StockReportsPlus BMW XE

BAYERISCHE MOTOREN WERKE (BMW-XE)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Aug-22
Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
75.81 (EUR) 1.2M 100.42 2.8 5.80 23.3% -7.4% -3.0%
2022 August 19 Market Cap (Consol) 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
XETRA Exchange
51.2B 67.58 4.9 7.7% 121.8B 21.9% -2.6%
AVERAGE SCORE
POSITIVE OUTLOOK: BMW is currently among Score Averages
an exclusive group of 40 stocks awarded our Automobiles & Auto Parts Group: 5.8 Large Market Cap: 7.1
highest score of 10. Automobiles & Auto Parts Sector: 5.8 DAX 30 Index: 6.9
Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive BMW 9 10 10 10 10
MBG 10 10 8 10 9
Neutral SFQ 6 3 5 9 9
VOW 7 6 10 9 9
Negative
H9W 5 5 4 7 5
2019-08 2020-08 2021-08 2022-08
HIGHLIGHTS I/B/E/S MEAN

- The score for Bayerische Motoren Werke has been on a
positive trend from 8 to 10 over the past 24 weeks. Buy Mean recommendation from all analysts covering
30 Analysts the company on a standardized 5-point scale.
- In the past 3 years, the best score was 10 on 2022-08-21, and
the worst score was 5 on 2021-02-07.
Strong Strong
Sell Hold Buy
Sell Buy
PRICE AND VOLUME CHARTS

1-Year Return: -2.1% 5-Year Return: -4.7%
BUSINESS SUMMARY
Bayerische Motoren Werke AG is a Germany-based automobile and motorcycle manufacturer. The Company divides its activities into four segments:
Automotive, Motorcycles, Financial Services and Other Entities. The Automotive segment develops, manufactures, assembles and sells cars and off-
road vehicles under the brands BMW, MINI and Rolls-Royce, as well as spare parts and accessories. The Motorcycles segment develops,
manufactures, assembles and sells motorcycles, as well as spare parts and accessories. The Financial Services segment focuses on car leasing, multi-
brand financing, fleet business, retail customer and dealer financing, customer deposit business and insurance activities. The Other Entities segment
comprises other operating companies, such as BMW (UK) Investments Ltd, Bavaria Lloyd Reisebuero GmbH.
Page 1 of 11
© 2022 Refinitiv. All rights reserved.
INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.
Earnings Fundamental Relative Valuation Risk Price Momentum
PEER ANALYSIS Currency in EUR
PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2022-08-19) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
9 MBG 58.09 2.9% -8.2% -0.38% 62.1B 5.5 5.5 8.6% 18.0% 6.4% Buy 28
9 VOW 193.35 0.47% 3.8% -31.2% 57.1B 5.7 4.7 3.9% 6.7% 4.5% Buy 3
10 BMW 75.81 -3.0% -2.6% -2.1% 45.6B 2.8 4.9 7.7% 14.6% -7.4% Buy 29
6 CON 63.06 -11.0% -4.1% -37.4% 12.6B 27.5 8.8 3.5% 1.3% 18.3% Hold 25
6 HLE 69.85 2.0% 9.0% 14.7% 7.8B 31.3 23.5 0.70% 4.3% 4.1% Hold 9
7 VTSC 53.05 4.4% 24.6% -- 2.1B -- 23.9 -- -0.8% -- Buy 13
NR UWH 63.50 0.78% -2.3% -0.94% 787M -- -- 1.1% -- -- -- --
9 SFQ 8.70 26.8% 15.9% -25.7% 395M 9.2 7.0 4.0% 3.2% -- Buy 8
3 SD1 16.00 58.4% 13.5% 205% 219M -- -- -- -2090% -- Buy 1
5 H9W 7.35 3.5% -9.3% -13.0% 44M 71.0 -- -- 0.7% -- -- --
NR CT4 0.09 6.1% -15.5% -86.6% 6M -- -- -- -- -- -- --
7.1 Average 55.35 8.3% 2.2% 2.2% 17.2B 21.8 11.2 4.2% -226.9% 5.2% Buy 14.5
PEER COMPANIES
CON Continental SD1 Clean Logistics
CT4 Fox E-Mobility SFQ Saf-Holland
H9W HWA UWH Superior Industries Europe
HLE HELLA GmbH & Co VOW Volkswagen
MBG Mercedes Benz Group VTSC Vitesco Technologies Group
Page 2 of 11
EARNINGS Currency in EUR
NEUTRAL OUTLOOK: Mixed earnings Earnings Score Averages

