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Volkswagen

ENXTBR:VWA
Snowflake Description

Good value average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VWA
ENXTBR
€77B
Market Cap
  1. Home
  2. BE
  3. Automobiles
Company description

Volkswagen AG manufactures and sells automobiles primarily in Europe, North America, South America, and the Asia-Pacific. The last earnings update was 78 days ago. More info.


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VWA Share Price and Events
7 Day Returns
-1.2%
ENXTBR:VWA
-0.1%
Europe Auto
-0.7%
BE Market
1 Year Returns
7.7%
ENXTBR:VWA
-10%
Europe Auto
-7.7%
BE Market
VWA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Volkswagen (VWA) -1.2% 2.8% -8% 7.7% - -
Europe Auto -0.1% 1.8% -12.3% -10% 6.7% -13.3%
BE Market -0.7% 2.7% -3.3% -7.7% -12% 5%
1 Year Return vs Industry and Market
  • VWA outperformed the Auto industry which returned -10% over the past year.
  • VWA outperformed the Market in Belgium which returned -7.7% over the past year.
Price Volatility
VWA
Industry
5yr Volatility vs Market

Value

 Is Volkswagen undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Volkswagen to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Volkswagen.

ENXTBR:VWA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 23 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.6%
Perpetual Growth Rate 10-Year BE Government Bond Rate 0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTBR:VWA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year BE Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 6%
Auto Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.625 (1 + (1- 30%) (251.26%))
1.485
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.48
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.77% + (1.485 * 5.96%)
9.62%

Discounted Cash Flow Calculation for ENXTBR:VWA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Volkswagen is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTBR:VWA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 9.62%)
2020 9,640.57 Analyst x11 8,794.56
2021 10,954.39 Analyst x7 9,116.16
2022 8,041.00 Analyst x1 6,104.43
2023 8,559.00 Analyst x1 5,927.48
2024 8,181.73 Est @ -4.41% 5,168.97
2025 7,948.19 Est @ -2.85% 4,580.77
2026 7,807.73 Est @ -1.77% 4,104.94
2027 7,729.19 Est @ -1.01% 3,707.04
2028 7,692.61 Est @ -0.47% 3,365.73
2029 7,684.90 Est @ -0.1% 3,067.29
Present value of next 10 years cash flows €53,937.37
ENXTBR:VWA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €7,684.90 × (1 + 0.77%) ÷ (9.62% – 0.77%)
€87,507.44
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €87,507.44 ÷ (1 + 9.62%)10
€34,927.06
ENXTBR:VWA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €53,937.37 + €34,927.06
€88,864.43
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €88,864.43 / 501.30
€177.27
ENXTBR:VWA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in ENXTBR:VWA represents 1.01083x of XTRA:VOW3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.01083x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 177.27 x 1.01083
€179.19
Value per share (EUR) From above. €179.19
Current discount Discount to share price of €153.10
= -1 x (€153.10 - €179.19) / €179.19
14.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Volkswagen is available for.
Intrinsic value
15%
Share price is €153.1 vs Future cash flow value of €179.19
Current Discount Checks
For Volkswagen to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Volkswagen's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Volkswagen's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Volkswagen's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Volkswagen's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ENXTBR:VWA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in EUR €22.98
XTRA:VOW3 Share Price ** XTRA (2019-07-18) in EUR €151.46
Europe Auto Industry PE Ratio Median Figure of 17 Publicly-Listed Auto Companies 8.37x
Belgium Market PE Ratio Median Figure of 87 Publicly-Listed Companies 14.99x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Volkswagen.

ENXTBR:VWA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:VOW3 Share Price ÷ EPS (both in EUR)

= 151.46 ÷ 22.98

6.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Volkswagen is good value based on earnings compared to the Europe Auto industry average.
  • Volkswagen is good value based on earnings compared to the Belgium market.
Price based on expected Growth
Does Volkswagen's expected growth come at a high price?
Raw Data
ENXTBR:VWA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.59x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts
6.9%per year
Europe Auto Industry PEG Ratio Median Figure of 11 Publicly-Listed Auto Companies 0.95x
Belgium Market PEG Ratio Median Figure of 40 Publicly-Listed Companies 1.85x

*Line of best fit is calculated by linear regression .

