RNSDF - Renault SA
| Previous Close | 54.55 |
| Open | 58.72 |
| Bid | 0.00 x 0 |
| Ask | 0.00 x 0 |
| Day's Range | 54.55 - 54.55 |
| 52 Week Range | 54.55 - 81.30 |
| Volume | 88 |
| Avg. Volume | 1,979 |
| Market Cap | 15.714B |
| Beta (3Y Monthly) | 1.10 |
| PE Ratio (TTM) | 2.74 |
| EPS (TTM) | 19.91 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 3.99 (7.31%) |
| Ex-Dividend Date | 2019-06-18 |
| 1y Target Est | N/A |
Reuters VideosRenault shares tumble after profit warning
Renault shares dropped as much as 15 percent Friday (October 18). That after a warning on profits late the previous day. The French carmaker says sales are now likely to drop three or four percent this year. The company picked out Argentina and Turkey as particular problems. It had previously expected a similar performance to 2018. Renault said margins would also fall as it struggles to keep a lid on research and development costs. The news caps a turbulent year. Former boss Carlos Ghosn is awaiting trial in Japan over allegations of financial misconduct, which he denies. His replacement - Thierry Bollore - was then dramatically ousted just last week. Some of Renault's problems afflict the whole sector. Not least, the cost of developing electric and driverless vehicles. But it also needs to fix its strained relations with alliance partner Nissan. Some at the Japanese firm say Renault has too much influence in the relationship. Then there's the question of how to move on from the era of Ghosn - who dominated the firm for decades. Right now that falls to new interim chief Clotilde Delbos. There's no shortage of items on her to-do list.
- Barrons.com
Stocks Slip as China Reports Slowest Growth in 27 Years
European stocks weakened Friday after the release of data showing a slowdown in Chinese growth and a warning from French automaker Renault.
- Bloomberg
Renault’s Profit Warning Sets Off Tremors Across Auto Industry
(Bloomberg) -- Renault SA set a gloomy tone for the European automotive sector by slashing its outlook for revenue and profit, saying weakening economies are weighing on car sales and tougher rules on emissions have increased costs.The French carmaker’s shares on Friday fell the most since the arrest last year of former boss Carlos Ghosn. Renault reduced its financial guidance for 2019, citing deteriorating results in markets including Turkey and Argentina, and spending on research and development.The darkening of prospects lay bare a carmaker that is ill-prepared for a downturn in the sector. Interim Chief Executive Officer Clotilde Delbos, who took over a week ago in a management shakeup, has called for a strategy review and told the staff the company needs to “make some choices” on spending. Relations are strained with struggling partner Nissan Motor Co. and analysts are raising concerns about its balance sheet and dividend. “This profit warning comes at a time of major instability at Renault and its partner Nissan,” Evercore ISI analyst Arndt Ellinghorst wrote in a note. “Investor worries will more likely intensify.”Standard & Poor’s on Friday put Nissan ratings on a negative watch, saying the global auto industry could face a challenging business environment for the next one or two years, with sales remaining sluggish in major markets like North America and China.European DeclineCar sales have also been weak in Europe, with the European Automobile Manufacturers Association saying this week the decline in the nine months through September was 1.6% to 12.1 million.Renault issued the revised guidance on Thursday ahead of a board meeting Friday and quarterly sales scheduled to be published next week. Revenue will decline by 3% to 4% this year, after it previously forecast sales would be close to last year’s level. Group operating margin will be around 5%, below previous estimates for 6%.The company said third-quarter sales fell and cash flow should be positive in second half of the year, but may not be for the whole of the year. The grimmer outlook raised the specter that more radical surgery may be needed.