expectations and performance. Automobiles & Auto Parts Group: 6.1 Large Market Cap: 6.4
Automobiles & Auto Parts Sector: 6.1 DAX 30 Index: 6.3
Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive SFQ 5 1 3 7 7
VOW 9 5 9 6 7
Neutral BMW 4 10 9 7 6
MBG 9 8 6 7 6
Negative
H9W NR NR NR NR NR
2019-08 2020-08 2021-08 2022-08
EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)
SFQ BMW
BMW
MBG VOW
VOW MBG
MBG VOW
SFQ BMW
H9W H9W H9W

SFQ
Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 4 # Up Revisions 0 # Broker Upgrades 1
# Negative Surprises (<-2%) 0 # Down Revisions 4 # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions 0.00%
Avg Surprise 20.2% Avg Down Revisions -13.3%
HIGHLIGHTS PRICE TARGET

- Bayerische Motoren Werke currently has a relatively neutral Earnings The chart indicates where analysts predict the stock price will be within
Rating of 6, despite having two of three bullish (7 or greater) the next 12 months, as compared to the current price.
component ratings. The average Earnings Rating for its Auto & Truck
Manufacturers industry is 6.5 and the XETRA DAX 30 index average is 160 12-Month Price Target
6.3. Mean (EUR) 102.00
140
HIGH High 130.00
- On 2022-08-03, the company announced quarterly earnings of 4.30 120
per share, a positive surprise of 14.6% above the consensus 3.75. Low 80.00
100 MEAN
Over the past 4 quarters, the company has reported 4 positive, 0 Target vs. Current 34.5%
negative, and 0 in-line surprises. The average surprise for this time 75.81
80.00 LOW # of Analysts 26
period has been 20.2%.
60.00
- BMW's current quarter consensus estimate has remained relatively Current Price Price Target
(EUR)
unchanged over the past 90 days at 3.66. Estimates within its industry
have moved an average of 6.0% during the same time period.
Page 3 of 11
EARNINGS PER SHARE

Actuals Estimates
20.00
15.33
Earnings per share (EPS) is calculated 16.00 Quarterly 22-09 22-12
by dividing a company's earnings by the Mean 3.660 3.576
number of shares outstanding. Analysts 12.00
tend to interpret a pattern of increasing High 4.463 4.370
8.00
earnings as a sign of strength and flat 3.89 4.30 Low 3.009 2.976
3.39 HIGH
or falling earnings as a sign of 4.00 MEAN # of Analysts 6 6
weakness. LOW
0.00
The charts provide a comparison 21-09 21-12 22-03 22-06 22-09 22-12
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 30.00
25.00 Annual 2022 2023

