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Daimler AG DDAIF

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Morningstar’s Analysis

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Daimler Completes Spin-Off of Truck and Bus Business; New FVE of EUR 77 Per Share

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat rated Daimler has completed the spin-off of its truck and bus operations, retaining a 35% equity stake in the new company, now called Daimler Truck AG. In 2020, Daimler Truck accounted for 23% of consolidated revenue and 8% of group adjusted EBIT. Removing the operations from our discounted cash flow model resulted in a EUR 7 reduction in our fair value estimate to EUR 77 from EUR 84. The remaining operations of Daimler AG, soon to be renamed Mercedes-Benz, include premium and luxury passenger vehicles and light commercial vans as well as Daimler Mobility, which includes financial services and other mobility services like ride-hailing. The 3-star rated shares of Daimler AG currently trade at 4% discount to our new fair value.

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Company Profile

Business Description

Based in Stuttgart, Germany, Daimler makes premium passenger vehicles and commercial vans. Brands include Mercedes-Benz, AMG, and Maybach. Daimler Mobility provides the company's dealers and its customers with vehicle financing as well as mobility services in ride hailing, car sharing, and charging. Daimler owns 11.9% of Aston Martin, 15.0% of Russian truck maker Kamaz, and 9.6% of Beijing Automotive Group. Li Shufu, chairman of Chinese automaker Geely Automobile, owns 9.7% of Daimler. Other major shareholders include Kuwait Investment Authority at 6.8%, Beijing Automotive group at 5.0%.

Mercedesstrasse 120
Stuttgart, BW, 70372, Germany
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 289,282