Raising No-moat Rated Volkswagen Fair Value to EUR 218 from EUR 190
We are raising our fair value estimate to EUR 218 (U.S. ADRs $47 at a currency conversion rate of $1.0748 to EUR 1) from EUR 190 ($42) after rolling our Stage I forecast years from 2016 through 2020 to 2017 through 2021. Since the diesel scandal broke in late 3Q 2015, Volkswagen has taken EUR 22.6 billion in total charges. Average quarterly industrial revenue increases were 2%, average quarterly EBITDA margin was 16.5%, and 2016 ROIC adjusted for goodwill was 9%. Financial performance during the...
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