Group 1 - Mercedes-Benz plans to provide approximately €6 billion cash return to shareholders by 2026, corresponding to a yield of 11% [1] - UBS analyst Patrick Hummel notes that the cash return plan enhances the company's performance, but the expected profit margin for the automotive business is projected at 3%-5%, below the market average of 4%-6%, indicating potential downward adjustments in performance expectations [1] - The management proposed a higher-than-expected dividend while not ruling out further stock buybacks in the future, as shareholders await a recovery in profit margins driven by products and costs [1] Group 2 - The first batch of Daimler truck shares held by Mercedes-Benz is expected to be sold by 2026, with UBS anticipating more related share sales to further enhance the company's cash return potential [1] - Hummel mentioned that the high certainty of cash returns should provide solid support for the stock price [1] - UBS has lowered the target price for Mercedes-Benz from €63 to €58 while maintaining a neutral rating [1]
梅赛德斯-奔驰2026年将派发60亿欧元股东回报 收益率11% 瑞银下调目标价至58欧元维持中性评级