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DDAIF

Daimler AG

$0.00

(0.00%)

06:19
11/14/19
11/14
06:19
11/14/19
06:19

Daimler seeks EUR1B in savings at Mercedes-Benz by cutting jobs

Daimler presented a new sustainable business strategy at its Capital Market Day. "We are positioning the company for the transformation with a clear strategy for the future. The expenditure needed to achieve the CO2 targets require comprehensive measures to increase efficiency in all areas of our company. This also includes streamlining our processes and structures," said Ola Kallenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG. "This will have a negative impact on our earnings in 2020 and 2021. To remain successful in the future, we must therefore act now and significantly increase our financial strength." Mercedes-Benz Cars has initiated systematic countermeasures to sustainably improve its cost structure and offset the expected margin erosion. Primarily, material cost reductions should support this compensation. By the end of 2022, Mercedes-Benz Cars plans to save more than EURO$1 billion in personnel costs. To this end, jobs are to be reduced in both management and the indirect areas. The company is in close dialog with the employee representatives in order to make the measures as acceptable as possible. To strengthen the free cash flow, investment in property, plant and equipment and in research and development will be capped at the 2019 level and be reduced in the medium term. In order to increase Mercedes-Benz Vans' competitiveness, material costs are to be reduced as well as personnel costs by EURO$100 million. On this basis, the division Mercedes-Benz Cars & Vans expects to achieve a return on sales from operating activities of at least 4% in the year 2020 and at least 6% in 2022.

DDAIF Daimler AG
$0.00

(0.00%)

07/15/19
GSCO
07/15/19
INITIATION
GSCO
Sell
Daimler AG initiated with a Sell at Goldman Sachs
Goldman Sachs analyst George Galliers initiated Daimler AG with a Sell rating and a price target of EUR 42, saying that after a 4.7% decline in its first-half retail sales, the company's top-line is "clearly behind target". The analyst adds that the company has much work to do in order to resolve the launch issues on the new GLE SUV model as well as in addressing its production issues in Mexico. Galliers further cites the company's trucking exposure given his expected "peak truck volumes" in North America this year, where the company is a market leader with 39% share.
08/05/19
JEFF
08/05/19
DOWNGRADE
JEFF
Underperform
Daimler AG downgraded to Underperform from Hold at Jefferies
Jefferies analyst Philippe Houchois downgraded Daimler AG to Underperform from Hold and lowered his price target for the shares to 40 euros from 50 euros. The analyst sees "unclear compliance roadmaps, below normal average earnings and balance sheet risk on potential cash burn."
09/03/19
UBSW
09/03/19
UPGRADE
UBSW
Buy
Daimler AG upgraded to Buy from Neutral at UBS
UBS upgraded Daimler AG to Buy from Neutral.
10/07/19
HSBC
10/07/19
UPGRADE
HSBC
Hold
Daimler AG upgraded to Hold from Reduce at HSBC
HSBC analyst Henning Cosman upgraded Daimler AG to Hold from Reduce with a price target of 45 euros, down from 46 euros.

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