reports
- Robert Streda
- Timothy O'Brien
- Vineet Khattar
Volkswagen AG: Rating Report
On July 24, 2023, DBRS Limited (DBRS Morningstar) confirmed Volkswagen AG’s (VW or the Company) Issuer Rating at A (low) with a Stable trend. DBRS Morningstar also confirmed the Senior Unsecured Debt and Commercial Paper ratings of VW Credit Canada, Inc. at A (low) and R-1 (low), respectively, both with Stable trends.
- Robert Streda
- Timothy O'Brien
- Vineet Khattar
- Aarti Magan
- Robert Streda
- Timothy O'Brien
The Future is Electric: Climate Change and the Global Automotive Secto...
Climate change risk already affects the major automotive issuers we rate; essentially all automotive original equipment manufacturers (OEMs) have made substantial investments as they shift to electric vehicle (EV) production and away from internal combustion engine vehicles. In the near term, our outlook for the sector is neutral, with company credit profiles supported by reasonable profitability, robust liquidity positions, and conservative financial postures. Over the longer term, this EV tr...
TM.N TOYOTA MOTOR ADS
PCAR PACCAR INC
VOW VOLKSWAGEN AG
7267 HONDA MOTOR CO. LTD.
HMCn HONDA MOTOR ADS
7203 TOYOTA MOTOR CORPORATION
7201 NISSAN MOTOR CO.
NSANF LTD.
VOLVY AB VOLVO
GM GENERAL MOTORS COMPANY
NSAN NISSAN MOTOR CO. LTD. CEDEAR
878849 RENAULT PART. CERT.
RNSDF RENAULT S.A.
TOYOF BMW AG
BMW5 FORD MOTOR COMPANY
1121Q MAGNA INTERNATIONAL INC.
MG/A STELLANTIS N.V.
F MERCEDES-BENZ GROUP AG
- Muhammad Noman Siddiqui
- Robert Streda
Volkswagen AG: Rating Report
On August 10, 2022, DBRS Limited (DBRS Morningstar) confirmed Volkswagen AG’s (VW or the Company) Issuer Rating at A (low) with a Stable trend. DBRS Morningstar also confirmed the Senior Unsecured Debt and Commercial Paper ratings of VW Credit Canada, Inc. at A (low) and R-1 (low), respectively, both with Stable trends.
- Muhammad Noman Siddiqui
- Robert Streda
- Timothy O'Brien
- Cathy Cheng
- Robert Streda
Volkswagen AG: Rating Report
On August 10, 2021, DBRS Limited (DBRS Morningstar) changed the trend on Volkswagen AG’s Issuer Rating to Stable from Negative and confirmed its rating at A (low). DBRS Morningstar also changed the trends on the Senior Unsecured Debt and Commercial Paper ratings of VW Credit Canada, Inc. to Stable from Negative while confirming their ratings at A (low) and R-1 (low), respectively.
- Cathy Cheng
- Charles Halam-Andres
- Robert Streda
- Cathy Cheng
- Charles Halam-Andres
- Robert Streda
- Robert Streda
UG PEUGEOT SA
TM.N TOYOTA MOTOR ADS
PCAR PACCAR INC
VOW VOLKSWAGEN AG
7267 HONDA MOTOR CO. LTD.
HMCn HONDA MOTOR ADS
7203 TOYOTA MOTOR CORPORATION
7201 NISSAN MOTOR CO.
NSANF LTD.
VOLVY AB VOLVO
NSANYN NISSAN MOTOR ADR
GM GENERAL MOTORS COMPANY
878849 RENAULT PART. CERT.
RNSDF RENAULT S.A.
F FIAT CHRYSLER AUTOMOBILES N.V.
FIADF BMW AG
TOYOF DAIMLER AG
BMW5 FORD MOTOR COMPANY
- Richard Hilgert
Volkswagen Reports Mixed 1Q Results on Higher Volume; Maintaining EUR ...
No-moat-rated Volkswagen reported earnings per diluted preferred share before special items, or EPS, of EUR 6.46. The result was somewhat disappointing, below the consensus EPS estimate of EUR 6.93 and the EUR 6.71 reported in the first quarter of 2017. However, consolidated revenue increased 4% to EUR 58.2 billion, from EUR 56.2 billion, on a 5% increase in consolidated unit volume, excluding China joint ventures, and a 1% increase in financial services revenue. Management confirmed 2018 guidan...
- Richard Hilgert
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...
- Richard Hilgert
Volkswagen Management Shake-Up May Be Just What the Doctor Ordered, EU...
No-moat-rated Volkswagen has announced sweeping management changes meant to accelerate cost savings and technological development, and which could potentially open the door to at least a partial public offering of its heavy truck business. Dr. Herbert Diess, a former BMW executive, will be the new group CEO. Volkswagen took the added measure of reorganizing into six operating groups including volume, premium, super-premium, China, heavy truck, and financial services. The 4-star-rated shares of V...
- Sid Rajeev
- Valens Research
Valens Equity Insights and Inflections - 2018 04 11
INTU currently trades at historical highs relative to UAFRS-based (Uniform) Earnings, with a 29.7x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to expand rapidly, from 40% in 2017 to 83% by 2022, accompanied by 1% Uniform Asset growth going forward. However, analysts have less bullish expectations, projecting Uniform ROA to only improve to 43% levels through 2019, accompanied by 4% Uniform Asset growth. Moreover, Valens' qualitative analysis of the firm's Q...
