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Mercedes-Benz’s industrial FCF is now forecasted to be ‘slightly above’ (+10% to +25%) last year’s figure of €8.1 billion (€1 = $1.1129). The company has also revised its EBIT forecast for the Group, which is now projected to be roughly equal (-5% to +5%) to last year’s €20.5B result. Likewise, the profit margin guidance for the vans division has been elevated from the prior 11% to 13% range to a new 13% to 15% range. This increase reflects the strong net price effects on the first half-year’s margins.
Bernstein analysts wrote in a note, “The rate of sales for H2/23 is expected to remain at approximately the same level as H1.” Noting that full year volumes should come in largely in-line with last year’s and land around the 2M unit mark.
“Crucially, Q2’s sequential volume growth of 2.4% is nearly entirely driven by an acceleration in US sales,” they added.
