Equity Research, Broker Reports, and media content on Volkswagen AG

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about Volkswagen AG
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
  • 30 Oct 23
Q3 23: EV wavers

VW’s Q3 23 results hardly breaking news following the group’s preliminary results and profit warning. The management did however confirm what we had heard in the statements from the peers i.e. that demand for BEV is going through a weak phase. Also, the Brand Group Core’s margin profile remained disappointing, while VW confirmed that the implementation of the €10bn cost-cutting plan is running behind schedule. Lastly, VW could reduce its sails for some time in China leaving its BEV offensive for

Companies: Volkswagen AG Pref

AlphaValue
  • 23 Oct 23
Preliminary Q3 23: a worrying warning?

VW slashed its FY23 operating income target to €22.5bn due to new cash adjustments affecting the P&L. However, the underlying assumptions on the operational front were reiterated. The preliminary Q3 23 figures fell short of estimates but investors may percieve them not too badly because of the negative sentiment that has weighed on the share price recently. We must trim our FY23E EBIT by c. 10%. Our fundamental positive rating remains, but we prefer Stellantis.

Companies: Volkswagen AG Pref

AlphaValue
  • 31 Jul 23
Q2 23: Logistics issues and local for local in China

VW’s Q2 23 results missed expectations at the cash flow level as logistics issues weighed. The FY23 guidance was confirmed but the downward adjustment to the assumption on vehicle deliveries likely factors in a strong performance for the premium brands. Also, the group now indicates that it will only be able to reach the “lower end” of its Automotive NCF range. Lastly, VW is shifting gears in China to capitalize on the local knowhow. A new strategy for China was announced.

Companies: Volkswagen AG Pref

AlphaValue
  • 26 Jun 23
VW needs smooth steering “à la” Porsche to keep a pole position

VW Group’s 2023 CMD was everything but a big bang, yet that was what investors needed. The ambitious cash conversion target overwhelmingly relies on the ability to lower the cost base and gradually level down the investment ratio. The CMD was an acknowledgement of the group’s weaknesses on every burning topic. We believe that VW has the right strategy, but investors’ caution is likely to remain until management proves efficient at steering this behemoth as well as a 911.

Companies: Volkswagen AG Pref

AlphaValue
  • 04 May 23
Strong Q1 23 overall; Chinese trend in the spotlight

VW Group reported Q1 23 results that beat consensus on the back of European and US volumes, while China remained a drag. The company confirmed its optimistic FY23 guidance, like peers, anticipating strong revenue growth and margin improvement on the back of easing supply-chain bottlenecks. Despite the improved profitability of its ICE portfolio, the market’s sole focus is on BEV pricing. It looks like VW Group’s best hopes for overall pricing sustainability will be the release of its premium EVs

Companies: Volkswagen AG Pref

AlphaValue
  • 15 Mar 23
FY22 results and outlook: Investments first

The FY22 results and guidance had already been pre-released. Ahead of the CMD in June 2024, VW Group announced a €180bn 5-year investment plan driven by electrification and digitalization, which is largely factored into our forecasts. The FY23 outlook surprised by its optimism earlier this month. The takeaways from the analyst call confirm that the bullish volume outlook is underpinned by a huge catch-up effect while margin sustainability should be supported by a positive pricing effect and a lo

Companies: Volkswagen AG Pref

AlphaValue
  • 06 Mar 23
The FY23 guidance sounds better than we had thought

VW’s FY23 guidance was above expectations on all fronts with the group forecasting strong volume-driven top-line growth and flat profitability, while the consensus had been expecting a modest improvement in sales and decreasing profitability. This bodes well for the attractiveness of the stock which has not been a focus for investors since the Porsche AG IPO. Also, the positive comments on volumes back our investment case of a rebound for auto suppliers. We maintain our buy rating and expect upg

Companies: Volkswagen AG Pref

AlphaValue
  • 08 Feb 23
Preliminary FY22: Cash stored in the parking lot

The VW group’s preliminary figures missed the net cash flow targets and expectations with soaring inventories stemming from weak supply lines and logistics. The inventory headwinds are likely to reverse in FY23 once stand-by finished products are delivered, limiting the negative reading. Furthermore, with the top line and margin broadly in line with estimates, the group’s preliminary figures appear robust compared to Ford’s miss last week.

