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Volkswagen: Difference between revisions
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==== Competitors ==== | ==== Competitors ==== | ||
Ferrari. Market Cap 48B <ref>https://finance.yahoo.com/quote/RACE/</ref> Example of highly valued premium brand. Revenue around 5B, Net Income 1B. Could Porsche be hyped up as well? 7.7% of the total order volume was placed by retail investors <ref>https://newsroom.porsche.com/en/2022/company/porsche-ag-initial-public-offering-p911-frankfurt-stock-exchange-29830.html</ref> | Ferrari. Market Cap 48B <ref name=":1">https://finance.yahoo.com/quote/RACE/</ref> Example of highly valued premium brand. Revenue around 5B, Net Income 1B. Could Porsche be hyped up as well? 7.7% of the total order volume was placed by retail investors <ref name=":2">https://newsroom.porsche.com/en/2022/company/porsche-ag-initial-public-offering-p911-frankfurt-stock-exchange-29830.html</ref> | ||
== Financial Analysis == | == Financial Analysis == | ||
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==== Balance Sheet ==== | ==== Balance Sheet ==== | ||
The balance sheet esp. the balance sheet of volkswagen financial services seems solid at first glance. <ref name=":0" /> Shareholder equity increased by 18,673M EUR in 2021. Main increases incurred in intangible assets (esp. capitalized development costs, Page 275), increase in lease assets, investments and increase in cash. On the liability side there has been an increase in non current liabilities both for Volkswagen and Volkswagen Financial Services. | The balance sheet esp. the balance sheet of volkswagen financial services seems solid at first glance. <ref name=":0" /> Shareholder equity increased by 18,673M EUR in 2021. Main increases incurred in intangible assets (esp. capitalized development costs, Page 275), increase in lease assets, investments and increase in cash. On the liability side there has been an increase in non current liabilities both for Volkswagen and Volkswagen Financial Services. | ||
== Catalysts == | |||
As of 27 Feb 2023 Volkswagens valuation is crazy cheap at a P/E of 4. It's subsidiary Porsche AG has a market cap of 102B EUR while Volkswagens market cap is only 65B EUR although it still controls 75% of Porsche AG and holds a lot of other valuable assets including Audi, Volkswagen, Volkswagen Financial Services. | |||
Porsches competitor Ferrari has a crazy Market Cap of 48B EUR<ref name=":1" /> with revenue of only slightly under 5B EUR and Net Income under 1B EUR. | |||
Porsche on the other side in 2021 had revenue of 33B EUR and profits of 4B. While a P/E over 20 seems very high for any car manufacturer there is still some potential upside to Porsches valuation if it gets hyped up like Ferrari. <ref>https://investorrelations.porsche.com/de/financial-figures/</ref> | |||
During Porsches IPO 7.7% of the total order volume was placed by retail investors, which was highlighted by Porsche. <ref name=":2" /> | |||
[Sitenote on the craziness of capital markets: On 16 November 2021 EV Startup Rivian briefly hit a 150B Dollar valuation <ref>https://www.bloomberg.com/news/articles/2021-11-16/rivian-whizzes-past-volkswagen-s-valuation-as-ev-mania-rages</ref> while having full year revenue of 55Million and a loss of over 4.5B USD <ref>https://finance.yahoo.com/quote/RIVN/balance-sheet?p=RIVN</ref>] | |||
== References == | == References == | ||