Raising Volkswagen FVE to EUR 221 ($49 for the U.S. ADRs) on New Effective Tax Rate Assumption
We have raised our fair value estimate on the shares of no-moat-rated Volkswagen to EUR 221 from EUR 218 and, on the U.S.-traded ADRs, our fair value is now $49, up from $47. For the ADR fair value increase, tax rate accounted for only $0.50 of the increase while currency was the main driver contributing $1.50 to the new fair value. The euro spot rate used has strengthened to USD 1.1210/EUR 1, up from the USD 1.0748 used to translate our previous fair value.Morningstar now believes that tax ref...
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