18.77 Mean 22.100 14.560
20.00
HIGH High 27.800 17.290
15.00 MEAN Low 14.650 10.300
10.00 LOW # of Analysts 25 25
5.73
5.00
2020 2021 2022 2023
MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Buy (30 Analysts)
22-09 22-12 2022 2023 Target
Strong Buy 7
Current 3.660 3.576 22.100 14.560 102.00
30 Days Ago 3.788 3.770 20.450 14.680 103.00 Buy 11
90 Days Ago 3.706 3.643 20.090 14.890 105.00 Hold 11
% Change (90 Days) -1.2% -1.8% 10.0% -2.2% -2.9%
Sell 1
Current Fiscal Year End: 22-12
Strong Sell 0
Next Expected Report Date: 2022-11-03
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2022-08-03 2022-06-30 4.300 3.751 14.6%
Positive 2022-05-05 2022-03-31 15.330 8.008 91.4%
Surprise Type Amount Percent
Positive 2022-03-16 2021-12-31 3.390 3.235 4.8%
Positive Quarters (> 2%) 7 58.3%
Positive 2021-11-03 2021-09-30 3.890 3.499 11.2%
Negative Quarters (< -2%) 5 41.7%
Positive 2021-08-03 2021-06-30 7.230 4.448 62.5%
In-Line Quarters (within 2%) 0 --
Positive 2021-05-07 2021-03-31 4.260 3.330 27.9%
ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 180B
2022 2023
flat or falling sales and faltering 160B
earnings may explain a sell HIGH Mean 134.8B 141.2B
recommendation. A rising EPS with flat 140B MEAN High 144.6B 151.1B
or falling sales may result from
increased cost efficiency and margins, 120B 111.2B LOW Low 116.8B 122.1B
rather than market expansion. This 99.0B Forecasted Growth 21.2% 27.0%
chart shows the sales forecast trend of 100B
# of Analysts 26 25
all analysts and the highest and lowest
projections for the current and next 80B
2020 2021 2022 2023
fiscal year.
Page 4 of 11
FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Automobiles & Auto Parts Group: 4.1 Large Market Cap: 5.4
growing dividends. Automobiles & Auto Parts Sector: 4.1 DAX 30 Index: 5.4
Q3 Q4 Q1 Q2
Fundamental Score Trend Peers 2021 2021 2022 2022 Current 3Y Trend
BMW 8 9 10 10 9
Positive
VOW 5 9 10 8 8
Neutral MBG 7 8 8 8 7
Negative SFQ 5 6 8 8 5
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 H9W NR NR NR NR 4
2020 2021
FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)
BMW
BMW
BMW H9W MBG
MBG
VOW
H9W SFQ
VOW
SFQ VOW SFQ
MBG
VOW BMW
H9W
MBG H9W
SFQ
Revenue Growth 9.6% Current Ratio 1.1 Oper. Cash Yield -11.8% Dividend Growth 205.3%
For year over year For interim period For latest 12 months For year over year
ending 2022-06 ending 2022-06 ending 2021-12 ending 2022-06
Gross Margin 21.9% Debt-to-Capital 45.1% Accruals 2.0% Dividend Payout 21.6%
For latest 12 months For annual period For latest 12 months For latest 12 months
Return On Equity 23.3% Interest Funding 0.9% Days Sales In Inv. 71.8 Dividend Coverage 11.4
For interim period For interim period For annual period For annual period
Net Margin 14.6% Interest Coverage 340.6 Days Sales In Rec. 129.0 Current Div. Yield 7.7%
For latest 12 months For interim period For annual period For latest 12 months
HIGHLIGHTS
- Bayerische Motoren Werke currently has a Fundamental Rating of 9, - The company's days sales in receivables has been higher than its
which is significantly more bullish than the Automobiles & Auto Parts industry group average for each of the past five years.
industry group average of 4.5. - Of the 59 firms within the Automobiles & Auto Parts industry group,
- The company's net margin has been higher than its industry group Bayerische Motoren Werke is among 34 companies that pay a
average for each of the past five years. dividend. The stock's dividend yield is currently 7.7%.
- The interest coverage (number of times interest payments are covered
by EBIT) of 340.6 for BMW is the highest within its Automobiles & Auto
Parts industry group.
Page 5 of 11
RELATIVE VALUATION
POSITIVE OUTLOOK: Multiples significantly Relative Valuation Score Averages
below the market or the stock's historic norms. Automobiles & Auto Parts Group: 7.9 Large Market Cap: 6.2
Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
SFQ 10 10 10 10 10
Neutral VOW 10 10 10 10 10
MBG 10 10 10 9 9
Negative
H9W 6 6 6 6 6
2019-08 2020-08 2021-08 2022-08
RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)
BMW BMW BMW

SFQ MBG MBG
VOW VOW VOW
H9W SFQ SFQ
MBG
H9W
H9W
Price to Sales 0.4 Trailing PE 2.8 Forward PE 4.9

