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Volkswagen:Quarterly Results/2023 Q3: Difference between revisions
Volkswagen:Quarterly Results/2023 Q3 (view source)
Revision as of 12:52, 19 October 2023
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== Analysts opinions during the quarter == | == Analysts opinions during the quarter == | ||
Below are the analysts opinions centered on topics from September 10 to date. | |||
==== Industry Performance ==== | |||
* Jefferies expects European automakers to report solid third quarter earnings that support the annual targets<ref name=":1">https://www.finanzen.net/analyse/volkswagen_vw_vz_buy-jefferies__company_inc__914490</ref>. | |||
* Bernstein Research expects European automakers to have had a strong third quarter. But expects 2024 to have demand risks<ref name=":2">https://www.finanzen.net/analyse/volkswagen_vw_vz_market_perform-bernstein_research_912298</ref>. | |||
* UBS expects european automakers to deliver solid figures in the quarter, but expects their margins to fall sequentially due to weaker demand<ref name=":3">https://www.finanzen.net/analyse/volkswagen_vw_vz_sell-ubs_ag_913394</ref>. | |||
* Goldman Sachs said investors believe European makers are facing subdued sales and price developments, but they are approaching the sector more constructively. The analyst doesn't count Volkswagen as the industry's favorites<ref>https://www.finanzen.ch/analyse/volkswagen-vw-vz-neutral-910194</ref>. | |||
==== Working Capital ==== | |||
* Jefferies expects Volkswagen to indicate '''reversal in working capital outflow'''<ref name=":1" />. | |||
==== Delivery numbers ==== | |||
* RBC analyst, Tom Narayan said Volkswagen's delivery numbers grew significantly during third-quarter compared to the previous year, though sequentially, this figure dropped<ref name=":4">https://www.finanzen.net/analyse/volkswagen_vw_vz_outperform-rbc_capital_markets_914484</ref>. | |||
* Stifel thinks Volkswagen remains a risky recommendation given short-term low demand<ref name=":5">https://www.finanzen.net/nachricht/aktien/analyse-flash-stifel-hebt-volkswagen-vorzuege-auf-buy-ziel-bleibt-149-euro-12850993</ref>. | |||
* Volkswagen is no longer chasing sales at the expense of costs, Volkswagen management told Berenberg in September<ref name=":6">https://www.finanzen.net/analyse/volkswagen_vw_vz_buy-joh_berenberg_gossler__co_kg_berenberg_bank__910645</ref>. | |||
==== Cost-cuts ==== | |||
* Stifel expects good news from Volkswagen in October or November regarding cost-cuts initiatives<ref name=":5" />. | |||
==== China Business ==== | |||
* Berenberg said that its conversation with Volkswagen management established that its China electric business remains challenging<ref name=":6" />. | |||
==== Volkswagen Price target and rating developments ==== | |||
{| class="wikitable" | |||
|+ | |||
!Company | |||
!Date | |||
!Rating | |||
!Price target | |||
|- | |||
|Jefferies<ref name=":1" /> | |||
|October 16 | |||
|maintained at "buy" | |||
|left at 150 euros | |||
|- | |||
|RBC<ref name=":4" /> | |||
|October 14 | |||
|maintained at "buy" | |||
|left at 160 euros | |||
|- | |||
|Bernstein<ref name=":2" /> | |||
|October 2 | |||
|maintained at "neutral" | |||
|left at 120 euros | |||
|- | |||
|UBS<ref name=":3" /> | |||
|September 10 | |||
|maintained at "sell" | |||
|left at 100 euros | |||
|- | |||
|Stifel<ref name=":5" /> | |||
|September 22 | |||
|raised from "Hold" to "Buy" | |||
|left at 149 euros | |||
|- | |||
|Berenberg<ref name=":6" /> | |||
|September 20 | |||
|maintained at "buy" | |||
|left at 130 euros | |||
|} | |||
== Competitor earnings expectations and results == | == Competitor earnings expectations and results == | ||