2023-03-07 20:43:53 ET
Summary
- Volkswagen delivered strong FY 2022 results, topping analyst consensus estimates with regard to both topline and earnings.
- Despite a challenging macro outlook, Volkswagen management guided for a strong 2023...
- ...expecting to sell close to 9.5 million vehicles, likely generating more than EUR 300 billion of sales and EUR 23 - 26 billion of operating income.
- I update my valuation model for Volkswagen and I now calculate an implied upside potential of close to 130%.
- As a function of valuation, Volkswagen stock continues to offer 'dirt cheap value'.
For further details see:
Volkswagen: Still Dirt Cheap Value