Companies: Volkswagen AG Pref

AlphaValue
  • 31 Oct 22
Q3 22 a miss, but confidence intact (for Q4 at least)

VW missed expectations in Q3 22 as the operating margin fell 8% short of the consensus. The top-line was in line with the consensus but cost inflation and a one-off bill for the write-down of the Russian operations and the Porsche IPO weighed on profitability. The outlook was confirmed implying a sequential step up in profitability although the company cut its delivery expectations as supply chain issues remain. Few details were given looking into 2023 and the strategy update has been postponed,

Companies: Volkswagen AG Pref

AlphaValue
  • 16 Sep 22
Porsche AG or SE? The IPO toolkit

Porsche’s customers are used to choosing the finish of their 911s. With an IPO of Porsche AG profiling for the coming weeks/months, investors will have the opportunity to choose the finish of their Porsche investment: AG or SE? Buying into the IPO looks too expensive above the €75bn mark, but buying into the HoldCo, Porsche SE, would offer a discount narrowing for free as we expect the HoldCo to become a proxy investment for Porsche AG.

Companies: Volkswagen AG Pref

AlphaValue
  • 26 Aug 22
Porsche AG’s shares as scarce as its cars?

The lastest rumours are reassuring about Porsche AG’s IPO, likely to be maintained, and coming any time soon, backed by a strong interest from large (and certainly long-term) investors. Scarcity looks the best adjective to define the future free-floating shares of Porsche AG. This looks supportive for Porsche AG’s value over time and increasing the appeal for proxy investing through Porsche SE.

Companies: Volkswagen AG Pref

AlphaValue
  • 29 Jul 22
VW’s strong H1 points to the upper end of the FY22 outlook

Volkswagen reported a strong set of H1 results, with the operating margin clearly ahead of the FY22 guidance. VW brand’s profitability was impressive. FCF suffered, like the peers, from high inventory levels owing to supply chain issues. The chip shortage is seen easing from the end of Q2 22, which bodes well for H2 volumes while cost increases are expected to accelerate. VW confirmed its FY22 guidance with margins seen at the upper end of the range, calling for an upgrade to our EPS forecasts.

Companies: Volkswagen AG Pref

AlphaValue
  • 25 Jul 22
VW's CEO gets off at the next stop

The EV repositioning of the VW group has been one of Herbert Diess’ best achievements, but software issues seem to have got the better of him. From 1 September, Porshe AG’s CEO, Oliver Blume, will replace Mr Diess as the head of the executive board of VW Group. Software problems might have helped this but the timing ahead of a potential IPO of Porsche AG (if any) is by no means ideal. The reality of VW has taken over: the Porsche-Piech family always has the last word.

Companies: Volkswagen AG Pref

AlphaValue
  • 21 Jul 22
Porsche AG gets closer to its “independence”

Porsche AG’s CMD looks convincing on busines-wise but is not likely to calm investors questioning its governance. The long-term 20% EBIT target confirms consensus’ valuation range of €80-90bn, while management sees last years’ improvements on operational efficiency to have raised the margin floor to 15% (vs. 9% reached in 2009). Porsche targets the best in each world with a niche-luxury-style pricing strategy together with premium-like volumes and BEV/ICE parity within two years. The variable re

Companies: Volkswagen AG Pref

AlphaValue
  • 04 May 22
Q1 22: VW calls for caution but sticks to FY outlook

After pre-releasing some Q1 figures last month, headlined by an €8.5bn group EBIT, the full release brought more clarity on the drivers of this strong performance. Once again, the positive operating momentum in VW’s premium and luxury brands supported the upbeat profitability despite supply chain-constrained production volumes. While the outlook remains under threat, given the volatile geopolitical context in Europe and the resurgence of Covid-19 in China, the Q1 resilience has VW cautiously con

Companies: Volkswagen AG Pref

AlphaValue

Volkswagen AG

Company Profile

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Volkswagen AG. We currently have 0 research reports from 3 professional analysts.

