Daimler: H1-18 earnings, first take
Daimler: (BUY, Fair Value EUR82 vs. EUR88 (+42%))H1-18 earnings, first take
This morning, Daimler posted poor sales performance over H1-18 due to slowdown in volumes growth in Q2 and headwinds on pricing and FX. Group’s EBIT strongly deteriorated over H1 (-21%) leading to a 200bp margin fall to 7.4% in line with H1-16 level. Most importantly the group confirmed margin at MB will be down compared with last year,as already stated in June when it adapted negatively its earnings expectations. Negative.
Daimler provides a range of transportation products, including passenger cars and commercial vehicles, and also financial services. Co. operates in five segments. Mercedes-Benz Cars sells passenger cars and off-road vehicles under the Mercedes-Benz brand and small cars under the smart brand. The Daimler Trucks distributes its trucks (Mercedes-Benz, Freightliner, FUSO, Western Star, Thomas Built Buses and BharatBenz). The vans of the Mercedes-Benz Vans segment are sold under the brand name Mercedes-Benz and Freightliner. Daimler Buses sells completely built-up buses (Mercedes-Benz and Setra). The Daimler Financial Services division supports sales of Co.'s automotive brands.
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