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Car Makers: Advantage Daimler vs. BMW on longer term yet not so no on short term
Car MakersAdvantage Daimler vs. BMW on longer term yet not so no on short term
Weeks after H1-18 earnings publication and release of August monthly commercial figures, we come back on Daimler & BMW investment cases and confirm our preference for the leader in the premium segment despite headwinds on short term. We continue to prefer Daimler over BMW, even if EBIT margin in 2018 will be more affected (-20bp at group’s level expected for DAI vs. flat performance for BMW). We expect higher EPS growth in 2019 and 2020 for DAI than for BMW (6% vs. 3%) favoured notably by easier base comparison but also by an increase in Truck segment margin (7.5% EBIT margin excluding associates in 2020 vs. less than 6% in 2016).
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Xavier Caroen
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