Renault SA

RNO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€39.00	Gvlg	Rgvywppd

Renault Earnings: Strong Execution in 2023 Drives Shares Higher

Richard Hilgert ,

Feb 16, 2024

No-moat-rated Renault reported very strong full-year 2023 earnings, increasing sales over 13% year over year while generating record operating margins and free cash flow. The French-listed shares reacted positively to results, up over 6.5% on Feb. 15 as the report provided further evidence that management will be able to execute against its previously outlined “Renaulution” turnaround plan. Shares trade at a compelling 55% discount to our unchanged EUR 88 per share fair value estimate.

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