Reported Earnings • Jul 31
First half 2026 earnings released: EPS: €2.39 (vs €40.90 loss in 1H 2025) First half 2026 results: EPS: €2.39 (up from €40.90 loss in 1H 2025). Revenue: €30.3b (up 9.5% from 1H 2025). Net income: €705.0m (up €11.9b from 1H 2025). Profit margin: 2.3% (up from net loss in 1H 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Auto industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Jul 31
Renault Sa Provides Earnings Guidance for the Financial Year 2026 Renault SA provided earnings guidance for the financial year 2026. For the year, the company expects Group operating margin around 5.5% of Group revenue. Announcement • Jul 29
Renault Group Refers Case to Criminal Court Renault Group acknowledged the order referring the case to the criminal court in the context of the judicial investigation opened in Paris on January 12, 2017, regarding some older-generation Diesel vehicles. The operating limits of the emission control systems strictly reconcile emissions reduction with driver safety. Renault vehicles have all and always been type-approved in accordance with all applicable French and European regulations. The order itself acknowledges that Renault vehicles are not equipped with fraudulent devices designed to detect the type-approval testing cycle. This has recently been confirmed by the London High Court of Justice, which dismissed all claims brought against Renault at the instigation of foreign hedge funds that are also participating in these French proceedings in the cynical hope of a financial gain. Renault Group will defend its innocence, as well as the professionalism and ethics of its 100,000 employees, before the criminal court. Announcement • Jul 12
Renault Group Succeeds in Diesel Emissions Litigation Renault Group has been found in favour by the High Court of Justice which handed down its liability judgment in the London diesel emissions litigation. In an extensive ruling, culminating years of proceedings involving thousands of pages of submissions, dozens of experts’ reports and witness statements, as well as a several months’ long trial, the High Court rejected all claims against Renault. Renault Group stated that its vehicles have been and are designed, engineered, and manufactured in accordance with all applicable regulatory requirements. Renault Group will now pursue the recovery of its legal costs from the large institutional insurers and hedge funds who backed these claims in the hope of a financial gain. Announcement • Jul 02
Renault Group Announces Management Changes Renault Group announced the appointment of Quitterie de Pelleport, currently Chief Legal Officer, as General Secretary, effective from July 1, 2026. Under Quitterie de Pelleport's leadership, the General Secretariat brings together the following functions and activities: Legal, Audit, Risk, Ethics Compliance, Prevention and Protection, Sustainability, Strategic Partnerships, Defense activities, and Circular Economy activities The Future Is Neutral. In addition, following the departure of Josep-Maria Recasens, Regie Nationale des Usines Renault SA also announced the appointment of Sandra Gomez as Chief Product Program Officer. Sandra Gomez and Saad Khaled, Chief Strategy Officer, will both report to Francois Provost. Regie Nationale des Usines Renault SA finally announced the appointment of Francois Lavernos as Chief Information Digital Officer, reporting to Francois Provost. This appointment follows the departure of Frederic Vincent, who is leaving the Group to focus on personal projects. Quitterie de Pelleport began her career in 2000 in law firms in Paris (Kramer Levin Naftalis Frankel, and DLA Piper). After more than seven years in law firms, she joined Rhodia in 2008 as Mergers Acquisitions lawyer. In 2010, she was appointed General Counsel for the Asia-Pacific region, based in Shanghai. Following the merger between Rhodia and Solvay in 2014, she moved to Belgium, successively serving as Deputy General Counsel, then Group General Counsel in 2017, also overseeing Compliance and MA. Since February 2021, Quitterie is Chief Legal Officer, Secretary of the Board of Directors, and a member of Renault Group's Leadership Team. Upcoming Dividend • May 01
Upcoming dividend of €2.20 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 12 May 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (4.6%). Reported Earnings • Mar 23
Full year 2025 earnings released: €39.99 loss per share (vs €2.76 profit in FY 2024) Full year 2025 results: €39.99 loss per share (down from €2.76 profit in FY 2024). Revenue: €57.9b (up 3.0% from FY 2024). Net loss: €10.9b (down €11.7b from profit in FY 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Auto industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • Mar 09
Renault SA, Annual General Meeting, Apr 30, 2026 Renault SA, Annual General Meeting, Apr 30, 2026. Location: la seine musicale ile seguin, boulogne billancourt France New Risk • Mar 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (5.3% average weekly change). New Risk • Mar 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Declared Dividend • Feb 23
Dividend of €2.20 announced Dividend of €2.20 is the same as last year. Ex-date: 8th May 2026 Payment date: 12th May 2026 Dividend yield will be 6.8%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (53% cash payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Feb 23
Renault SA (ENXTPA:RNO) signed a binding agreement to acquire remaining 55% stake in Flexis SAS from AB Volvo (publ) (OM:VOLV B) and CMA CGM S.A. Renault SA (ENXTPA:RNO) signed a binding agreement to acquire remaining 55% stake in Flexis SAS from AB Volvo (publ) (OM:VOLV B) and CMA CGM S.A. on February 23, 2026. The agreement provides for Renault Group to acquire Volvo Group’s and CMA CGM Group’s respective stakes in Flexis (45% and 10%). Under this agreement, Renault Group will acquire full ownership of Flexis and carry the project through to completion, which will remain firmly rooted in France.
