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Mercedes-Benz Group AG MBG

Morningstar Rating
€59.58 +0.29 (0.49%)
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Company Report

Mercedes-Benz Earnings: Results Dented by Mix, Cost, and Supply Chain Disruption

Mercedes-Benz reported third-quarter earnings per share of EUR 3.44, EUR 0.23 better than the EUR 3.21 FactSet consensus but down EUR 0.22 from EUR 3.66 last year. Supply chain disruption (chips, logistics) kept consolidated volume relatively flat, up only 0.2% to 454,000 units from 453,000. Group revenue slipped 1% to EUR 37.2 billion, from EUR 37.7 billion a year ago, but was just a hair above consensus by EUR 23 million. Generally, pricing was favorable except for battery electric vehicle where competition has intensified. Mix was slightly unfavorable, as top-end product volume declined slightly more than core and entry.

Price vs Fair Value

MBG is trading at a 49% discount.
Price
€59.58
Fair Value
€597.00
Uncertainty
High
1-Star Price
€895.20
5-Star Price
€49.60
Economic Moat
Wyzfgb
Capital Allocation
Hybpsbx

Bulls Say, Bears Say

Bulls

Mercedes-Benz is a highly recognizable, well-respected global premium and luxury brand, which gives the company a modest buffer against the cyclical downturns of auto sales.

Bears

The global premium car market is highly competitive, and consumers can easily switch among brands.

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Trading Information

Previous Close Price
€59.29
Day Range
€58.9959.78
52-Week Range
€55.0876.10
Bid/Ask
€59.68 / €0.00
Market Cap
€63.74 Bil
Volume/Avg
3.6 Mil / 2.7 Mil

Key Statistics

Price/Earnings (Normalized)
4.27
Price/Sales
0.41
Dividend Yield
8.73%
Dividend Yield (Forward)
8.73%
Total Yield
8.73%

Company Profile

Based in Stuttgart, Germany, Mercedes-Benz Group makes premium and luxury 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 9.74% of Aston Martin and 9.55% of Beijing Automotive Group. Through Tenaciou3 Prospect Investment, Li Shufu, chair of Chinese automaker Geely, owns 9.69% of Mercedes-Benz. Other major shareholders include Beijing Automotive Group at 9.98% and Kuwait Investment Authority at 4.9% (6.8% before the sale of a 1.9% stake in March 2023).
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
167,397

Competitors

Valuation

Metric
MBG
F
GM
Price/Earnings (Normalized)
4.274.563.71
Price/Book Value
0.700.960.59
Price/Sales
0.410.240.26
Price/Cash Flow
2.982.722.21
Price/Earnings
MBG
F
GM

Financial Strength

Metric
MBG
F
GM
Quick Ratio
0.830.990.88
Current Ratio
1.241.211.14
Interest Coverage
62.151.5413.11
Quick Ratio
MBG
F
GM

Profitability

Metric
MBG
F
GM
Return on Assets (Normalized)
5.98%2.60%4.42%
Return on Equity (Normalized)
17.96%15.57%17.07%
Return on Invested Capital (Normalized)
8.72%7.88%6.57%
Return on Assets
MBG
F
GM

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