Volkswagen AG Pfd.

Volkswagen the parent company of the Volkswagen Group. It develops vehicles and components for the Group's brands, and produces and sells vehicles such as passenger cars and light commercial vehicles for the Volkswagen Passenger Cars and Volkswagen Commercial Vehicles brands. In the electricity sector, Co. performs electricity generation, sales and distribution together with a Group subsidiary. Western Europe, China, Brazil, the U.S., Russia, Mexico and Argentina are the key markets of the Group. The automotive division comprises the passenger cars, commercial vehicles, and power engineering segments, while the financial services division corresponds to the financial services segment.
  • Ticker766403
  • ISINDE0007664039
  • SectorAutomobiles & Parts
  • CountryGermany

Analysts

Bruno Cavalier ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Michael Foundoukidis
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2019

Given still-fragile fundamentals for the industry and limited visibility, we think the recent auto supplier rally is premature. While 2019 should not have any more major unpleasant surprises in store, market expectations for 2020 still look too ambitious (~6%) in light of our scenario for production to decline further (-0.7%). On this basis, we are keeping to our cautious stance on auto suppliers. Within the segment, Plastic Omnium is still our Top Pick (Buy), while Valeo is our least...

Bruno Cavalier ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Michael Foundoukidis
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2019

...

François Maury ...
  • Georges Dieng

ODDO : Top 5 car market in Europe: +11.7% in September, i.e. -1.2% YTD

>+11.7% in September 2019 (-22.3% in September 2018) - Car registrations for the Top 5 Europe market (over 70% of EU+EFTA volumes) were up by 11.7% in September, i.e. down 1.2% YTD. All markets were up: Germany (+22.2%), Spain (+18.3%), France (+16.6%), Italy (+13.4%) and the UK (+1.3%). The majority of carmakers were penalised by an unfavourable base effect linked to the WLTP coming into effect in September 2018. To recap, the Top 5 market had declined by 2...

François Maury ...
  • Georges Dieng

ODDO : Marché VP Top 5 Europe : +11.7% en septembre soit -1.2% YTD

>+11.7% en septembre 2019 (-22.3% en septembre 2018) - Les immatriculations sur le Top 5 (> 70% des volumes EU+EFTA) sont en hausse de 11.7% sur septembre, soit en baisse de 1.2% YTD. Tous les marchés sont en hausse : Allemagne (+22.2%), Espagne (+18.3%), France (+16.6%), Italie (+13.4%) et le RU (+1.3%). La majorité des constructeurs a bénéficié d’un effet de base favorable lié à l’entrée en vigueur des nouvelles normes d’homologation WLTP en septembre 2018...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/04/2019

Having accompanied part of Verbund’s performance since 2016, we downgraded our rating on the stock to Neutral on 8 November 2018. All of the elements are now in place for a more marked profit-taking. We are downgrading our rating to Reduce (from Neutral). The sharp increase in electricity and CO2 prices that we were expecting has materialised and has contributed to supporting earnings growth. But history does not repeat itself and it becomes more and more difficult to identify today t...

Bruno Cavalier ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Michael Foundoukidis
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/07/2019

Given still-fragile fundamentals for the industry and limited visibility, we think the recent auto supplier rally is premature. While 2019 should not have any more major unpleasant surprises in store, market expectations for 2020 still look too ambitious (~6%) in light of our scenario for production to decline further (-0.7%). On this basis, we are keeping to our cautious stance on auto suppliers. Within the segment, Plastic Omnium is still our Top Pick (Buy), while Valeo is our least...

Bruno Cavalier ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Laurence Hofmann
  • Michael Foundoukidis
  • Nicolas David

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/10/2019

...

