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    4280   SA31RG522S19

KINGDOM HOLDING COMPANY

(4280)
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Daimler buys majority stake in French car-ride app Chauffeur Prive

12/21/2017 | 07:28am EDT
FILE PHOTO - The Mercedes logo is pictured before the annual news conference of Daimler AG in Stuttgart

PARIS (Reuters) - German carmaker Daimler (>> Daimler) has agreed to buy a majority stake in Chauffeur Prive, a French rival to the larger Uber car-ride app, in the latest example of traditional companies looking to deal with challenges from technology-driven start-ups.

PARIS (Reuters) - German carmaker Daimler (>> Daimler) has agreed to buy a majority stake in Chauffeur Prive, a French rival to the larger Uber car-ride app, in the latest example of traditional companies looking to deal with challenges from technology-driven start-ups.

The deal was announced in a joint statement by both companies. The price of the acquisition, which will be carried out by the German company's Daimler Mobility Services division, was not disclosed.

Chauffeur Prive was founded in 2011. The company says it has more than 1.5 million customers and access to 18,000 drivers, and the service is relatively popular in Paris.

Traditional automakers from around the world are examining how best to work on new, disruptive technologies - from electric vehicles to autonomous driving - that require hefty investment and have turned companies such as Google (>> Alphabet) and Tesla (>> Tesla) into rivals.

Daimler has already made forays into the growing industry of car-ride hailing mobile applications.

In June, Dubai-based ride hailing firm Careem said it would step up its expansion into new markets after raising $150 million from investors, which included Daimler and Saudi Arabia's Kingdom Holding (>> Kingdom Holding Company).

Earlier this month, Daimler's French rival Renault (>> Renault) bought a stake in a glossy magazine publishing group, which it said formed part of its strategy to see how to keep travellers entertained in an era of driverless cars.

(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)

Stocks treated in this article : Renault, Daimler, Tesla, Kingdom Holding Company, Alphabet

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 3.75% 2733 Delayed Quote.50.52%
BEST INC. 4.30% 1 Delayed Quote.-52.53%
DAIMLER AG 0.08% 73.95 Delayed Quote.28.07%
JUST GROUP PLC 1.68% 99.9 Delayed Quote.40.49%
KINGDOM HOLDING COMPANY -0.56% 10.58 End-of-day quote.33.08%
RENAULT 4.49% 32.98 Real-time Quote.-11.91%
STEP CO.,LTD. -0.28% 1810 End-of-day quote.13.34%
TESLA, INC. 0.57% 645.3749 Delayed Quote.-8.63%
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Financials
Sales 2021 863 M 230 M 230 M
Net income 2021 281 M 74,9 M 74,9 M
Net Debt 2021 14 745 M 3 932 M 3 932 M
P/E ratio 2021 132x
Yield 2021 4,73%
Capitalization 39 282 M 10 474 M 10 474 M
EV / Sales 2021 62,6x
EV / Sales 2022 54,4x
Nbr of Employees -
Free-Float 5,00%
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Income Statement Evolution
Consensus
 
Mean consensus SELL
Number of Analysts 1
Last Close Price 10,58 SAR
Average target price 7,14 SAR
Spread / Average Target -32,5%
EPS Revisions
Managers and Directors
Talal bin Ibrahim Al-Maiman Chief Executive Officer & Executive Director
Adel Abdulaziz Alabdulsalam Chief Financial Officer & Executive Director
Alwaleed bin Talal Al-Saud Chairman
Tamim Bassam Jabr Executive Director-International Investments
Taher Mohammed Omar Agueel Independent Board Member
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