OTC: MBGAF - Mercedes-Benz Group AG

Yield per half year: -19.1%
Sector: Consumer Cyclical

Reporting Mercedes-Benz Group AG

Capitalization

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд €	95.31	74.32	81.49	76.71	59.5	50.86	93.44	70.11	76.57	84.43
Выручка, млрд €	149.47	153.26	164.33	167.36	172.75	154.31	133.89	150.02	153.22	153.22
Чистая прибыль, млрд €	8.42	8.53	10.53	7.25	2.38	3.63	11.05	14.5	14.26	14.26
EV, млрд €				181.21	171.81	139.5	162.11	132.13	137.53	159.29
EBIT, млрд €	13.23	13.21	14.62	11.35	4.1	-1.93	8.85	13.36	20.78	15.85
EBITDA, млрд €	18.62	18.69	20.29	17.66	11.85	15.91	23.91	27.25	27.44	29.55
Баланс стоимость, млрд €	53.56	57.95	64.02	64.67	61.34	60.69	71.95	85.42	91.77	91.77
FCF, млрд €	-7.11	-5.12	-11.81	-10.36	-2.95	13.77	17.23	10	6.26	6.26
Операционный денежный поток, млрд €	0.222	3.71	-1.65	0.343	7.89	22.33	24.55	16.89	14.47	14.47
Операционная прибыль, млрд €	12.54	12.07	12.98	10.06	4.1	6.95	16.93	20.28	13.27	15.85
Операционные расходы, млрд €	19.25	19.89	21.35	23.01	25.86	19.44	15.7	16.17	19.32	18.78
CAPEX, млрд €	7.34	8.83	10.16	10.7	10.84	8.56	7.32	6.9	8.21	8.21

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Капитализация, млрд €	91.79	99.46	82.12	72.27	60.64	65.77	81.16	82.16	79.55	68.44
Выручка, млрд €				36.44	37.72	41	37.52	38.24	37.2	40.26	35.87	36.74	34.53
Чистая прибыль, млрд €				3.11	3.92	3.98	3.95	3.56	3.64	3.12	2.97	3.02	1.73
EV, млрд €				140.77	127.11	130.46	144.57	147.54	139.53	157.91	166.96	164.44	136.17
EBIT, млрд €				4.68	5.26	5.53	5.66	3.53	5.03	4.75	3.28	3.69	2.88
EBITDA, млрд €				6.29	6.95	7.13	7.31	5.17	6.68	6.48	4.93	5.34	4.53
Баланс стоимость, млрд €				77.26	81.59	85.42	89.82	87.66	91.01	91.77	95.77	90.24	89.94
FCF, млрд €				3.48	3.77	1.29	1.82	1.96	1.43	1.05	3.12	0.695	2.62
Операционный денежный поток, млрд €				5	5.49	3.44	3.73	3.62	3.52	3.6	4.56	2.7	4.9
Операционная прибыль, млрд €				4.68	5.26	5.53	5.66	5.17	5.03	3.54	2.84	3.29	2.13
Операционные расходы, млрд €				4.45	4.36	4.14	4.38	4.6	4.06	4.44	4.26	4.53	4.08
CAPEX, млрд €				1.53	1.71	2.16	1.91	1.66	2.1	2.55	1.45	2	2.27

