Bayerische Motoren Werke AG

BMW: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€747.00	Wkctyw	Zmnzxsvh

BMW Earnings: Slight First-Quarter Volume Growth Highlights Quiet Quarter

Brian Bernard ,

May 8, 2024

Narrow-moat-rated BMW reported mixed first-quarter results as modest top-line growth (excluding currency translation) was offset by profit margin pressure. Even so, this performance was generally in line with our expectations, and our long-term thesis is unchanged. Nevertheless, we increased our fair value estimate EUR 1 to EUR 166 due to the time value of money since our last update.

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