Renault è messa un pochino meglio: scivolone delle vendite nel Q4/2008 per auto e veicoli commerciali, ma un filo meno pesante che per Peugeot, ed anche quarter precedente e nel resto del 2008 era andata meno peggio della sorella di oltralpe.
Però il discorso di fondo resta lo stesso di Fiat e di Peugeot: forte riduzione della profittevolezza e della capacità di generare cassa.
In positivo, oltre al fatto che si ipotizza Renault possa restare cash flow positive, un forte cuscino di liquidità assicurato dalla disponibilità di facilities bancarie per 4,2 mld euro risultanti ancora inutilizzate al 30 settembre 2008.
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Moody's places under review for possible downgrade Renault's Baa2/P-2 ratings[/FONT]
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Approximately EUR 5.9 Billion of Debt Affected. [/FONT]
[FONT=verdana,arial,helvetica]Frankfurt, January 13, 2009 -- Moody's Investors Service today placed under review for possible downgrade Renault S.A's ("Renault") Baa2 long term and Prime-2 short term ratings. [/FONT]
[FONT=verdana,arial,helvetica]Falk Frey, Senior Vice President and the lead analyst at Moody's for the European automotive sector, said: "The review reflects the more severe decline of Renault's key automotive markets than previously anticipated by magnitude as well as by pace. Renault's profitability and cash generation could deteriorate as a result over the medium term to an extent materially below its current rating category." Frey went on to say: "In addition Renault will also be affected by the fact that its two key earnings and cash contributing participations in Nissan and AB Volvo might also be severely impacted by the current market environment". [/FONT]
[FONT=verdana,arial,helvetica]In fiscal year 2008 Renault reported a -4.2% decline in global unit sales to 2.38 million vehicles. The sales performance though has been deteriorating from quarter to quarter given the sharp and rapid deterioration in car demand in the company's key markets. Whereas Renault was able to sell 4% more passenger cars and light vehicles in the first half year 2008, volumes declined by 3% in Q3 2008 and continued its contraction in Q4 2008 by -22%. [/FONT]
[FONT=verdana,arial,helvetica]The review will focus on (i) the dimension and time horizon of the deterioration in Renault's financial metrics thereby taking into consideration the current market outlook; (ii) the positive effects of counteractive measures the company has implemented in the course of Q4 2008; (iii) the additional measures that may be implemented by management (iv) the size of potential cash absorption by the industrial operations in the intermediate term as well as (v) the ability to continue to preserve its adequate liquidity profile in the industrial business and (vi) the degree of impact from the deterioration in operating performance and financial flexibility of its Alliance partner Nissan. [/FONT]
[FONT=verdana,arial,helvetica]Based on September 30, 2008 data for the industrial operations of cash and cash equivalents - including the financial interest in AB Volvo -, Renault's headroom under its total unused committed credit facilities of approx. € 4.2 billion as well as operating cash flow generation, Moody's views Renault's liquidity profile as adequate and sufficient to cover all cash needs over the next 12 months period, including day to day needs, capital expenditures, working capital needs and potential dividend payouts. [/FONT]
[FONT=verdana,arial,helvetica]On Review for Possible Downgrade: [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Renault S.A. [/FONT]
[FONT=verdana,arial,helvetica]....Multiple Seniority Medium-Term Note Program, Placed on Review for Possible Downgrade, currently a range of Baa3 to P-2 [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Commercial Paper, Placed on Review for Possible Downgrade, currently P-2 [/FONT]
[FONT=verdana,arial,helvetica]....Senior Unsecured Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Baa2 [/FONT]
[FONT=verdana,arial,helvetica]Outlook Actions: [/FONT]
[FONT=verdana,arial,helvetica]..Issuer: Renault S.A. [/FONT]
[FONT=verdana,arial,helvetica]....Outlook, Changed To Rating Under Review From Stable [/FONT]
[FONT=verdana,arial,helvetica]The principal methodology used in rating Renault was the Global Automobile Manufacturer Industry Methodology, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory. [/FONT]
[FONT=verdana,arial,helvetica]Moody's last rating action on Renault was a downgrade of Renault's long term senior unsecured rating to Baa2 from Baa1 with a negative outlook on October 27, 2008. [/FONT]
[FONT=verdana,arial,helvetica]Renault S.A., headquartered in Paris, France, is one of Europe's leading car manufacturers. The group's Renault brand is the Western European market leader in light commercial vehicles and ranks number four in passenger cars. The two other brands offered by Renault are Dacia (Romania) and Renault Samsung Motors (Korea). Renault also provides financing to dealers and end-customers through its wholly owned finance company, RCI Banque (rated A3/P-2). In fiscal 2007, the group sold 2.5 million vehicles and reported total revenues of €40.7 billion.[/FONT]
Anche se poi all'atto pratico, potendo comprarle solo OTC tramite il telefonico di IwBank, bisogna vedere a che prezzo potrei prenderle... Che altra strada si potrebbe seguire per un acquisto OTC più conveniente?
