Mercedes-Benz AG : Buybacks masking fundamentals
>Light on fundamentals, generous on shareholder returns - MB yesterday morning posted a mixed set of Q4 results (EBIT better overall, but in line on Cars with lower-than-expected margin, see First Take). During the call, management did not, in our view, dispel concerns around the erosion in the group’s fundamentals, on the contrary. However, good news was to be found on capital allocation, with the announcement of a new €3bn share buyback plan and, importantly, the a...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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