“We assume a significant cut to the dividend and believe Renault may need to consider selling assets including Nissan shares to defend its balance sheet,” Jefferies analyst Philippe Houchois wrote in a note.The shares fell 12.4% to 48 euros at 11:08 a.m. in Paris, after dropping as much as 14.9% earlier. The rest of the European auto sector followed, with the Stoxx Europe 600 Automobiles & Parts Index dropping 2.7%.Daimler AG and Peugeot-maker PSA Group are scheduled to report next week, with Volkswagen AG, the world’s biggest automaker, later this month.Renault already took a hit in the first half of 2019 from poor results at Nissan. With a 43% stake in the Japanese company, the French carmaker has long depended on dividends to bolster earnings. Nissan is forecasting its worst operating profit in a decade, hurt by an aging product lineup and a slide in vehicle sales in the U.S. and Europe.Nissan also replaced its CEO and one key question is whether the new management will take more drastic measures to improve profitability.Renault’s Delbos on Tuesday told employees measures were needed to get the carmaker back on track. The new management team is reassessing the “Drive the Future” mid-term targets unveiled in 2017, she said in a video.(Adds rating company comment on Nissan in fifth paragraph.)\--With assistance from Frank Connelly and Carla Canivete.To contact the reporters on this story: Ania Nussbaum in Paris at anussbaum5@bloomberg.net;Francois de Beaupuy in Paris at fdebeaupuy@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Tara PatelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
UPDATE 2-String of weak earnings leave European stocks barely up on the week
Gloomy earnings reports from French carmaker Renault and food group Danone drove European shares lower on Friday, rounding off a tumultuous week that left investors waiting anxiously for the next twist in the Brexit saga. The pan-European STOXX 600 index finished 0.3% lower and Paris-listed shares lagged the most with a 0.65% decline, hit by weak quarterly results. Renault dropped 11.5% to become the biggest decliner on the STOXX 600, after the company cut its full-year revenue and profit forecast, the latest to suffer in an auto market downturn.
- Financial Times
Renault shares slide after new boss cuts guidance
Renault shares fell sharply after cutting sales and profit guidance for the year, in one of the first acts by its interim chief executive Clotilde Delbos to try to restore order to the crisis-riddled French carmaker. The company blamed tough market conditions, delays to key vehicle launches and its own inability to cut research costs for the downgrade, which sent shares tumbling by close to 15 per cent in early trading in Paris on Friday. On Thursday, after markets had closed in Paris, Renault said sales would fall 3 per cent to 4 per cent this year because of “an economic environment less favourable than expected and in a regulatory context requiring ever-increasing costs”.
- Reuters
Renault shares slump as profit warning deepens carmaker's problems
A profit warning sent Renault's shares as much as 15% lower on Friday, capping a turbulent year for the French carmaker since the arrest of long-time boss Carlos Ghosn and adding to signs of a sharp global auto industry slowdown. Renault and Nissan both announced leadership changes last week, seeking to reboot their alliance which was thrown into crisis last year by the arrest of Ghosn in Tokyo on financial misconduct charges, which he denies. Renault said late on Thursday that sales were likely to drop between 3% and 4% this year, compared with its previous forecast for a similar outcome to 2018.
- TheStreet.com
Dow Futures Flat, Global Stocks Retreat As China Notches Weakest GDP in 30 Years
Global stocks retreated Friday after China posted its weakest quarterly economic growth rate in three decades, underscoring investor concern for a trade-related slowdown in major markets around the world and re-centering focus on the fate of ongoing trade talks between Washington and Beijing.
- Financial Times
Renault: perpetual commotion
With its sprawling cast and intricate plot twists, the Renault saga is a page-turner. The arrest of charismatic boss Carlos Ghosn last November was followed by a tense stand-off with alliance partner Nissan. France’s government then thwarted a mooted €33bn merger with Italian-American rival FCA.
- Reuters
Renault warns sales to fall in 2019 as automakers struggle
France's Renault on Thursday cut its revenue guidance for 2019 further and lowered its profitability forecast, citing difficulties in markets such as Turkey and Argentina as carmakers grapple with a broad-based slump in auto sales. Renault, which has just rejigged its top management as it tries to draw a line under a scandal surrounding former boss Carlos Ghosn, said sales were likely to drop between 3% and 4% this year. In a flavor of the turbulent reporting season to come for the sector in the third quarter, Renault also said its operating margin was set to come in at 5%, versus a previous 6% goal.
