Financials Volkswagen CINNOBER BOAT

Equities

50IT

DE0007664039

Auto & Truck Manufacturers

Real-time Estimate Tradegate Other stock markets 02:14:59 2024-05-21 am EDT			5-day change	1st Jan Change
119.2 ^EUR	0.00%		0.00%	0.00%

May. 20	Automakers back key parts of new US EPA vehicle emissions rules	RE
May. 20	Global markets live: Apple, Tesla, Pfizer, AstraZeneca, Microsoft...

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	87,466	81,625	112,849	67,576	58,007	65,302	-	-
Enterprise Value (EV) ¹	66,190	54,829	86,164	24,561	17,718	24,658	20,646	14,441
P/E ratio	6.61 x	9.15 x	5.99 x	3.92 x	3.5 x	3.93 x	3.65 x	3.34 x
Yield	3.72%	3.19%	4.26%	6.44%	8.05%	7.63%	8.09%	8.59%
Capitalization / Revenue	0.35 x	0.37 x	0.45 x	0.24 x	0.18 x	0.2 x	0.19 x	0.19 x
EV / Revenue	0.26 x	0.25 x	0.34 x	0.09 x	0.05 x	0.08 x	0.06 x	0.04 x
EV / EBITDA	1.51 x	2.16 x	2.66 x	0.65 x	0.49 x	0.61 x	0.5 x	0.32 x
EV / FCF	5.73 x	4.01 x	3.93 x	3.31 x	1.66 x	3.25 x	1.98 x	1.13 x
FCF Yield	17.5%	24.9%	25.4%	30.2%	60.4%	30.8%	50.5%	88.3%
Price to Book	0.73 x	0.6 x	0.62 x	0.35 x	0.32 x	0.32 x	0.3 x	0.29 x
Nbr of stocks (in thousands)	501,295	501,295	501,295	501,295	501,295	501,295	-	-
Reference price ²	176.2	152.4	177.5	116.4	111.8	119.2	119.2	119.2
Announcement Date	2/28/20	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	252,632	222,884	250,200	279,232	322,284	326,922	337,036	347,082
EBITDA ¹	43,735	25,392	32,359	37,721	36,513	40,582	41,372	45,192
EBIT ¹	19,296	10,606	19,275	22,124	22,576	22,368	23,664	25,608
Operating Margin	7.64%	4.76%	7.7%	7.92%	7.01%	6.84%	7.02%	7.38%
Earnings before Tax (EBT) ¹	18,356	11,667	20,126	22,044	23,194	23,073	24,801	26,989
Net income ¹	13,346	8,824	14,843	14,867	16,013	15,272	16,590	18,132
Net margin	5.28%	3.96%	5.93%	5.32%	4.97%	4.67%	4.92%	5.22%
EPS ²	26.66	16.66	29.65	29.69	31.98	30.32	32.68	35.72
Free Cash Flow ¹	11,555	13,656	21,906	7,411	10,698	7,589	10,430	12,747
FCF margin	4.57%	6.13%	8.76%	2.65%	3.32%	2.32%	3.09%	3.67%
FCF Conversion (EBITDA)	26.42%	53.78%	67.7%	19.65%	29.3%	18.7%	25.21%	28.21%
FCF Conversion (Net income)	86.58%	154.76%	147.58%	49.85%	66.81%	49.69%	62.87%	70.3%
Dividend per Share ²	6.560	4.860	7.560	7.500	9.000	9.094	9.641	10.24
Announcement Date	2/28/20	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-

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	129,669	63,601	62,742	69,543	132,285	70,712	76,235	76,198	80,059	156,257	78,845	87,182	75,461	81,864	80,197	89,804
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	5,545	5,686	6,944
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%	6.77%	7.09%	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	5,014	5,928	6,842
Net income ¹	-	3,978	6,555	3,741	-	1,957	-	4,209	3,791	8,521	4,347	4,665	3,266	3,784	4,420	4,967
Net margin	-	6.25%	10.45%	5.38%	-	2.77%	-	5.52%	4.74%	5.45%	5.51%	5.35%	4.33%	4.62%	5.51%	5.53%
EPS ²	-	7.940	13.11	7.460	20.57	3.900	-	8.430	6.480	-	7.760	9.310	6.550	7.547	8.820	9.906
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/29/21	3/15/22	5/4/22	7/28/22	7/28/22	10/28/22	3/14/23	5/4/23	7/27/23	7/27/23	10/26/23	3/13/24	4/30/24	-	-	-

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	40,644	44,656	50,861
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	11,555	13,656	21,906	7,411	10,698	7,589	10,430	12,747
ROE (net income / shareholders' equity)	11.2%	7.09%	10.9%	9.6%	9.39%	8.07%	7.99%	8.13%
ROA (Net income/ Total Assets)	4.94%	1.79%	2.89%	2.72%	2.75%	3.69%	4.24%	5.03%
Assets ¹	270,355	492,686	512,853	546,681	582,185	413,997	391,678	360,787
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	66.10	68.60
Capex ¹	14,007	11,065	10,496	22,454	25,513	28,094	27,474	27,505
Capex / Sales	5.54%	4.96%	4.2%	8.04%	7.92%	8.59%	8.15%	7.92%
Announcement Date	2/28/20	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-

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

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

119.2 EUR

Average target price

142.6 EUR

Spread / Average Target

+19.60%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Auto & Truck Manufacturers

	1st Jan change	Capi.
TOYOTA MOTOR CORPORATION	+32.60%	297B
MERCEDES-BENZ GROUP AG	+7.32%	74.42B
BMW AG	-5.74%	64.95B
HONDA MOTOR CO., LTD.	+18.76%	54.69B
GENERAL MOTORS COMPANY	+25.58%	51.44B
FORD MOTOR COMPANY	-0.33%	48.51B
TATA MOTORS LIMITED	+22.02%	41.93B
HYUNDAI MOTOR COMPANY	+23.10%	40.08B
MAHINDRA & MAHINDRA LIMITED	+44.27%	33.47B

Other Auto & Truck Manufacturers