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 40,927 - -
Change - -40.12% -14.16% -21.47% 14.96% -21.85% - -
Enterprise Value (EV) 1 86,164 24,561 17,718 9,487 17,870 4,352 1,465 -3,106
Change - -71.49% -27.86% -46.46% 88.36% -75.64% -66.33% -311.98%
P/E 5.99x 3.92x 3.5x 4.16x 7.76x 4.79x 3.66x 3.04x
PBR 0.62x 0.35x 0.32x 0.24x 0.28x 0.21x 0.2x 0.19x
PEG - 29.06x 0.45x -0.1x -0.2x 0.2x 0.1x 0.1x
Capitalization / Revenue 0.45x 0.24x 0.18x 0.14x 0.16x 0.13x 0.12x 0.12x
EV / Revenue 0.34x 0.09x 0.05x 0.03x 0.06x 0.01x 0x -0.01x
EV / EBITDA 2.66x 0.65x 0.49x 0.26x 0.56x 0.12x 0.04x -0.07x
EV / EBIT 4.47x 1.11x 0.78x 0.5x 2.02x 0.31x 0.09x -0.16x
EV / FCF 3.93x 3.31x 1.66x 1.71x 3.1x 0.78x 0.25x -0.31x
FCF Yield 25.4% 30.2% 60.4% 58.4% 32.3% 128% 405% -319%
Dividend per Share 2 7.56 8.76 9 6.36 5.26 5.277 6.407 7.65
Rate of return 4.26% 7.52% 8.05% 7.14% 5.08% 6.46% 7.84% 9.36%
EPS 2 29.65 29.69 31.98 21.42 13.35 17.04 22.31 26.84
Distribution rate 25.5% 29.5% 28.1% 29.7% 39.4% 31% 28.7% 28.5%
Net sales 1 250,200 279,232 322,284 324,656 321,913 323,228 329,755 336,351
EBITDA 1 32,359 37,721 36,513 36,796 32,102 36,682 38,864 42,610
EBIT 1 19,275 22,124 22,576 19,060 8,868 13,979 17,235 19,836
Net income 1 14,843 14,867 16,013 10,721 6,673 8,723 11,272 12,872
Net Debt 1 -26,685 -43,015 -40,289 -36,066 -34,497 -36,574 -39,461 -44,033
Reference price 2 177.48 116.42 111.80 89.04 103.55 81.70 81.70 81.70
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.($)
9.58x1.21x11.04x3.44% 229B
7.84x0.35x2.88x0.86% 73.5B
9.2x1.26x14.23x2.86% 66.82B
16.85x0.3x3.85x4.48% 53.63B
8.72x0.11x1.1x6.74% 50.15B
4.79x0.01x0.12x6.46% 47.56B
24.11x1.34x7.5x2.34% 47.5B
9.33x-0.05x-0.46x3.95% 43.61B
14.78x0.63x8.25x4.4% 41.07B
Average 11.69x 0.57x 5.39x 3.95% 72.49B
Weighted average by Cap. 10.90x 0.76x 7.10x 3.66%

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

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