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Mercedes (A2/A): 1Q24 Results Review

CONSUMER CYCLICALS

Neutral for spreads. Much like VW and STLA this had been flagged as a trough quarter. In line with peers FY24 guidance is maintained, anchoring spreads, but risks remain.


• Revenue beat by 1%, but adj. EBITDA missed by 3%. Car margins disappointed on volume declines, with high end models impacted by transitions. Supply chains are also blamed.

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Neutral for spreads. Much like VW and STLA this had been flagged as a trough quarter. In line with peers FY24 guidance is maintained, anchoring spreads, but risks remain.


• Revenue beat by 1%, but adj. EBITDA missed by 3%. Car margins disappointed on volume declines, with high end models impacted by transitions. Supply chains are also blamed.

Keep reading...Show less