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 33,922 - -
Change - -40.12% -14.16% -21.47% 14.96% -35.22% - -
Enterprise Value (EV) 1 86,164 24,561 17,718 9,487 17,870 -2,398 -5,668 -10,247
Change - -71.49% -27.86% -46.46% 88.36% -113.42% -136.34% -80.8%
P/E 5.99x 3.92x 3.5x 4.16x 7.76x -26.7x 3.31x 2.75x
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 -0.07x -0.15x -0.24x
EV / EBIT 4.47x 1.11x 0.78x 0.5x 2.02x -0.17x -0.35x -0.55x
EV / FCF 3.93x 3.31x 1.66x 1.71x 3.1x -0.42x -0.86x -0.77x
FCF Yield 25.4% 30.2% 60.4% 58.4% 32.3% -237% -116% -130%
Dividend per Share 2 7.56 8.76 9 6.36 5.26 5.152 5.912 7.059
Rate of return 4.26% 7.52% 8.05% 7.14% 5.08% 7.64% 8.76% 10.5%
EPS 2 29.65 29.69 31.98 21.42 13.35 -2.525 20.36 24.56
Distribution rate 25.5% 29.5% 28.1% 29.7% 39.4% -204% 29% 28.7%
Net sales 1 250,200 279,232 322,284 324,656 321,913 320,845 326,259 331,612
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 13,957 15,968 18,687
Net income 1 14,843 14,867 16,013 10,721 6,673 -1,671 10,656 12,278
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 67.48 67.48 67.48
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.($)
352.2x13.53x98.94x-.--% 1,464B
9.15x1.23x11.14x3.57% 214B
15.06x0.81x5.56x1.64% 102B
34.87x8.81x22.44x1.11% 74.41B
7.33x0.33x2.65x0.92% 68.68B
8.3x1.23x13.94x3.16% 59.8B
11.77x0.27x3.37x4.98% 48.25B
22.34x1.3x7.3x2.42% 44.09B
10.71x0.66x9.06x4.28% 41.08B
Average 52.42x 3.13x 19.38x 2.45% 235.08B
Weighted average by Cap. 247.95x 9.92x 71.52x 0.85%

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