reports
- Richard Hilgert
Volkswagen's Traton IPO Prices at EUR 27: Maintaining EUR 235 FVE for ...
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, Seat, Skoda, and Volkswagen automobiles plus MAN, Scania, and Volkswagen commercial trucks, announced that the initial public offering of its Traton group priced at EUR 27 per share, implying a total equity value of EUR 13.5 billion for the group. Traton includes MAN and Scania commercial truck and bus operations. The IPO stake was for roughly 11.5%, including overallotment shares. We estimate that an 11.5% IPO of Traton's e...
- Richard Hilgert
Volkswagen Says Traton IPO Expected by August: Maintaining EUR 235 Fai...
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, announced that it plans an initial public offering of its Traton SE group by summer break (August). The Traton group includes MAN and Scania commercial truck and bus operations. The company originally announced the formation of the group in August 2018, following up with a press release in September 2018 announcing a potential IPO. I...
- Richard Hilgert
Volkswagen 1Q Results Impress, 2019 Guidance Confirmed; Maintaining EU...
No-moat rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported first-quarter diluted earnings per preference share before special items (EPS) of EUR 7.28, impressively trouncing the EUR 6.16 sell-side EPS consensus estimate by EUR 1.12 and EUR 0.82 better than the year-ago EPS. Guidance for 2019 includes increased consolidated revenue by as much as 5% and group operating margin in a ran...
- Richard Hilgert
EC Charges BMW, Daimler, and Volkswagen with Collusion on Emissions Te...
The European Commission has issued a "Statement of Objection" informing BMW, Daimler, and Volkswagen of its preliminary collusion findings. The EC said that, "…BMW, Daimler and VW participated in a collusive scheme, in breach of EU competition rules, to limit the development and roll-out of emission cleaning technology for new diesel and petrol passenger cars sold in the European Economic Area (EEA)" and that the, "three car manufacturers now have the opportunity to respond to our findings." W...
- Richard Hilgert
Volkswagen Attractively Valued Despite Headwinds
The U.S. Securities and Exchange Commission has filed a civil complaint against no-moat rated Volkswagen for securities fraud. The suit claims that the company issued $13 billion in securities in U.S. markets between April 2014 and May 2015 while company executives knew that numerous diesel vehicles had illegal cheat devices installed to evade emission standards. This, according to the SEC, fraudulently enabled the company to get more attractive pricing for the securities. According to Automotiv...
- Richard Hilgert
U.S. Securities and Exchange Commission Sues Volkswagen; EUR 230 FVE U...
The U.S. Securities and Exchange Commission has filed a civil complaint against no-moat rated Volkswagen for securities fraud. The suit claims that the company issued $13 billion in securities in U.S. markets between April 2014 and May 2015 while company executives knew that numerous diesel vehicles had illegal cheat devices installed to evade emission standards. This, according to the SEC, fraudulently enabled the company to get more attractive pricing for the securities. According to Automotiv...
- Richard Hilgert
Volkswagen Reports 2018 Results, Guides to Improved 2019; Maintaining ...
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported full-year 2018 diluted earnings per preference share before special items, or EPS, of EUR 28.57, EUR 3.24 higher than the sell-side consensus but only EUR 0.50 better than the year-ago EPS. Guidance for 2019 includes increased consolidated revenue by as much as 5% and group operating margin in a range of 6.5%-7.5%. We think ...
- Richard Hilgert
Volkswagen Aggressively Moving to Electric Vehicles to Shed Past Image...
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported preliminary headline numbers for full-year 2018. The company usually issues year-end headline financial results in a press release at the end of February that contains very few details then provides a full set of financial statements in a presentation to investors in the second week of March. Consolidated revenue, which incl...
- Richard Hilgert
Volkswagen Reports 2018 Preliminary Headline Results: Maintaining EUR ...
No-moat-rated Volkswagen, maker of Audi, Bugatti, Lamborghini, Porsche, SEAT, Skoda, and Volkswagen automobiles, plus MAN, Scania, and Volkswagen commercial trucks, reported preliminary headline numbers for full-year 2018. The company usually issues year-end headline financial results in a press release at the end of February that contains very few details then provides a full set of financial statements in a presentation to investors in the second week of March. Consolidated revenue, which incl...
- Richard Hilgert
Volkswagen 3Q Results Solid Despite Challenges; Maintaining EUR 230 FV...
No-moat-rated Volkswagen reported earnings per diluted preferred share before special items, or EPS, of EUR 6.56. The result blew away the consensus EPS estimate of EUR 5.13 and was well ahead of the EUR 5.82 reported in the third quarter of 2017. Even so, a reduced effective tax rate versus the year-ago period was the primary driver behind the EPS outperformance. Volkswagen stock is attractively valued in our view, currently trading at 4-stars and a 33% discount to our EUR 230 fair value estima...
- Richard Hilgert
Audi Fined EUR 800 Million by German Public Prosecutor; Maintaining Ou...
No-moat-rated Volkswagen's Audi brand was fined EUR 800 million by a German public prosecutor, consisting of a maximum penalty of EUR 5 million and a EUR 795 million disgorgement of economic benefits. Audi's press release referred to the prosecutor issuing an "administrative order" against the company for "deviations from regulatory requirements" in the manufacturing and sales of certain Audis equipped with V6 and V8 diesel engines. We view the fine as manageable, given Volkswagen's net liquidit...
- Richard Hilgert
Volkswagen Dieselgate creates an opportunity for long-term investors w...
No-moat-rated Volkswagen reported earnings per diluted preferred share before special items of EUR 8.85. The result was strong, obliterating the consensus EPS estimate of EUR 5.56 and well ahead of the EUR 6.06 reported in the second quarter of 2017. Consolidated revenue increased 3% to EUR 61.1 billion from EUR 59.2 billion on a 5% increase in consolidated unit volume, excluding China joint ventures, and a 7% increase in financial-services revenue. Second-quarter group operating income jumped 2...
- Richard Hilgert
Volkswagen Reports Solid 2Q Results on Higher Volume; Maintaining EUR ...
No-moat-rated Volkswagen reported earnings per diluted preferred share before special items of EUR 8.85. The result was strong, obliterating the consensus EPS estimate of EUR 5.56 and well ahead of the EUR 6.06 reported in the second quarter of 2017. Consolidated revenue increased 3% to EUR 61.1 billion from EUR 59.2 billion on a 5% increase in consolidated unit volume, excluding China joint ventures, and a 7% increase in financial-services revenue. Second-quarter group operating income jumped 2...
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