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VOLKSWAGEN AG-PREF (VOW3.DE) Stock Fundamental Analysis

FRA:VOW3 - Deutsche Boerse Ag - DE0007664039 - Currency: EUR

98.84  -1.96 (-1.94%)

Fundamental Rating

4

VOW3 gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 31 industry peers in the Automobiles industry. VOW3 has a bad profitability rating. Also its financial health evaluation is rather negative. VOW3 is valued correctly, but it does not seem to be growing. VOW3 also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

VOW3 had positive earnings in the past year.
In the past year VOW3 had a positive cash flow from operations.
VOW3 had positive earnings in each of the past 5 years.
Each year in the past 5 years VOW3 had a positive operating cash flow.
VOW3.DE Yearly Net Income VS EBIT VS OCF VS FCFVOW3.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10B -10B 20B 30B

1.2 Ratios

VOW3 has a Return On Assets of 1.94%. This is in the lower half of the industry: VOW3 underperforms 67.74% of its industry peers.
The Return On Equity of VOW3 (6.92%) is worse than 67.74% of its industry peers.
VOW3's Return On Invested Capital of 3.75% is on the low side compared to the rest of the industry. VOW3 is outperformed by 67.74% of its industry peers.
VOW3 had an Average Return On Invested Capital over the past 3 years of 4.09%. This is below the industry average of 8.85%.
Industry RankSector Rank
ROA 1.94%
ROE 6.92%
ROIC 3.75%
ROA(3y)2.7%
ROA(5y)2.5%
ROE(3y)9.46%
ROE(5y)9.18%
ROIC(3y)4.09%
ROIC(5y)3.74%
VOW3.DE Yearly ROA, ROE, ROICVOW3.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2 4 6 8 10

1.3 Margins

VOW3 has a Profit Margin of 3.78%. This is in the lower half of the industry: VOW3 underperforms 61.29% of its industry peers.
In the last couple of years the Profit Margin of VOW3 has remained more or less at the same level.
The Operating Margin of VOW3 (6.31%) is worse than 70.97% of its industry peers.
In the last couple of years the Operating Margin of VOW3 has grown nicely.
VOW3's Gross Margin of 18.58% is in line compared to the rest of the industry. VOW3 outperforms 54.84% of its industry peers.
In the last couple of years the Gross Margin of VOW3 has remained more or less at the same level.
Industry RankSector Rank
OM 6.31%
PM (TTM) 3.78%
GM 18.58%
OM growth 3Y18.47%
OM growth 5Y4.86%
PM growth 3Y9.94%
PM growth 5Y-0.18%
GM growth 3Y2.43%
GM growth 5Y-0.8%
VOW3.DE Yearly Profit, Operating, Gross MarginsVOW3.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10 15 20

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), VOW3 is destroying value.
The number of shares outstanding for VOW3 remains at a similar level compared to 1 year ago.
The number of shares outstanding for VOW3 remains at a similar level compared to 5 years ago.
Compared to 1 year ago, VOW3 has a worse debt to assets ratio.
VOW3.DE Yearly Shares OutstandingVOW3.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M 250M
VOW3.DE Yearly Total Debt VS Total AssetsVOW3.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200B 400B 600B

2.2 Solvency

VOW3 has an Altman-Z score of 1.09. This is a bad value and indicates that VOW3 is not financially healthy and even has some risk of bankruptcy.
With a Altman-Z score value of 1.09, VOW3 is not doing good in the industry: 67.74% of the companies in the same industry are doing better.
The Debt to FCF ratio of VOW3 is 84.19, which is on the high side as it means it would take VOW3, 84.19 years of fcf income to pay off all of its debts.
VOW3 has a Debt to FCF ratio (84.19) which is in line with its industry peers.
A Debt/Equity ratio of 0.75 indicates that VOW3 is somewhat dependend on debt financing.
VOW3 has a better Debt to Equity ratio (0.75) than 61.29% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.75
Debt/FCF 84.19
Altman-Z 1.09
ROIC/WACC0.81
WACC4.6%
VOW3.DE Yearly LT Debt VS Equity VS FCFVOW3.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50B 100B 150B