Latest News/RNS

(more news)
Date Source Announcement
22Jul21 13:10 DGAP-AHD DGAP-AFR: MAN SE: Preliminary announcement of the publication of financial reports according to Articles 114, 115, 117 of the WpHG [the German Securities Act]
22Jul21 13:10 DGAP-AHD DGAP-AFR: MAN SE: Vorabbekanntmachung über die Veröffentlichung von Finanzberichten gemäß § 114, 115, 117 WpHG
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    Volkswagen AG

  • Providers covering

    Volkswagen AG

  • 23 Apr 24
PROGRESSIVE: Watkin Jones: H1 in-line amid reviving investor appetite

Watkin Jones’s guidance for FY24E is unchanged in its trading update for the first half to 31 March. We maintain our forecasts for the full year and introduce half-year estimates, in line with reiterated guidance that performance will be significantly H2 weighted. The group confirms a continuing gradual recovery in appetite among institutional investors to forward fund its build-to-rent (BTR) and student developments. We believe this should gather pace as the direction of interest rates becomes

Companies: Watkin Jones Plc

Progressive Equity Research
  • 22 Apr 24
Ceres Power Holdings - Strategic partnerships powering growth

Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol

Companies: Ceres Power Holdings plc

Edison
  • 17 Apr 24
Surface Transforms - New guidance – forecasts under review

Surface Transforms has issued new revenue guidance for FY24, with the company now expecting revenues in the range £17.5-22m. We are withdrawing our previous forecasts for FY24 and withdrawing our price target while we review the impact of the new guidance.

Companies: Surface Transforms PLC

Cavendish
  • 02 Apr 24
Solid State - Anticipating record adjusted PBT in FY24

Solid State’s trading update affirms the sustained strength in demand throughout H224, resulting in record FY24 revenue and adjusted PBT ahead of prior consensus of £155m and £12.5m, respectively. This is attributable to the earlier-than-expected delivery of a NATO contract. As a result, consensus FY24 revenue and adjusted PBT estimates have been raised by c 6% and c 20%, with respective FY25 estimates declining commensurately.

Companies: Solid State plc

Edison
  • 14 Mar 24
Hybridan Small Cap Feast - 14 Mar 2024

Banquet Buffet*** Abingdon Health 9.25p £11.3m (ABDX.L) The lateral flow contract development and manufacturing organisation announces its unaudited interim results for the six months ended 31 December 2023. Revenue increased 117% to £2.4m (H1 2023: £1.1m). The Adjusted EBITDA loss decreased 47% to £1.2m (H1 2023: £2.2m). Furthermore, reduction in operating loss of 50% to £1.2m (H1 2023: £2.4m). The Board therefore expects that H2 2024 revenue will be significantly improved compared with H1 2024

Companies: CPX SLP FA/ FIPP ECR ETP ORCA

Hybridan
  • 04 Dec 23
AFC Energy (AFC LN) - First modular ammonia cracker system

AFC has unveiled a groundbreaking modular ammonia cracker system demonstrating viable and scaleable production of hydrogen in the UK using this method. The cracker system is designed to deliver 140 tonnes of fuel cell grade hydrogen each year. Hydrogen from the plant will initially be targeted for sale into AFC’s UK H-Power Generator deployments, including those with Speedy Hydrogen Solutions. Along with the recent purchase of the mobile storage and distribution assets of Octopus Hydrogen, AFC c

Companies: AFC Energy plc

Zeus Capital
  • 05 Apr 24
Gooch & Housego (GHH LN) - A chink of light

Gooch has issued a positive update for H1. Trading has started to recover with stocking levels normalising at industrial and medical devices customers. The outlook is positive with growth returning, and management has confirmed our full year estimates (adjusted for the disposal of EM4). The order book and order flow appear healthy, and net debt is comfortable. Gooch clearly still has plenty to do to lift operating margins from a lacklustre 8.1%, but the transformation plan appears to be back on

