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Volkswagen:Quarterly Results/2023 Q2: Difference between revisions
Volkswagen:Quarterly Results/2023 Q2 (view source)
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* Maintained buy rating and raised price target to 190 euros from 180<ref>https://www.finanzen.net/analyse/volkswagen_vw_vz_buy-deutsche_bank_ag_870128</ref>. | * Maintained buy rating and raised price target to 190 euros from 180<ref>https://www.finanzen.net/analyse/volkswagen_vw_vz_buy-deutsche_bank_ag_870128</ref>. | ||
* "If the automaker's annual forecasts were recently criticized for being too cautious, this time the opposite is the case. With a view to the volumes sold, VW is the most optimistic in the entire sector," he said. | * "If the automaker's annual forecasts were recently criticized for being too cautious, this time the opposite is the case. With a view to the volumes sold, VW is the most optimistic in the entire sector," he said. | ||
== Insights == | |||
=== Moody's affirmed ratings on Volkswagen Group === | |||
* On July 21, 2023, Moody's affirmed its ratings on Volkswagen group, including its long-term issuer rating of A3 and its short-term Prime-2 (P-2) commercial paper rating<ref>https://www.moodys.com/research/Moodys-affirms-Volkswagens-A3P-2-ratings-outlook-stable-Rating-Action--PR_478827</ref>. | |||
* Moody's said the outlook remains stable. | |||
* "The rating affirmation balances the company's strengths as one of the world's two largest automotive manufacturers and its moderate leverage, with the overall challenges in the automotive industry, especially its high cyclicality and the transformational trends towards electrification and autonomous driving technologies," Moody's Vice President and Senior Credit Officer and Lead Analyst for Volkswagen, Matthias Heck said. "'''The stable outlook reflects the continued recovery of global light vehicle sales, and the expectation that Volkswagen will be able to maintain leverage and margins commensurate with the A3 in 2023 and 2024'''," he added. "We expect that the '''relatively low profitability of the brand group "Core" will improve''' to a more competitive level, supporting a more balanced profit generation within the group", Heck noted. | |||
=== IFO Survey === | |||
* According to IFO survey, '''the future expectations of Volkswagen, Mercedes-Benz and BMW declined for the fifth month to -56.9 points in June from -10.3 in May-not far from the 2008 lows of -67.8 points'''<ref>https://www.investmentwiki.org/w/index.php?title=Volkswagen:Quarterly_Results/2023_Q2&action=edit</ref>. | |||
* The deterioration in the future view is due to competition from Tesla and Chinese competitors, rising interest rates and subdued economic growth in Europe. | |||
* However, the carmakers’ appraisal of their current situation improved to 37.5 points in June from 28.4 in May. | |||
== Competitor expectations and results == | == Competitor expectations and results == | ||