Mercedes-Benz (1K) | Hold | Additional revenues and asset streamlining

研报英文原文证据摘录

Mercedes-Benz (1K) | Hold | Additional revenues and asset streamlining

#TPchange

This insert is part of a sector report, which is Release date: 19 June 2026

available here

Company research

Hold Mercedes-Benz

Germany | Autos & parts Beta Profile: MCap: EUR42.9bn

Target Price: EUR48.00 (57.00) Change in TP: -15.8% Bloomberg: MBG GR Reuters: MBGn.DE

Current Price: EUR44.60 Change in Sales: none 25E/-0.7% 26E Free float 89.3%

Avg. daily volume (EURm) 304.4 Up/downside: 7.6% Change in Adj EBIT: none 25E/-5.8% 26E

YTD abs performance -25.8%

Market data: 19 June 2026 Change in Adj. EPS: none 25E/-5.8% 26E

52-week high/low (EUR) 61.93/44.60

Additional revenues and asset streamlining Price performance

Why this report?

Mercedes-Benz Group already sells light vehicles to the military, with the G- 62

Class being the most prominent example. While armed forces growth could 6058

provide the company with additional revenue opportunities from ministries 56

of defence, we also believe that growing demand from the defence industry 5452

could help Mercedes-Benz Group utilise some of its excess capacity more 50

effectively or monetise selected assets through sales, supporting efforts to 4846

streamline its asset base. As such, diversification could become a useful 44

Jun 25 Dec 25 Jun 26

addition to the existing equity story. However, lower estimates reduce our

TP from EUR57 to EUR48, and we reiterate our Hold rating. Price Stoxx Europe 600 (rebased)

Key findings

▪Mercedes-Benz Group (MBG) has traditionally supplied armed forces with a range

of light vehicles, from passenger cars to light commercial vehicles. The most FY to 31/12 (EUR) 12/26E 12/27E 12/28E

prominent example is the G-Class, which was originally developed for military use Sales (m) 129,617 136,821 144,383