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Mercedes-Benz Group AG MBGAF

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Product Renewal Should Support Mercedes’ Return to Sales Growth in 2027

Rella Suskin

In 2022, Mercedes introduced its "economics of desire" strategy, aiming to position itself as a luxury goods company by exiting lower-margin entry-level models and steadily expanding its high-end offerings. The objective was to develop a brand portfolio strong enough to enable pricing power across all economic and market conditions. This has not played out, with brand value shrinking in its previously highest-profit region, China.

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Price vs Fair Value

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MBGAF is trading within a range we consider fairly valued.
Price
$45.95
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

2026 is a transition year for Mercedes. New product launches, including the all-electric C-class and GLC Long Wheelbase, should address portfolio gaps and support volume growth from 2027.

Bears

Pricing power in entry and core, which are 85% of volume, has come under pressure with the influx of new high-spec car brands that offer a greater value proposition. In a permanently more competitive market, pricing power is unlikely to fully recover.

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Shares Outstanding
949.23M
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
7.11
Price/Sales
0.28
Dividend Yield (Trailing)
8.98%
Dividend Yield (Forward)
8.98%
Dividend Payment Schedule
Apr
Total Yield
14.72%

Company Profile

Mercedes-Benz Group is a premium automotive original equipment manufacturer, selling around 2 million passenger cars, including its Chinese joint venture, and just under 400,000 vans per year. The company’s financial profile improved significantly following the spinoff of Daimler Truck in 2021. Unlike most automotive OEMs, Mercedes operates under its brand alone. In 2025, 15% of its passenger cars sold were top-end (G Class, Maybach, AMG, S Class), 58% were core (C and E Class), and 27% were entry-level cars (A and B Class). In volume terms, Asia and Europe are Mercedes’ largest markets, representing 41% and 36% of 2025 vehicle sales, respectively, followed by North America at 16%.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
164,120
Website
https://group.mercedes-benz.com

Competitors

Valuation

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Metric
MBGAF
7201
HMC
Price/Earnings (Normalized)
 7.24955.749.87
Price/Book Value
 0.420.210.54
Price/Sales
 0.290.090.29
Price/Cash Flow
 2.886.325.36
Price/Earnings
MBGAF
7201
HMC

Financial Strength

Metric
MBGAF
7201
HMC
Quick Ratio
 0.811.270.95
Current Ratio
 1.321.561.29
Interest Coverage
 18.87−3.47−2.13
Quick Ratio
MBGAF
7201
HMC

Profitability

Metric
MBGAF
7201
HMC
Return on Assets (Normalized)
 1.96%—−0.29%
Return on Equity (Normalized)
 5.46%—−0.78%
Return on Invested Capital (Normalized)
 2.74%—−0.71%
Return on Assets
MBGAF
7201
HMC

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