Daimler AG Stocks & Bonds Ana Shengelia, Sylvia Rameken, Bianca Mueller, Nickolay Andreev
Table of Content: Liquidity Outstanding Bonds Change in Yield to Maturity Highest amount outstanding/shortest/longest CAPM-Model Gordon Constant Growth
Liquidity 2007 achieved an appropriate level of liquidity Daimler liquidity moderately increased over the last 3 years Increase was caused by positive free cash flow Defined as cash and cash equivalents and other marketable securities Their liquidity situation of the international capital markets and their creditworthiness lead Daimler to continue with a good refinancing conditions in 2014. Daimler aims to have a liquidity available in a volume appropriate to the general risk situation financial markets and their risk profile.
Liquidity Working Capital: Current Assets – Current Liabilities Current Ratio: Current Assets / Current Liabilities
Outstanding Bonds: 2013 2014 Jan – Aug $ 6 billion bonds Mar – Aug $ 4. 65 billion Duration: 2, 3, and 5 years Duration: 8 and 10 years Volume of bonds issued: $ 4. 5 billion Additional bonds issued in Euros: 1. 25 billion Outstanding volume at end of the year: Euro 38. 7 billion Issued bonds in China Outstanding volume at end of 2012: Euro 35. 7 billion Outstanding volume at end of year: Euro 43. 2 billion.
Change in YTM:
Highest amount outstanding/shortest/longest Highest Amount Outstanding: 1. Daimler Fin North Amer 1. 3% Amount outstanding: 1. 5 billion Shortest vs. longest maturity bonds: Daimler Fin North Amer 1. 3% Maturity Date: 07/31/2015 2. Daimler Fin North Amer 2. 45% Amount outstanding: 1. 3 billion Daimler North Amer 3. 3% Fin Maturity Date: 05/19/2025 3. Daimler Fin North Amer 1. 25% Amount outstanding: 1. 25 billion
Highest amount outstanding/sh ortest/longest Bond spread Calculating Bond Spread = 32. 898% - 12. 992% = 19. 906% Germanys’ latest yield is 0. 75% and the U. S. ’s latest yield is 2. 32%. Current Bond Price: $100. 6 Bond Par Value ($): 1000 Bond Coupon Rate(%): 1. 300% Years Until Maturity (Years): 0. 1 Additional: YTM = 0. 70% Current Bond Yield: 12. 992% Current Bond Price: $100. 31 Bond Par Value ($): 1000 Bond Coupon Rate(%): 3. 300% Years Until Maturity (Years): 10 Additional: YTM = 3, 26% Current Bond Yield: 32. 898%
Replacing Data for 2016 Daimler Fin North Amer 1. 3% Daimler Fin North Amer 2. 45% Amount outstanding: 1. 3 billion Amount outstanding: 1. 5 billion Current Bond Price: $100. 50 Current Bond Price: $100. 90 Bond Par Value ($): 1000 Bond Coupon Rate(%): 2. 250% Bond Coupon Rate(%): 1. 885% Years Until Maturity (Years): 4 Years Until Maturity (Years): 0. 1 Additional: YTM = 2, 36%
Holding Period Daimler Fin North Amer 1. 3% / Maturity Date: 31/07/2015 Daimler Fin North Amer 1. 25% / Maturity Date: 11/01/2016 Initial Value: $100. 25 End of period Value: $100. 90 End of period Value: $100. 80 Income if we invest $1000: $7 Holding Period Return: 7, 26% Daimler Fin North Amer 2. 45% / Maturity Date: 18/05/2020 Initial Value: $100. 31 End of period Value: $100. 50 Income if we invest $1000: $ 24 Holding Period Return: 24. 12% Income if we invest $ 1000: $ 9 Holding Period Return: 9, 53% Daimler Fin North Amer 3. 3% / Maturity Date: 19/05/2025 Initial Value: $100. 31 End of period Value: $101. 31 Income if we invest $1000: $ 24 Holding Period Return: 33. 89%
Funds: Wealth Fund: Daimlerchrysler Co 0. 6816% yield to maturity: 4. 80. Rather risky and short term Daimler AG 2. 375% Bond maturity in 2023. Pension Fund: Duration mismatch Short term investment: Daimler Fin North Amer 1. 25% Maturity Date: 11/01/2016 Holding period of return: 9, 53%
CAPM Model Beta of Stock: 1. 93 Risk Free Rate: 4. 87% Market Required Rate: 4% Required Rate of Return: 3. 1909%
Gordon Constant Growth Model Constant Growth Rate = (Current Price x k) – Current annual dividends Current Price (85. 07 x 19, 4) – 2, 45 85. 07 = 16. 0576% Current Price= Euro 85. 07 K – Required return rate = 19, 4% Current annual dividends per share = Euro 2. 45
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