Daimler Spin-off (Truck Business) Notes

December 14, 2021 Notes

  • On December 10, 2021, Daimler AG spun off 65% of Daimler Trucks and retained the remaining 35%.
  • Shareholders of Daimler AG received 1 share of Daimler Trucks for every 2 shares owned.
  • Here is the Daimler Truck Capital Markets day presentation.
  • Daimler has 823MM shares outstanding is recently closed at 33 EUR per share. Thus, it’s market cap is currently $27.2BN EUR.
  • Consensus expects the business to generate 3.03 EUR of EPS in 2022. Thus, the stock is trading at 11.4x 2022 earnings.
  • Trucking peer, Volvo is trading at 11.9x. On a P/E basis, Daimler Truck looks fairly valued.
  • It’s a little tric