Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DAIMLER AG-REGISTERED SHARES. We currently have 30 research reports from 1 professional analysts.
|22Sep16 01:00||PRN||Daimler Financial Services appoints Udo Neumann Global Chief Information Officer|
|22Sep16 10:04||PRN||Sibylle Wankel succeeds Dr. Sabine Maaßen on the Daimler Supervisory Board|
|27Jul16 09:35||PRN||Mercedes-Benz is presenting the first fully electric truck for heavy distribution operations|
|21Jul16 09:06||PRN||Supervisory Board of Daimler AG appoints Britta Seeger as Member of the Board of Management for Mercedes-Benz Cars Marketing & Sales|
|21Jul16 10:13||PRN||Daimler continues along its successful course - record unit sales in second quarter and first half of 2016|
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DAIMLER AG-REGISTERED SHARES
DAIMLER AG-REGISTERED SHARES
€10bn for 10 electric cars
28 Nov 16
Daimler intends to invest €10bn into the development of ten electric cars through to 2025. By then, it plans to offer several of its car models as full-electric cars (three of them will be Smart) and believes that between 15% and 25% of its sales volume will be fully electric. Based on today’s delivery volume, this translates into an annual volume between 350,000 and 550,000 vehicles. The above numbers show the necessary investment per car model, i.e. roughly €1bn.
Car delivery growth remained strong in October
07 Nov 16
The group’s car deliveries were up by 11.4% to 184,606 in the last month which brought the ytd number to 1.83m, an increase of 12.2%. The respective numbers for the Mercedes-Benz brand were +11.5% to 173,096 and +11.7% to 1.71m. Throughout the entire year, deliveries of SUVs have continued to rise sharply (+24% to 58,759 in October and +40% to 579,080 ytd) and the introduction of the all-new E-class (April 2016) has started to help (+16% to 27,635 in October but -5.6% to 235,420 ytd) as of late. S-class deliveries continued to fall (-7.8% to 7,545 in October and -17% to 74,292 ytd). By region, Europe continued to be very positive (+8.6% to 80,315 and +12.5% to 830,030) as was APAC (+26% to 65,996 and +22% to 622,831), whereas the number has started to be in negative territory in Nafta (-1.9% to 33,455 in the last month but +0.6% to 329,519 ytd).
Better than expected Q3 profit number
21 Oct 16
The group’s consolidated accounts showed Q3 revenue of €38.6bn (+3.5%), EBIT of €4.04bn (+10%), and net earnings of €2.6bn (+8.8%). The respective ytd numbers were €112bn (+3.0%), €9.44bn (-8.2%), and €6.38bn (-3.6%). All these latter numbers are higher than our projected €110.7bn, €8.29bn, and €5.85bn.
Double-digit delivery growth outside of Nafta
07 Oct 16
Passenger car deliveries of the Mercedes-Benz brand were up by 12% to 211,286 in September which brought the ytd number to almost 1.54m, an increase of almost 12%. The respective numbers for the Smart brand were +37% to 13,987 and +20% to 105,695. APAC (+19% to 75,431) and Europe (+16% to 109,007) continued to be the driving forces behind these growth rates whereas volume growth was more subdued in Nafta (+3.6% to 35,559). The double-digit growth rate was achieved thanks to continuously strong demand for SUVs (+27% to 68,197) while deliveries of the S-class continued falling fast (-17% to 7,940). On the other hand, some recovery was experienced by the E-class (+6.1% to 31,831) and also by the C-class (+6.2% to 49,890).
Mercedes-Benz starts pick-up production, but not for Nafta and Asia
30 Sep 16
Daimler’s CEO Dieter Zetsche stated at the Paris Motorshow that the cooperation between Daimler and Renault-Nissan has been expanded during the course of 2016. He focused on four topics: Smart cars will eventually also be available as full-electric cars using Renault’s engines and Daimler’s batteries. The Smart fortwo is to continue to be produced in Daimler’s Hambach/Alsace factory while the forfour is to be produced in Renault’s Slovenian plant along with the Renault Twingo. Daimler and Nissan have laid the foundation for a car plant in Mexico in 2015. Starting in 2017, this plant will produce premium compact cars for the Infiniti brand and from 2018 for the Mercedes-Benz brand. An all-new Mercedes-Benz pick-up will be produced in Renault’s Argentine plant and in Nissan’s Spanish plant. The car will be based on Nissan’s NP300 but, according to Daimler, will look different. It intends to sell the pick-up in all markets outside North America and Asia. We believe that this limitation is a Nissan request and wonder how many of these cars can be sold outside these two regions. A Nissan engine plant in the USA has been producing 2L, 4-cylinder gasoline engines for Daimler since 2014. This plant is currently being expanded to increase the capacity. During the last two years, it has produced some 250,000 engines for Daimler and these are used in cars for the Nafta market as well as for Africa. Additionally, engine components are shipped to Germany.
