Volkswagen AG

  • Ticker766400
  • ISINDE0007664005
  • SectorAutomobiles & Parts
  • CountryGermany

Analysts

Richard Hilgert

Morningstar | Audi Fined EUR 800 Million by German Public Prosecutor; Maintaining Our EUR 230 FVE for VW

No-moat-rated Volkswagen's Audi brand was fined EUR 800 million by a German public prosecutor, consisting of a maximum penalty of EUR 5 million and a EUR 795 million disgorgement of economic benefits. Audi's press release referred to the prosecutor issuing an "administrative order" against the company for "deviations from regulatory requirements" in the manufacturing and sales of certain Audis equipped with V6 and V8 diesel engines. We view the fine as manageable, given Volkswagen's net liquidity of EUR 26.3 billion at the close of the second quarter. We maintain our EUR 230 fair value estima...

Richard Hilgert

Audi Fined EUR 800 Million by German Public Prosecutor; Maintaining Our EUR 230 FVE for VW

No-moat-rated Volkswagen's Audi brand was fined EUR 800 million by a German public prosecutor, consisting of a maximum penalty of EUR 5 million and a EUR 795 million disgorgement of economic benefits. Audi's press release referred to the prosecutor issuing an "administrative order" against the company for "deviations from regulatory requirements" in the manufacturing and sales of certain Audis equipped with V6 and V8 diesel engines. We view the fine as manageable, given Volkswagen's net liquidit...

Valens Research

Valens Equity Insights and Inflections - 2018 10 03

CNX currently trades near historical lows relative to UAFRS-based (Uniform) Assets, with a 0.8x Uniform P/B. At these levels, the market is pricing in expectations for Uniform ROA to only improve from 3% in 2017 to 5% in 2022, accompanied by 4% Uniform Asset shrinkage. Analysts have similarly bearish expectations, projecting Uniform ROA to fall to 2% levels through 2019, accompanied by 5% Uniform Asset growth. That said, management's confidence in the development of the Richhill well, and turning their fourth rig online, suggest market expectations are far too bearish, indicating upside is l...

Valens Research

VOW3-DEU - Embedded Expectations Analysis - 2018 09 24

Volkswagen Aktiengesellschaft (VOW3:DEU) currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 1.1x Uniform P/B. At these levels, the market has muted expectations for the firm, and management has concerns about production levels in Europe, cash flows, and cost management Specifically, management may lack confidence in their ability to leverage their IT infrastructure to improve productivity, and may be concerned about elevated Capex levels driven by improvements in their production efficiencies. Additionally, they may lack confidence in their ability to main...

Richard Hilgert

Morningstar | Volkswagen Dieselgate creates an opportunity for long-term investors willing to accept higher risk.

Uncertainty regarding regulators' intense scrutiny of diesel powertrain passenger vehicles will plague Volkswagen for several more months, and higher spending to launch electrified powertrains and diesel headline risk are pressuring the stock. But with an enviable portfolio of brands, a bevy of new and redesigned models, leading shares in many of the world's markets, and a healthy pile of cash (despite Dieselgate-related outlays), Volkswagen appears able to endure potentially substantial fines and judgments while maintaining spending for new technology vehicle launches. Global demand for Volks...

Richard Hilgert

Morningstar | Audi Fined EUR 800 Million by German Public Prosecutor; Maintaining Our EUR 230 FVE for VW

No-moat-rated Volkswagen's Audi brand was fined EUR 800 million by a German public prosecutor, consisting of a maximum penalty of EUR 5 million and a EUR 795 million disgorgement of economic benefits. Audi's press release referred to the prosecutor issuing an "administrative order" against the company for "deviations from regulatory requirements" in the manufacturing and sales of certain Audis equipped with V6 and V8 diesel engines. We view the fine as manageable, given Volkswagen's net liquidity of EUR 26.3 billion at the close of the second quarter. We maintain our EUR 230 fair value estima...

Richard Hilgert

Audi Fined EUR 800 Million by German Public Prosecutor; Maintaining Our EUR 230 FVE for VW

No-moat-rated Volkswagen's Audi brand was fined EUR 800 million by a German public prosecutor, consisting of a maximum penalty of EUR 5 million and a EUR 795 million disgorgement of economic benefits. Audi's press release referred to the prosecutor issuing an "administrative order" against the company for "deviations from regulatory requirements" in the manufacturing and sales of certain Audis equipped with V6 and V8 diesel engines. We view the fine as manageable, given Volkswagen's net liquidit...

Valens Research

Valens Equity Insights and Inflections - 2018 10 03

CNX currently trades near historical lows relative to UAFRS-based (Uniform) Assets, with a 0.8x Uniform P/B. At these levels, the market is pricing in expectations for Uniform ROA to only improve from 3% in 2017 to 5% in 2022, accompanied by 4% Uniform Asset shrinkage. Analysts have similarly bearish expectations, projecting Uniform ROA to fall to 2% levels through 2019, accompanied by 5% Uniform Asset growth. That said, management's confidence in the development of the Richhill well, and turning their fourth rig online, suggest market expectations are far too bearish, indicating upside is l...

Valens Research

VOW3-DEU - Embedded Expectations Analysis - 2018 09 24

Volkswagen Aktiengesellschaft (VOW3:DEU) currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 1.1x Uniform P/B. At these levels, the market has muted expectations for the firm, and management has concerns about production levels in Europe, cash flows, and cost management Specifically, management may lack confidence in their ability to leverage their IT infrastructure to improve productivity, and may be concerned about elevated Capex levels driven by improvements in their production efficiencies. Additionally, they may lack confidence in their ability to main...

Richard Hilgert

Morningstar | Volkswagen Dieselgate creates an opportunity for long-term investors willing to accept higher risk.

Uncertainty regarding regulators' intense scrutiny of diesel powertrain passenger vehicles will plague Volkswagen for several more months, and higher spending to launch electrified powertrains and diesel headline risk are pressuring the stock. But with an enviable portfolio of brands, a bevy of new and redesigned models, leading shares in many of the world's markets, and a healthy pile of cash (despite Dieselgate-related outlays), Volkswagen appears able to endure potentially substantial fines and judgments while maintaining spending for new technology vehicle launches. Global demand for Volks...

VOLKSWAGEN AG with less fundamental stars is reduced to Neutral

VOLKSWAGEN AG (DE), a company active in the Automobiles industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date May 15, 2018, the closing price was EUR 173.08 and its expected value was estimated at EUR 169.00.

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