Volkswagen (pref) : Hard to envisage a rebound in the near term
>A relatively uninspiring release - VW Q2 earnings fell short of expectations, impacted by higher-than-anticipated one-offs (€ 1.6bn, mostly hedging effects) which weighed on profitability (7.0% operating margin vs 7.8% est., profitability excluding one-offs nonetheless relatively robust and in line) and a more negative WCR headwind (logistic bottlenecks) leading to limited FCF (€ 0.2bn). Following this release, the OEM confirmed most of its FY targets, suggesting lim...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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