Analyst Note
| Richard Hilgert |No-moat-rated Renault announced its “Renaulution Strategy Plan 2020-2025+,” which expands on the company’s shift from volume to value. The plan has three stages: “Resurrection,” where margin and cash generation will be the focus to 2023; “Renovation” which emphasizes individual brands with product portfolio renewals up to 2025; and “Revolution” beyond 2025, when Renault aspires to be a leader in the new mobility value chain with a business model geared toward tech, energy, and mobility. The 5-star-rated shares of Renault currently trade at a 57% discount to our EUR 82 fair value estimate.