Volkswagen AG

  • Ticker766400
  • ISINDE0007664005
  • SectorAutomobiles & Parts
  • CountryGermany

Analysts

Richard Hilgert

Morningstar | Volkswagen's Traton IPO Prices at EUR 27: Maintaining EUR 235 FVE for VW

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, Seat, Skoda, and Volkswagen automobiles plus MAN, Scania, and Volkswagen commercial trucks, announced that the initial public offering of its Traton group priced at EUR 27 per share, implying a total equity value of EUR 13.5 billion for the group. Traton includes MAN and Scania commercial truck and bus operations. The IPO stake was for roughly 11.5%, including overallotment shares. We estimate that an 11.5% IPO of Traton's equity value results in net proceeds for Volkswagen of EUR 1.4 billion-1.5 billion. While it's possi...

Richard Hilgert

Volkswagen's Traton IPO Prices at EUR 27: Maintaining EUR 235 FVE for VW

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, Seat, Skoda, and Volkswagen automobiles plus MAN, Scania, and Volkswagen commercial trucks, announced that the initial public offering of its Traton group priced at EUR 27 per share, implying a total equity value of EUR 13.5 billion for the group. Traton includes MAN and Scania commercial truck and bus operations. The IPO stake was for roughly 11.5%, including overallotment shares. We estimate that an 11.5% IPO of Traton's e...

Richard Hilgert

Morningstar | Volkswagen Says Traton IPO Expected by August: Maintaining EUR 235 Fair Value Estimate

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, announced that it plans an initial public offering of its Traton SE group by summer break (August). The Traton group includes MAN and Scania commercial truck and bus operations. The company originally announced the formation of the group in August 2018, following up with a press release in September 2018 announcing a potential IPO. In March 2019, the company said that it was putting preparation of a Traton IPO on hold until "market...

Richard Hilgert

Volkswagen Says Traton IPO Expected by August: Maintaining EUR 235 Fair Value Estimate

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, announced that it plans an initial public offering of its Traton SE group by summer break (August). The Traton group includes MAN and Scania commercial truck and bus operations. The company originally announced the formation of the group in August 2018, following up with a press release in September 2018 announcing a potential IPO. I...

Richard Hilgert

Morningstar | Volkswagen 1Q Results Impress, 2019 Guidance Confirmed; Maintaining EUR 235 Fair Value Estimate

No-moat rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported first-quarter diluted earnings per preference share before special items (EPS) of EUR 7.28, impressively trouncing the EUR 6.16 sell-side EPS consensus estimate by EUR 1.12 and EUR 0.82 better than the year-ago EPS. Guidance for 2019 includes increased consolidated revenue by as much as 5% and group operating margin in a range of 6.5%-7.5%. The stock reacted well, raising nearly 5% on the announcement. Even so, the 4-star ...

Richard Hilgert

Morningstar | Volkswagen's Traton IPO Prices at EUR 27: Maintaining EUR 235 FVE for VW

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, Seat, Skoda, and Volkswagen automobiles plus MAN, Scania, and Volkswagen commercial trucks, announced that the initial public offering of its Traton group priced at EUR 27 per share, implying a total equity value of EUR 13.5 billion for the group. Traton includes MAN and Scania commercial truck and bus operations. The IPO stake was for roughly 11.5%, including overallotment shares. We estimate that an 11.5% IPO of Traton's equity value results in net proceeds for Volkswagen of EUR 1.4 billion-1.5 billion. While it's possi...

Richard Hilgert

Volkswagen's Traton IPO Prices at EUR 27: Maintaining EUR 235 FVE for VW

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, Seat, Skoda, and Volkswagen automobiles plus MAN, Scania, and Volkswagen commercial trucks, announced that the initial public offering of its Traton group priced at EUR 27 per share, implying a total equity value of EUR 13.5 billion for the group. Traton includes MAN and Scania commercial truck and bus operations. The IPO stake was for roughly 11.5%, including overallotment shares. We estimate that an 11.5% IPO of Traton's e...

Richard Hilgert

Morningstar | Volkswagen Says Traton IPO Expected by August: Maintaining EUR 235 Fair Value Estimate

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, announced that it plans an initial public offering of its Traton SE group by summer break (August). The Traton group includes MAN and Scania commercial truck and bus operations. The company originally announced the formation of the group in August 2018, following up with a press release in September 2018 announcing a potential IPO. In March 2019, the company said that it was putting preparation of a Traton IPO on hold until "market...

Richard Hilgert

Volkswagen Says Traton IPO Expected by August: Maintaining EUR 235 Fair Value Estimate

No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, announced that it plans an initial public offering of its Traton SE group by summer break (August). The Traton group includes MAN and Scania commercial truck and bus operations. The company originally announced the formation of the group in August 2018, following up with a press release in September 2018 announcing a potential IPO. I...

Richard Hilgert

Morningstar | Volkswagen 1Q Results Impress, 2019 Guidance Confirmed; Maintaining EUR 235 Fair Value Estimate

No-moat rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported first-quarter diluted earnings per preference share before special items (EPS) of EUR 7.28, impressively trouncing the EUR 6.16 sell-side EPS consensus estimate by EUR 1.12 and EUR 0.82 better than the year-ago EPS. Guidance for 2019 includes increased consolidated revenue by as much as 5% and group operating margin in a range of 6.5%-7.5%. The stock reacted well, raising nearly 5% on the announcement. Even so, the 4-star ...

1 director bought

A director at Volkswagen AG bought 250 shares at 144.520EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board ...

Expert Corporate Governance Service (ECGS)

Volkswagen - AGM 2019

Item 2: Management and Supervisory Board are proposing a dividend of EUR 4.80 per ordinary share and of EUR 4.86 per preference share. While the dividend is covered by earnings it is again not covered by free cash flow. As it is yet still unclear which further financial burdens the Company will have to bear in the near future we consider that a dividend payment is currently not appropriate and recommend opposition. Item 3: The Management Board's behaviour regarding the handling of the diesel scandal, the monkey test scandal as well as the cartel allegations do not enable investors to regain t...

Volkswagen – Proxinvest Corporate Governance Rating ® : F

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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