ENXTBR:VWA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.59x ÷ 6.9%

0.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Volkswagen is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Volkswagen's assets?
Raw Data
ENXTBR:VWA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in EUR €233.43
XTRA:VOW3 Share Price * XTRA (2019-07-18) in EUR €151.46
Europe Auto Industry PB Ratio Median Figure of 25 Publicly-Listed Auto Companies 1.17x
Belgium Market PB Ratio Median Figure of 119 Publicly-Listed Companies 1.56x
ENXTBR:VWA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:VOW3 Share Price ÷ Book Value per Share (both in EUR)

= 151.46 ÷ 233.43

0.65x

* Primary Listing of Volkswagen.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Volkswagen is good value based on assets compared to the Europe Auto industry average.
X
Value checks
We assess Volkswagen's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto industry average (and greater than 0)? (1 check)
  5. Volkswagen has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Volkswagen expected to perform in the next 1 to 3 years based on estimates from 23 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Volkswagen expected to grow at an attractive rate?
  • Volkswagen's earnings growth is expected to exceed the low risk savings rate of 0.8%.
Growth vs Market Checks
  • Volkswagen's earnings growth is positive but not above the Belgium market average.
  • Volkswagen's revenue growth is positive but not above the Belgium market average.
Annual Growth Rates Comparison
Raw Data
ENXTBR:VWA Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTBR:VWA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 23 Analysts 6.9%
ENXTBR:VWA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 23 Analysts 3%
Europe Auto Industry Earnings Growth Rate Market Cap Weighted Average 8.8%
Europe Auto Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
Belgium Market Earnings Growth Rate Market Cap Weighted Average 8.2%
Belgium Market Revenue Growth Rate Market Cap Weighted Average 3.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ENXTBR:VWA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTBR:VWA Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 278,178 29,402 17,182 1
2021-12-31 257,138 28,896 15,028 13
2020-12-31 250,816 27,754 14,501 23
2019-12-31 243,703 26,706 13,338 23
ENXTBR:VWA Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-03-31 237,633 6,122 11,518
2018-12-31 235,849 7,272 11,827
2018-09-30 235,194 7,579 13,128
2018-06-30 234,710 6,529 11,452
2018-03-31 231,581 2,515 11,084
2017-12-31 229,550 -1,185 11,179
2017-09-30 227,400 -603 6,750
2017-06-30 224,681 1,441 8,037
2017-03-31 222,500 8,375 6,154
2016-12-31 217,267 9,430 5,144
2016-09-30 212,961 11,689 329
2016-06-30 212,451 11,343 -3,679

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Volkswagen's earnings are expected to grow by 6.9% yearly, however this is not considered high growth (20% yearly).
  • Volkswagen's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTBR:VWA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below

All data from Volkswagen Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:VWA Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 30.40 33.70 27.09 2.00
2021-12-31 29.93 34.23 22.35 14.00
2020-12-31 28.92 32.92 22.98 23.00
2019-12-31 26.66 27.95 23.32 20.00
ENXTBR:VWA Past Financials Data
Date (Data in EUR Millions) EPS *
2019-03-31 22.98
2018-12-31 23.59
2018-09-30 26.19
2018-06-30 22.84
2018-03-31 22.11
2017-12-31 22.30
2017-09-30 13.47
2017-06-30 16.03
2017-03-31 12.28
2016-12-31 10.26
2016-09-30 0.66
2016-06-30 -7.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Volkswagen is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Volkswagen's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Volkswagen has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Volkswagen performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Volkswagen's growth in the last year to its industry (Auto).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Volkswagen's year on year earnings growth rate has been positive over the past 5 years.
  • Volkswagen's 1-year earnings growth is less than its 5-year average (3.9% vs 7.4%)
  • Volkswagen's earnings growth has not exceeded the Europe Auto industry average in the past year (3.9% vs 3.9%).
Earnings and Revenue History
Volkswagen's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Volkswagen Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTBR:VWA Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 237,633.00 11,518.00 27,011.00
2018-12-31 235,849.00 11,827.00 26,767.00
2018-09-30 235,194.00 13,128.00 28,446.00
2018-06-30 234,710.00 11,452.00 28,565.00
2018-03-31 231,581.00 11,084.00 26,154.00
2017-12-31 229,550.00 11,179.00 26,546.00
2017-09-30 227,400.00 6,750.00 27,497.00
2017-06-30 224,681.00 8,037.00 27,627.00
2017-03-31 222,500.00 6,154.00 28,264.00
2016-12-31 217,267.00 5,144.00 27,913.00
2016-09-30 212,961.00 329.00 28,572.00
2016-06-30 212,451.00 -3,679.00 29,007.00
2016-03-31 211,521.00 -2,163.00 28,685.00
2015-12-31 213,292.00 -1,582.00 28,616.00
2015-09-30 215,003.00 6,165.00 26,853.00
2015-06-30 212,426.00 10,824.00 25,765.00
2015-03-31 207,362.00 11,339.00 25,729.00
2014-12-31 202,458.00 10,847.00 25,414.00
2014-09-30 199,052.00 10,861.00 25,501.00
2014-06-30 197,128.00 9,789.00 25,556.00
2014-03-31 198,273.00 9,435.00 25,173.00
2013-12-31 197,007.00 9,066.00 25,038.00
2013-09-30 194,123.00 8,367.00 24,834.00
2013-06-30 195,985.00 17,776.00 24,802.00
2013-03-31 191,916.00 20,610.00 24,519.00
2012-12-31 192,676.00 21,712.00 23,846.00
2012-09-30 187,284.00 22,162.00 22,421.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Volkswagen has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Volkswagen used its assets less efficiently than the Europe Auto industry average last year based on Return on Assets.
  • Volkswagen has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Volkswagen's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Volkswagen has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Volkswagen's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Volkswagen's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Volkswagen is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Volkswagen's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Volkswagen's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Volkswagen Company Filings, last reported 3 months ago.