- Bloomberg
Renault CEO Signals Strategy Reset to Get Carmaker Back on Track
(Bloomberg) -- Within a week of taking the helm, Renault SA interim Chief Executive Officer Clotilde Delbos called into question the strategic road map meant to carry the French carmaker through 2022.In a video address to employees Tuesday, Delbos said Renault will review the plan because the market has changed since it was unveiled two years ago.“Unfortunately the situation hasn’t improved during the summer and we need to put Renault back on track,” she said in the session viewed by Bloomberg News. “We need to adjust the strategy.”Delbos isn’t wasting any time after being named temporary CEO on Friday following the board’s dramatic ouster of Thierry Bollore. By putting the six-year “Drive the Future” strategy under review, she’s taken on part of the legacy of fallen leader Carlos Ghosn. At the same time, she may have burnished her own credentials as a contender to stay on in the top job.“We need to make some choices,” Delbos said, pointing to Renault’s negative cash flow in the first six months of the year and relatively high spending on research and development and investment. She also called for greater honesty and transparency within the company.A spokeswoman for Renault declined to comment on internal company communication.Ghosn unveiled the strategy with great fanfare in October 2017, pledging to expand Renault’s global reach, deepen operational ties with Japanese partner Nissan Motor Co. and improve profitability. In parallel, the French carmaker would invest in electric and autonomous vehicles, he said.Delbos told employees the plan might be too tall an order in the midst of a downturn in the global auto market. She was flanked by her two deputies, Jose-Vicente de Los Mozos and Oliver Murguet.Still SmartingRenault took a hit in the first half of 2019 from Nissan’s poor results and a slowdown in emerging markets like Turkey and Argentina. The French automaker owns 43% of the Japanese company, which is smarting from slumping U.S. sales and aging vehicle models.While Renault cut its revenue target for this year, it stuck to its profit outlook. Delbos, who is chief financial officer, is readying to publish third-quarter revenue Oct. 25. MainFirst analyst Pierre-Yves Quemener expects the number to be marginally down at 11.4 billion euros ($12.7 billion) due to lower European and Renault-brand sales.Delbos brushed aside the question of whether she wanted to remain CEO at a press conference on Friday. At least one headhunter was hired to conduct the search, which is focusing on candidates from outside the company, according to a person familiar with the matter.Since Ghosn’s arrest in Tokyo last November on allegations of financial crimes -- which he has denied -- Renault and Nissan’s alliance has nearly come unraveled. Renault Chairman Jean-Dominique Senard has pushed for a merger Nissan didn’t want, and then pursued talks to combine with Fiat Chrysler Automobiles NV without telling its partner. Those talks collapsed in June.Delbos reiterated Senard’s stance that the Franco-Japanese alliance needs to be fixed before any combination with Fiat could be rekindled.“If there is a way to revive it, of course we would be interested, but first we need to take care of ourselves and the alliance,” she said.To contact the reporter on this story: Ania Nussbaum in Paris at anussbaum5@bloomberg.netTo contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net, Tara Patel, Elisabeth BehrmannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters
Experience, not nationality, key for new CEO at France's Renault: minister
Experience in overhauling a company and a track record in industry will be more important than nationality when carmaker Renault chooses a new chief executive, France's junior economy minister said on Tuesday. Renault, in which the French government owns a 15% stake, last week kicked off the search for a new leader after ousting CEO Thierry Bollore, hoping new blood will help it repair relations and strengthen a partnership with Japan's Nissan , which has also switched top managers. The French state, with a boardroom vote on Bollore's successor, is open to casting the net wide, junior minister Agnes Pannier-Runacher told Reuters.
