Financials Volkswagen AG

Equities

VOW3

DE0007664039

Auto & Truck Manufacturers

Market Closed - Xetra Other stock markets 11:43:29 2023-12-01 am EST			5-day change	1st Jan Change
107.02 ^EUR	+0.56%		+0.02%	-8.07%

08:36pm	Dpa-AFX Overview: COMPANIES - The most important news from the weekend	DP
Dec. 01	Ifo Institute: Car industry on the downswing	DP

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	69 693	87 466	81 625	112 849	67 576	57 036	-	-
Enterprise Value (EV) ¹	50 325	66 190	54 829	86 164	24 561	19 877	17 995	16 850
P/E ratio	5,88x	6,61x	9,15x	5,99x	3,92x	3,56x	3,62x	3,43x
Yield	3,50%	3,72%	3,19%	4,26%	6,44%	8,30%	8,36%	8,60%
Capitalization / Revenue	0,30x	0,35x	0,37x	0,45x	0,24x	0,18x	0,18x	0,17x
EV / Revenue	0,21x	0,26x	0,25x	0,34x	0,09x	0,06x	0,06x	0,05x
EV / EBITDA	1,79x	1,51x	2,16x	2,66x	0,65x	0,50x	0,46x	0,41x
EV / FCF	9,47x	5,73x	4,01x	3,93x	3,31x	4,53x	2,06x	1,51x
FCF Yield	10,6%	17,5%	24,9%	25,4%	30,2%	22,1%	48,6%	66,1%
Price to Book	0,59x	0,73x	0,60x	0,62x	0,35x	0,32x	0,30x	0,24x
Nbr of stocks (in thousands)	501 295	501 295	501 295	501 295	501 295	501 295	-	-
Reference price ²	139	176	152	177	116	107	107	107
Announcement Date	22/02/19	28/02/20	26/02/21	15/03/22	14/03/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	235 849	252 632	222 884	250 200	279 232	312 193	315 318	327 860
EBITDA ¹	28 138	43 735	25 392	32 359	37 721	39 417	39 010	40 673
EBIT ¹	17 104	19 296	10 606	19 275	22 124	21 799	21 781	23 254
Operating Margin	7,25%	7,64%	4,76%	7,70%	7,92%	6,98%	6,91%	7,09%
Earnings before Tax (EBT) ¹	15 643	18 356	11 667	20 126	22 044	23 185	22 748	24 264
Net income ¹	11 827	13 346	8 824	14 843	14 867	15 167	15 101	16 091
Net margin	5,01%	5,28%	3,96%	5,93%	5,32%	4,86%	4,79%	4,91%
EPS ²	23,6	26,7	16,7	29,7	29,7	30,1	29,5	31,2
Free Cash Flow ¹	5 313	11 555	13 656	21 906	7 411	4 393	8 751	11 132
FCF margin	2,25%	4,57%	6,13%	8,76%	2,65%	1,41%	2,78%	3,40%
FCF Conversion (EBITDA)	18,9%	26,4%	53,8%	67,7%	19,6%	11,1%	22,4%	27,4%
FCF Conversion (Net income)	44,9%	86,6%	155%	148%	49,8%	29,0%	58,0%	69,2%
Dividend per Share ²	4,86	6,56	4,86	7,56	7,50	8,88	8,94	9,20
Announcement Date	02/22/19	02/28/20	02/26/21	03/15/22	03/14/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4
Net sales ¹	125 197	67 293	129 669	56 931	63 601	62 742	69 543	132 285	70 712	76 235	76 198	80 059	156 257	78 845	79 657
EBITDA ¹	-	9 542	-	5 600	8 904	11 530	7 784	-	10 034	-	11 023	11 717	-	9 270	10 138
EBIT ¹	9 979	6 546	-	2 595	5 322	8 453	4 735	13 188	4 269	5 027	5 747	5 600	11 347	4 894	5 759
Operating Margin	7,97%	9,73%	-	4,56%	8,37%	13,5%	6,81%	9,97%	6,04%	6,59%	7,54%	6,99%	7,26%	6,21%	7,23%
Earnings before Tax (EBT) ¹	9 557	6 690	-	3 079	5 894	8 895	5 140	-	2 936	-	6 453	5 446	11 898	5 801	5 483
Net income ¹	6 875	4 860	-	2 761	3 978	6 555	3 741	-	1 957	-	4 209	3 791	8 521	4 347	4 329
Net margin	5,49%	7,22%	-	4,85%	6,25%	10,4%	5,38%	-	2,77%	-	5,52%	4,74%	5,45%	5,51%	5,43%
EPS ²	13,8	9,70	-	5,51	7,94	13,1	7,46	20,6	3,90	-	8,43	6,48	-	7,76	7,62
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	07/25/19	07/29/21	07/29/21	10/28/21	03/15/22	05/04/22	07/28/22	07/28/22	10/28/22	03/14/23	05/04/23	07/27/23	07/27/23	10/26/23	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	19 368	21 276	26 796	26 685	43 015	37 159	39 041	40 187
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5 313	11 555	13 656	21 906	7 411	4 393	8 751	11 132
ROE (net income / shareholders' equity)	12,7%	11,2%	7,09%	10,9%	9,60%	8,43%	7,85%	7,84%
Shareholders' equity ¹	93 440	119 449	124 422	135 748	154 913	179 893	192 387	205 116
ROA (Net income/ Total Assets)	3,25%	4,94%	1,79%	2,89%	2,72%	3,70%	3,21%	3,40%
Assets ¹	364 037	270 355	492 686	512 853	546 681	409 443	470 173	473 454
Book Value Per Share ²	234	243	253	288	330	334	358	445
Cash Flow per Share ²	37,0	61,4	49,3	77,1	56,8	70,4	81,5	125
Capex ¹	13 218	14 007	11 065	10 496	22 454	26 947	27 325	27 224
Capex / Sales	5,60%	5,54%	4,96%	4,20%	8,04%	8,63%	8,67%	8,30%
Announcement Date	22.02.19	28.02.20	26.02.21	15.03.22	14.03.23	-	-	-

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 :

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

107.02EUR

Average target price

148.50EUR

Spread / Average Target

+38.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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HYUNDAI MOTOR COMPANY	+21.06%	30 338 M $
GREAT WALL MOTOR COMPANY LIMITED	+8.07%	26 050 M $
MAHINDRA AND MAHINDRA LTD	+30.12%	21 736 M $

Other Auto & Truck Manufacturers