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Mercedes-Benz Group AG MBGAF

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Company Report

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Mercedes-Benz Earnings: Near-Term Headwinds Don't Change Long-Term Outlook

Krzysztof Smalec,

Narrow-moat Mercedes-Benz reported disappointing first-quarter earnings as macroeconomic pressures had an impact on results, driving shares down roughly 5% intraday on April 30. First-quarter sales and earnings per share fell short of FactSet consensus estimates by 8% and 2.4%, respectively. Despite near-term headwinds, our long-term outlook is unchanged, and we reiterate our EUR 117 per share fair value estimate.

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Price vs Fair Value

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MBGAF is trading at a 195% premium.
Price
$73.92
Fair Value
$693.00
Uncertainty
High
1-Star Price
$986.23
5-Star Price
$21.70
Economic Moat
Bnplm
Capital Allocation
Wnmzhwpt

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
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Day Range
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52-Week Range
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Bid/Ask
— / —
Market Cap
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Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
5.41
Price/Sales
0.47
Dividend Yield (Trailing)
7.71%
Dividend Yield (Forward)
8.28%
Total Yield
10.78%

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
166,056
Website
https://www.daimler.com

Competitors

Valuation

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Metric
MBGAF
BMW
TM
Price/Earnings (Normalized)
 5.415.879.79
Price/Book Value
 0.760.721.38
Price/Sales
 0.470.381.00
Price/Cash Flow
 3.662.755.53
Price/Earnings
MBGAF
BMW
TM

Financial Strength

Metric
MBGAF
BMW
TM
Quick Ratio
 0.920.730.98
Current Ratio
 1.351.091.18
Interest Coverage
 26.8525.99320.51
Quick Ratio
MBGAF
BMW
TM

Profitability

Metric
MBGAF
BMW
TM
Return on Assets (Normalized)
 5.21%4.87%5.79%
Return on Equity (Normalized)
 15.04%13.83%15.14%
Return on Invested Capital (Normalized)
 7.71%6.85%6.76%
Return on Assets
MBGAF
BMW
TM
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