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Man focuses on Transportation and Energy. Co. operates through four divisions: MAN Truck & Bus (Co. manufactures commercial vehicles such as general-purpose trucks with a gross vehicle weight of 7.5 to 44t and special-purpose vehicles with a gross train weight of up to 250t, through buses and coaches, to diesel and gas engines for on- and off-road uses), MAN Latin America (Co. manufactures trucks with a permissible gross vehicle weight of more than 5t), MAN Diesel & Turbo (Co. develops and manufactures large-bore diesel engines, turbo compressors, industrial turbines, and chemical reactor systems) and Renk (Co. manufactures special gear units, propulsion components, and testing systems).
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The independent financial analyst theScreener just requalified the general evaluation of MAN AG. (DE), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title still shows 0 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date July 9, 2019, the closing price was EUR 56.45 and its target price was estimated at EUR 53.63.
Summary MAN SE (MAN) is a commercial vehicle and mechanical engineering company. It involves in designing, developing, manufacture and sale of wide range of engineering goods such as trucks, buses, diesel engines, turbo machinery, and special gear systems. The company operates production facilities in Germany, Austria, Poland, Russia, South Africa, India, France, Turkey, Mexico and Brazil. It serves various sectors such as oil and gas, chemical, refining, and processing industries, and for producing industrial gases and electricity. The company also offers services such as ongoing expansion o...
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
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