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Volkswagen AG Vorz-Inhaber-Akt ohne Stimmrecht VOW3

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Maintain No Moat Ratings for Renault, Stellantis, and VW as We Transfer Coverage; All Undervalued

Our views on the predominantly mass-market European automotive original equipment manufacturers Renault, Stellantis, and Volkswagen are unchanged following a transfer of analyst coverage. We maintain our no moat ratings for all three firms with our fair value estimates reflecting significant upside. We increase our fair value estimate for Renault to EUR 85, while our fair value estimates for Stellantis and Volkswagen decrease to EUR 32 and EUR 264, respectively.

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Price vs Fair Value

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VOW3 is trading at a 239% premium.
Price
€97.12
Fair Value
€148.00
Uncertainty
High
1-Star Price
€764.20
5-Star Price
€379.20
Economic Moat
Kbhm
Capital Allocation
Czb

Bulls Say, Bears Say

Bulls

2024 is a transitory year for VW, but it’s taking all the right steps to improve returns—capacity reductions in Europe, localization in China, tapping into the lucrative US pickup truck market, and maximizing the use of common platforms.

Bears

With many capital-intensive projects underway simultaneously during an environment of extreme competition and technological change, we are skeptical that management has the bandwidth to execute as guided.

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News

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Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
3.09
Price/Sales
0.15
Dividend Yield (Trailing)
9.33%
Dividend Yield (Forward)
9.33%
Total Yield
9.75%

Company Profile

Volkswagen is the second-largest automotive original equipment manufacturer by vehicle sales globally, selling 9.4 million vehicles in 2023. 80% of group revenue is generated by its four vehicle segments—core (Volkswagen, SEAT, Skoda, and VW commercial), progressive (Audi, Lamborghini, and Bentley), sports luxury (Porsche), and Traton commercial vehicles (Traton, Scania, Navistar, MAN, and VW truck and bus). It also has a vehicle software business (Cariad), batteries, and power engineering production and financial services.
Sector
Consumer Cyclical
Industry
Auto Manufacturers
Stock Style Box
Large Value
Total Number of Employees
655,905
Website
https://www.volkswagenag.com

Competitors

Valuation

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Metric
VOW3
MBGAF
RNO
Price/Earnings (Normalized)
 3.094.953.36
Price/Book Value
 0.300.720.39
Price/Sales
 0.150.420.22
Price/Cash Flow
 1.053.351.62
Price/Earnings
VOW3
MBGAF
RNO

Financial Strength

Metric
VOW3
MBGAF
RNO
Quick Ratio
 0.870.880.89
Current Ratio
 1.141.321.03
Interest Coverage
 39.7428.215.70
Quick Ratio
VOW3
MBGAF
RNO

Profitability

Metric
VOW3
MBGAF
RNO
Return on Assets (Normalized)
 2.74%4.85%3.22%
Return on Equity (Normalized)
 10.34%13.99%13.23%
Return on Invested Capital (Normalized)
 4.46%7.07%4.06%
Return on Assets
VOW3
MBGAF
RNO

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