It could become effective by the end of the first half of 2026, subject to approval by the competition authorities. This agreement remains subject to the completion of all regulatory approval processes. Reported Earnings • Feb 20
Full year 2025 earnings released Full year 2025 results: Revenue: €57.9b (up 3.0% from FY 2024). Net loss: €10.9b (down €11.7b from profit in FY 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Auto industry in Europe. Announcement • Feb 19
Renault SA Announces Board Changes The Board of Directors of Renault, during its meeting held February 18, 2026, decided, upon recommendation of the Governance and Compensation Committee, to propose to the Shareholders’ General Meeting of April 30, 2026, the appointment of Marie-José Donsion as an independent director for a four-year period. She will succeed Pierre Fleuriot, whose term of office expires at the end of the Shareholders' General Meeting,
and will join the Audit and Risks Committee in view of her expertise in accounting and financial matters. The role of Lead Independent Director, currently held by Pierre Fleuriot, will be entrusted, at the end of the Shareholders' General Meeting, to Bernard Delpit (Chairman of the Audit and Risks Committee). The latter and Annette Winkler (Chairwoman of the Strategy and Sustainability Committee) will join the Governance and Compensation Committee, whose chairmanship will be entrusted to Armelle de Madre. In addition, in order to comply before June 30, 2026 with the new European regulation on the balanced representation of women and men among the directors representing employees, Sebastien Jacquet has announced his decision to leave his seat to a woman who will be appointed in May in accordance with the terms and conditions set out in the Company's bylaws, the amendment of which will be proposed to the Shareholders’ General Meeting of April 30, 2026 to take into account this new regulation. Announcement • Jan 28
Renault Trucks Europe Announces Senior Vice President Changes, Effective February 1, 2026 Renault Trucks Europe, a subsidiary of Renault SA, has named Carlos Rodrigues as its new senior vice president, effective from February 1, 2026. Rodrigues, who was previously managing director for UK and Ireland, will head the European division, succeeding Christophe Deshayes. Rodrigues will manage the appointment of a new managing director for the UK and Ireland market. Board Change • Dec 07
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Bernard-Pierre Delpit was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 17
Renault Group Appoints Josep Maria Recasens as Chief Strategy, Product & Program Management Officer, Effective November 17, 2025 Renault Group announced the appointment of Josep Maria Recasens as Chief Strategy, Product & Program Management Officer (SPPM), effective November 17, 2025. This change is part of a drive to simplify the organisation in order to increase its agility and speed. Reporting to François Provost, CEO of Renault Group, and as a member of the Leadership Team, Josep Maria Recasens will be responsible for defining the strategy to maintain the Group’s positive momentum, guiding product choices for the coming years and coordinating the implementation to ensure the success of the future line-up. In addition to his new role, Recasens will remain CEO of the Iberian Peninsula countries. He will continue as CEO of Ampere until the transformation work is finalised. Josep Maria Recasens has a rich career in the automotive industry. With a degree in engineering and an MBA, he started at SEAT S.A. in 2002, where he held various positions in the areas of R&D, product planning and international project management, before being appointed Director of Strategy, General Secretary and Director of Public Affairs. In June 2021, he joined Renault Group as Director of Strategy and Business Development. In this context, he supported the implementation of the Renaulution strategy and contributed to the deployment of the partnership strategy. On February 1, 2023, he was appointed Chief Strategy Officer, member of the Renault Group Leadership Team, and became Country Director, Iberia. At the time of Ampere's creation on November 1, 2023, Josep Maria Recasens took the position of Chief Operating Officer of Ampere, before becoming CEO in 2025, driving the transformation towards electric and software mobility. Reported Earnings • Aug 01
First half 2025 earnings released: €40.90 loss per share (vs €4.74 profit in 1H 2024) First half 2025 results: €40.90 loss per share (down from €4.74 profit in 1H 2024). Revenue: €27.6b (up 2.5% from 1H 2024). Net loss: €11.2b (down €12.5b from profit in 1H 2024). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Auto industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • Jul 29