2.3 Liquidity

VOW3 has a Current Ratio of 1.15. This is a normal value and indicates that VOW3 is financially healthy and should not expect problems in meeting its short term obligations.
VOW3 has a Current ratio (1.15) which is in line with its industry peers.
VOW3 has a Quick Ratio of 1.15. This is a bad value and indicates that VOW3 is not financially healthy enough and could expect problems in meeting its short term obligations.
VOW3 has a Quick ratio (0.88) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 1.15
Quick Ratio 0.88
VOW3.DE Yearly Current Assets VS Current LiabilitesVOW3.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 50B 100B 150B 200B

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3

3. Growth

3.1 Past

VOW3 shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 7.75%.
The Earnings Per Share has been growing slightly by 6.24% on average over the past years.
Looking at the last year, VOW3 shows a quite strong growth in Revenue. The Revenue has grown by 15.49% in the last year.
The Revenue has been growing slightly by 6.44% on average over the past years.
EPS 1Y (TTM)7.75%
EPS 3Y24.3%
EPS 5Y6.24%
EPS Q2Q%-32.98%
Revenue 1Y (TTM)15.49%
Revenue growth 3Y13.08%
Revenue growth 5Y6.44%
Sales Q2Q%0.22%

3.2 Future

Based on estimates for the next years, VOW3 will show a small growth in Earnings Per Share. The EPS will grow by 4.90% on average per year.
The Revenue is expected to grow by 3.76% on average over the next years.
EPS Next Y-30.76%
EPS Next 2Y-12.59%
EPS Next 3Y4.42%
EPS Next 5Y4.9%
Revenue Next Year1.65%
Revenue Next 2Y1.62%
Revenue Next 3Y1.51%
Revenue Next 5Y3.76%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
VOW3.DE Yearly Revenue VS EstimatesVOW3.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 100B 200B 300B
VOW3.DE Yearly EPS VS EstimatesVOW3.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 10 20 30 40

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6

4. Valuation

4.1 Price/Earnings Ratio

VOW3 is valuated cheaply with a Price/Earnings ratio of 3.09.
VOW3's Price/Earnings ratio is rather cheap when compared to the industry. VOW3 is cheaper than 100.00% of the companies in the same industry.
VOW3's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 28.89.
With a Price/Forward Earnings ratio of 4.05, the valuation of VOW3 can be described as very cheap.
VOW3's Price/Forward Earnings ratio is rather cheap when compared to the industry. VOW3 is cheaper than 90.32% of the companies in the same industry.
VOW3's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 21.98.
Industry RankSector Rank
PE 3.09
Fwd PE 4.05
VOW3.DE Price Earnings VS Forward Price EarningsVOW3.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, VOW3 is valued a bit cheaper than the industry average as 70.97% of the companies are valued more expensively.
67.74% of the companies in the same industry are more expensive than VOW3, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 16.46
EV/EBITDA 3.97
VOW3.DE Per share dataVOW3.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 200 400 600

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)0.5
EPS Next 2Y-12.59%
EPS Next 3Y4.42%

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7

5. Dividend

5.1 Amount

VOW3 has a Yearly Dividend Yield of 8.19%, which is a nice return.
Compared to an average industry Dividend Yield of 6.91, VOW3 pays a better dividend. On top of this VOW3 pays more dividend than 80.65% of the companies listed in the same industry.
VOW3's Dividend Yield is rather good when compared to the S&P500 average which is at 2.39.
Industry RankSector Rank
Dividend Yield 8.19%

5.2 History

On average, the dividend of VOW3 grows each year by 37.64%, which is quite nice.
Dividend Growth(5Y)37.64%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

47.22% of the earnings are spent on dividend by VOW3. This is a bit on the high side, but may be sustainable.
The dividend of VOW3 is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP47.22%
EPS Next 2Y-12.59%
EPS Next 3Y4.42%
VOW3.DE Yearly Income VS Free CF VS DividendVOW3.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10B -10B 20B
VOW3.DE Dividend Payout.VOW3.DE Dividend Payout, showing the Payout Ratio.VOW3.DE Dividend Payout.PayoutRetained Earnings

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VOLKSWAGEN AG-PREF

FRA:VOW3 (3/27/2025, 12:09:17 PM)

