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Volkswagen

  VOW3 GR

Car Manufacturers, Trucks, Special P...
 /  Germany 
Other comprehensive expenses of €1.7bn in H1 10
Updates
05/08/2010Other news/commentsOpel, the ailing GM subsidiary, intend...
04/08/2010EPS change
29/07/2010Earnings/sales releasesVW saw a sharp rise in volumes durin...
15/07/2010Opinion change
29/04/2010Earnings/sales releasesThe group's delivery volume was up b...
22/04/2010Earnings/sales releasesVW's Q1 10 numbers were well ahead...
26/03/2010LatestThe price for the 65m new preferred s...
24/03/2010LatestVW issues up to 65m new preferred s...
23/03/2010Other news/commentsVW pushes its subsidiary Skoda to inc...
Summary Key Data
  12/08A
12/09A
12/10E
12/11E
12/12E
AlphaValue P/E (x) 7.09 ns
Dividend yield (%) 2.35 3.10
EV/EBITDA (x) 9.50 9.86
AlphaValue EPS (€) 11.9 0.95
Dividend (€) 1.99 1.66
Sales (€M) 113,808 105,187
EBITDA (€M) 12,199 10,144
Attributable net profit (€M) 4,753 960
ROE (after tax) (%) 14.2 2.73
ROCE (%) 8.94 3.69
Gearing (%) 139 156
Next Div. Indic € 1.66 payment
Target
Price (€) 83.5
Market Cap (€M) 38,826
Perf. 1W: 3.70 %
Perf. 1M: 3.54 %
Perf. 3M: 20.8 %
Perf Ytd: 27.7 %
Rating
  • Strong momentum corresponding to a continuous and overall positive moving average trend confirmed by volumes
  • Relatively good momentum corresponding to a positively-oriented moving average, but offset by an overbought pattern or lack of confirmation from volumes
  • Relatively unfavorable momentum with a neutral or negative moving average trend, but offset by an oversold pattern or lack of confirmation from volumes
  • Strongly negative momentum corresponding to a continuous and overall negative moving average trend confirmed by volumes
VALUE
RISK
GOVERNANCE
RANKING
Best
Worst
Businesses & Trends
Under Piech's leadership, VW has grown into an automotive manufacturer able to cover the entire price range. At the lower end are... Read More
Money Making
Profits and cash flows are generated through the sale of cars and vans. On top of this, the group generates profits by fully consolida... Read More
Valuation
Our DCF model assumes long-term sales and EBITDA growth rates of 2.25% and 2%, respectively which eventually generates an ... Read More
Analyst: Hans-Peter Wodniok
Concepts
Business concepts
  • Structural overcapacity
  • Brand name
  • Asset based
  • Supplier dependent
  • Marginal capacity play
Investment Concepts
  • Margin contraction
  • One share, no vote
Story Trigger
  • Order intake shift
  • M&A related
  • Management change
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