Mercedes-Benz AG : Stronger than feared decline and likely to continue
>Q3 below expectations and cautious outlook - On Friday before trading, MBG published results that came below expectations (Cars EBIT -16% vs company-collected consensus), reflecting significant margin erosion (7.3%, of which 4.7% for the Cars BU, -770bp y-o-y, -550bp q-o-q), highlighting price/mix deterioration (ASP -10% y-o-y, -6% q-o-q) and other adjustments (Chinese dealer compensation, stock depreciation and warranty provisions), details in our First Take here. ...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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