New E class
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SL63
New E class
Mercedes just reported:
The new E class for which the company has already 50,000 orders ahead of the official market launch at the end of March. Despite this figure is a mix of dealer and retail orders, this is a good start and will impact mix and volume positively in the coming months. Mercedes-Benz brand sales were at 98,500 units (-17.5%) in March and at 216,000 units in Q1/09 (-25.4%)
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full story.
Daimler: Unicredit reste à acheter
08/04/2009 - 10:18 - (Bolsamania) - Daimler - Buy (prev. Buy)
Price: EUR 22.45
Target price: EUR 29.00 (prev. EUR 29.00)
Mercedes-Benz Cars reported a unit sales decrease of 16% to 110,400 units
Topic: Q1/09 units sales down by 23.2% to 244,800 cars but good order income of the new E class points to a better Q2/09.
Our view: In contrast to BMW Mercedes gave no signs that individual markets improve but was more upbeat on some model lines like the new E class for which the company has already 50,000 orders ahead of the official market launch at the end of March. Despite this figure is a mix of dealer and retail orders, this is a good start and will impact mix and volume positively in the coming months. Mercedes-Benz brand sales were at 98,500 units (-17.5%) in March and at 216,000 units in Q1/09 (-25.4%). Also interesting was the 6% increase in SUV sales in March which limited the decrease on this category in Q1/09 to just 7.1% or 36,700 units. One of the key influence factors was the new GLK. A/B class sales benefitted from the German scrappage incentive and reduced the sales decrease to 17.8% vs. 37% in Jan. and 31% in Feb. 09. E/CLS sales were down by 22% to 15,500 ahead of the above mentioned model changeover. Due to the coming facelift in summer the S/CL/SL class sales were down by 36.6% to 6,000 units. This deteriorated the mix as only 20.8% of all Mercedes sales were related to high priced models (Jan. 22.7%/Feb. 21.3%). smart sales continued the stable trend and were at 11,900 units (-1.8%) and at 28,800 units in Q1/09 (-0.5%). Concerning sales regions WEU showed a clear improvement in momentum as March was down by 16% vs. -32% in Jan. and Feb. 09. Sales in China increased by 42% to 5,400 units which continued the positive trend but showed and acceleration momentum (Jan. +3%/Feb. +20%).
Conclusion: Like for BMW also Mercedes-Benz Cars gave a more positive assessment of the environment in March which was influenced by markets but also by the new models which are still a key driver for demand in the premium segment. The same can be seen from the Porsche statements concerning the order income in Germany (+14.5% in Q1/09 due to new models). Even if the share has just started to recover the upside remains significant as the perspective of the earnings impact of the new E class and the cash effect of the inventory reduction in Q1 & Q2/09 is not included in the share price. Acc. to our estimates Mercedes was able to reduce inventories by at least 14,000 units until the end of February 09. After the sharp gains we think that the current share price correction offers a new opportunity to benefit from the improving environment which should drive share prices further upwards.
http://www.bolsamania.fr/analyses/an...lc5a7ffl0h1pc0
The new E class for which the company has already 50,000 orders ahead of the official market launch at the end of March. Despite this figure is a mix of dealer and retail orders, this is a good start and will impact mix and volume positively in the coming months. Mercedes-Benz brand sales were at 98,500 units (-17.5%) in March and at 216,000 units in Q1/09 (-25.4%)
-------------------------------------
full story.
Daimler: Unicredit reste à acheter
08/04/2009 - 10:18 - (Bolsamania) - Daimler - Buy (prev. Buy)
Price: EUR 22.45
Target price: EUR 29.00 (prev. EUR 29.00)
Mercedes-Benz Cars reported a unit sales decrease of 16% to 110,400 units
Topic: Q1/09 units sales down by 23.2% to 244,800 cars but good order income of the new E class points to a better Q2/09.
Our view: In contrast to BMW Mercedes gave no signs that individual markets improve but was more upbeat on some model lines like the new E class for which the company has already 50,000 orders ahead of the official market launch at the end of March. Despite this figure is a mix of dealer and retail orders, this is a good start and will impact mix and volume positively in the coming months. Mercedes-Benz brand sales were at 98,500 units (-17.5%) in March and at 216,000 units in Q1/09 (-25.4%). Also interesting was the 6% increase in SUV sales in March which limited the decrease on this category in Q1/09 to just 7.1% or 36,700 units. One of the key influence factors was the new GLK. A/B class sales benefitted from the German scrappage incentive and reduced the sales decrease to 17.8% vs. 37% in Jan. and 31% in Feb. 09. E/CLS sales were down by 22% to 15,500 ahead of the above mentioned model changeover. Due to the coming facelift in summer the S/CL/SL class sales were down by 36.6% to 6,000 units. This deteriorated the mix as only 20.8% of all Mercedes sales were related to high priced models (Jan. 22.7%/Feb. 21.3%). smart sales continued the stable trend and were at 11,900 units (-1.8%) and at 28,800 units in Q1/09 (-0.5%). Concerning sales regions WEU showed a clear improvement in momentum as March was down by 16% vs. -32% in Jan. and Feb. 09. Sales in China increased by 42% to 5,400 units which continued the positive trend but showed and acceleration momentum (Jan. +3%/Feb. +20%).
Conclusion: Like for BMW also Mercedes-Benz Cars gave a more positive assessment of the environment in March which was influenced by markets but also by the new models which are still a key driver for demand in the premium segment. The same can be seen from the Porsche statements concerning the order income in Germany (+14.5% in Q1/09 due to new models). Even if the share has just started to recover the upside remains significant as the perspective of the earnings impact of the new E class and the cash effect of the inventory reduction in Q1 & Q2/09 is not included in the share price. Acc. to our estimates Mercedes was able to reduce inventories by at least 14,000 units until the end of February 09. After the sharp gains we think that the current share price correction offers a new opportunity to benefit from the improving environment which should drive share prices further upwards.
http://www.bolsamania.fr/analyses/an...lc5a7ffl0h1pc0