Cooper Standard Showcases Sustainable Sealing on Renault Group's Embleme Demo Car Cooper Standard announced its collaboration with Renault Group on the Renault Embleme project, an eco-conscious family demo car that aims to reduce CO2 emissions over its lifecycle. The groundbreaking project integrates two of Cooper Standard's low-carbon, high-performance vehicle innovations: the FlexiCore thermoplastic body seal; and FlushSeal sealing system. As part of this collaboration, Cooper Standard successfully transitioned from a traditional rubber-plus-metal sealing design to a 100% thermoplastic solution using its FlexiCore thermoplastic Body seal. This shift enables a lighter, more sustainable vehicle architecture that significantly reduces CO2 emissions associated with production. Additionally, the seal is fully recyclable, making it a major advancement in both material efficiency and environmental impact. The Embleme demo car also incorporates Cooper Standard's FlushSeal sealing system, which was originally introduced in 2019 in collaboration with Renault. This easy to install system features Cooper Standard's next generation aerodynamic design with enhanced window guidance and offers material flexibility with lightweight options. The Embleme project is the first time Cooper Standard has validated the use of a fully colored visible surface on an automotive door seal using its FlexiCore thermopastic body seal. This innovation opens new doors for aesthetic customization in vehicle interiors, enhancing brand differentiation and design flexibility for automakers. In addition, Cooper Standard's FlushS Seal sealing system enables the styling trend known as flush glass or flush glazing. This innovation merges style with cutting-edge technology to improve both vehicle appearance and performance. New Risk • Jul 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 4.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €34.21, the stock trades at a trailing P/E ratio of 12.1x. Average forward P/E is 7x in the Auto industry in Europe. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €53.95 per share. Announcement • Jul 16
Renault S.A. Appoints Duncan Minto as Interim Chief Executive Officer, Effective as of July 15, 2025 The Board of Directors of Renault Group has decided to appoint, as of July 15, 2025, Duncan Minto as Chief Executive Officer of Renault S.A., for an interim period until the appointment of the new Chief Executive Officer. Currently CFO of Renault Group, Duncan Minto will ensure the day-to-day management of the company alongside Jean-Dominique Senard, who will hold the position of Chairman of Renault s.a.s., the operating company of the Group, during this period. Since 1997 in the Group, Duncan has a solid experience in finance and a deep understanding of the issues at stake. The selection process for the new Chief Executive Officer of Renault S.A. is already well underway, overseen by the Governance and Remuneration Committee of the Board of Directors. Born in 1975, Duncan Minto graduated from the University of St Andrews in Scotland. Duncan Minto joined Renault Group in the UK in 1997. In 2001, he joined the Group’s Finance Department in France, where he was in charge of investor relations. He was then appointed Finance Director of Renault-Nissan Portugal in 2006, before becoming Managing Director of Renault Ireland in 2012, then CFO of the Group’s Asia-Pacific region in 2013. In 2017, Duncan Minto was promoted to VP Finance, Group Control Analysis. He was then appointed CFO of Dacia in 2022, before becoming CFO of the Alpine brand in 2023. On March 1, 2025, he was appointed Chief Finance Officer of Renault Group and became a member of the Leadership Team. Announcement • Jun 17
Renault Announces Departure of CEO Luca de Meo Effective Mid-July Renault announced that CEO Luca de Meo is leaving the French carmaker to pursue a role outside the auto industry. De Meo, who joined Renault from Volkswagen in 2020, turned around the troubled French automaker during his five years at the helm. He overhauled its strategic alliance with Nissan, doubled down on hybrid motors, and shifted towards electric vehicles. De Meo launched wide-ranging cost cuts that sharply reduced headcount and production capacity worldwide, turning the firm into a smaller but nimbler company. He also reshaped Renault's relationship with Japan's Nissan. De Meo will leave Renault in mid-July. Announcement • Jun 16
Nissan Reportedly Plans to Cut Stake in Renault to 10% Nissan Motor Co., Ltd. (TSE:7201) Chief Executive Officer Ivan Espinosa said that the company plans to reduce the automaker's stake in French partner Renault SA (ENXTPA:RNO), the Nikkei business newspaper reported on June 16, 2025. Nissan and Renault had said in March they had agreed to reduce their required minimum stake in each other to 10% from 15%. Under their agreement, any share sale has to be coordinated with the other party and includes a right of first-refusal. Selling a 5% stake in Renault would raise about JPY 100 billion ($640 million) at current share prices, funds Nissan plans to use for new vehicle development amid challenging business conditions, the Nikkei said. Nissan currently holds 15% of the French company, according to LSEG data. The news comes as Renault said on Sunday that boss Luca de Meo is leaving the car maker to pursue a role outside the auto industry. "We are bringing down our cross-shareholdings in order to invest in vehicles," the newspaper quoted Espinosa as saying in an interview. Upcoming Dividend • May 02
Upcoming dividend of €2.20 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 12 May 2025. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Italian dividend payers (5.6%). In line with average of industry peers (5.2%). Announcement • Feb 26
