Company Valuation: Volkswagen AG

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 81,625 112,849 67,576 58,007 45,553 52,102 52,102 -
Change - 38.25% -40.12% -14.16% -21.47% 14.38% 0% -
Enterprise Value (EV) 1 54,829 86,164 24,561 17,718 9,487 19,670 18,395 14,242
Change - 57.15% -71.49% -27.86% -46.46% 107.34% -6.48% -22.57%
P/E ratio 9.15x 5.99x 3.92x 3.5x - 9.65x 4.77x 3.91x
PBR 0.6x 0.62x 0.35x 0.32x - 0.28x 0.27x 0.25x
PEG - 0.1x 29.06x 0.45x - - 0x 0.2x
Capitalization / Revenue 0.37x 0.45x 0.24x 0.18x 0.14x 0.16x 0.16x 0.15x
EV / Revenue 0.25x 0.34x 0.09x 0.05x 0.03x 0.06x 0.06x 0.04x
EV / EBITDA 2.16x 2.66x 0.65x 0.49x 0.26x 0.56x 0.45x 0.31x
EV / EBIT 5.17x 4.47x 1.11x 0.78x 0.5x 2x 1.05x 0.69x
EV / FCF 4.01x 3.93x 3.31x 1.66x 1.71x -103x 5.26x 1.94x
FCF Yield 24.9% 25.4% 30.2% 60.4% 58.4% -0.97% 19% 51.6%
Dividend per Share 2 4.86 7.56 8.76 9 - 4.247 6.282 7.752
Rate of return 3.19% 4.26% 7.52% 8.05% - 4.1% 6.06% 7.48%
EPS 2 16.66 29.65 29.69 31.98 - 10.75 21.73 26.51
Distribution rate 29.2% 25.5% 29.5% 28.1% - 39.5% 28.9% 29.2%
Net sales 1 222,884 250,200 279,232 322,284 324,656 324,786 331,288 340,866
EBITDA 1 25,392 32,359 37,721 36,513 36,796 34,877 41,156 45,566
EBIT 1 10,606 19,275 22,124 22,576 19,060 9,826 17,454 20,677
Net income 1 8,824 14,843 14,867 16,013 10,721 5,234 10,949 13,352
Net Debt 1 -26,796 -26,685 -43,015 -40,289 -36,066 -32,432 -33,707 -37,860
Reference price 2 152.42 177.48 116.42 111.80 89.04 103.70 103.70 103.70
Nbr of stocks (in thousands) 501,295 501,295 501,295 501,295 501,295 501,295 501,295 -
Announcement Date 26/02/21 15/03/22 14/03/23 13/03/24 11/03/25 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.14x1.51x13.02x2.63% 298B
9.42x0.37x3.38x0.71% 76.15B
11.3x0.2x2.12x3.8% 67.62B
9.06x1.21x12.97x2.85% 66.8B
8.41x0.08x0.58x4.28% 65.17B
-6.72x0.27x4.48x4.78% 55.15B
29.54x2.73x18.69x0.76% 45.13B
14.07x0.62x10.48x4.39% 40.12B
12.18x0.69x5.1x2.01% 29.13B
Average 11.16x 0.85x 7.87x 2.91% 82.62B
Weighted average by Cap. 11.35x 1.02x 9.21x 2.82%
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Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield