Company Valuation: Volkswagen

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,12,849 67,576 58,007 45,553 52,367 40,668 - -
Change - -40.12% -14.16% -21.47% 14.96% -22.34% - -
Enterprise Value (EV) 1 86,164 24,561 17,718 9,487 17,870 4,094 1,207 -3,364
Change - -71.49% -27.86% -46.46% 88.36% -77.09% -70.52% -378.73%
P/E 5.99x 3.92x 3.5x 4.16x 7.76x 4.75x 3.63x 3.02x
PBR 0.62x 0.35x 0.32x 0.24x 0.28x 0.21x 0.2x 0.19x
PEG - 29.06x 0.45x -0.1x -0.2x 0.2x 0.1x 0.1x
Capitalization / Revenue 0.45x 0.24x 0.18x 0.14x 0.16x 0.13x 0.12x 0.12x
EV / Revenue 0.34x 0.09x 0.05x 0.03x 0.06x 0.01x 0x -0.01x
EV / EBITDA 2.66x 0.65x 0.49x 0.26x 0.56x 0.11x 0.03x -0.08x
EV / EBIT 4.47x 1.11x 0.78x 0.5x 2.02x 0.29x 0.07x -0.17x
EV / FCF 3.93x 3.31x 1.66x 1.71x 3.1x 0.73x 0.2x -0.34x
FCF Yield 25.4% 30.2% 60.4% 58.4% 32.3% 136% 491% -294%
Dividend per Share 2 7.56 8.76 9 6.36 5.26 5.277 6.407 7.65
Rate of return 4.26% 7.52% 8.05% 7.14% 5.08% 6.51% 7.91% 9.44%
EPS 2 29.65 29.69 31.98 21.42 13.35 17.04 22.31 26.84
Distribution rate 25.5% 29.5% 28.1% 29.7% 39.4% 31% 28.7% 28.5%
Net sales 1 2,50,200 2,79,232 3,22,284 3,24,656 3,21,913 3,23,228 3,29,755 3,36,351
EBITDA 1 32,359 37,721 36,513 36,796 32,102 36,682 38,864 42,610
EBIT 1 19,275 22,124 22,576 19,060 8,868 13,979 17,235 19,836
Net income 1 14,843 14,867 16,013 10,721 6,673 8,723 11,272 12,872
Net Debt 1 -26,685 -43,015 -40,289 -36,066 -34,497 -36,574 -39,461 -44,033
Reference price 2 177.48 116.42 111.80 89.04 103.55 81.02 81.02 81.02
Nbr of stocks (in thousands) 5,01,295 5,01,295 5,01,295 5,01,295 5,01,295 5,01,300 - -
Announcement Date 15/03/22 14/03/23 13/03/24 11/03/25 10/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.98x1.24x11.29x3.3% 24TCr
8.22x0.38x3.12x0.82% 7.7TCr
9.32x1.27x14.29x2.82% 6.74TCr
18.32x0.32x4.2x4.12% 5.83TCr
8.98x0.12x1.2x6.54% 5.17TCr
24.03x1.34x7.48x2.35% 4.74TCr
4.63x0.01x0.11x6.52% 4.73TCr
9.36x-0.05x-0.46x3.93% 4.38TCr
11.72x0.65x8.41x4.2% 4.28TCr
Average 11.62x 0.59x 5.52x 3.84% 7.47TCr
Weighted average by Cap. 11.04x 0.78x 7.26x 3.55%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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