Renault SA, Annual General Meeting, Apr 30, 2025 Renault SA, Annual General Meeting, Apr 30, 2025. Location: la seine musicale ile seguin, boulogne billancour France Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: €2.76 (vs €8.11 in FY 2023) Full year 2024 results: EPS: €2.76 (down from €8.11 in FY 2023). Revenue: €56.2b (up 7.4% from FY 2023). Net income: €752.0m (down 66% from FY 2023). Profit margin: 1.3% (down from 4.2% in FY 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Auto industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 21
Renault SA announces Annual dividend, payable on May 12, 2025 Renault SA announced Annual dividend of EUR 2.2000 per share payable on May 12, 2025, ex-date on May 08, 2025 and record date on May 09, 2025. Announcement • Feb 20
Renault Group Announces Board and Committee Changes Renault Group continues the renewal of its Board of Directors with the arrival of new directors, thereby expanding its expertise and increasing its gender diversity. The Board of Directors of Renault, during its meeting held on February 19, 2025 announced that Marie-Annick Darmaillac, independent director, whose term expires at the end of the General Meeting, and Catherine Barba, independent director, who has decided to end her term early at the end of the General Meeting scheduled on April 30, 2025, given the evolution of her various professional commitments, including the recent launch of her new entrepreneurial venture, Envi. The company also replacing Yu Serizawa, director, whose term expires, and Joji Tagawa, director, who has decided to end his term early. Furthermore, the company replacing Thomas Courbe, director whose term expires. The members of the Board of Directors and its Chairman warmly thank Marie-Annick Darmaillac, Catherine Barba, Yu Serizawa, Thomas Courbe and Joji Tagawa for their contributions to the life of the Board of Directors and its Committees over the past year. Buy Or Sell Opportunity • Feb 19
Now 22% undervalued Over the last 90 days, the stock has risen 26% to €51.24. The fair value is estimated to be €65.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Announcement • Feb 13
Hon Hai Chairman Denies Intention to Acquire Nissan Hon Hai Precision Industry Co., Ltd. (TWSE:2317) plans to collaborate with Nissan Motor Co., Ltd. (TSE:7201) rather than acquire the Japanese automaker, Chairman Young Liu said on 12 February 2025. Nissan and Honda Motor Co. are among several companies Hon Hai has contacted about possible collaboration, Liu told reporters at the Taiwanese company's headquarters in New Taipei City, according to Taiwanese broadcaster TVBS. The comments by Liu come as the two Japanese automakers are expected to terminate their merger talks. Liu said his company would not produce Hon Hai brand cars but provide contract services for vehicle design and manufacturing. He said that Hon Hai has held talks with French automaker Renault SA (ENXTPA:RNO) to buy its stake in Nissan, adding that the talks have focused on collaboration rather than acquiring Nissan shares. Announcement • Feb 11
Renault Group Announces Management Changes Renault Group announced that Bruno Laforge, currently Chief Human Resources Officer within Capgemini, will join the company, as Chief Human Resources Officer starting April 1st, 2025. He will succeed François Roger and will be a member of the Leadership Team. Bruno Laforge, 56, has spent most of his career in Human Resources, in various tech-centric sectors (Digital Services Companies, Pharmaceuticals, Oil & Gas, Automotive). During these years spent in fast-moving and technologically advanced fields, Bruno has worked on talent and organizational development, making him an expert in skills and business transformation. With extensive experience in tech, R&D and industrial companies, Bruno has worked in the energy sector as Vice President of Human Resources and Head of Mergers and Acquisitions. He then joined the pharmaceutical industry and Sanofi where he successively held, for 12 years, the position of VP HR in R&D, the position of SVP HR of the Vaccines BU, then that of SVP Europe, and finally SVP, Chief Human Resources Officer & CSR with a view to a new organization of the chemical industry. He is currently Chief Human Resources Officer within Capgemini, a company he joined at the beginning of 2023, to lead its transformation. Announcement • Jan 21
Renault Group Announces CFO Changes Renault Group announced that Duncan Minto will become the company’s new Chief Financial Officer, effective March 1st, 2025, replacing Thierry Piéton. Thierry Piéton has decided to take up a new professional challenge, to be announced shortly. His departure from the company will take effect on 28 February 2025. Duncan Minto is currently Chief Financial Officer of Alpine, a position he has held since October 2023. He will be a member of the Leadership Team, reporting to Luca de Meo, CEO of Renault Group. New Risk • Dec 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10.0% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Announcement • Dec 24
