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Daimler AG DDAIF

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Morningstar’s Analysis

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1-Star Price


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Economic Moat


Capital Allocation


Daimler Has Strong First-Quarter Results With Slight Increase in Guidance; Maintaining EUR 82 FVE

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat Daimler reported first-quarter earnings per share of EUR 4.01, EUR 0.43 better than the EUR 3.58 FactSet consensus EPS estimate and up EUR 3.92 from EUR 0.09 EPS reported a year ago. First-quarter total volume increased 13% with recovery in most of Daimler’s markets, especially China, which entered COVID-19 lockdowns much earlier than other regions. Consolidated revenue increased 10% to EUR 41 billion from EUR 37 billion in the prior year. First-quarter group adjusted EBIT was EUR 5.0 billion for an impressive margin of 12.1% versus EUR 719 million and a margin of 1.9% reported last year. The 3-star rated shares of Daimler currently trade at a 10% discount to our EUR 82 fair value estimate.

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Company Profile

Business Description

Based in Stuttgart, Germany, Daimler makes premium passenger vehicles, commercial trucks and vans, and buses. Brands include Mercedes-Benz, AMG, Maybach, Freightliner, Western Star, Fuso, Thomas Built, BharatBenz, Setra, and Orion. 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 3.0% each of Renault and Nissan, 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%, and Nissan at 1.5%.

Mercedesstrasse 137
Stuttgart, 70372, Germany
Sector Consumer Cyclical
Industry Auto Manufacturers
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type
Employees 288,064