Volkswagen AG

VOW: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€785.00	Djtml	Rtxhf

Volkswagen Earnings: Competition, Execution Challenges, and Transformation Costs Hit Performance

Aug 5, 2024

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.

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