Nissan Motor Co., Ltd. (TSE:7201) signed Memorandum of Understanding to acquire Honda Motor Co., Ltd. (TSE:7267) from a group of shareholders. Nissan Motor Co., Ltd. (TSE:7201) signed Memorandum of Understanding to acquire Honda Motor Co., Ltd. (TSE:7267) from a group of shareholders on December 23, 2024. In case of termination of transaction, both party will pay a termination fee of ¥100 billion. The transaction has been approved by the board of Honda Motor Co., Ltd. and Nissan Motor Co., Ltd. and is pending there shareholders approval and is expected to complete in August 2026. Mizuho Securities Co., Ltd. and BofA Securities, Inc. acted as financial advisor to Nissan Motor Co., Ltd. whereas Nomura Securities Co., Ltd. acted as financial advisor to Honda Motor Co., Ltd. Announcement • Dec 23
Foxconn Interest in Nissan Said on Hold Amid Honda Merger Talks Hon Hai Precision Industry Co., Ltd. (TWSE:2317) the Taiwan-based manufacturer of iPhones known as Foxconn, is putting its interest in pursuing Nissan Motor Co., Ltd. (TSE:7201) on hold while the Japanese automaker is in negotiations for a potential merger with Honda Motor Co., Ltd. (TSE:7267), according to a person familiar with the matter. The decision to pause comes after Foxconn sent a delegation to meet with Renault SA (ENXTPA:RNO) — which owns 36% of Nissan and will have a say in any tie-up — in France, people with knowledge of the matter said. Announcement • Dec 03
Aramco Asia Singapore Pte Ltd. completed the acquisition of 5% stake in Horse Powertrain Limited from Renault SA (ENXTPA:RNO). Aramco Asia Singapore Pte Ltd. signed a definitive agreement to acquire 5% stake in Horse Powertrain Limited from Renault SA (ENXTPA:RNO) on June 28, 2024. As a part of acquisition, Aramco will acquire a 10% equity interest in Horse Powertrain Limited in equal parts from Renault Group and Geely, which will each retain 45% equity stakes. The price to be paid by Aramco at closing, will be based on a €7.4 billion enterprise valuation. The agreements also include collaboration arrangements for Aramco and Valvoline on technologies, fuels, and lubricants to collectively improve the performance of HORSE Powertrain Limited internal combustion engines (ICE).
The transaction is subject to customary closing conditions including the receipt of regulatory approvals. The investment will enhance Aramco’s contribution to the global energy transition through the development and commercialization of more sustainable mobility solutions. The investment by Aramco will support the growth of HORSE Powertrain limited and contribute to the development of competitive powertrains and synthetic fuel solutions. HORSE Powertrain Limited is expected to have an annual production of five million powertrain units, encompassing a complete portfolio of advanced powertrain technologies for partners around the world. The transaction is expected to close by the end of 2024. Compagnie Financière Lazard Frères SAS acted as financial advisor to Renault SA. Victor Gelli Cavalcanti of Mattos Filho has acted as legal advisor Aramco Asia Singapore Pte Ltd. EY Saudi Arabia acted as financial advisor to Aramco Asia Singapore Pte Ltd.
Aramco Asia Singapore Pte Ltd. completed the acquisition of 5% stake in Horse Powertrain Limited from Renault SA (ENXTPA:RNO) on December 2, 2024. As part of the transaction, Aramco and affiliate Valvoline Global Operations will collaborate with Horse Powertrain on innovations in ICE technology, fuels, and lubricants. The Board of Directors of Horse Powertrain is now composed of seven members: (a) Three directors from Geely: Daniel Donghui Li (Vice Chairman of Geely Auto and CEO, Geely Holding) will become Chairman of the Board, Jerry Gan (CEO, Geely Auto Group) and Andy An (President, Geely Holding and Chairman, Geely Auto Group) (b) Three directors from Renault Group: François Provost (Chief Procurement, Partnerships, and Public Affairs Officer at Renault Group), Thierry Charvet (Chief Industry and Quality Officer at Renault Group), and Denis Le Vot (CEO, Dacia and Chief Supply Chain Officer at Renault Group), and (C) One director from Aramco: Ali A. Al Meshari (Aramco Senior Vice President of Technology Oversight & Coordination). Announcement • Sep 03
Renault Group Appoints Christian Stein as Chief Communications Officer, Effective 16 September 2024 From 16 September, 2024, Christian Stein will take over as Chief Communications officer at Renault Group, replacing Stéphanie Cau, who is leaving the company. Reporting to Luca de Meo, CEO of Renault Group, he will be responsible for communications for all the Group's activities. Renault Group is accelerating and injecting its spirit of innovation into its strategic approach, in new ranges and technologies. Drawing on his extensive experience in the industry, Christian will play a key role in continuing the Group's transformation into the most progressive European automotive company in an industry undergoing profound change. To achieve this, he will be supported by a renewed team with recognised experience in communications and driven by the same passion: to promote the company, its expertise and its historic turnaround, its horizontal approach and its products, to all target audiences. Christian Stein began his career in 1991 at PSA, where he stayed until 2011, taking on increasing responsibilities within the sales and marketing department. During these years, he worked and lived between Belgium, France, Spain and the UK, gaining experience at both central and national level. In 2011, he joined the Volkswagen Group as Global Marketing Director for the SEAT brand, before taking up the position of Global Communications and Public Affairs Director for SEAT S.A. and its SEAT and CUPRA brands from 2015. After more than 20 years abroad, Christian Stein returned to France in November 2020 when he joined Renault Group as Director of Brand Communications, before becoming Director of Revenue & Customer Experience at Ampere in November 2023. Reported Earnings • Jul 26