5-Yr Average 0.4 5-Yr Average 7.7 5-Yr Average 8.1
Rel. to 5-Yr Avg. 14% Discount Rel. to 5-Yr Avg. 64% Discount Rel. to 5-Yr Avg. 39% Discount
DAX 30 Index 0.9 DAX 30 Index 13.2 DAX 30 Index 11.8
Rel. to DAX 30 57% Discount Rel. to DAX 30 79% Discount Rel. to DAX 30 58% Discount
HIGHLIGHTS
- Bayerische Motoren Werke currently has a Relative Valuation Rating of - Based on Trailing P/E, BMW currently trades at a 78% Discount to its
10 which is significantly above the XETRA DAX 30 index average Automobiles & Auto Parts industry group peers. On average, the
rating of 6.4. company has traded at a 45% Discount over the past five years.
- Compared to the Automobiles & Auto Parts industry group, BMW is - Based on Forward P/E, BMW currently trades at a 61% Discount to its
currently trading at a significant discount based on Price to Sales ratio, Automobiles & Auto Parts industry group peers. On average, the
Trailing P/E, and Forward P/E. company has traded at a 34% Discount over the past five years.
- BMW's Price to Sales ratio of 0.4 represents a 14% Discount to its 5-
year average of 0.4.
Page 6 of 11
PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 0.4 Trailing PE: 2.8
5-Year Average: 0.4 5-Year Average: 7.7
DAX 30 Index Average: 0.9 DAX 30 Index Average: 13.2
Automobiles & Auto Parts Group Average: 0.9 Automobiles & Auto Parts Group Average: 12.7
1.20 22
1.10 20
1.00 18
0.90 16
0.80 14
0.70 12
0.60 10
0.50 8 5-Yr Average
0.40 5-Yr Average 6
0.30 4
0.20 2
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 4.9 Forward PEG: --
5-Year Average: 8.1 5-Year Average: 1.1
DAX 30 Index Average: 11.8 DAX 30 Index Average: 1.2
Automobiles & Auto Parts Group Average: 12.6 Automobiles & Auto Parts Group Average: 1.1
24 >5.0
22 4.5
20 4.0
18 3.5
16 3.0
14 2.5
12 2.0
10 1.5
8 5-Yr Average 1.0 5-Yr Average
6 0.5
4 0.0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Page 7 of 11
RISK
POSITIVE OUTLOOK: Consistent return Risk Score Averages
patterns (low volatility). Automobiles & Auto Parts Group: 5.5 Large Market Cap: 7.6
Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
MBG 7 7 7 8 8
Neutral H9W 8 7 7 7 7
VOW 5 4 6 6 6
Negative
SFQ 6 4 5 5 5
2019-08 2020-08 2021-08 2022-08
RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)
BMW
H9W H9W MBG
BMW BMW SFQ
VOW
MBG
MBG H9W
VOW
VOW SFQ
SFQ
BMW
SFQ MBG H9W
VOW
Daily Returns (Last 90 Days) Standard Deviation Beta vs. DAX 30 1.12 Correlation vs. DAX 30
Best 4.8% Last 90 Days 1.91 Positive Days Only 1.05 Last 90 Days 72%
Worst -5.6% Last 60 Months 8.23 Negative Days Only 1.31 Last 60 Months 78%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.03 Correlation vs. Group
Best 24.5% Average 2.5% Positive Days Only 0.69 Last 90 Days 65%
Worst -20.1% Largest 5.5% Negative Days Only 1.16 Last 60 Months 77%
HIGHLIGHTS RISK ANALYSIS

- Bayerische Motoren Werke currently has a Risk Rating of 9 Last 90 Days Last 60 Months
while the XETRA DAX 30 index has an average rating of 7.8. Best Worst # # Largest Best Worst
- On days when the market is up, BMW tends to perform in-line Daily Daily Days Days Intra-Day Monthly Monthly
with the XETRA DAX 30 index. However, on days when the Peers Return Return Up Down Swing Return Return
market is down, the shares generally decrease by more than BMW 4.8% -5.6% 37 29 5.5% 24.5% -20.1%
the index does.
- In both short-term and long-term periods, BMW has shown high H9W 4.2% -4.1% 11 13 2.8% 9.9% -25.7%
correlation (>= 0.4) with the XETRA DAX 30 index. Thus, this MBG 6.4% -6.2% 35 30 7.3% 27.1% -26.7%
stock would provide only low levels of diversification to a
portfolio similar to the broader market. SFQ 15.1% -5.6% 37 28 8.1% 42.1% -33.2%
- Over the last 90 days, BMW shares have been less volatile VOW 6.1% -5.4% 33 33 7.5% 59.6% -20.3%
than the overall market, as the stock's daily price has fluctuated
less than 73% of XETRA DAX 30 index firms. DAX 30 2.8% -3.3% 34 31 3.9% 15.0% -16.4%
Page 8 of 11
PRICE MOMENTUM Currency in EUR
NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

