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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Aston Martin Lagonda Global Holdings plc    AML   GB00BFXZC448

ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC

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Aston Martin Lagonda Global : Mercedes-Benz to lift Aston Martin stake to up to 20% by 2023

10/28/2020 | 03:40am EST
FILE PHOTO: Britain's Prince Charles visits the new Aston Martin Lagonda factory in Barry

(Reuters) - Daimler unit Mercedes-Benz is to lift its stake in Britain's Aston Martin to up to 20% by 2023, making it one of the struggling British carmaker's largest shareholders, Aston said on Tuesday.

Aston Martin, popular for being James Bond's carmaker of choice, has suffered a torrid time since it floated two years ago, with its shares losing two-thirds of their value this year.

The 107-year-old firm hired Tobias Moers, former CEO of Mercedes-AMG, as its new boss from August.

Aston said the increase in Mercedes-Benz's stake, from 2.6% currently, would take place in several stages as part of a wider issue of 250 million shares at 50 pence each.

The stock issued to the German group will have a maximum value of 286 million pounds ($372.7 million), it said.

The deal will see an existing supply agreement between the two firms, in place since 2013, expanded to give Aston Martin access to key Mercedes' technology, including hybrid and electric drive systems.

"We take another major step forward as our long-term partnership with Mercedes-Benz AG moves to another level, with them becoming one of the company's largest shareholders," said Aston's chairman and biggest shareholder Lawrence Stroll.

The German firm will get the right to nominate one non-executive director to Aston Martin's board after its first shareholding increase, the London-listed firm said.

Aston, which has started deliveries of its first sport utility vehicle, the DBX, said on Tuesday it swung into an adjusted core loss of 29 million pounds in the third quarter, versus a profit of 43 million pounds last year.

Revenue in the period nearly halved to 124 million pounds, it said.

Aston Martin is targeting annual capex of 250 million pounds to 300 million pounds per year between 2021 and 2025.

It envisages production volumes of about 10,000 units, revenues of about 2 billion pounds and adjusted core profit of 500 million pounds by financial years 2024 or 2025.

($1 = 0.7673 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur and Jan Harvey)

By Yadarisa Shabong


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC 2.17% 75.25 Delayed Quote.-85.83%
DAIMLER AG -1.25% 56.77 Delayed Quote.16.45%
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Financials
Sales 2020 560 M 756 M 756 M
Net income 2020 -300 M -405 M -405 M
Net Debt 2020 699 M 943 M 943 M
P/E ratio 2020 -4,12x
Yield 2020 -
Capitalization 1 528 M 2 038 M 2 061 M
EV / Sales 2020 3,97x
EV / Sales 2021 1,98x
Nbr of Employees 2 450
Free-Float 63,3%
Chart ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
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Technical analysis trends ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
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TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 49,75 GBX
Last Close Price 73,65 GBX
Spread / Highest target -4,96%
Spread / Average Target -32,5%
Spread / Lowest Target -76,9%
EPS Revisions
Managers
NameTitle
Tobias Moers Chief Executive Officer & Executive Director
Lawrence Stroll Executive Chairman
Keith Victor Charles Stanton Chief Operating Officer & Vice President
Kenneth David Matheson Gregor Chief Financial Officer & Executive Director
Nick Lines Chief Technical Officer & Vice President
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