Volkswagen AG (VOWG) – Bottlenecks spread across the entire logistics chain

Volkswagen AG (VOWG) (Q2FY23)

Stock Performance: Over the past 3 years, Volkswagen delivered returns of -23% where the stock price decreased from €159.1 in Sep 11, 2020 to €121.9 in Sep 11, 2023. The stock had a 200-Day Moving Average of €123.58 and a 50-Day Moving Average of €132.15.

In the past 1 year, VOWG generated returns of -38% where the price plunged from €196.35 in Sep 16, 2022 to €121.9 in Sep 11, 2023. The stock had a 52 Week High of €138.76 and a 52 Week Low of €86.52.

Over the past 3 months, the company’s returns declined by -23% where the stock price fell from €158.85 in Jun 13, 2022 to €121.9 in Sep 11, 2023.

Quarter performance: In Q2FY23, Volkswagen’s net income declined by – 13% compared to Q2FY22. The company’s other operating expenses was reported to be €3.3bn in 1HFY23 which was very much high than the annual reported expenses in the last 5 years. This is affecting the visibility of the company’s performance in the upcoming years.

Guidance: For FY23, Volkswagen expects its sales revenue to grow by 10% – 15% compared to FY22 and the operating return on sales to lie between 7.5% – 8.5%.

Highlights

PowerCo and Telco continue to build the global battery business, with sale factories in the ramp-up for Valencia in Spain and St. Thomas in Canada and the construction of the plant in Salzgitter being fully underway. In parallel, the team is working on innovations, achieving a competitive cost base.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– Economic Value Added Analysis
– P/E Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– Du Pont Analysis
– ROIC & ROCE Analysis
– Segment Performance
– Key Metrics
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Price Performance

Crispidea Coverage

No of Pages: 35

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