BMW (EUR 102) – BUY

Solid 1Q15 auto results reflect ‘normalisation’ in China to single-digit growth rates and profit margins. In 2015E-17E, we expect EPS to grow at a CAGR of 8.1% and reach EUR 11.15 in FY17E. Our new YE15 target price of EUR 125 implies a 22% upside potential for BMW shares.

05 15 2015 BMW – 1Q15 – 2015E-17E