Our investigation of Daimler AG (DMLRY), a company that holds interests in many vigorous joint ventures and hosts a successful luxury sports car brand, helped us conclude that the company was quite undervalued. Given that BMW (BMWYY) is a similar German manufacturer, even a partner to Daimler in their Your Now joint venture, we thought that the same sum-of-parts analysis could be extended to them to uncover an opportunity. Although there were indeed a lot of similarities, even a carve-out valuation of luxury car segment Rolls Royce, we discovered that a difference