98.84

-1.96 (-1.94%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupAutomobiles & Components
GICS IndustryAutomobiles
Earnings (Last)03-11 2025-03-11/bmo
Earnings (Next)04-30 2025-04-30
Inst Owners19.23%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap49.55B
Analysts80
Price Target119.09 (20.49%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.19%
Yearly Dividend39.76
Dividend Growth(5Y)37.64%
DP47.22%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-42.77%
Min EPS beat(2)-64.97%
Max EPS beat(2)-20.56%
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)0
Avg Revenue beat(2)-0.96%
Min Revenue beat(2)-1.17%
Max Revenue beat(2)-0.75%
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.88%
PT rev (3m)-0.31%
EPS NQ rev (1m)1.23%
EPS NQ rev (3m)-7.04%
EPS NY rev (1m)0%
EPS NY rev (3m)-15.55%
Revenue NQ rev (1m)1.56%
Revenue NQ rev (3m)0.82%
Revenue NY rev (1m)0%
Revenue NY rev (3m)1.13%
Valuation
Industry RankSector Rank
PE 3.09
Fwd PE 4.05
P/S 0.15
P/FCF 16.46
P/OCF 2.66
P/B 0.28
P/tB 0.58
EV/EBITDA 3.97
EPS(TTM)31.98
EY32.36%
EPS(NY)24.43
Fwd EY24.72%
FCF(TTM)6.01
FCFY6.08%
OCF(TTM)37.14
OCFY37.58%
SpS647.24
BVpS353.33
TBVpS171.75
PEG (NY)N/A
PEG (5Y)0.5
Profitability
Industry RankSector Rank
ROA 1.94%
ROE 6.92%
ROCE 5.03%
ROIC 3.75%
ROICexc 4.65%
ROICexgc 6.44%
OM 6.31%
PM (TTM) 3.78%
GM 18.58%
FCFM 0.93%
ROA(3y)2.7%
ROA(5y)2.5%
ROE(3y)9.46%
ROE(5y)9.18%
ROIC(3y)4.09%
ROIC(5y)3.74%
ROICexc(3y)5.13%
ROICexc(5y)4.66%
ROICexgc(3y)7.09%
ROICexgc(5y)6.37%
ROCE(3y)5.48%
ROCE(5y)5.02%
ROICexcg growth 3Y29.14%
ROICexcg growth 5Y5.92%
ROICexc growth 3Y27.25%
ROICexc growth 5Y5.56%
OM growth 3Y18.47%
OM growth 5Y4.86%
PM growth 3Y9.94%
PM growth 5Y-0.18%
GM growth 3Y2.43%
GM growth 5Y-0.8%
F-Score4
Asset Turnover0.51
Health
Industry RankSector Rank
Debt/Equity 0.75
Debt/FCF 84.19
Debt/EBITDA 2.67
Cap/Depr 53.38%
Cap/Sales 4.81%
Interest Coverage 250
Cash Conversion 37.46%
Profit Quality 24.57%
Current Ratio 1.15
Quick Ratio 0.88
Altman-Z 1.09
F-Score4
WACC4.6%
ROIC/WACC0.81
Cap/Depr(3y)45.86%
Cap/Depr(5y)47.78%
Cap/Sales(3y)4.48%
Cap/Sales(5y)4.83%
Profit Quality(3y)107.44%
Profit Quality(5y)102.79%
High Growth Momentum
Growth
EPS 1Y (TTM)7.75%
EPS 3Y24.3%
EPS 5Y6.24%
EPS Q2Q%-32.98%
EPS Next Y-30.76%
EPS Next 2Y-12.59%
EPS Next 3Y4.42%
EPS Next 5Y4.9%
Revenue 1Y (TTM)15.49%
Revenue growth 3Y13.08%
Revenue growth 5Y6.44%
Sales Q2Q%0.22%
Revenue Next Year1.65%
Revenue Next 2Y1.62%
Revenue Next 3Y1.51%
Revenue Next 5Y3.76%
EBIT growth 1Y-11.43%
EBIT growth 3Y33.96%
EBIT growth 5Y11.61%
EBIT Next Year100.91%
EBIT Next 3Y31.75%
EBIT Next 5Y16.88%
FCF growth 1Y-87.8%
FCF growth 3Y-29.87%
FCF growth 5YN/A
OCF growth 1Y-49.14%
OCF growth 3Y-8.06%
OCF growth 5Y21.62%