	2,907	12,227	3,929	16,156	4,100	-	5,129	4,222	9,351	4,063	3,682	4,162	-	-	-	-	-	-	-
Net income ¹	-	-	2,238	10,141	3,047	13,232	3,175	2,179	3,420	2,958	6,620	2,931	2,388	2,791	2,819	-	2,596	2,170	-	-	-
Net margin	-	-	7.88%	32.56%	8.76%	20.08%	8.54%	5.51%	9.28%	7.95%	8.94%	7.62%	5.56%	7.62%	7.26%	-	6.67%	4.91%	-	-	-
EPS ²	-	11.50	3.390	15.33	4.300	19.63	4.250	3.430	5.310	4.390	-	4.200	3.770	4.420	4.760	-	3.490	4.020	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6.000	-	-	-	-	-	6.000
Announcement Date	20-08-05	21-08-03	22-03-10	22-05-05	22-08-03	22-08-03	22-11-03	23-03-15	23-05-04	23-08-03	23-08-03	23-11-03	24-03-21	24-05-08	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	17,577	18,645	22,362	24,603	17,003	16,840	20,645	22,301
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,567	3,395	6,354	11,071	6,942	6,859	6,988	8,211
ROE (net income / shareholders' equity)	8.75%	6.28%	18.3%	22.2%	12.8%	12.3%	10.9%	11%
ROA (Net income/ Total Assets)	2.41%	1.7%	5.55%	7.53%	4.54%	5.1%	5.29%	6.21%
Assets ¹	208,555	222,347	223,091	238,225	248,908	206,763	200,070	174,804
Book Value Per Share ²	89.30	92.40	124.0	146.0	154.0	154.0	165.0	174.0
Cash Flow per Share ²	16.10	20.10	24.10	39.30	30.20	31.70	30.10	28.90
Capex ¹	6,902	6,150	7,518	9,050	10,881	11,317	11,115	10,904
Capex / Sales	6.62%	6.21%	6.76%	6.35%	7%	7.16%	6.84%	6.53%
Announcement Date	20-03-12	21-03-17	22-03-10	23-03-15	24-03-21	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BMW AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

96.02 EUR

Average target price

113.4 EUR

Spread / Average Target

+18.10%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
TOYOTA MOTOR CORPORATION	+32.64%	291B
MERCEDES-BENZ GROUP AG	+8.81%	75.8B
VOLKSWAGEN AG	+7.69%	71.75B
GENERAL MOTORS COMPANY	+27.39%	52.31B
FORD MOTOR COMPANY	+0.66%	49.43B
TATA MOTORS LIMITED	+21.13%	41.1B
HYUNDAI MOTOR COMPANY	+19.90%	39.91B
MAHINDRA & MAHINDRA LIMITED	+45.40%	31.64B
GREAT WALL MOTOR COMPANY LIMITED	+47.34%	27.9B

Other Auto & Truck Manufacturers