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Bayerische Motoren Werke AG ADR BMWYY

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PREMIUM

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PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

BMW Reports Solid Q2 Results but Tough Second Half Ahead; Maintaining EUR 131 FVE

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

Narrow-moat BMW reported second-quarter earnings per share before special items of EUR 4.95, EUR 0.65 ahead of the EUR 4.30 FactSet consensus and up EUR 5.30 from a loss of EUR 0.35 reported in the pandemic pummeled year-ago period. Consolidated revenue climbed 43% to EUR 28.6 billion on a 68% jump in industrial revenue, partially offset by a 40% decline in financial services. Consolidated profit before tax, excluding special items, was EUR 4.5 billion for a margin of 15.7%, substantially above management's 8%-10% targeted corridor, as China JV equity income and financial services both rebounded by more than 35%.

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Company Profile

Business Description

In addition to being one of the world's leading premium light-vehicle manufacturers, BMW Group produces BMW motorcycles and provides financial services. Premium light-vehicle brands include BMW, Mini, and ultraluxury brand Rolls-Royce. Operations include 31 production facilities in 15 countries, with a sales network reaching over 140 countries. In 2020, worldwide sales volume exceeded 2.3 million automobiles and more than 179,000 motorcycles.

Contact
Petuelring 130
Munich, BY, 80788, Germany
T +?49 893820
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 120,726

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