WD5 TRAVEL + LEISURE CO.
TJX TJX COMPANIES INC
SYY SYSCO CORPORATION
KFY KORN FERRY
INTU INTUIT INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
ECL ECOLAB INC.
CVI CVR ENERGY INC.
AVON. AVON PRODUCTS INC.
AN AUTONATION INC.
AMT AMERICAN TOWER CORPORATION
AL AIR LEASE CORPORATION CLASS A
ADBE ADOBE INC.
VOW VOLKSWAGEN AG
2914 JAPAN TOBACCO INC.
MCK MCKESSON CORPORATION
MGM MGM RESORTS INTERNATIONAL
NSC NORFOLK SOUTHERN CORPORATION
AAPL APPLE INC.
PETR3 PETROLEO BRASILEIRO SA
AVGO BROADCOM INC.
- Valens Research
VOW3:DEU - Embedded Expectations Analysis - 2018 04 09
Volkswagen Aktiengesellschaft (VOW3:DEU) currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 1.1x Uniform P/B, implying bullish expectations for the firm. However, management has concerns about liquidity, their portfolio, and regulation Specifically, management may lack confidence in their ability to maintain strong automotive net liquidity, and may be exaggerating their focus on free cash flow generation. Also, they may be downplaying concerns about their po...
- Joel Scheiman
- Julie Boote
- Thao Nguyen
- William Nestuk
PSA Today Feb 1: Wall Street reprieve, financials to the fore/Nihon M&...
PSA Today Feb 1: Japan Market Comment by Julie Boote, Joel Scheiman, William Nestuk and Thao Nguyen Nikkei ¥23,486.11 (+¥387.82 / +1.68%); Topix ¥1,870.44 (+¥33.73 / +1.84%); ¥/$109.61Tags: Fujitsu (6702 JP), Fujifilm (4902 JP), Xerox Corp (XRX US), Nihon M&A Center (2127 JP), VW (VOW GR), BMW (BMW GR), Daimler (DAI GR), Zeon Corp(4205 JP), Sumitomo Chemical (4005 JP), IHI (7013 JP), Airbus (AIR FP), JFE (5411 JP), Hitachi Zosen (7004 JP), MHI (7011 JP), KHI (7012 JP), Start Today (3092 JP), Yam...
DAI DAIMLER AG
VOW VOLKSWAGEN AG
AIR AIRBUS SE
6702 FUJITSU LIMITED
4902 KONICA MINOLTA INC.
7004 HITACHI ZOSEN CORPORATION
7013 IHI CORPORATION
7012 KAWASAKI HEAVY INDUSTRIES LTD.
5411 JFE HOLDINGS INC.
7011 MITSUBISHI HEAVY INDUSTRIES LTD.
4205 ZEON CORPORATION
9984 SOFTBANK GROUP CORP.
4005 SUMITOMO CHEMICAL CO. LTD.
9064 YAMATO HOLDINGS CO. LTD.
2127 NIHON M&A CENTER INC.
3092 ZOZO INC.
LNNFF LINE CORP.
AAPL APPLE INC
AMZN AMAZON.COM INC.
XRXB34 XEROX HOLDINGS
- Valens Research
VOW3 DEU - Embedded Expectations Analysis - 2017 12 20
─ Volkswagen Aktiengesellschaft (VOW3:DEU) currently trades near historical highs relative to UAFRS-based (Uniform) Assets, with a 1.2x Uniform P/B, implying fairly bullish expectations for the firm. However, management has concerns about market conditions, commercial vehicles, and materials costs ─ Specifically, management appears concerned about continued challenging market conditions, and the sustainability of growth in the global car market. Additionally, they appear concerned about the...
- Richard Hilgert
Volkswagen Reports Solid 3Q Results, Edges Guidance Higher; EUR 221 FV...
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported earnings per diluted preferred share before special items of EUR 5.83. The result was slightly lower than the consensus EPS estimate of EUR 5.88 but was 8% above the EUR 5.42 EPS reported in the third quarter of 2016. Management would not discuss alleged German automaker collusion but has previously stated that it is common ...
- Richard Hilgert
Volkswagen Reports Solid 2Q Results, Points to Upper End of Guidance; ...
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported earnings per diluted preferred share before special items, or EPS, of EUR 6.24. The result was sharply lower than the consensus EPS estimate of EUR 6.80 but was well above the EUR 5.78 reported in the second quarter of 2016. Management released a statement regarding alleged German automaker collusion saying that it is common...
- Richard Hilgert
Media Reports Claim German Automakers Colluded on Diesel Emission Cont...
Recent media articles have circulated, reporting a possible European Commission, or EC, investigation into anti-competitive activities regarding diesel emissions of German automakers BMW (narrow moat), Daimler (no moat), and Volkswagen (no moat). At this point, with no official investigation opened, we have inadequate information to assess the probability of fines to change our fair value estimates. Having said this, given the high degree of European political demagoguery surrounding diesel emis...
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