in-line with the market. Automobiles & Auto Parts Group: 5.3 Large Market Cap: 7.0
Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive SFQ 4 2 3 10 10
BMW 8 4 6 8 7
Neutral MBG 8 6 3 9 7
VOW 3 1 5 8 7
Negative
H9W 4 7 3 9 4
2019-08 2020-08 2021-08 2022-08
PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)
MBG
SFQ
SFQ
BMW
VOW
BMW
MBG
H9W
VOW
H9W
Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
BMW Industry Avg Aug Sep Oct
Last 1 Month 47 56 Company Avg -2.3% 0.76% 4.6%
Last 3 Months 48 51 Industry Avg -0.15% 0.10% 4.3%
Last 6 Months 49 50 Industry Rank 54 of 92 60 of 93 9 of 94
PRICE PERFORMANCE
Daily close prices are used to calculate the BMW BMW DAX 30
performance of the stock as compared to a
DAX 30 Close Price (2022-08-19) 75.81 13,545
relevant index over five time periods.
52-Week High 100.42 16,272
-3.5%
1-Week 52-Week Low 67.58 12,401
-1.8%
1-Month
-3% - On 2022-08-19, BMW closed at 75.81, 24.5% below its 52-
1.8% week high and 12.2% above its 52-week low.
- BMW shares are currently trading 1.0% below their 50-day
-2.6% moving average of 76.54, and 8.7% below their 200-day
3-Month
-2.4% moving average of 83.02.
-14.3% - The XETRA DAX 30 index is currently 16.8% below its 52-
YTD week high and 9.2% above its 52-week low.
-14.7%
-2.1%
1-Year
-14.1%
Page 9 of 11
DETAILED STOCK REPORT TIPS Mean Estimate Trend

The mean estimates show how the consensus has changed over the past 30 days
The Stock Report from Refinitiv is a comprehensive, company-specific analysis that and 90 days for the upcoming two quarters (when available) and two years. The
includes a proprietary Stock Rating along with underlying component indicators and percentage change is calculated for the company as a means for comparison by
supportive data elements. The report is updated daily, although some of the data measuring the difference between the current consensus estimate and that of 90
elements and the ratings are updated weekly. days ago.
Average Score Analyst Recommendations
The Stock Reports Plus Average Score combines a quantitative analysis of five The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
widely-used investment decision making tools - Earnings, Fundamental, Relative as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
Valuation, Risk, and Price Momentum. First, a simple average of the five underlying The recommendations are presented on a five-point standardized scale: strong buy,
component ratings is calculated. Then, a normal distribution is used to rank each buy, hold, reduce, and sell.
stock across the market on a scale of 1 to 10, with 10 being most favorable. A
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. Earnings Surprises
These five factors may be evaluated differently using alternative methodologies, ● The surprise summary includes the total number of time periods (and
and the importance of individual factors varies across industry groups, market percentage) in the last 12 quarters (quarterly) or last 4 years (annual) in which
capitalization and investment styles. Additional criteria should always be used to earnings surprises were positive, negative, or in-line. In order to be recognized
evaluate a stock. as a positive or negative surprise, the percent must be greater than 2% above or
2% below the consensus, respectively.
A company must have sufficient data available for at least three of the five ● The surprise detail section includes a listing of the company's quarterly earnings
component indicators in order to receive an overall Average Score. Approximately reported for the most recent 6 periods (quarters or years). The consensus
85% of the stocks within the coverage universe meet the criteria to generate a analyst estimate is provided to determine if the actual earnings report
score. represented a positive surprise, negative surprise, or in-line result.
Indicator Components Fundamental
The five indicators that comprise the stock rating are displayed. Like the stock The Fundamental Rating is based on a combination of four fundamental component
rating, the component rating scale is 1 to 10, with 10 being best. A company will factors: profitability, debt, earnings quality, and dividend. Companies that do not
receive an ‘NR’ for No Rating if the required data elements or criteria are not met. A pay a dividend are not penalized. Each factor is equally weighted. Then, equal
detailed section for each component is included in the report. deciles are used to rank each stock across the market on a scale of 1 to 10, with 10
being most favorable. A stock needs to have at least two of the four fundamental
Indicator Trends factors present in order to receive a score.
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted ● Profitability is comprised of four data elements.
orange line indicates the average of the scores over those three years. The most - Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
recent occurrences of the best and worst scores are also displayed on the chart in - Gross Margin: Gross Profit / Net Sales
grey boxes to put the current score into historical context. - Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
Next to the trend chart for the company, current score averages are included, along ● Debt is comprised of four data elements.
with peer company comparisons of values from 6 months ago, 3 months ago, 1 - Current Ratio: Current Assets / Current Liabilities
month ago, the most recent value from 1 week ago, and the current score. The four - Debt-to-Capital: Total Debt / Total Capital
closest industry peers are presented based on similar market capitalization. - Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
Peer Analysis - Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
● The Refinitiv Business Classification (TRBC) schema is used for industry Debt + Preferred Cash Dividends)
comparisons. It is designed to track and display the primary business of a ● Earnings Quality is comprised of four data elements.
corporation by grouping together correlated companies that offer products and - Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
services into similar end markets. The system includes 10 Economic Sectors, 28 - Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Business Sectors, 54 Industry Groups, and 136 Industries. Average Net Operating Assets
● The Peer Analysis section of the report compares the company to its ten closest - Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
peers. The peers are selected from the industry based on similar market - Days Sales in Receivables: 365 / (Net Sales / Receivables)
capitalization. The peer listing may have fewer than ten companies if there are ● Dividend is comprised of four data elements. The company must have a current
fewer than ten companies within that industry classification. dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
Highlights / Previous Dividends per Share
The automated text-generation system from Refinitiv creates highlights - Dividend Payout: Dividends per Share / Earnings per Share
summarizing the most noteworthy data. The bullets will vary by company and will - Dividend Coverage: Funds from Operations / Cash Dividends
change from week to week as different criteria are met. - Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Earnings Indicator Trend