Companies: Gooch & Housego PLC

Zeus Capital
  • 27 Apr 23
PROGRESSIVE: Sanderson Design Group: Delivering to strategy against an unhelpful global backdrop

Sanderson Design Group (SDG) continues to deliver on its key strategic initiatives and growth drivers despite a challenging global backdrop. The group’s FY23 performance showed flat revenue, with adjusted underlying PBT rising £0.1m to £12.6m. Net cash dropped back to £15.4m, with the total dividend maintained at 3.5p. The star performers were Licensing (reported revenue +25%), the Morris & Co brand (+16%) and the US market (+20%). Our forecast revisions assume more modest sales progression, wit

Companies: Sanderson Design Group PLC

Progressive Equity Research
  • 17 Apr 24
Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY

Hybridan
  • 26 Mar 24
AFC Energy (AFC LN) - FY23a and outlook: good progress

AFC has made strong progress with products and its manufacturing strategy. Despite heavy investment, the cash position, at £27.4m, was slightly better than our estimate for £26.9m, demonstrating good discipline. The monthly cash burn rate (at c. £1.3m) is tracking in-line with our expectations. Generally, we maintain our estimates for significantly increased sales in FY24e and FY25e, with the cash position unchanged. Recent news on commercial progress has been positive. The 30kW H-Power Generato

Companies: AFC Energy plc

Zeus Capital
  • 17 Apr 24
Surface Transforms plc (SCE LN) - Forecasts and valuation withdrawn

We note the regulatory announcement this morning from Surface Transforms and withdraw our estimates and valuation, pending conversations with management.

Companies: Surface Transforms PLC

Zeus Capital
  • 28 Sep 22
Surface Transforms - Fund raise for the profitable growth phase

SCE is raising £16m through a placing (and up to a further £3m through open offer) to fund substantial expansion and additional working capital. This will enable the Group to grow to £75m revenue capacity in the near term, commence the build and equipping of a new factory and then (with internally generated free cash flow) scale to £150m revenue capacity and beyond. With a contracted order book of £190m and a prospective pipeline of £400m, this is clearly the time to seize the opportunity. The e

Companies: Surface Transforms PLC

Cavendish
  • 08 Jan 24
Zeus Top Picks for 2024 - 2023 review and outlook for 2024

On 9 January last year, we set out our ten top stock picks for 2023, for what turned out to be another relatively poor twelve months for UK equities due to two wars, stubbornly high inflation and further tightening of monetary policy. This was even as other major markets, such as the US, largely recovered in the year. In the 2023 calendar year, the AIM All-Share index fell 8.2% and is still 42% off its 2021 high. From the release of our 2023 top picks note, the average total return (assuming div

Companies: PTAL GHH IGP MSLH PINE NXQ EQLS NXR AXL

Zeus Capital
  • 11 Oct 23
PROGRESSIVE: Sanderson Design Group: Interim profits rise – reflecting strength in strategic growth pillars

Sanderson Design Group (SDG) has reported an 8% increase in interim adjusted PBT, to £6.8m. This was achieved despite a weak backdrop in the home UK market and a 2% decrease in overall group revenue. Increased profitability was driven by strong performances in two of its key and higher-margin strategic growth pillars – Licensing and North America – which grew by 82% and 10%, respectively, on a reported basis. New product launches, including Disney Home x Sanderson, have seen sampling running at

Companies: Sanderson Design Group PLC

Progressive Equity Research
  • 08 Feb 24
PROGRESSIVE: Sanderson Design Group: Strategic growth pillars bolster results

Sanderson Design Group has delivered its full-year trading update to 31 January 2024. Group revenue has eased back 3.1% to £108.5m on a reported basis, following the 2% decline in H1. The strongest performances were delivered by the strategic growth cornerstones of Licensing and North America, offset by challenging market conditions in the UK, Europe and the Rest of the World. A strong balance sheet saw year-end cash rise to £16.2m, compared with £15.4m at year-end FY23. Having traded in line wi

Companies: Sanderson Design Group PLC

Progressive Equity Research