Table of Contents
3Q09 – Consensus expectations seem low...................................................................3
What are 2010 consensus estimates telling us?............................................................3
Risks to 2010 consensus (and JPM estimates).............................................................5
Near-term stock views .................................................................................................6
BMW ..........................................................................................8
Daimler AG................................................................................9
Fiat ...........................................................................................11
Peugeot ...................................................................................12
Renault ....................................................................................13
Volkswagen Prefs...................................................................14
Valuation Methodology and Risks ........................................15