2025-06-16-Bernstein-雷诺汽车公司（RNO）_快速解读_雷诺首席执行官意外辞职_11页_390kb

Renault CEO Resignation

## Surprise Resignation

• Date: 13 June 2025; Luca de Meo steps down on 15 July as CEO.
• Impact: Shock to Renault after significant transformation under his leadership.
• Reason: Plans to join Kering as CEO following Chairman's role split.

Context from Executives

• Thierry Piéton, prior CFO, also departing ahead of schedule in January 2025 for healthcare firm Medtronic.
• Both departures seen as personal opportunities, not indicative of governance issues. Analyst hopes Piéton could replace de Meo if it had occurred earlier.

Bernstein Investment View

• Rating: Outperform
• Price Target: €65 (vs. current price of €43.04, representing ~51% upside)
• Downside/ Upside: +51% upside potential / -52% downside range
• 26.2% YTD Performance (+13.3% 1M)
• Dividend Yield: 5.1%

CEO Profile

• Career: Joined Renault in 1992; extensive experience across Toyota, Fiat, VW Group, handling key transformations and successful models.
• Achievements: Led Renaulution plan, turning Renault's automotive margin from -3.2% in 2020 to positive 5.9% in 2024, focusing on BEV strategy against Chinese competition.

Investment Implications

• Rating Change: Maintain Outperform rating.
• Valuation: Uses SOTP methodology (Sales/SOTP 4%, multiples), noting implications of potential loss of IPR agreement.
• Risks:
  • Consumer demand slowdown due to inflation/interest rates.
  • Raw material costs not fully recoverable.
  • Deteriorating sales channel mix.
  • Competition from Chinese BEVs.
  • unresolved IPR with Nissan.

Financials