Volkswagen (pref) : Guidance still conservative, but the group boasts real strengths
>Outperform rating maintained, TP € 270 - We maintain our Outperform rating (TP € 270) and continue to believe that Volkswagen is one of the best positioned global carmakers, both in the short term (as the Q2 results show) and in the long term as implied by the recent New Auto strategy presentation. Indeed, the new strategy reinforced our view that the ongoing transformation of the group and the industry could result in better operational and structural performance in...Volkswagen the parent company of the Volkswagen Group. It develops vehicles and components for the Group's brands, and produces and sells vehicles such as passenger cars and light commercial vehicles for the Volkswagen Passenger Cars and Volkswagen Commercial Vehicles brands. In the electricity sector, Co. performs electricity generation, sales and distribution together with a Group subsidiary. Western Europe, China, Brazil, the U.S., Russia, Mexico and Argentina are the key markets of the Group. The automotive division comprises the passenger cars, commercial vehicles, and power engineering segments, while the financial services division corresponds to the financial services segment.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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