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд €		9.94	10.98	12.07	15.85	18.88	23.05	23.12	17.68	13.11	15.96
Short Term Investments €		7.29	9.73	9.13	8.95	7.89	5.4	6.74	6.68	6.39	6.16
Total Receivables €		50.26	55.44	59.16	66.62	70.46	59.71	51.02	7.33	6.59	49.35
Total Current Assets €		91.85	102.05	106.74	121.61	127.8	115.26	102.93	102.87	104.03	104.03
Чистые активы, млрд €					49.37	55.58	52.85	41.9	40.98	85.42	112.87
Активы, млрд €		217.17	242.99	255.61	281.62	302.44	285.74	259.83	260.02	263.02	263.02
Short Term Debt €		29.31	32.59	33.08	39.78	45.98	39.62	31.17	32.82	32.12	44.91
Long Term Debt €					80.58	85.22	72.07	60.61	49.54	53.38	53.38
Задолженность, млрд €		162.54	183.86	190.29	215.57	239.6	223.49	186.66	173.48	170.21	170.21
Чистый долг, млрд €		73.3	84.5	92.56	104.82	115.85	91.71	70.73	66.74	71.25	92.68
Долг, млрд €					120.36	131.19	111.69	91.78	84.41	87.21	98.29
Interest income €					0.271	0.397	0.22	0.307	0.273	0.678
Расходы на обслуживание долга €		0.602	0.546	0.582	0.793	0.88	0.484	0.429	0.427	0.323	0.325
Чист. проц. доходы, млрд €					-0.312	-0.745	-0.618	0.1	0.186	0.355	0.757
Goodwill €	0.74	0.727	1.19	1.12	1.08	1.22	1.22	0.764	0.749	0.745
Амортизация, млрд €		5.38	5.48	5.68	6.31	7.75	17.84	15.07	13.89	6.66	13.7
Себестоимость, млрд €		117.67	121.3	130	134.3	143.58	128.72	103.22	116	118.84	118.59
Товарно материальные запасы €		23.62	25.15	25.39	29.16	29.53	26.31	21.29	25.46	26.13	27.29

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
Наличность, млрд €				14.32	15.38	17.68	17.39	15.43	15.14	15.96	17.19	12.85	14.03
Short Term Investments €				8.43	8.09	6.68	11.35	10.09	10.05	6.16	6.7	6.26	9.77
Total Receivables €				45.53	45.42	52.12	46.32	45.35	46.01	6.59	5.89	6.55	0.281
Total Current Assets €				98.81	102.05	102.87	107.61	103.55	105.18	104.03	106.56	103.87	103.22
Чистые активы, млрд €	41.66	41.9	41.46	41.69	41.37	40.98	40.23		40.22
Активы, млрд €				257.46	262.14	260.02	263.24	258.83	263.69	263.02	267.15	263.17	262.02
Short Term Debt €				30.26	31.71	32.82	32.63	33.31	31.85	44.91	39.65	41.04	29.56
Long Term Debt €				52.55	50.14	49.54	48.19	48.99	52.05	53.38	57.6	58.36	59.91
Задолженность, млрд €				179.05	179.32	173.48	172.33	170.16	171.67	170.21	170.32	172.04	171.21
Чистый долг, млрд €				70.56	68.53	66.74	65.31	68.69	70.49	92.68	90.83	98.07	77.09
Долг, млрд €				82.81	81.85	82.37	80.81	82.3	85.63	108.64	108.02	110.93	91.11
Interest income €	0.093	0.046	0.221	0.375	0.063	0.116	0.153	0.157	0.19	0.178
Расходы на обслуживание долга €				0.126	0.093	0.125	0.088	0.08	0.052	0.054	0.086	0.111	0.236
Чист. проц. доходы, млрд €		-0.075	0.055	0.098	0.028	0.005	0.026	0.198	0.174	-0.043	0.2345
Goodwill €	0.755	0.764	0.763	0.76	0.752	0.749	0.749	0.754	0.753	0.745
Амортизация, млрд €				1.62	1.69	1.61	1.65	1.63	1.64	1.74	1.64	1.66	1.65
Себестоимость, млрд €				27.94	28.93	32.23	28.11	29.28	29.17	32.28	28.77	28.92	28.32
Товарно материальные запасы €				26.09	28.28	25.46	28.43	28.47	29.54	27.29	29.09	29.75	28.84

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	8.1	7.97	9.83	6.77	6.57	4.69	11.85	13.55	13.46			13.46
Цена акции ао			84.57	52.77	54.48	70.3	77.1	65.4	69.1	55.27	56.7	56.7
Число акций ао, млн	1069.8	1069.8	1069.8	1069.7	1069.8	1069.8	1069.8	1069.8	1059.6			1059.6
FCF/акцию	-6.65	-4.79	-11.04	-9.68	-2.75	12.87	16.1	9.34	5.91			5.91

