Financials Volkswagen AG OTC Markets

Equities

VWAGY

US9286626000

Auto & Truck Manufacturers

Market Closed - OTC Markets Other stock markets 01:29:26 29/06/2024 am IST			5-day change	1st Jan Change
11.92 ^USD	-0.42%		-0.58%	-8.17%

28/06	MAN calls 60,000 trucks into the workshop	DP
28/06	Mercedes-Benz and hopes for customs dispute boost car shares	DP

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	87,466	81,625	1,12,849	67,576	58,007	54,814	-	-
Enterprise Value (EV) ¹	66,190	54,829	86,164	24,561	17,718	13,787	11,103	5,268
P/E ratio	6.61 x	9.15 x	5.99 x	3.92 x	3.5 x	3.48 x	3.25 x	2.97 x
Yield	3.72%	3.19%	4.26%	6.44%	8.05%	8.74%	9.32%	9.84%
Capitalization / Revenue	0.35 x	0.37 x	0.45 x	0.24 x	0.18 x	0.17 x	0.16 x	0.16 x
EV / Revenue	0.26 x	0.25 x	0.34 x	0.09 x	0.05 x	0.04 x	0.03 x	0.02 x
EV / EBITDA	1.51 x	2.16 x	2.66 x	0.65 x	0.49 x	0.34 x	0.27 x	0.12 x
EV / FCF	5.73 x	4.01 x	3.93 x	3.31 x	1.66 x	1.82 x	1.04 x	0.41 x
FCF Yield	17.5%	24.9%	25.4%	30.2%	60.4%	55%	95.9%	246%
Price to Book	0.73 x	0.6 x	0.62 x	0.35 x	0.32 x	0.28 x	0.27 x	0.25 x
Nbr of stocks (in thousands)	5,01,295	5,01,295	5,01,295	5,01,295	5,01,295	5,01,295	-	-
Reference price ²	176.2	152.4	177.5	116.4	111.8	105.4	105.4	105.4
Announcement Date	28/02/20	26/02/21	15/03/22	14/03/23	13/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,52,632	2,22,884	2,50,200	2,79,232	3,22,284	3,26,869	3,38,134	3,48,841
EBITDA ¹	43,735	25,392	32,359	37,721	36,513	40,596	41,693	45,778
EBIT ¹	19,296	10,606	19,275	22,124	22,576	22,333	23,899	25,860
Operating Margin	7.64%	4.76%	7.7%	7.92%	7.01%	6.83%	7.07%	7.41%
Earnings before Tax (EBT) ¹	18,356	11,667	20,126	22,044	23,194	22,935	24,504	27,013
Net income ¹	13,346	8,824	14,843	14,867	16,013	15,249	16,483	18,058
Net margin	5.28%	3.96%	5.93%	5.32%	4.97%	4.67%	4.87%	5.18%
EPS ²	26.66	16.66	29.65	29.69	31.98	30.26	32.43	35.47
Free Cash Flow ¹	11,555	13,656	21,906	7,411	10,698	7,589	10,652	12,966
FCF margin	4.57%	6.13%	8.76%	2.65%	3.32%	2.32%	3.15%	3.72%
FCF Conversion (EBITDA)	26.42%	53.78%	67.7%	19.65%	29.3%	18.69%	25.55%	28.32%
FCF Conversion (Net income)	86.58%	154.76%	147.58%	49.85%	66.81%	49.76%	64.63%	71.8%
Dividend per Share ²	6.560	4.860	7.560	7.500	9.000	9.207	9.819	10.37
Announcement Date	28/02/20	26/02/21	15/03/22	14/03/23	13/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1,29,669	63,601	62,742	69,543	1,32,285	70,712	76,235	76,198	80,059	1,56,257	78,845	87,182	75,461	81,827	80,116	89,567
EBITDA ¹	-	8,904	11,530	7,784	-	10,034	-	9,934	11,717	-	9,270	10,180	8,601	8,808	8,804	10,123
EBIT ¹	-	5,322	8,453	4,735	13,188	4,269	5,027	5,747	5,600	11,347	4,894	6,335	4,588	5,573	5,667	6,927
Operating Margin	-	8.37%	13.47%	6.81%	9.97%	6.04%	6.59%	7.54%	6.99%	7.26%	6.21%	7.27%	6.08%	6.81%	7.07%	7.73%
Earnings before Tax (EBT) ¹	-	5,894	8,895	5,140	-	2,936	-	6,453	5,446	11,898	5,801	5,494	5,181	4,401	5,862	6,519
Net income ¹	-	3,978	6,555	3,741	-	1,957	-	4,209	3,791	8,521	4,347	4,665	3,266	3,810	4,395	4,939
Net margin	-	6.25%	10.45%	5.38%	-	2.77%	-	5.52%	4.74%	5.45%	5.51%	5.35%	4.33%	4.66%	5.49%	5.51%
EPS ²	-	7.940	13.11	7.460	20.57	3.900	-	8.430	6.480	-	7.760	9.310	6.550	7.600	8.769	9.852
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	29/07/21	15/03/22	04/05/22	28/07/22	28/07/22	28/10/22	14/03/23	04/05/23	27/07/23	27/07/23	26/10/23	13/03/24	30/04/24	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	21,276	26,796	26,685	43,015	40,289	41,026	43,711	49,546
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,555	13,656	21,906	7,411	10,698	7,589	10,652	12,966
ROE (net income / shareholders' equity)	11.2%	7.09%	10.9%	9.6%	9.39%	8.4%	8.65%	8.7%
ROA (Net income/ Total Assets)	4.94%	1.79%	2.89%	2.72%	2.75%	3.59%	4.12%	4.93%
Assets ¹	2,70,355	4,92,686	5,12,853	5,46,681	5,82,185	4,24,906	4,00,111	3,66,309
Book Value Per Share ²	243.0	253.0	288.0	330.0	350.0	377.0	392.0	415.0
Cash Flow per Share ²	61.40	49.30	77.10	56.80	75.50	60.90	65.50	68.60
Capex ¹	14,007	11,065	10,496	22,454	25,513	27,970	27,280	27,096
Capex / Sales	5.54%	4.96%	4.2%	8.04%	7.92%	8.56%	8.07%	7.77%
Announcement Date	28/02/20	26/02/21	15/03/22	14/03/23	13/03/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Volkswagen AG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

105.4 EUR

Average target price

142.5 EUR

Spread / Average Target

+35.22%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto & Truck Manufacturers

	1st Jan change	Capi.
TOYOTA MOTOR CORPORATION	+27.00%	27TCr
MERCEDES-BENZ GROUP AG	+3.23%	6.68TCr
BMW AG	-12.30%	5.93TCr
GENERAL MOTORS COMPANY	+29.34%	5.2TCr
HONDA MOTOR CO., LTD.	+17.33%	5.14TCr
FORD MOTOR COMPANY	+2.87%	4.88TCr
HYUNDAI MOTOR COMPANY	+44.96%	4.72TCr
TATA MOTORS LIMITED	+26.81%	4.27TCr
MAHINDRA & MAHINDRA LIMITED	+65.76%	3.86TCr

Other Auto & Truck Manufacturers