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Mercedes-Benz Presents Strategy Update, Raises 2025 Margin Objective; FVE Raised to EUR 91

Senior Equity Analyst Richard Hilgert

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert | May 20, 2022

Mercedes-Benz updated investors on its passenger vehicle strategy, raising its adjusted EBIT margin objective by reducing entry-level premium offerings and increasing its focus on top-end luxury models. We like the strategic direction the firm is taking, capitalizing more so on the Mercedes-Benz luxury brand image. Changes to our model to reflect an enhanced margin profile resulted in our new EUR 91 fair value estimate, up from the previous EUR 80. The 4-star rated stock of Mercedes-Benz trades at an attractive 31% discount to our new fair value.

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Mercedes-Benz Group AG's Company Profile

Business Description

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

Contact

Mercedesstrasse 120
Stuttgart, BW, 70372, Germany

T +49 711170

www.daimler.com

Sector Consumer Cyclical

Industry Auto Manufacturers

Most Recent Earnings Mar 31, 2022

Fiscal Year End Dec 31, 2022

Stock Type —

Employees 250,768

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