EFTA Document EFTA01385527

> Energy, Materials & Industrials Q Renault - Gaetan Toulemonde. BUY, close €85.2, €115 tgt, 35% upside ■ Emerging markets are the key drivers of the growth, such as: 1) Russia (delivering €500-700m operating profit growth); 2) Americas (mostly focused in Brazil and bringing €300-€350m earnings growth); 3) China; 4) Iran; 5) India. ■ We expect the profit contribution from Europe to remain stable, at a high level, in light of modest growth (with Brexit a further drag on the UK) and regula