A strong 1Q15 bodes well for FY15E as Mercedes-Benz is set to grow EBIT and margin to EUR 7.99bn/9.6%. In 2015E-17E, we expect EPS to grow at a CAGR of 14.3% and reach EUR 9.70 in FY17E. Our YE15 new target price of EUR 103 implies a 17.5% upside potential for Daimler shares.