Shares in German car company DaimlerChrysler AG (NYSE: DCX) are up 40% so far this year to over $84. By way of contrast, shares in Toyota Motor Corp. (NYSE: TM) and General Motors Corp. (NYSE: GM) are flat.

Is the possiblity of being rid of Chrysler worth that much? Keep in mind that Chrysler is not even gone yet and there is some chance Daimler may have to keep it. Union officials, who make up 50% of the parent company's supervisory board, are against a deal to sell the U.S. arm as they believe a buyer would make sharp job cuts.

The increase in DCX's market capitalization is about $16 billion this year. That moves it up to $86 billion. Ford Motor Co.'s (NYSE: F) entire market cap is $15 billion.

Last year, DaimlerChrysler's revenues were $151.6 billion. Of which, the Mercedes division of DCX brought in €55 billion and its operating profit was €2.4 billion. The Chrysler Group brought in €47 billion in revenue and had a loss of €1.1 billion. The company's truck division revenue was €32 billion with an operating profit of €2 billion and its financial services group had a €1.7 billion profit.

So, Daimler would give up 31% of its revenue and would improve its operating profit from €5.5billion to €6.1 billion. Is the €500 million improvement in profit worth a 40% increase in market cap? Probably not.

While Daimler will probably get rid of its union and pension obligations in the US, which is worth a great deal, it would lose the product development and distribution synergies in the US.

A 40% market cap improvement may be a bit much.

Douglas A. McIntyre is a partner at 24/7 Wall St.

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