Professional
Added to YB: 2024-05-23
Pitch date: 2024-05-22
MBGAF [neutral]
Mercedes-Benz Group AG
-3.03%
current return
Author Info
No bio for this author
Company Info
Mercedes-Benz Group AG operates as an automotive company in Germany and internationally. It operates through Mercedes-Benz Cars, Mercedes-Benz Vans, and Mercedes-Benz Mobility segments.
Market Cap
EUR 58.0B
Pitch Price
EUR 60.59
Price Target
127.00 (+116%)
Dividend
7.08%
EV/EBITDA
11.13
P/E
9.36
EV/Sales
1.02
Sector
Automobiles
Category
turnaround
Mercedes-Benz Group AG: Near-Term Headwinds Don't Change Long-Term Outlook
MBGAF: Q1 headwinds - revenue -4% YoY, China vol -11%, Asia ex-China -26%; mgmt expects FY vols & sales at 2023 levels. EBIT -30%, MB Cars margin 9.6% (14.9% PY) on vol, pricing, investments; 10-12% FY target. €3B buyback, higher CapEx for EVs. Narrow moat on brand & IP. AutomotiveINNOVATIONS awards, Level 3 autonomy. $127 FVE. High uncertainty: cyclical industry, enviro & labor risks. Standard capital allocation: sound B/S, fair investment, ~40% payout. Risks: competition, macro, supply chain, costs.
Read full article (9 min)