Renault (Automobile)
AlphaValue
Different by nature : because we have neither investment banking nor execution, our research is totally unconflicted.
Note: This is a daily stock update and the information stands true as of 18/12/24, 09:00 CET.
Company Update: After Foxconn offered to take a controlling stake in Nissan, Japanese press mentions discussions regarding a potential merger between Nissan and Honda (and Mitsubishi).
Nissan shares rose 24% on the news. Renault holds a 36% stake in Nissan and we believe would back such a deal. A combination of Honda /Nissan would be a much more potent partner .
Theoretically, Renault is supposed to lower its stake in Nissan to 15% and sell the remaining 21%. Obviously with higher Nissan price, this operation would enable a faster deleveraging than expected enabling Renault to get back more quickly than expected to Investment grade.
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AlphaValue, founded in 2007 by Pierre-Yves Gauthier and André Le Grand, has become the leading provider of independent European equity and credit risk research. We offer agnostic analysis of business models and valuations, helping clients assess their investment risks and opportunities.
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