news that VW is delaying its flagship Phaeton vehicle, which will now be launched as an all-electric vehicle. The short-term impact on our forecasts is not immaterial but the share price reaction appears overdone. In our initiation note we identified Carclo’s earnings multiples discount against its UK comparators with established growth stories. We think the extent of the discount is unjustified and see the long-term story remaining firmly intact, but accept that, although the delay is
29 Oct 2015
Electric shock
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Electric shock
news that VW is delaying its flagship Phaeton vehicle, which will now be launched as an all-electric vehicle. The short-term impact on our forecasts is not immaterial but the share price reaction appears overdone. In our initiation note we identified Carclo’s earnings multiples discount against its UK comparators with established growth stories. We think the extent of the discount is unjustified and see the long-term story remaining firmly intact, but accept that, although the delay is