Financials Mercedes-Benz Group AG

Equities

MBG

DE0007100000

Auto & Truck Manufacturers

Market Closed - Xetra Other stock markets 11:35:40 2024-05-31 am EDT			5-day change	1st Jan Change
66.4 ^EUR	+0.71%		+0.56%	+6.16%

May. 31	Mercedes eyes reduced trade barriers from new India government	RE
May. 31	IfW expects higher prices for electric cars due to tariffs on Chinese imports	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	52,818	61,826	72,310	65,688	65,111	67,089	-	-
Enterprise Value (EV) ¹	41,821	43,971	51,305	39,051	33,452	34,810	32,565	30,063
P/E ratio	22.2 x	17 x	3.14 x	4.53 x	4.65 x	5.7 x	5.52 x	5.04 x
Yield	1.82%	2.34%	7.4%	8.47%	8.47%	7.41%	7.51%	7.89%
Capitalization / Revenue	0.31 x	0.4 x	0.43 x	0.44 x	0.42 x	0.44 x	0.43 x	0.42 x
EV / Revenue	0.24 x	0.28 x	0.31 x	0.26 x	0.22 x	0.23 x	0.21 x	0.19 x
EV / EBITDA	3.46 x	2.83 x	1.42 x	1.45 x	1.27 x	1.5 x	1.36 x	1.25 x
EV / FCF	30.6 x	5.32 x	5.96 x	4.8 x	5.35 x	3.54 x	4.07 x	3.24 x
FCF Yield	3.27%	18.8%	16.8%	20.8%	18.7%	28.2%	24.6%	30.9%
Price to Book	0.86 x	1.02 x	1 x	0.77 x	0.72 x	0.72 x	0.67 x	0.61 x
Nbr of stocks (in thousands)	1,069,837	1,069,837	1,069,837	1,069,837	1,040,937	1,010,375	-	-
Reference price ²	49.37	57.79	67.59	61.40	62.55	66.40	66.40	66.40
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	152,289	156,046	160,283
EBITDA ¹	12,080	15,560	36,049	26,979	26,323	23,192	23,865	24,077
EBIT ¹	4,329	6,603	29,069	20,458	19,660	16,679	16,841	18,137
Operating Margin	2.51%	4.28%	17.31%	13.64%	12.83%	10.95%	10.79%	11.32%
Earnings before Tax (EBT) ¹	3,830	6,339	28,775	20,304	20,084	16,929	16,975	17,970
Net income ¹	2,377	3,600	23,006	14,501	14,261	11,984	12,003	12,965
Net margin	1.38%	2.33%	13.7%	9.67%	9.31%	7.87%	7.69%	8.09%
EPS ²	2.220	3.390	21.50	13.55	13.46	11.65	12.02	13.17
Free Cash Flow ¹	1,368	8,259	8,606	8,128	6,257	9,828	7,999	9,288
FCF margin	0.79%	5.35%	5.12%	5.42%	4.08%	6.45%	5.13%	5.79%
FCF Conversion (EBITDA)	11.32%	53.08%	23.87%	30.13%	23.77%	42.37%	33.52%	38.58%
FCF Conversion (Net income)	57.55%	229.42%	37.41%	56.05%	43.87%	82.01%	66.64%	71.64%
Dividend per Share ²	0.9000	1.350	5.000	5.200	5.300	4.917	4.986	5.239
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	37,656	72,900	38,058	39,905	80,850	-	-
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	4,193	7,533	4,385	4,605	9,059	-	-
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%	11.13%	10.33%	11.52%	11.54%	11.2%	-	-
Earnings before Tax (EBT)	-	14,463	5,187	4,549	-	5,166	-	5,569	5,085	10,654	4,980	-	4,029	-	-	-	-	-	-	-
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	3,108	-	3,218	3,164	-	-	-
Net margin	-	29.15%	10.29%	8.78%	-	10.4%	9.71%	10.69%	9.52%	10.1%	9.77%	7.74%	8.29%	8.25%	-	8.46%	7.93%	-	-	-
EPS ²	-	11.82	3.260	2.910	6.170	3.660	3.720	3.690	3.340	-	3.440	2.990	2.860	2.905	-	3.008	2.958	-	-	-
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	32,279	34,524	37,026
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,368	8,259	8,606	8,128	6,257	9,828	7,999	9,288
ROE (net income / shareholders' equity)	15.3%	9.8%	22.3%	18.4%	16.1%	12.7%	11.7%	11.6%
ROA (Net income/ Total Assets)	0.81%	1.67%	4.83%	5.58%	5.45%	6.69%	6.31%	7.91%
Assets ¹	292,015	215,365	476,630	259,921	261,516	179,130	190,155	163,892
Book Value Per Share ²	57.30	56.70	67.30	79.80	86.60	91.70	99.40	109.0
Cash Flow per Share ²	12.10	20.90	22.90	15.80	13.70	18.00	18.00	19.90
Capex ¹	10,406	5,741	7,320	7,763	8,213	8,881	9,269	9,309
Capex / Sales	6.02%	3.72%	4.36%	5.17%	5.36%	5.83%	5.94%	5.81%
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

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

66.4 EUR

Average target price

87.64 EUR

Spread / Average Target

+31.98%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto & Truck Manufacturers

	1st Jan change	Capi.
MERCEDES-BENZ GROUP AG	+6.16%	72.76B
TOYOTA MOTOR CORPORATION	+31.29%	291B
VOLKSWAGEN AG	+2.86%	67.67B
BMW AG	-7.54%	63.63B
HONDA MOTOR CO., LTD.	+20.70%	54.27B
GENERAL MOTORS COMPANY	+25.31%	51.31B
FORD MOTOR COMPANY	-0.49%	48.43B
TATA MOTORS LIMITED	+18.20%	40.52B
HYUNDAI MOTOR COMPANY	+24.32%	39.72B
MAHINDRA & MAHINDRA LIMITED	+44.92%	33.44B

Other Auto & Truck Manufacturers