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	5 quarters average	CAGR 5
EPS				2.91	3.66	3.72	3.69	3.34	3.44	2.99	2.86	2.95	1.66
Цена акции ао	85.8	92.97	76.76	67.56	56.68	61.48	75.89	77.02	75.25	65.63
Число акций ао, млн	1069.8	1069.8	1069.8	1069.8	1069.8	1069.84	1069.44	1066.77	1057.2	1042.88
FCF/акцию				3.25	3.53	1.2	1.7	1.84	1.35	1.01	3	0.68	2.52

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %		15.73	14.71	16.44	11.21	3.87	5.98	15.36	18.43	16.1			15.54	18.08
ROA, %		3.88	3.51	4.12	2.57	0.7859	1.27	4.25	5.58	5.45			5.42	7.56
ROIC, %					6.03	3.04	2.66	7.63	11.81	4.58				8.07
ROS, %				6.4	4.33	1.38	2.35	8.25	9.67	9.31	9.31	9.31	9.31	13.05
ROCE, %		24.22	22.33	22.38	17.19	6.52	-3.11	12.09	7.79	11.5			17.08	24.58
Рентаб EBITDA, %		12.45	12.19	12.35	10.55	6.86	10.31	17.86	18.17	17.91			19.28	27.39
Чистая рентаб, %		5.64	5.56	6.4	4.33	1.38	2.35	8.25	9.67	9.31			9.31	13.05
Operation Margin, %				7.9	6.01	2.37	4.51	12.65	13.52	8.66	10.34	10.34	10.34	19.91
Доходность FCF, %	-8.2	-7.46	-6.89	-14.49	-13.5	-4.95	27.08	18.44	14.26	8.17

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
ROE, %				4.02	4.81	4.66	4.39	4.06	4.17	3.49	3.28	3.28	1.88	18.08
ROA, %				1.21	1.5	1.53	1.5	1.38	1.39	1.18	1.12	1.14	0.66	7.56
ROIC, %	4.6	10.99	5.19	5.28		23.9		5.37				4.23		8.07
ROS, %				8.53	10.4	9.71	10.52	9.32	9.77	7.74	8.29	8.21	5.02	13.05
ROCE, %				5.96	6.35	6.39	6.22	3.98	2.9	2.7	1.83	2.02	1.56	24.58
Рентаб EBITDA, %				17.26	18.42	17.4	19.48	13.51	17.95	16.1	13.73	14.54	13.12	27.39
Чистая рентаб, %				8.53	10.4	9.71	10.52	9.32	9.77	7.74	8.29	8.21	5.02	13.05
Operation Margin, %				12.83	13.94	13.48	15.08	13.51	13.53	8.79	7.92	8.96	6.17	19.91
Доходность FCF, %	7.51	2.03	1.78	4.81	6.22	1.95	2.24	2.38	1.8	1.54

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	11.31	8.72	7.74	10.58	25.03	14.02	8.46	4.51	4.65			4.67	24.29
P/BV	1.78	1.28	1.27	1.19	0.97	0.8379	1.3	0.7557	0.7142			0.7177	4.28
P/S	0.6376	0.485	0.4959	0.4583	0.3445	0.3296	0.6979	0.4359	0.4326			0.4348	4.12
P/FCF			-6.9	-7.41	-20.19	3.69	5.42	7.01	12.24	13.49	13.49	13.49	20.23
E/P			0.1292	0.0945	0.0399	0.0713	0.1183	0.2068	0.1862	0.1689	0.1689	0.1689	1.59
EV/EBITDA				10.26	14.5	8.77	6.78	4.85	5.01			5.39	15.59
EV/Ebit					40.97	-62.49	17.6	9.89	6.62	10.05	10.05	10.05
EV/S				1.08	0.9946	0.904	1.21	0.8808	0.8976	1.04	1.04	1.04	4.35
EV/FCF				-17.49	-58.3	10.13	9.41	13.22	21.98	25.46	25.46	25.46	17.99
Debt/EBITDA				6.82	11.07	7.02	3.84	3.1	3.18	3.33	3.33	3.33	2.07
Netdebt/Ebitda			4.56	5.94	9.78	5.76	2.96	2.45	2.6	3.14	3.14	3.14	1.30
Debt/Ratio				0.4274	0.4338	0.3909	0.3532	0.3247	0.3316	0.3737	0.3737	0.3737	0.24
Debt/Equity				1.86	2.14	1.84	1.28	0.9883	0.9503	0.8709	0.8709	0.8709	44.20
Debt/Net Income				16.6	55.19	30.79	8.31	5.82	6.12	6.89	6.89	6.89	4.70
Бета									0.042	-2.98	-1.17	-1.17	-0.02
Индекс Альтмана				1.45	1.24	1.3	1.67	1.69	2.17	1.92	1.92	1.92	325.07

