Volkswagen AG
VOW: XETR (DEU)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€779.00 | Qbdg | Qfvmp |
Volkswagen Earnings: Competition, Execution Challenges, and Transformation Costs Hit Performance
Volkswagen’s group sales growth of 4% in the second quarter was in line with FactSet consensus, largely driven by growth in the financial-services division. However, EPS of EUR 6.21 for the second quarter fell well short of FactSet consensus of EUR 7.17 per share. With our full-year forecast in line with the group’s guidance, we are maintaining our fair value estimates of EUR 352/$38 per share and no-moat rating.