François Maury ...
  • Georges Dieng

ODDO : Top 5 car market in Europe: +11.7% in September, i.e. -1.2% YTD

>+11.7% in September 2019 (-22.3% in September 2018) - Car registrations for the Top 5 Europe market (over 70% of EU+EFTA volumes) were up by 11.7% in September, i.e. down 1.2% YTD. All markets were up: Germany (+22.2%), Spain (+18.3%), France (+16.6%), Italy (+13.4%) and the UK (+1.3%). The majority of carmakers were penalised by an unfavourable base effect linked to the WLTP coming into effect in September 2018. To recap, the Top 5 market had declined by 2...

François Maury ...
  • Georges Dieng

ODDO : Marché VP Top 5 Europe : +11.7% en septembre soit -1.2% YTD

>+11.7% en septembre 2019 (-22.3% en septembre 2018) - Les immatriculations sur le Top 5 (> 70% des volumes EU+EFTA) sont en hausse de 11.7% sur septembre, soit en baisse de 1.2% YTD. Tous les marchés sont en hausse : Allemagne (+22.2%), Espagne (+18.3%), France (+16.6%), Italie (+13.4%) et le RU (+1.3%). La majorité des constructeurs a bénéficié d’un effet de base favorable lié à l’entrée en vigueur des nouvelles normes d’homologation WLTP en septembre 2018...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Olfa Taamallah
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/04/2019

Having accompanied part of Verbund’s performance since 2016, we downgraded our rating on the stock to Neutral on 8 November 2018. All of the elements are now in place for a more marked profit-taking. We are downgrading our rating to Reduce (from Neutral). The sharp increase in electricity and CO2 prices that we were expecting has materialised and has contributed to supporting earnings growth. But history does not repeat itself and it becomes more and more difficult to identify today t...

Alain William ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/23/2019

...

Alain William ...
  • Bruno Cavalier
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/09/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2019

We reiterate our Buy recommendation with a target price of € 15.60. Aside from the restoration of the market’s confidence, the key point is the upcoming strategic plan expected to be unveiled at end-2019. It should be based on enhancing the operating performance and resuming value creation, which should in turn act as a catalyst for the group's re-rating. Our analysis of the various strategic options indicates a positive risk-reward profile. - ...

Ahmed Ben Salem ...
  • Alain William
  • Emira Sagaama
  • François Maury
  • Georges Dieng
  • Johanna Jourdain
  • Laurence Hofmann
  • Matthias Desmarais
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/07/2019

Nous réitérons notre opinion Achat avec un OC de 15.60 €. Au-delà du retour à la confiance du marché, l’enjeu demeure le prochain plan stratégique qui sera dévoilé en fin d’année 2019. Il devra être fondé sur un socle d’amélioration de la performance opérationnelle et de retour à la création de valeur afin de constituer le catalyseur d’une revalorisation du groupe. Notre analyse des différentes options stratégiques aboutit à un risk reward positif. - ...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Bruno Cavalier
  • Charles Lepetitpas
  • Delphine Brault
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Nicolas David
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/15/2019

...

VOLKSWAGEN AG sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of VOLKSWAGEN AG (DE), a company active in the Automobiles industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 10, 2019, the closing price was EUR 154.50 and its potential was estimated at EUR 165.99.

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Valérie GASTALDY

Analyse court terme - VOLKSWAGEN AG PFD : Stochastiques en zone de surachat.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 132,70 €.

Valérie GASTALDY

Short term view - VOLKSWAGEN AG PFD : Overbought stochastics

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. Stochastics are at the overbought level. prices could fall again to €132.70.

Valérie GASTALDY

Analyse court terme - VOLKSWAGEN AG PFD : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, et ils commencent à montrer une certaine vigueur. Une nouvelle tendance haussière tente de démarrer.

Valérie GASTALDY

Short term view - VOLKSWAGEN AG PFD : Prices recovered.

The trend is uncertain. Prices have recovered and they are starting to display convincing strength. A new bullish trend is attempting to emerge.

Valérie GASTALDY

Analyse moyen terme - VOLKSWAGEN AG PFD : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 124,75 €, puis 109,02 €. Le franchissement de 188,11 € remettrait en cause la suite de la baisse.

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