ENXTBR:VWA Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 117,507.00 192,731.00 39,278.00
2018-12-31 117,342.00 190,883.00 45,275.00
2018-09-30 114,522.00 175,569.00 30,005.00
2018-06-30 113,850.00 169,267.00 30,281.00
2018-03-31 110,702.00 164,976.00 35,730.00
2017-12-31 109,078.00 163,472.00 35,755.00
2017-09-30 105,845.00 158,960.00 29,242.00
2017-06-30 104,471.00 160,911.00 31,332.00
2017-03-31 97,046.00 164,954.00 34,796.00
2016-12-31 92,910.00 154,819.00 33,410.00
2016-09-30 90,852.00 151,338.00 37,423.00
2016-06-30 88,890.00 152,205.00 36,720.00
2016-03-31 89,565.00 154,524.00 38,187.00
2015-12-31 88,270.00 145,605.00 34,372.00
2015-09-30 93,612.00 138,212.00 31,735.00
2015-06-30 96,162.00 139,378.00 27,670.00
2015-03-31 89,267.00 138,399.00 28,523.00
2014-12-31 90,189.00 133,980.00 28,304.00
2014-09-30 91,002.00 130,858.00 26,632.00
2014-06-30 89,713.00 126,331.00 24,575.00
2014-03-31 87,341.00 122,548.00 29,722.00
2013-12-31 90,037.00 121,504.00 29,307.00
2013-09-30 87,895.00 121,140.00 29,126.00
2013-06-30 83,592.00 121,318.00 24,365.00
2013-03-31 84,312.00 123,385.00 25,830.00
2012-12-31 81,995.00 117,663.00 23,422.00
2012-09-30 78,391.00 116,344.00 20,119.00
  • Volkswagen's level of debt (164%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (140.3% vs 164% today).
  • Debt is not well covered by operating cash flow (3.2%, less than 20% of total debt).
  • Unable to confirm if the interest payments on Volkswagen's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Volkswagen's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Volkswagen has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Volkswagen's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.21%
Current annual income from Volkswagen dividends. Estimated to be 4.61% next year.
If you bought €2,000 of Volkswagen shares you are expected to receive €64 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Volkswagen's pays a higher dividend yield than the bottom 25% of dividend payers in Belgium (2.36%).
  • Volkswagen's dividend is below the markets top 25% of dividend payers in Belgium (4.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ENXTBR:VWA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 23 Analyst Estimates (S&P Global) See Below
Europe Auto Industry Average Dividend Yield Market Cap Weighted Average of 12 Stocks 4.8%
Belgium Market Average Dividend Yield Market Cap Weighted Average of 77 Stocks 3.6%
Belgium Minimum Threshold Dividend Yield 10th Percentile 1.2%
Belgium Bottom 25% Dividend Yield 25th Percentile 2.4%
Belgium Top 25% Dividend Yield 75th Percentile 4.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTBR:VWA Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 9.47 1.00
2021-12-31 7.98 15.00
2020-12-31 7.01 22.00
2019-12-31 6.11 21.00
ENXTBR:VWA Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-12 4.860 3.280
2019-03-05 4.860 3.263
2018-03-13 3.960 2.630
2017-03-14 2.060 1.405
2017-03-07 2.060 1.444
2016-04-28 0.170 0.134
2016-04-22 0.170 0.134
2015-04-15 4.860 3.572
2015-03-12 4.860 1.971
2014-03-13 4.060 2.203
2014-02-21 4.060 2.184
2013-04-26 3.500 1.966
2013-02-22 3.560 2.276
2012-03-12 3.060 2.100
2012-02-24 3.060 2.179
2011-05-04 2.200 1.784
2011-02-28 2.260 1.948
2011-02-25 2.260 1.866
2010-03-01 1.660 1.919
2010-02-26 1.660 2.764
2009-03-02 1.930 3.493