The Earnings Rating is based on a combination of three factors: earnings surprise, The fundamental indicator trend displays either quarterly scores over the past three
estimate revision, and recommendation changes. Each factor is equally weighted. years or annual scores over the past six years, depending on the reporting periods
Then, equal deciles are used to rank each stock across the market on a scale of 1 for the country. The best and worst scores can be easily determined from the
to 10, with 10 being most favorable. A stock needs to have at least two of the three values shown on the chart for each quarter or year.
earnings factors in order to receive a score.
Relative Valuation
● Earnings Surprises - The number of positive and negative surprises within the The Relative Valuation Rating is based on a combination of three component
last 4 periods (quarters or years). factors: Price to Sales (50% weight), Trailing P/E (25% weight), and Forward P/E
● Estimate Revisions - The number of up and down revisions and the average (25% weight). After the weightings are considered to combine individual factors,
percentage change of those revisions within a 4 week period. equal deciles are used to rank each stock across the market on a scale of 1 to 10,
● Recommendation Changes - The number of broker upgrades and downgrades in with 10 being most favorable. These common valuation metrics are evaluated
the last 120 days. against the overall market, the index, and the company's own historic 5-year
averages. A stock needs to have at least one of the three relative valuation factors
Price Target in order to receive a score.
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months. ● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
Outstanding)
Earnings Per Share ● Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
The quarterly and annual earnings per share are presented when available, along ● Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Page 10 of 11
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current company’s values to its 5-year average and an industry
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
● Volatility – The standard deviation of the stock price over the last 90 days and
last 60 months, along with the average and largest intra-day stock swing.
● Beta – Measures the tendency of a security’s returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
● Correlation – Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
Risk Analysis
Price analysis for the company and the relevant index is provided over two time
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics
are used for the last 60 months.
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.
● Relative Strength – The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the relevant index is also displayed as a means of comparison.
DISCLAIMER
© 2021 Refinitiv. Republication or redistribution of Refinitiv content, including by
framing or similar means, is prohibited without the prior written consent of Refinitiv.
All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
taken in reliance on such content.
Any forward-looking statements included in the Refinitiv content are based on

certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.
The content in this Refinitiv report does not constitute investment advice or a
recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
factor when making an investment decision.
Page 11 of 11

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BAYERISCHE MOTOREN WERKE (BMW-XE)

HIGHLIGHTS I/B/E/S MEAN

PRICE AND VOLUME CHARTS

Earnings Fundamental Relative Valuation Risk Price Momentum

PEER ANALYSIS Currency in EUR

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

EARNINGS Currency in EUR

NEUTRAL OUTLOOK: Mixed earnings Earnings Score Averages

H9W H9W H9W

Last 4 Quarters Last 4 Weeks Last 120 Days

HIGHLIGHTS PRICE TARGET

EARNINGS PER SHARE

25.00 Annual 2022 2023

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

RELATIVE VALUATION INDICATORS

BMW BMW BMW

Price to Sales 0.4 Trailing PE 2.8 Forward PE 4.9

PRICE TO SALES TRAILING PE

FORWARD PE FORWARD PEG

HIGHLIGHTS RISK ANALYSIS

PRICE MOMENTUM Currency in EUR

NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

PRICE MOMENTUM INDICATORS

DETAILED STOCK REPORT TIPS Mean Estimate Trend

Earnings Indicator Trend

Any forward-looking statements included in the Refinitiv content are based on

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