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Renault SA RNO

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Morningstar’s Analysis

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Renault Adds to May 2020 Restructuring Plan With 'Renaulution' Strategy: Maintain EUR 82 Fair Value

Richard Hilgert Senior Equity Analyst

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.

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Company Profile

Business Description

Renault possesses a global alliance of automotive manufacturing, financing, and sales operations. The company's alliance partners consist of AvtoVAZ (61.09%), Dacia (99.4%), Nissan (43.7%), Renault Samsung Motors (80.0%), Mitsubishi (Nissan owns 34%) and Daimler (3.1%, 1.55% owned by each of Renault and Nissan). Total 2019 Renault-Nissan alliance sales volume (excluding Daimler) of 10.2 million vehicles makes the alliance the third largest light-vehicle group in the world, behind Volkswagen at 11.0 million and Toyota at 10.7 million vehicles sold.

13-15, quai Le Gallo, Boulogne
Billancourt, 92100, France
T +33 176840404
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings
Fiscal Year End Dec 31, 2019
Stock Type
Employees 183,002