- Barrons.com
Renault Chief Ousted, Enabling Carmaker to Move On From Ghosn Debacle
The French car maker CEO Thierry Bolloré was ousted and company is looking for replacement with view of mending fences with alliance partner Nissan
- Financial Times
FirstFT: Today’s top stories
The National Oil Tankers Company of Iran, which owns the Sabity or Sabiti tanker, said two separate missiles hit the vessel at 5am and 5.20am local time, damaging two main reservoirs on board and causing an oil leak into the Red Sea. State media said the tanker was 60 miles off Jeddah. Brent crude, the international oil benchmark, climbed 2.1 per cent to $60.36 a barrel as traders responded to the event.
- Bloomberg
Renault’s Delbos Joins GM’s Barra in Sparse Ranks of Female Auto Executives
(Bloomberg) -- Renault SA ’s promotion of Chief Financial Officer Clotilde Delbos to the carmaker’s top spot will make her the second most-powerful female auto executive after General Motors Co. CEO Mary Barra -- at least on an interim basis.The French carmaker Friday ousted Thierry Bollore in a bid to move on from fractious months with automotive partner Nissan Motor Co. after the arrest of Carlos Ghosn, who led both companies. Turning over a fresh page, Nissan earlier this week named a new management team.Renault’s new CEO, who joined the carmaker in 2012 and became CFO four years later, has been at the center of efforts to reshape the world’s biggest automaking alliance. She was part of the “Orange group” at Renault that pushed for a closer tie-up including a merger with Nissan, along with Chairman Jean-Dominique Senard. Nissan rejected even the idea of reviving discussions about a merger in April.The 52-year-old also held roles within the partnership, taking charge of control and performance at the Renault-Nissan alliance in 2014. She and Senard both previously worked at aluminum producer Pechiney, which Delbos joined in 1992, climbing through various audit and finance-related roles over two decades. During that time, the metals company passed through the hands of Alcan, Rio Tinto and Apollo Global Management. Senard joined in 1996, and he was named CEO in 2003.Male-DominatedAuto companies remain a male-dominated fold. Aside from Barra, there are few other female leaders of major carmakers with operational responsibilities. Tesla Inc. named Robyn Denholm to chair its supervisory board last year.At GM, Dhivya Suryadevara holds the CFO position, while at Daimler AG, Britta Seeger is head of sales. Volkswagen AG brand Audi this year named former BMW AG executive Hildegard Wortmann to its management board to lead sales and marketing. Linda Jackson is CEO of Peugeot’s Citroen brand. Other female board members tend to operate in human resources or governance roles.Delbos will be flanked by two male deputies, Olivier Murguet and Jose Vincente de los Mozos, while the the company seeks a permanent replacement. Senard’s responsibilities will be expanded to include oversight of stakes in RCI Bank, a motor joint venture with Samsung and other industrial and commercial companies.Ghosn’s arrest over allegation of financial misconduct, which he denies, exposed poor corporate governance at Nissan and brought long-simmering tensions between the automakers to a boil. Removing Bollore, seen as a holdover from the Ghosn era, could help resolve their differences, which would be a prerequisite to reviving merger discussions with Fiat Chrysler Automobiles NV. That deal was scrapped earlier this year after Nissan failed to back a deal.To contact the reporter on this story: Ania Nussbaum in Paris at anussbaum5@bloomberg.netTo contact the editors responsible for this story: Tara Patel at tpatel2@bloomberg.net, ;Anthony Palazzo at apalazzo@bloomberg.net, Elisabeth Behrmann, Thomas MulierFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Renault Has Two Boardroom Coups in One Year
