24 July 2026 | 5:34AM BST Equity Research EUROPE AUTOMOBILES Further sector de-rating puts shareholder returns in focus; BMW/VW/RNO trading at or below net-cash while TSR remains robust Sector de-rating on fear of another round of warnings : BMW's profit warning and downward guidance revision have reignited investor focus on the sector's defining structural headwinds, Chinese competition and elevated input costs, driving a further material de-rating (SXAP now down -17% YTD). We believe these concerns are we ...