0505 2014 -BMW (EUR 89.10) – BUY 2014E-16E outlook – EPS growth at CAGR of 8.5%

BMW 2014E – 2016E – BUY T

BMW (EUR 89.10) – BUY

2014E-16E outlook –  EPS growth at CAGR of 8.5%

Our 2016E EPS is EUR 10.34; our YE14 target price of EUR 110.00 implies a 24% upside potential for BMW shares