(Bloomberg Opinion) -- During the past 12 months Renault SA has looked more like a soap opera than a carmaker. The French company served up an ill-tempered denouement on Friday when it sacked Chief Executive Officer Thierry Bollore, who said he was the victim of a “coup.”Bollore only took the job in January after his predecessor Carlos Ghosn was arrested for alleged impropriety around his pay and resigned. Since then, Renault’s alliance with Japan’s Nissan Motor Co. has been in turmoil and the French company’s cash flow and share price have skidded.Renault compounded the dramatics earlier this by trying to merge with Fiat Chrysler Automobiles NV, only for the French state to torpedo the union.These events have created a profound sense of drift at the manufacturer, for which Bollore and his chairman Jean-Dominique Senard are probably equally to blame. It’s Bollore who’s been given the shove, though, and Renault now has (yet another) opportunity to start afresh. Clotilde Delbos, the finance director, has been appointed interim CEO while the company looks for a permanent replacement.The first priority must be to tone down the histrionics. As at Nissan, which appointed a new CEO this week, Renault needs to focus on operational matters, not creating newspaper headlines. Boardroom bust-ups are never helpful but this one is especially ill-timed. Car markets are weakening and anti-pollution regulations and the shift to electric vehicles require heavy spending.Unfortunately Renault isn’t starting out from a position of strength. It is reasonably well positioned in electric vehicles (with the Zoe) and in emerging markets such as Brazil and Russia. Its low-cost Dacia business performs well. However, Renault can no longer rely on chunky profit contributions and dividends from Nissan because its Japanese partner is also battling slumping sales. Renault’s balance sheet isn’t the strongest: the group had just 1.5 billion euros ($1.65 billion) of industrial net cash at the end of June And its core automotive business eked out a meager 4 percent operating return on sales in the first six months of the year. Its local rival Peugeot SA achieved twice that. Overall, net income will probably fall by about one-quarter this year. Looking ahead, Renault targets 70 billion euros in yearly revenue by 2022, about one-fifth higher than last year. Yet with car demand plateauing it’s unlikely to get anywhere near that. Sales will rise only slightly to about 59 billion euros in 2021, according to analysts polled by Bloomberg.Fresh leadership at Renault and Nissan might at least help the two partners work more harmoniously. Then perhaps Senard and Fiat’s scion John Elkann can start talking again about a merger (Nissan wasn’t happy about the lack of consultation on the idea). But in view of the bad blood and false starts of the past 12 months, neither seems likely in the short term. Renault doesn’t need another distraction.The company’s shares jumped 4 percent on Friday but Renault shareholders remain pretty downbeat. Subtract the value of Renault’s 43% stake in Nissan, its stake in Germany’s Daimler AG and its net cash, and you’ll see they ascribe only about 2.5 billion euros of value to the core business.Bollore claims he’s been treated shabbily, but his successor inherits a lousy valuation, a trunk full of strategic problems and a chairman and French state stakeholder second-guessing their every move. His departure feels like an act of mercy.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Reuters
Factbox: Renault's new top executive committee
Below are some facts on some of the new top executives appointed at Renault on Friday. Delbos was born in 1967 and obtained her university degree from Lyon. Delbos began her career in California, then moved to accountancy firm Price Waterhouse in Paris before joining the Pechiney Group in 1992.
- MarketWatch
Renault ousts CEO who replaced jailed former head Ghosn
French carmaker Renault has dismissed its chief executive officer, overhauling its leadership once again after the jailing of its previous chairman and CEO.
- Financial Times
Renault board votes to oust chief Thierry Bolloré immediately
Renault’s board has voted to oust its chief executive as the French carmaker looks to cut another link to its former boss Carlos Ghosn and ease tensions in its alliance with Japan’s Nissan. The board said on Friday morning that it had “decided to end the mandate” of Thierry Bolloré “with immediate effect” and that Clotilde Delbos, currently chief financial officer, would take over the role on an interim basis. Jean-Dominique Senard, Renault chairman, refused to be drawn on the precise reasons for Mr Bolloré’s departure at a press conference but said that the alliance with Nissan was at “a new stage” and needed “a breath of fresh air”.
- MarketWatch
Renault ousts CEO Thierry Bollore
Renault said it's dismissing Thierry Bollore as its chief executive and president. Clotilde Delbo, the chief financial officer, will be interim CEO as it searches for a replacement. Renault shares rose 3.5% in Paris trade.
