Financials Mercedes-Benz Group AG Berne S.E.

Equities

DAI

DE0007100000

Auto & Truck Manufacturers

End-of-day quote Berne S.E. Other stock markets 06:00:00 2024-07-07 pm EDT			5-day change	1st Jan Change
95 ^CHF	0.00%		0.00%	0.00%

05:52pm	Mercedes-Benz and Starbucks to Collaborate on EV Charging Network	DJ
05:44pm	Starbucks: Mercedes to equip over 100 stores	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	52,818	61,826	72,310	65,688	65,111	61,720	-	-
Enterprise Value (EV) ¹	41,821	43,971	51,305	39,051	33,452	30,621	29,078	27,525
P/E ratio	22.2 x	17 x	3.14 x	4.53 x	4.65 x	5.46 x	5.33 x	4.86 x
Yield	1.82%	2.34%	7.4%	8.47%	8.47%	7.75%	7.87%	8.27%
Capitalization / Revenue	0.31 x	0.4 x	0.43 x	0.44 x	0.42 x	0.41 x	0.4 x	0.39 x
EV / Revenue	0.24 x	0.28 x	0.31 x	0.26 x	0.22 x	0.2 x	0.19 x	0.17 x
EV / EBITDA	3.46 x	2.83 x	1.42 x	1.45 x	1.27 x	1.33 x	1.24 x	1.12 x
EV / FCF	30.6 x	5.32 x	5.96 x	4.8 x	5.35 x	3.26 x	3.59 x	2.97 x
FCF Yield	3.27%	18.8%	16.8%	20.8%	18.7%	30.7%	27.9%	33.7%
Price to Book	0.86 x	1.02 x	1 x	0.77 x	0.72 x	0.68 x	0.63 x	0.58 x
Nbr of stocks (in thousands)	1,069,837	1,069,837	1,069,837	1,069,837	1,040,937	974,269	-	-
Reference price ²	49.37	57.79	67.59	61.40	62.55	63.55	63.55	63.55
Announcement Date	2/11/20	2/18/21	2/24/22	2/17/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	172,745	154,309	167,971	150,017	153,218	151,758	155,202	159,304
EBITDA ¹	12,080	15,560	36,049	26,979	26,323	22,956	23,518	24,652
EBIT ¹	4,329	6,603	29,069	20,458	19,660	16,498	16,412	17,766
Operating Margin	2.51%	4.28%	17.31%	13.64%	12.83%	10.87%	10.57%	11.15%
Earnings before Tax (EBT) ¹	3,830	6,339	28,775	20,304	20,084	16,899	16,782	17,834
Net income ¹	2,377	3,600	23,006	14,501	14,261	11,891	11,873	12,795
Net margin	1.38%	2.33%	13.7%	9.67%	9.31%	7.84%	7.65%	8.03%
EPS ²	2.220	3.390	21.50	13.55	13.46	11.65	11.93	13.08
Free Cash Flow ¹	1,368	8,259	8,606	8,128	6,257	9,400	8,107	9,271
FCF margin	0.79%	5.35%	5.12%	5.42%	4.08%	6.19%	5.22%	5.82%
FCF Conversion (EBITDA)	11.32%	53.08%	23.87%	30.13%	23.77%	40.95%	34.47%	37.61%
FCF Conversion (Net income)	57.55%	229.42%	37.41%	56.05%	43.87%	79.05%	68.28%	72.46%
Dividend per Share ²	0.9000	1.350	5.000	5.200	5.300	4.927	5.005	5.255
Announcement Date	2/11/20	2/18/21	2/24/22	2/17/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2
Net sales ¹	84,499	43,389	34,858	36,440	71,298	37,716	41,003	37,516	38,241	75,757	37,200	40,261	35,873	37,543	73,398	37,454	39,692	80,850	37,731	-
EBITDA	-	16,156	6,840	6,237	-	6,884	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	10,933	14,557	5,229	4,622	9,851	5,196	5,411	5,504	4,988	10,492	4,842	4,326	3,863	4,047	7,794	4,046	4,433	9,059	4,074	-
Operating Margin	12.94%	33.55%	15%	12.68%	13.82%	13.78%	13.2%	14.67%	13.04%	13.85%	13.02%	10.74%	10.77%	10.78%	10.62%	10.8%	11.17%	11.2%	10.8%	-
Earnings before Tax (EBT) ¹	-	14,463	5,187	4,549	-	5,166	-	5,569	5,085	10,654	4,980	-	4,029	4,380	8,358	4,118	4,748	-	-	-
Net income ¹	-	12,648	3,586	3,198	-	3,923	3,981	4,011	3,641	7,652	3,636	3,117	2,974	3,063	6,074	2,923	3,250	-	-	-
Net margin	-	29.15%	10.29%	8.78%	-	10.4%	9.71%	10.69%	9.52%	10.1%	9.77%	7.74%	8.29%	8.16%	8.28%	7.81%	8.19%	-	-	-
EPS ²	-	11.82	3.260	2.910	6.170	3.660	3.720	3.690	3.340	-	3.440	2.990	2.860	2.848	5.610	2.874	3.199	-	2.890	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5.400	-	-	-
Announcement Date	7/21/21	2/24/22	4/27/22	7/27/22	7/27/22	10/26/22	2/17/23	4/28/23	7/26/23	7/26/23	10/26/23	2/22/24	4/30/24	-	-	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	10,997	17,855	21,005	26,637	31,659	31,098	32,642	34,195
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,368	8,259	8,606	8,128	6,257	9,400	8,107	9,271
ROE (net income / shareholders' equity)	15.3%	9.8%	22.3%	18.4%	16.1%	12.7%	11.8%	12%
ROA (Net income/ Total Assets)	0.81%	1.67%	4.83%	5.58%	5.45%	6.65%	6.31%	7.76%
Assets ¹	292,015	215,365	476,630	259,921	261,516	178,754	188,074	164,805
Book Value Per Share ²	57.30	56.70	67.30	79.80	86.60	93.50	101.0	111.0
Cash Flow per Share ²	12.10	20.90	22.90	15.80	13.70	18.00	18.00	20.00
Capex ¹	10,406	5,741	7,320	7,763	8,213	8,897	9,313	9,311
Capex / Sales	6.02%	3.72%	4.36%	5.17%	5.36%	5.86%	6%	5.84%
Announcement Date	2/11/20	2/18/21	2/24/22	2/17/23	2/22/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mercedes-Benz Group AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

63.55 EUR

Average target price

84.5 EUR

Spread / Average Target

+32.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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