First half 2024 earnings released: EPS: €4.74 (vs €7.70 in 1H 2023) First half 2024 results: EPS: €4.74 (down from €7.70 in 1H 2023). Revenue: €27.0b (flat on 1H 2023). Net income: €1.29b (down 38% from 1H 2023). Profit margin: 4.8% (down from 7.8% in 1H 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Auto industry in Europe. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Jul 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.7% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Announcement • Jul 18
Renault Group Announces Executive Changes Renault Group announced that as of September 1, 2024, Philippe Krief will be appointed Chief Technology Officer of Renault Group, in parallel with his current duties within the Alpine brand. He will take over from Gilles Le Borgne, who has been appointed to a strategic advisory role to the CEO. As Renault Group Chief Technology Officer, reporting to CEO Luca de Meo, Philippe will manage all Group engineering activities and resources. He will be able to draw on his extensive experience in this field, in particular his experience as Director of Engineering at Ferrari. Philippe Krief's mission will be to lead and shape a team that anticipates and, above all, creates, identifying the innovations and products of tomorrow, with the key challenge of developing the next intelligent vehicles in record time, ahead of the competitors. As CEO of Alpine, Philippe has devoted the last 12 months to implementing the brand's strategy, and to the arrival of the new Alpine range of vehicles, embodied by the A290 and the soon-to-be-released GT crossover. With him, the brand has also accelerated the development of its next platform dedicated to high-performance 100% electric vehicles. Under his impetus, Alpine has embraced hydrogen power with its Alpenglow Hy4 prototype, a true demonstrator of innovative hydrogen engine technology. A graduate of the Ecole Nationale Supérieure de Techniques Avancées, Philippe Krief has worked on a wide range of models, from the B-segment to cars worth several million euros. After starting out at Michelin, he continued his career with the Fiat Group, before moving on to Ferrari and then Maserati, as Vehicle Department Director and Technical Director of the Alfa Romeo brand respectively. Returning to Ferrari in June 2016, Philippe Krief takes on the role of Director of Engineering. He was appointed Director of Engineering and Product Performance for the Alpine brand on February 21, 2023, before becoming CEO. Announcement • Jul 10
Renault Group Appoints Thibault Paland as Managing Director of Renault Commerce Morocco and Head of the Dacia Brand in Morocco Martin Thomas, CEO of Mobilize Financial Services, announced that Thibault Paland, CEO of Mobilize Financial Services France, joins Renault Group as Managing Director of Renault Commerce Morocco and Head of the Dacia brand in Morocco. Thibault Paland, born in 1972, is a graduate of the Ecole Supérieure de Gestion et Finances. He began his career with the group in 1997, working in the field with DIAC teams. From 2001 to 2008, he held various positions at Renault Parc Entreprises (R.P.E) in France, where he acquired a wealth of experience in corporate sales. He notably served as Renault Key Accounts Director and Overlease Sales Director from June 2006 to October 2008. Returning to DIAC, from 2008 to 2013 he headed the Regional Division of the East Network and then Paris Ile-de-France. In 2013, he was appointed Deputy Managing Director of Diac Location at R.P.E, coordinating the group’s fleet and leasing business, a position he held for 3 years. He then became Managing Director of RCI Benelux, a subsidiary of RCI Bank and Services for the Netherlands, Belgium and Luxembourg. Since June 2018, he has held the position of Managing Director of DIAC, which became Mobilize Financial Services France in September 2022. Thibault Paland joins the Executive Committee of Mobilize Financial Services group as of December 13, 2022. As of July 1, 2024, he joins Renault Group as Managing Director of Renault Commerce Maroc and Director of the Dacia brand in Morocco. Buy Or Sell Opportunity • Jul 01
Now 18% undervalued Over the last 90 days, the stock has risen 1.7% to €48.17. The fair value is estimated to be €58.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Jul 01
Renault SA Announces Management Changes Renault SA has named Adam Wood as its new managing director in the UK. Wood is to replace Guillaume Sicard, who has been named vice president for Renault in France. Wood has worked at Renault UK for 14 years and in various roles including marketing communications, product marketing and brand management, including senior positions as Dacia brand director, marketing director, head of marketing communications and corporate planning manager. He has served as marketing director at Vauxhall prior to his most recent role as managing director for Peugeot UK. Buy Or Sell Opportunity • Jun 21
