Daimler Truck: Firing up the engine - guidance upgrade

研报英文原文证据摘录

Daimler Truck: Firing up the engine - guidance upgrade

Deutsche Bank

Research

Rating Company Date

Buy Daimler Truck 23 July 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 21 Jul 2026 (EUR) 43.24

DTGGe.DE DTG GR GER DTGGe

Price Target (EUR) 54.00

Transport

52-week range (EUR) 44.75 - 33.88

Bus, Trucking & Rail

Firing up the engine - guidance upgrade

Valuation & Risks

Nicolai Kempf

New guidance implies ~6% FY26 Group earnings upgrades Research Analyst

Daimler Truck has issued an ad hoc announcement, raising its full-year guidance +49-162-5168792

due to lower tariff costs and a stronger U.S. truck market. We note that strong Class

Tim Rokossa

8 order figures in June had already indicated a robust second half, and we welcome Head of European Equity Research

the U.S. approval of Daimler's content application. As Daimler assembles +49-69-910-31998

approximately 70% of its trucks for North America in Mexico, higher U.S. content

Christoph Laskawi

significantly reduces Section 232 import tariffs for the company.

Research Analyst

+49-69-910-31924

Consequently, any potential miss on Q2 results will likely be overlooked, as

investors will focus on the upgraded guidance for the current year and beyond. Nikita Papaccio

Indeed, the revised segment guidance for North America implies a second-half run- Research Analyst

+49-69-910-48637

rate of approximately 12% at the mid-point. On an annual basis, Daimler's

performance demonstrates its ability to achieve double-digit margins in North Mira Wiegratz

America, even in the presence of higher tariff costs. This achievement effectively Research Associate

weakens a frequent concern raised by investors regarding this issue. We lift our +49-69-9103-1733

target price to €54 and remain on Buy.

Key changes