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Volkswagen's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.6x coverage).
X
Income/ dividend checks
We assess Volkswagen's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Volkswagen afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Volkswagen has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Volkswagen's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Herbert Diess
COMPENSATION €8,238,020
AGE 61
TENURE AS CEO 1.3 years
CEO Bio

Dr. Herbert Diess has been Chairman of the Supervisory Board at Audi AG, Ingolstadt, Deutschland since May 7, 2018 and has been its Member of Supervisory Board since May 7, 2018. Dr. Diess has been the Chairman of Management Board and Chief Executive Officer of Volkswagen AG since April 13, 2018. Dr. Diess has been a Member of Board of Management at Volkswagen Aktiengesellschaft since July 01, 2015 and has been its Chairman of the Board of Management of The Volkswagen Passenger Cars Brand since September 28, 2015. He is the Member of the Board of Directors of FAW- Volkswagen Autootive Co. Ltd. And Shanghai Volkswagen Automotive Co. Ltd. Dr. Diess served as the Chairman of Volkswagen Brand Board of Management at Volkswagen AG until September 28, 2015. Dr. Diess served as a Member of Board of Management at Bayerische Motoren Werke Aktiengesellschaft from October 1, 2007 to December 09, 2014. Dr. Diess has been a Member of Supervisory Board at Infineon Technologies AG since February 12, 2015. He serves as a Member of Supervisory Board at Porsche Holding GmbH from 1984 to 1989 and also he was the member of Advisory Board at Porsche Holding GmbH, he was Research Assistant from 1988 Director of Assembly Automation department, Technical University of Munich. He obtained Ph.D. in mechanical engineering in the area of production technologies in 1987. From 1978 to 1983, he studied in mechanical engineering from Technical University of Munich graduated with engineering degree. From 1977 to 1978, studied in Vehicle Technology from the University of Applied Sciences Munich. Dr. Diess serves as the Chairman of Supervisory Board at SEAT S.A., Martorell, Spain since April 12, 2018. Dr. Diess serves as the Chairman of Supervisory Board at Skoda Auto a.s., Mlada Boleslav, Czech Republic since May 14, 2018. Dr. Diess serves as the Chairman of Supervisory Board at Porsche Austria GmbH and Porsche Retail GmbH, Salzburg, Austria.

CEO Compensation
  • Herbert's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Herbert's remuneration is higher than average for companies of similar size in Belgium.
Management Team Tenure

Average tenure and age of the Volkswagen management team in years:

1.8
Average Tenure
56
Average Age
  • The average tenure for the Volkswagen management team is less than 2 years, this suggests a new team.
Management Team

Herbert Diess

TITLE
Chairman of Management Board
COMPENSATION
€8M
AGE
61
TENURE
1.3 yrs

Frank Witter

TITLE
CFO, Head of IT & Member of Board of Management
COMPENSATION
€5M
AGE
60
TENURE
3.8 yrs

Andreas Hermann Renschler

TITLE
Head of Truck & Bus and Member of the Board of Management
COMPENSATION
€10M
AGE
61
TENURE
4.4 yrs

Hiltrud Werner

TITLE
Head of Integrity & Legal Affairs and Member of the Board of Management
COMPENSATION
€6M
AGE
53
TENURE
2.4 yrs

Oliver Blume

TITLE
Member of the Board of Management
COMPENSATION
€4M
AGE
51
TENURE
1.3 yrs

Gunnar Kilian

TITLE
Member of Management Board & Head of Human Resources
COMPENSATION
€4M
AGE
44
TENURE
1.3 yrs

Stefan Sommer

TITLE
Member of the Management Board and Head of Components & Procurement
COMPENSATION
€3M
AGE
56
TENURE
0.8 yrs

Bram Schot

TITLE
Member of the Board of Management
AGE
58
TENURE
0.5 yrs

Oliver Larkin

TITLE
Head of Investor Relations
AGE
54
TENURE
3.5 yrs

Kurt Michels

TITLE
Chief Compliance Officer
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Volkswagen board of directors in years:

