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MarketScreener Homepage  >  Equities  >  Xetra  >  Daimler AG    DAI   DE0007100000

DAIMLER AG

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Daimler : to Cut Jobs, Slash Personnel Costs

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11/14/2019 | 03:39am EST

By Max Bernhard

Daimler AG (DAI.XE) said Thursday that it plans to cut jobs and save more than one billion euros ($1.10 billion) in personnel costs by the end of 2022 to mitigate the high expenses of lowering the emissions of its cars.

Chief Executive Ola Kallenius said efforts to cut vehicle emissions would hit the car maker's earnings in 2020 and 2021. "To remain successful in the future, we must therefore act now and significantly increase our financial strength," he said.

The German company said it plans to save more than EUR1 billion in personnel costs at its core Mercedes Benz Cars & Vans divisions. It will also cap investments in property, plant and equipment and in research and development at the 2019 level. It is targeting a reduction of those expenses in the medium term at the businesses, it said.

Mercedes-Benz Cars & Vans now expects an operating return on sales of at least 4% in 2020 and at least 6% in 2022, excluding possible import tariffs.

Daimler's Mercedes-Benz trucks business in Europe has started to cut variable costs by EUR250 million and eyes lowering personnel costs by EUR300 million by the end of 2022.

Daimler said it plans to increase its free cash flow, targeting net liquidity of more than EUR10 billion.

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

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Financials (EUR)
Sales 2019 173 B
EBIT 2019 6 833 M
Net income 2019 4 308 M
Finance 2019 11 582 M
Yield 2019 3,93%
P/E ratio 2019 12,4x
P/E ratio 2020 8,71x
EV / Sales2019 0,24x
EV / Sales2020 0,24x
Capitalization 52 700 M
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Mean consensus HOLD
Number of Analysts 29
Average target price 50,79  €
Last Close Price 49,26  €
Spread / Highest target 72,6%
Spread / Average Target 3,11%
Spread / Lowest Target -28,9%
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Managers
NameTitle
Ola Kaellenius Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Harald Wilhelm Chief Financial Officer
Clemens A. H. Boersig Member-Supervisory Board
Sari Maritta Baldauf Member-Supervisory Board
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