Leading global premium automotive manufacturer, notably of Mercedes-Benz Cars (MBC) with a market share of about 6% in Europe. Market leader in heavy duty trucks, with a global market share of about 13%, but with lower and more variable margins (7% reported EBIT margin in 2017) compared with MBC (reported 9% EBIT margin in 2017). Positive free operating cash flow (FOCF) of about €2.5 billion-€3.0 billion in 2018 and €4.0 billion-€4.5 billion in 2019) and strong liquidity in the automotive operations (€35 billion cash holdings and revolver capacity). Business benefits from captive finance activities as it supports sales and leasing of Daimler's vehicles (contracted volume of €149 billion at the end of September 2018). Our expectation of zero or very
