Core Viewpoint - Mercedes-Benz reported weak performance and outlook in a challenging environment, with fourth-quarter automotive profit margins significantly below average expectations due to pricing weakness, currency issues, and warranty-related factors [1] Financial Performance - The company's adjusted EBIT for the automotive division is expected to be approximately 30% lower than average expectations, impacted by an additional 100 basis points of margin headwinds related to tariffs and currency [1] - The stock price of Mercedes-Benz decreased by 1% to €56.60 [1] Strategic Outlook - 2026 is anticipated to be a transformative year for the company, with the effects of high-end strategy, restructuring benefits, and product/cost repositioning in China expected to materialize only in 2027/28 [1] - Despite the challenges, a dividend yield of around 10% remains attractive [1] Analyst Rating - Berenberg lowered the target price for the stock from €63 to €60 while maintaining a hold rating [1]
梅赛德斯-奔驰公布疲软预期，市场环境依然充满挑战