Volkswagen AG

VOW: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€595.00	Sjmrf	Yqm

Volkswagen Earnings: Competition, Execution Challenges, and Transformation Costs Hit Performance

Aug 1, 2024

Group sales growth of 4% in the second quarter was in line with FactSet consensus, largely driven by growth in the financial services division. However, EPS of EUR 6.21 for the second quarter fell well short of FactSet consensus of EUR 7.17 per share. With our full-year forecast in line with the group’s guidance, we are maintaining our fair value estimate of EUR 352 per share and no moat rating.

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