Now 21% undervalued Over the last 90 days, the stock has risen 7.0% to €48.64. The fair value is estimated to be €61.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Jun 14
Now 22% undervalued Over the last 90 days, the stock has risen 10% to €47.30. The fair value is estimated to be €60.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • May 15
Upcoming dividend of €1.85 per share Eligible shareholders must have bought the stock before 22 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Italian dividend payers (5.4%). Lower than average of industry peers (6.1%). Declared Dividend • Feb 19
Dividend increased to €1.85 Dividend of €1.85 is 640% higher than last year. Ex-date: 22nd May 2024 Payment date: 24th May 2024 Dividend yield will be 4.6%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: €52.4b (up 13% from FY 2022). Net income: €2.20b (up 11% from FY 2022). Profit margin: 4.2% (in line with FY 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Auto industry in Europe. Announcement • Feb 15
Renault SA Proposes Dividend for the Financial Year 2023, Payable on May 24, 2024 Renault SA proposed dividend for the financial year 2023 is €1.85 per share, up €1.60 per share versus last year. The payout ratio is 17.5% of Group consolidated net income – parent share. It would be paid fully in cash and will be submitted for approval at the Annual General Meeting on May 16, 2024. The ex-dividend date is scheduled on May 22, 2024 and the payment date on May 24, 2024. Announcement • Feb 02
Renault SA Announces Executive Changes, Effective March 2024 Renault SA has named Justin Costello as its new UK head of fleet for Renault and Dacia, effective March 2024. Costello is to replace Peter Horton. Costello has served at Volkswagen Group for a decade, most recently as national fleet manager for Cupra and Seat. Announcement • Nov 17
Renault SA to Report First Half, 2024 Results on Jul 25, 2024 Renault SA announced that they will report first half, 2024 results on Jul 25, 2024 Announcement • Oct 25
Mitsubishi Motors to Invest Around ¥20 Billion into Renault's New EV Company Mitsubishi Motors Corporation (TSE:7211) plans to invest about ¥20 billion ($133.8 million) into Renault SA (ENXTPA:RNO)'s new EV company Ampere, the Nikkei newspaper reported on October 24, 2023. Announcement • Oct 20
Renault SA Provides Earnings Guidance for Second Half and Financial Year 2023 Renault SA provided earnings guidance for second half and financial year 2023. For the period, company expects a Group operating margin in H2 above H1, which was at 7.6%.For the year, Group operating margin between 7% and 8%. Announcement • Oct 19
Renault SA to Report Fiscal Year 2023 Results on Feb 15, 2024 Renault SA announced that they will report fiscal year 2023 results on Feb 15, 2024 Announcement • Oct 10
Renault SA, Annual General Meeting, May 16, 2024 Renault SA, Annual General Meeting, May 16, 2024. Announcement • Aug 12
Cedar Ireland Automotive Limited entered into an agreement to acquire Renault Distributors Ltd from Renault SA (ENXTPA:RNO). Cedar Ireland Automotive Limited entered into an agreement to acquire Renault Distributors Ltd from Renault SA (ENXTPA:RNO) on August 11, 2023. The transaction is subject to the approval of the relevant competition authorities. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €7.70 (vs €3.54 in 1H 2022) First half 2023 results: EPS: €7.70 (up from €3.54 in 1H 2022). Revenue: €26.8b (up 27% from 1H 2022). Net income: €2.09b (up 117% from 1H 2022). Profit margin: 7.8% (up from 4.6% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Auto industry in Europe. Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Jun 21
Renault SA Announces Executive Changes in Its Subsidiary Ampere Renault SA Announced Executive Changes in Its Subsidiary Ampere. Luca de Meo, Chief Executive Officer of Renault Group, will also lead the executive team of Ampere, its electric vehicles and software subsidiary. It will be effective upon completion of the carve-out of Ampere, which is envisioned in H2 2023. Luca de Meo will retain his current responsibilities as Chief Executive Officer of Renault Group. Two high potential Renault Group executives, Josep Maria Recasens and Vincent Piquet, will be appointed respectively Chief Operating Officer and Chief Finance Officer of Ampere. These appointments at the highest level of the Group will ensure the best support to execute Ampere’s innovative and profitable plan, including its envisioned initial public offering. Upcoming Dividend • May 10
Upcoming dividend of €0.25 per share at 0.8% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 19 May 2023. Trailing yield: 0.8%. Lower than top quartile of Italian dividend payers (5.2%). Lower than average of industry peers (5.6%). Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: €7.28 (vs €1.73 in FY 2021) Full year 2022 results: EPS: €7.28 (up from €1.73 in FY 2021). Revenue: €46.4b (up 11% from FY 2021). Net income: €1.98b (up 322% from FY 2021). Profit margin: 4.3% (up from 1.1% in FY 2021). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Auto industry in Europe. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: €46.4b (flat on FY 2021). Net income: €1.98b (up 123% from FY 2021). Profit margin: 4.3% (up from 1.9% in FY 2021). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Auto industry in Europe. Announcement • Feb 16
