Raising Volkswagen FVE to EUR 230 ($57) from EUR 221 ($49)
After rolling our model to the next fiscal year on no-moat-rated Volkswagen, we are raising our fair value estimate to EUR 230 from EUR 221 (ADRs to $57 from $49 at a USD/EUR exchange rate of $1.2324). Most of the increase (EUR 5) was attributable to the time value of money since our last update. However, EUR 4 of the increase was attributable to a 15.5% jump in the book value of the financial services business as well as an improved unfunded pension and OPEB status, partially offset by higher d...
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