GS sees premium OEMs most undervalued as EU automakers face upheaval

Aston Martin Lagonda Global Holdings

24/11/2025 08:53

** Goldman Sachs sees premium European carmakers as the most undervalued, saying they are better positioned to navigate sector disruption, with a low degree of complexity compared to mass carmakers and robust balance sheets

** Goldman Sachs initiates German carmakers Mercedes MBGn.DE and BMW BMWG.DE with "buy", as it says the German premium carmakers are resilient "all-weather" OEMs

** The broker notes the German carmakers' relative better performance in China and the introduction of 'game changer' next-generation product platforms

** It starts Italy's Ferrari RACE.MI with "buy", deeming the recent share dip offering a unique entry opportunity to benefit from earnings upside, driven by higher average selling price from upcoming special series volumes in FY 26/27

COMPANY
RATING
OLD RATING
PT
OLD PT
Mercedes-Benz Group
Buy
N/A
74
N/A
BMW AG
Buy
N/A
112
N/A
Ferrari
Buy
N/A
391
N/A
Volkswagen
Neutral
N/A
106
N/A
Stellantis
Neutral
N/A
9
N/A
Renault
Neutral
N/A
36
N/A
Porsche
Neutral
N/A
46
N/A
Aston Martin
Neutral
N/A
61
N/A

 (Reporting by Tristan Veyet)

 ((Tristan.chabba@thomsonreuters.com))