Feb 15, 2024 / 03:55PM GMT
Rod Avraham Lache - Wolfe Research, LLC - MD & Senior Analyst
Our next fireside chat with General Motors. So just to introduce this, I would say we've seen some changes in GM's messaging recently. The most obvious being the increased focus on returns to shareholders. It culminated in a $10 billion share repurchase, so almost 25% of the
company's outstanding shares, if GM can sustain this level of profitability, we think that there could be another 15% to 20% in another year. There's obviously some kind of disconnect here, though, because a 4x PE when you're concentrating so much capital on reducing the share count obviously suggests that there's some concern about the underlying earnings sustainability.
The counterargument to that actually is that GM may be under earning because there's so much being invested right now in electric vehicles and other areas. So at the very least, I'm hoping we can tease out that GM's earnings are more sustainable than the valuation would suggest.
So with that, I'm very pleased to welcome Mary Barra, the company's CEO and Chair. Paul Jacobson
General Motors Co at Wolfe Research Global Auto and Auto Tech Conference Transcript
Mar 01, 2024
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