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Research Tree provides access to ongoing research coverage, media content and regulatory news on DAIMLER AG-REGISTERED SHARES. We currently have 38 research reports from 1 professional analysts.
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DAIMLER AG-REGISTERED SHARES
DAIMLER AG-REGISTERED SHARES
Daimler also accused of faking emissions
23 Mar 17
Stuttgart prosecutors are accusing employees of Daimler of having faked emissions for brand-new diesel cars which are regarded as fulfilling Euro 6 norms. This primarily concerns the B-class which emits, in reality, 13-times more NOx than in the laboratory. But C- and S-class diesel cars are also emitting considerably more. Daimler is willing to cooperate with the authorities, but says that it has not received any information nor have its offices been raided.
The boom continued in February
06 Mar 17
Deliveries of Mercedes-Benz passenger cars were up by 15% to 153,862 in the last month which brought the ytd number to 332,329 (+17%). The respective numbers for Smart were -7.5% to 9,265 and -2.2% to 18,914. The vast majority of the growth was achieved in China (+42% to 36,277 and +40% to 95,076, respectively), but the Mercedes-Benz brand continued to achieve positive growth in all regions. European deliveries were up by 7.8% to 62,422 in February (+10% to 124,092 ytd) and Nafta deliveries increased by 8.8% to 29,219 and 7.6% to 69,220. The all-new E-class is currently the driving force behind the brand’s growth rates (+70% to 23,626 in February alone), but demand for SUVs continues to be strong as well (+15% to 52,503). On the other hand, growth of the C-class is much more subdued and we believe that S-class deliveries have continued to fall.
Head of Trucks leaves early and unexpectedly
12 Feb 17
Wolfgang Bernhard is leaving Daimler with immediate effect and before his contract expires in February 2018. Why Bernhard has decided to leave the company has not been published, but it clearly came as a surprise for his colleagues and the Supervisory Board. Speculations suggest that Bernhard’s latest cost reduction programme has to be implemented by a manager who has a long-term contract rather than one that expires in a year. Details of the programme were expected to be released in March, but this might now be in jeopardy as the CEO, Zetsche, who will temporarily take responsibility for trucks, might not be able to do so. Trucks are currently suffering from extremely weak demand in North and Latin America which cannot be compensated by continuously strong demand in Europe.
Good volume but disappointing revenue, net profit and dividend numbers
02 Feb 17
Car and van deliveries were both sharply up in 2016 whereas truck and bus deliveries fell. These numbers are no major surprise, but revenue of just above €153bn is some €1bn short of our projection. Daimler’s final accounts are not yet out, but the publication of preliminary numbers show a 2% EBIT fall to €12.9bn (we had €12.0bn) and a 1% profit (before minorities) increase to slightly less than €8.8bn while we had expected it to increase to €9.1bn. Because of almost unchanged earnings, the dividend is maintained at €3.25 while we had expected an increase to €3.40. That earnings are disappointing is also reflected in the bonus paid to the employees of the parent company who are entitled to it. This fell from €5,650 paid for 2015 to €5,400.
Car delivery growth remained strong throughout 2016
09 Jan 17
Deliveries were up by 9.0% to 204,978 Mercedes-Benz and Smart cars which brought the full-year number to 2.23m, an increase of almost 12%. Asia (+13% to 71,583) and Europe (+11% to 88,773) continued to be the most prosperous regions for Daimler while deliveries fell by 1.8% to 38,547 in Nafta. The respective full-year numbers were +21% to 761,045, +13% to 1.01m, and +0.6% to 404,225. During the course of 2016, the model mix changed slightly. While S-class deliveries fell strongly (-19% to 7,487 in December and -18% to 88,520 in the full-year), SUVs experienced very sharp demand (+9% to 65,824 and +34% to 706,170, respectively). The newly-introduced E-class has started to show positive growth (+14% to 31,272 in December), but the volume is still down by 1.7% to 296,324 for the full-year. Smart was very successful throughout last year with volume growth of 47% to 14,709 in December and 21% to 144,479 in the full-year.
To fight Uber, Daimler and BMW might merge their car-sharing operations
16 Dec 16
Car2go (Daimler) and Drive Now (BMW) might be merged into one company which, according to the media, allows both to fight Uber more successfully. Together they are believed to operate more than 20,000 cars worldwide, of which 2,500 electric cars and 6,000 in Germany. The German car-sharing market is believed to have a fleet of 7,000 cars, i.e. BMW and Daimler together have a market share of more than 80%. Uber is currently testing self-driving cars in the USA, but has experienced a backslash in California. As Uber has not applied for permission to test-drive these cars, Californian authorities have forbidden these cars with immediate effect.
24 Mar 17
We note the share transaction yesterday, and think the stock will benefit from the increased liquidity. We continue to believe there is good valuation upside to the shares. However, we are terminating coverage of Watkins Jones from this morning and withdrawing our forecasts from the market.
Outperformance in the bag
24 Mar 17
IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted our FY17 and FY18 numbers by 8-10% at the pre-tax and EPS levels, following an 11% uplift to earnings with the interims. Particularly notable is the comment on strong cash flow, with the group reaching its target of average leverage less than 2.5x EBITDA two years ahead of plan. With the earnings and cash flow momentum, strong balance sheet and progressive dividend, there is good potential for further share price upside.
N+1 Singer - Morning Song 28-03-2017
28 Mar 17
A G Barr (BAG LN) Share buybacks the main news around FY17 finals | Churchill China (CHH LN) An excellent set of 2016 results and more upgrades | Ergomed (ERGO LN) FY results show strong Services growth; Phase III Zoptrex® data ahead | Instem (INS LN) Investment to accelerate growth trajectory | Severfield (SFR LN) Strong H2 drives upgrades; CEO temporarily steps down due to ill health | Summit Therapeutics (SUMM LN) Strengthening the data package: planned extension of PhaseOut DMD | T. Clarke (CTO LN) Strong conclusion to FY16, record order book
Share & share alike
29 Mar 17
In a key week in a number of respects, some of the optimism that buoyed up markets has dissipated. In the UK, inflation istrending higher and above wage growth, putting pressure on the consumer although retail sales show contrasting signs. Corporate action continues apace. Yesterday there were more than fifty company results – all appear to be at least as expected. We now face a prolonged period of pre-Brexit bargaining. In Share News & Views we have covered Cropper (James)*, ECSC*, Gamma Communications, Goodwin*, Helios*, Manx Telecom, Personal Group and Quarto Group.-