Financials BMW AG Deutsche Boerse AG

Equities

BMW3

DE0005190037

Auto & Truck Manufacturers

Market Closed - Deutsche Boerse AG Other stock markets 10:03:09 2024-07-16 am EDT			5-day change	1st Jan Change
82.7 ^EUR	-1.31%		+1.04%	-7.80%

Jul. 16	EU members give divided view on Chinese EV tariffs, sources say	RE
Jul. 16	Brussels may rethink China EV import tariffs for Volkswagen, BMW, sources say	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	47,120	46,621	57,499	53,582	63,947	55,903	-	-
Enterprise Value (EV) ¹	29,543	27,976	35,137	28,979	46,944	40,531	37,556	34,646
P/E ratio	9.79 x	12.6 x	4.71 x	3.05 x	5.7 x	5.38 x	5.42 x	5.27 x
Yield	3.42%	2.63%	6.55%	10.2%	5.95%	6.55%	6.51%	6.65%
Capitalization / Revenue	0.45 x	0.47 x	0.52 x	0.38 x	0.41 x	0.35 x	0.35 x	0.34 x
EV / Revenue	0.28 x	0.28 x	0.32 x	0.2 x	0.3 x	0.26 x	0.23 x	0.21 x
EV / EBITDA	2.2 x	2.55 x	1.77 x	1.28 x	1.71 x	1.62 x	1.51 x	1.31 x
EV / FCF	11.5 x	8.24 x	5.53 x	2.62 x	6.76 x	6.13 x	5.42 x	4.05 x
FCF Yield	8.69%	12.1%	18.1%	38.2%	14.8%	16.3%	18.4%	24.7%
Price to Book	0.82 x	0.78 x	0.72 x	0.57 x	0.65 x	0.58 x	0.54 x	0.51 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	88.88	88.88	88.88
Announcement Date	3/12/20	3/17/21	3/10/22	3/15/23	3/21/24	-	-	-

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	157,512	161,299	165,870
EBITDA ¹	13,428	10,969	19,895	22,565	27,456	24,977	24,952	26,432
EBIT ¹	7,411	4,830	13,400	13,999	18,482	15,989	15,629	15,980
Operating Margin	7.11%	4.88%	12.05%	9.82%	11.89%	10.15%	9.69%	9.63%
Earnings before Tax (EBT) ¹	7,118	5,222	16,060	23,509	17,096	15,753	15,685	16,052
Net income ¹	5,022	3,775	12,382	17,941	11,290	10,705	10,744	11,042
Net margin	4.82%	3.81%	11.13%	12.58%	7.26%	6.8%	6.66%	6.66%
EPS ²	7.470	5.730	18.77	27.31	17.67	16.53	16.39	16.86
Free Cash Flow ¹	2,567	3,395	6,354	11,071	6,942	6,610	6,926	8,546
FCF margin	2.46%	3.43%	5.71%	7.76%	4.46%	4.2%	4.29%	5.15%
FCF Conversion (EBITDA)	19.12%	30.95%	31.94%	49.06%	25.28%	26.46%	27.76%	32.33%
FCF Conversion (Net income)	51.12%	89.93%	51.32%	61.71%	61.49%	61.74%	64.46%	77.4%
Dividend per Share ²	2.500	1.900	5.800	8.500	6.000	5.824	5.790	5.915
Announcement Date	3/12/20	3/17/21	3/10/22	3/15/23	3/21/24	-	-	-

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	38,111	74,528	39,254	44,355	82,657	-	-
EBITDA ¹	-	-	4,171	5,179	5,570	-	5,876	5,940	-	6,606	-	6,534	6,653	-	6,791	-	6,480	6,118	-	-	-
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	4,111	8,095	4,098	4,102	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%	10.79%	10.86%	10.44%	9.25%	10.67%	-	-
Earnings before Tax (EBT) ¹	-	-	2,907	12,227	3,929	16,156	4,100	-	5,129	4,222	9,351	4,063	3,682	4,162	3,967	8,035	3,948	4,319	-	-	-
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	2,675	5,341	2,579	2,127	-	-	-
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%	7.02%	7.17%	6.57%	4.8%	-	-	-
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	3.923	-	4.132	3.563	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6.000	-	-	-	-	-	6.000
Announcement Date	8/5/20	8/3/21	3/10/22	5/5/22	8/3/22	8/3/22	11/3/22	3/15/23	5/4/23	8/3/23	8/3/23	11/3/23	3/21/24	5/8/24	-	-	-	-	-	-	-

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	15,372	18,347	21,257
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	2,567	3,395	6,354	11,071	6,942	6,610	6,926	8,546
ROE (net income / shareholders' equity)	8.75%	6.28%	18.3%	22.2%	12.8%	12.3%	10.9%	10.7%
ROA (Net income/ Total Assets)	2.41%	1.7%	5.55%	7.53%	4.54%	5.24%	5.26%	6.25%
Assets ¹	208,555	222,347	223,091	238,225	248,908	204,163	204,201	176,721
Book Value Per Share ²	89.30	92.40	124.0	146.0	154.0	154.0	164.0	173.0
Cash Flow per Share ²	16.10	20.10	24.10	39.30	30.20	31.70	30.10	28.50
Capex ¹	6,902	6,150	7,518	9,050	10,881	11,692	11,185	10,879
Capex / Sales	6.62%	6.21%	6.76%	6.35%	7%	7.42%	6.93%	6.56%
Announcement Date	3/12/20	3/17/21	3/10/22	3/15/23	3/21/24	-	-	-

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

88.88 EUR

Average target price

111.3 EUR

Spread / Average Target

+25.21%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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