...Amid weakening economic prospects in Europe and the U.S., we anticipate diminishing but still modestly supportive underlying market fundamentals for Daimler Truck Holding AG (DT) in 2022- 2023, mainly driven by fleet aging and replacement demand. This follows the company's solid preliminary results for third-quarter 2022. We anticipate DT will sell 510,000-520,000 units in 2022, up from the about 500,000 we expected in June (454,400 in 2021). Moreover, its pricing mix and strong aftermarket services will boost DT's industrial business sales to 48 billion-50 billion, from 38.6 billion in 2021 (up about 30%). We expect units sold will expand 0%-5% in 2023. For 2022, we now expect DT's industrial business S&P Global Ratings-adjusted EBITDA margin will improve to 9.0%-9.5% (6.8% in 2021), less supportive demand trends and protracted cost inflation will partially erode DT's profit margins in 2023. As a result, we anticipate that DT's S&P Global Ratings-adjusted EBITDA margin will be about 8.5%-9.0%...
