Company Valuation: Volkswagen AG

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 112,849 67,576 58,007 45,553 52,367 34,166 - -
Change - -40.12% -14.16% -21.47% 14.96% -34.76% - -
Enterprise Value (EV) 1 86,164 24,561 17,718 9,487 17,870 -2,154 -5,423 -10,003
Change - -71.49% -27.86% -46.46% 88.36% -112.05% -151.79% -84.44%
P/E 5.99x 3.92x 3.5x 4.16x 7.76x -26.9x 3.35x 2.8x
PBR 0.62x 0.35x 0.32x 0.24x 0.28x 0.17x 0.17x 0.16x
PEG - 29.06x 0.45x -0.1x -0.2x 0x -0x 0.1x
Capitalization / Revenue 0.45x 0.24x 0.18x 0.14x 0.16x 0.11x 0.1x 0.1x
EV / Revenue 0.34x 0.09x 0.05x 0.03x 0.06x -0.01x -0.02x -0.03x
EV / EBITDA 2.66x 0.65x 0.49x 0.26x 0.56x -0.06x -0.14x -0.23x
EV / EBIT 4.47x 1.11x 0.78x 0.5x 2.02x -0.15x -0.34x -0.54x
EV / FCF 3.93x 3.31x 1.66x 1.71x 3.1x -0.4x -0.86x -0.87x
FCF Yield 25.4% 30.2% 60.4% 58.4% 32.3% -252% -116% -114%
Dividend per Share 2 7.56 8.76 9 6.36 5.26 5.124 5.918 7.037
Rate of return 4.26% 7.52% 8.05% 7.14% 5.08% 7.53% 8.7% 10.3%
EPS 2 29.65 29.69 31.98 21.42 13.35 -2.525 20.33 24.33
Distribution rate 25.5% 29.5% 28.1% 29.7% 39.4% -203% 29.1% 28.9%
Net sales 1 250,200 279,232 322,284 324,656 321,913 320,792 326,069 331,526
EBITDA 1 32,359 37,721 36,513 36,796 32,102 36,731 38,923 42,569
EBIT 1 19,275 22,124 22,576 19,060 8,868 13,932 15,984 18,662
Net income 1 14,843 14,867 16,013 10,721 6,673 -1,671 10,600 12,148
Net Debt 1 -26,685 -43,015 -40,289 -36,066 -34,497 -36,320 -39,590 -44,169
Reference price 2 177.48 116.42 111.80 89.04 103.55 68.02 68.02 68.02
Nbr of stocks (in thousands) 501,295 501,295 501,295 501,295 501,295 501,300 - -
Announcement Date 3/15/22 3/14/23 3/13/24 3/11/25 3/10/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
336.54x12.92x94.47x-.--% 1,399B
9.37x1.25x11.28x3.49% 219B
15.43x0.82x5.6x1.6% 103B
34.71x8.77x22.34x1.12% 74.11B
7.43x0.33x2.69x0.91% 69.59B
8.36x1.23x13.97x3.14% 59.46B
11.93x0.27x3.41x4.91% 48.93B
22.32x1.3x7.3x2.4% 44.12B
7.52x0.06x0.62x7.72% 41.58B
Average 50.40x 3.00x 17.97x 2.81% 228.7B
Weighted average by Cap. 233.10x 9.35x 67.22x 0.94%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield