Volkswagen AG

VOW: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€629.00	Tdnks	Hhxbllrw

Volkswagen: Fair Value Down 2.5% Amid Competition for Entry-Level EVs, Tapered Demand

Nicolas Owens

Jun 6, 2024

Amid increasing competition in the nascent market for EVs selling for less than EUR 20,000, we have moderated our 2024 forecast for no-moat Volkswagen's results. As a result, we lowered our fair value estimate for the Europe-listed shares to EUR 346 from EUR 355 and for the US-listed depository receipts to $37.50 from $38 because of slight appreciation of the euro against the dollar.

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