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	Industry average	5 quarters average	CAGR 5
P/E				23.26	15.46	16.52	20.57	5.13	4.6	4.65	5.8	5.3	5.42	24.29
P/BV				0.9355	0.7432	0.77	0.9035	0.8893	0.7502	0.7029	0.7862	0.7282	0.6506	4.28
P/S				1.98	1.61	1.6	2.16	0.5115	0.4521	0.4323	0.5084	0.45	0.3989	4.12
P/FCF	13.32	49.24	56.21	20.79	16.07	51.18	44.64	41.96	55.67	65.06				20.23
E/P	0.0269	0.1272	0.0425	0.043	0.0647	0.0605	0.0486	0.0434	0.0457	0.0455				1.59
EV/EBITDA				22.38	18.3	18.29	19.78	28.57	5.31	6.16	7.18	7.02	6.4	15.59
EV/Ebit									27.73	33.27	50.85	44.59	47.26
EV/S				3.86	3.37	3.18	3.85	3.86	3.75	3.92	4.65	4.48	3.94	4.35
EV/FCF				40.5	33.69	101.52	79.52	75.35	97.64	150.11	53.55	236.61	51.89	17.99
Debt/EBITDA				13.16	11.78	11.55	11.06	15.93	12.83	16.76	21.93	20.76	20.11	2.07
Netdebt/Ebitda				11.22	9.87	9.35	8.94	13.3	10.56	14.3	18.44	18.35	17.02	1.30
Debt/Ratio				0.3216	0.3122	0.3168	0.307	0.318	0.3247	0.413	0.4044	0.4215	0.3477	0.24
Debt/Equity				1.07	1	0.9643	0.8997	0.9388	0.9409	1.18	1.13	1.23	1.01	44.20
Debt/Net Income				26.65	20.86	20.69	20.48	23.1	23.55	34.85	36.32	36.78	52.58	4.70
Индекс Альтмана	0.8745	1.09	0.9729	0.9304	0.892	0.9417	0.9947		0.9483					325.07

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	2.62	3.48	3.48	3.91	3.48	0.963	1.44	5.56	-5.56		11.74
Дивиденд		3.71	3.5	4.47	3.62	1.92	2.9	0.0323	0.0353	0.035	0.035
Див доход, ао, %		5.33	4.59	6.23	6.52	4.04	3.32	1.9	7.17	7.63	7.63	6.41
Дивиденды / прибыль, %	31.11	40.78	33.04	53.87	146.28	26.55	13.07	36.89	38.96		38.96	38.48

	2012Q1	2012Q2	2012Q3	2015Q2	2016Q2	2017Q1	2018Q2	2019Q2	2020Q2	2020Q3	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q4	2023Q2	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	0.003	2.7	0.358									5.35	5.35	5.35	5.35	36.13	5.56	5.49
Дивиденд				2.64	3.71	3.5	4.47	3.62	0.9	1.02	2.9				5.28		5.76
Див доход, ао, %				2.77	5.48	4.69	5.84	6.12	2.54	2.1	3.16				7.81		7.47		6.41
Дивиденды / прибыль, %	0.2242	189.28	32.46									216.56	42.29	153.27	172.16	907.44	155.94	181.9	38.48

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	CAGR 5
ebit_margin	2.37	-1.59	6.09	8.91	13.56
Персонал, чел					169355	166056

	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	CAGR 5
ebit_margin	13.53	11.79	9.15	10.04	8.34

	CAGR 5