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    VOW3   DE0007664039

VOLKSWAGEN AG

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Volkswagen Raises Target for Return on Sales After Swing to 2Q Profit

07/29/2021 | 02:02am EDT

By Kim Richters

Volkswagen AG on Thursday updated its guidance for 2021 after swinging to profit in the second quarter and reporting a jump in revenue.

The German car maker said quarterly aftertax profit came in at 5.04 billion euros ($5.97 billion), compared with a loss of EUR1.54 billion the same period year-prior.

Revenue rose to EUR67.29 billion from EUR41.08 billion. It had already released first-half preliminary figures earlier this month.

Volkswagen said results were particularly driven by its premium brands Audi and Porsche, and its division Volkswagen Financial Services.

"We have successfully contained the impacts of the semiconductor bottlenecks to date, although we anticipate somewhat more pronounced effects in the third quarter," said Chief Financial Officer Arno Antlitz.

The car maker adjusted its full-year guidance. For 2021, Volkswagen expects an operating return on sales between 6.0% and 7.5% compared with previous guidance range of 5.5% to 7.0%.

Full-year deliveries are now expected noticeably up on the prior year compared with previous significant higher expectations. Revenue is still seen significantly higher than in 2020.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

07-29-21 0200ET

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Analyst Recommendations on VOLKSWAGEN AG
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Financials
Sales 2021 253 B 297 B 297 B
Net income 2021 14 786 M 17 359 M 17 359 M
Net cash 2021 34 660 M 40 692 M 40 692 M
P/E ratio 2021 6,51x
Yield 2021 3,89%
Capitalization 118 B 139 B 139 B
EV / Sales 2021 0,33x
EV / Sales 2022 0,28x
Nbr of Employees 632 825
Free-Float 56,8%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 189,30 €
Average target price 274,97 €
Spread / Average Target 45,3%
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Managers and Directors
Herbert Diess Chairman-Management Board
Arno Antlitz Head-Finance & Information Technology
Hans Dieter P÷tsch Chairman-Supervisory Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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