The delivery boom continued in August
06 Sep 16
The group delivered a total of 163,877 passenger cars in the last month (+12%). The ytd number increased by 12% to almost 1.42m vehicles. The regional break-down shows continuously very strong growth for Asia (+23% to 63,789 and +22% to 481,407) and also for Europe (+11% to 61,507 and +13% to 640,708). On the other hand, the Nafta market has become more difficult (+1.2% to 33,741 and +0.5% to 260,505) which is exclusively the consequence of marginally falling deliveries in the USA. SUVs continue to be the basis for the company’s success. Deliveries of these models were up by 39% to 56,286 in August and 45% to 452,124 ytd. In addition, Smart did disproportionately well (+21% to 7,631 and +18% to 91,708). On the other hand, deliveries of both E-class and S-class vehicles continued falling.
Panmure Morning Note 01-12-16
01 Dec 16
Consistent with the FY16 trading update/pre-close on September 14, today’s FY16 results are in line with our and consensus underlying PBT expectations of £12.5m (+22.5% YoY). The total FY16 dividend is up 36%, covered 3.4x, whilst net cash is £6.9m (+53%). FY16 represented another good year of execution, and FY17 has started well. The company's business mix is now more diverse across geographies (International accounted for 26% of total sales vs 21% in FY15) and we see CCT’s increasing diversity in retail distribution as both a further risk-mitigation and opportunity driver. We make no changes to our FY17 and FY18 PBT forecasts of £13.5m and £14.5m (albeit, we make some changes to the constituent parts) and introduce a FY19 PBT of £15.5m. We maintain our BUY and TP of 635p.
Strong H2 expected
30 Nov 16
H1 results were in line with expectations with PBT of £9.0m, EPS of 9.9p and DPS of 7.2p. The NAV / share is 253p. We expect the company to have a strong H2 based on its forward sales position and the timing of developments coming through. Telford has a strong balance sheet, a large development pipeline and impressive forward sales position, as well as good levels of demand for its product and geography from a diverse group of buyers. No change to forecasts at this stage.
US$500m to be invested in start-ups by 2026
28 Nov 16
BMW started a venture capital fund in 2011 with an initial investment of $100m. This is now to be expanded to $500m within the next ten years. The fund, called ‘BMW i Ventures’, has been moved from NYC to Mountain View, CA, to have closer access to the technology developed in the Silicon Valley. The investment focus will be on Enabling Technology and Digital Vehicle Technology, Mobility and Digital Services, Customer Experience, and Advanced Production Technology. According to BMW, the fund has closed 15 deals in ‘mobility-related’ technologies so far. It typically acquires a minority stake in start-ups which allows it to gain access to external innovations (so-called ‘outside-in’) that secure the company’s role as a technology pioneer. Simultaneously, it provides support for start-ups by offering internal resources (so-called ‘inside-out’) such as technical expertise and access to its own network of an established car producer.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.
Small Cap Breakfast
29 Nov 16
Asia Pacific Investment Partner - the research-driven emerging and frontier markets real estate development business intends to float on AIM and conduct a placing in December RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Civil: No Reflation here, only a Race to the Bottom
05 Dec 16
The strengthening of the US dollar since the election of Trump is adding to the headwinds in the airline industry: over-capacity and falling yields. The airline industry, which is expected to generate $8bn of free cashflow in 2016 on $600bn of capital employed, needs to spend $120bn annually to maintain current delivery rates. Deferrals and down-gauging is now spreading to narrow-bodies as more and more airlines review their capex plans. We expect acceleration of seat densification as airlines look to sweat their existing fleets. We now expect deliveries to fall by 5% over 2015-18 as opposed to our previous forecast of flat growth. Aftermarket may also suffer as seat densification helps cut number of flights. This leads to reduction in our EPS forecasts for key Civil Aerospace names: Rolls-Royce, Meggitt, GKN and Senior.