Renault Sa Proposes Dividend for the Financial Year 2022, Payable May 19, 2023 Renault SA proposed dividend for the financial year 2022 is €0.25 per share. It would be paid fully in cash and will be submitted for approval at the Annual General Meeting on May 11, 2023. The ex-dividend date is scheduled on May 17, 2023 and the payment date on May 19, 2023. Announcement • Jan 27
Renault Sa Appoints Fabrice Cambolive as its New Brand CEO, Effective on February 1, 2023 Renault SA has named Fabrice Cambolive as its new brand CEO effective February 1, 2023. Cambolive is to report to group CEO Luca de Meo. Cambolive joined Renault Group and served in various international sales and marketing positions for 20 years in Spain, Switzerland, France, Germany Romania. He has served as sales and marketing chief for Russia and Eurasia region prior to being appointed CEO of Renault do Brasil. He has also served as head of the Africa-Middle-East-India-Pacific region. He has held the position of sales and operations chief for the Renault brand and as its COO. Announcement • Jan 18
Renault Group Names Francois Provost as Group Chief Purchasing Officer and Managing Director of Alliance Purchasing Organisation (Apo), Effective 1 February 2023 Renault Group named Francois Provost as group chief purchasing officer and managing director of Alliance Purchasing Organisation (APO), effective 1 February 2023. He will report to Luca de Meo, CEO Renault Group. Provost succeeds Gianluca De Ficchy who becomes CEO of Mobilize. De Ficchy will be responsible for Mobilize Financial Services and Mobilize Beyond Automotive brands, in order to strengthen the cooperation between the two entities and confirm the development of Renault Group in new mobilities, supported by automotive financing services. He will rely on Joao Miguel Leandro, CEO of Mobilize Financial Services and Fedra Ribeiro, CEO of Mobilize Beyond Automotive. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 16% share price gain to €36.28, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Auto industry in Europe. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €59.98 per share. Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €354.0m from profit in 1H 2021). Profit margin: (down from 1.5% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.6%, compared to a 11% growth forecast for the industry in Italy. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €30.47, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Auto industry in Europe. Total loss to shareholders of 47% over the past three years. Reported Earnings • Feb 19
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €3.26 (up from €29.51 loss in FY 2020). Revenue: €46.2b (up 6.3% from FY 2020). Net income: €888.0m (up €8.90b from FY 2020). Profit margin: 1.9% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 9.3%, compared to a 6.1% growth forecast for the industry in Italy. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 01
First half 2021 earnings released: EPS €1.30 (vs €26.91 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €23.4b (up 27% from 1H 2020). Net income: €354.0m (up €7.65b from 1H 2020). Profit margin: 1.5% (up from net loss in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Executive Departure • Apr 27
Employee Shareholders Representing Director has left the company On the 23rd of April, Benoit Ostertag's tenure as Employee Shareholders Representing Director ended after 10.0 years in the role. We don't have any record of a personal shareholding under Benoit's name. A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Mar 09
New 90-day high: €40.86 The company is up 11% from its price of €36.68 on 09 December 2020. The Italian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €51.59 per share. Reported Earnings • Feb 21
Full year 2020 earnings released: €29.51 loss per share (vs €0.52 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €43.5b (down 22% from FY 2019). Net loss: €8.01b (loss widened €7.87b from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue misses expectations Revenue missed analyst estimates by 0.3%. Over the next year, revenue is forecast to grow 12%, compared to a 93% growth forecast for the Auto industry in Italy. Is New 90 Day High Low • Feb 04
New 90-day high: €38.38 The company is up 69% from its price of €22.68 on 06 November 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €66.07 per share. Is New 90 Day High Low • Jan 07
New 90-day high: €38.23 The company is up 68% from its price of €22.76 on 09 October 2020. The Italian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.11 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €35.80 The company is up 47% from its price of €24.42 on 04 September 2020. The Italian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €79.38 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €27.76 The company is up 10.0% from its price of €25.20 on 12 August 2020. The Italian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Auto industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €116 per share.