Hints and tips:
...We expect underlying FCF of c.>€1.1 bn in 2021E and FCF to be positive ex WC from 2022. Valuation - Renault trades at c.4.2x 2021E P/E, a c.10% discount to its 3-year median....
...Looked at differently, Cyclicals are still priced for a V-shaped recovery, which might not happen....
...A judge in Regina v....
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