Bayerische Motoren Werke AG

BMW: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€977.00	Crzjw	Vttryjyp

BMW Earnings: Waiting for Automotive Margins to Bottom Out

Aug 1, 2024

Narrow-moat BMW delivered flat revenue in the second quarter of EUR 36.9 billion, slightly missing the FactSet consensus of EUR 37.9 billion. Earnings per share declined 5.5% to EUR 4.15, in line with consensus. Management made no changes to its full-year outlook. We maintain our moat rating and fair value estimate of EUR 166 per share.

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