9.6
Average Tenure
62.5
Average Age
  • The tenure for the Volkswagen board of directors is about average.
Board of Directors

Hans Pötsch

TITLE
Chairman of Supervisory Board
COMPENSATION
€585K
AGE
68
TENURE
3.8 yrs

Jörg Hofmann

TITLE
Deputy Chairman of Supervisory Board
COMPENSATION
€294K
AGE
63
TENURE
3.7 yrs

Bernhard Maier

TITLE
Chairman of Koda
AGE
60
TENURE
3.7 yrs

Ferdinand Porsche

TITLE
Member of Supervisory Board
COMPENSATION
€413K
AGE
58
TENURE
9.9 yrs

Bernd Osterloh

TITLE
Member of Supervisory Board
COMPENSATION
€264K
AGE
63
TENURE
14.5 yrs

Hans-Peter Fischer

TITLE
Member of Supervisory Board
COMPENSATION
€114K
AGE
59
TENURE
6.5 yrs

Peter Mosch

TITLE
Member of Supervisory Board
COMPENSATION
€347K
AGE
47
TENURE
13.5 yrs

Wolfgang Porsche

TITLE
Member of Supervisory Board
COMPENSATION
€423K
AGE
76
TENURE
11.3 yrs

Hans Piëch

TITLE
Member of Supervisory Board
COMPENSATION
€272K
AGE
77
TENURE
9.9 yrs

Hussain Al-Abdulla

TITLE
Member of Supervisory Board
COMPENSATION
€108K
AGE
62
TENURE
9.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Volkswagen's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Volkswagen has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Volkswagen AG manufactures and sells automobiles primarily in Europe, North America, South America, and the Asia-Pacific. The company operates in four segments: Passenger Cars, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars segment develops vehicles and engines; and produces and sells passenger cars and related parts. The Commercial Vehicles segment develops, produces, and sells light commercial vehicles, trucks, and buses; and offers parts and related services. The Power Engineering segment develops, produces, and sells large-bore diesel engines, turbo compressors, industrial turbines, and chemical reactor systems, as well as gear units, propulsion components, and testing systems. The Financial Services segment provides dealer and customer financing, leasing, banking and insurance, fleet management, and mobility services. The company also offers motorcycles and turbomachinery. It provides its products under the Volkswagen Passenger Cars, Audi, ŠKODA, SEAT, Bentley, Porsche, Volkswagen Commercial Vehicles, Scania, MAN, Lamborghini, Ducati, Bugatti, MOIA, and TRATON brands. Volkswagen AG was founded in 1937 and is headquartered in Wolfsburg, Germany.

Details
Name: Volkswagen AG
VWA
Exchange: ENXTBR
Founded: 1937
€76,705,217,653
501,295,263
Website: http://www.volkswagenag.com
Address: Volkswagen AG
Berliner Ring 2,
Wolfsburg,
Lower Saxony, 38440,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA VOW3 Preferred Stock XETRA Trading Platform DE EUR 02. Jan 1992
OTCPK VLKP.F Preferred Stock Pink Sheets LLC US USD 02. Jan 1992
DB VOW3 Preferred Stock Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0P6O Preferred Stock London Stock Exchange GB EUR 02. Jan 1992
SWX VW-V Preferred Stock SIX Swiss Exchange CH CHF 02. Jan 1992
ENXTBR VWAP Preferred Stock Euronext Brussels BE EUR 02. Jan 1992
BIT VOW3 Preferred Stock Borsa Italiana IT EUR 02. Jan 1992
WBAG VOW Preferred Stock Wiener Boerse AG AT EUR 02. Jan 1992
SEP VOW Preferred Stock The Stock Exchange Prague Co. Ltd. CZ CZK 02. Jan 1992
BUSE VOLKSWAGEN Preferred Stock Budapest Stock Exchange HU HUF 02. Jan 1992
BDL VWPRV Preferred Stock Bourse de Luxembourg LU EUR 02. Jan 1992
BMV VOW3 N Preferred Stock Bolsa Mexicana de Valores MX MXN 02. Jan 1992
BATS-CHIXE VOW3D Preferred Stock BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK VWAG.Y UNSPON ADS EACH REP 0.1 ORD SHS Pink Sheets LLC US USD 28. Dec 1990
DB VOWB UNSPON ADS EACH REP 0.1 PREF SHS Deutsche Boerse AG DE EUR 19. Nov 1992
DB VOW Common Stock Deutsche Boerse AG DE EUR 06. Jan 1975
OTCPK VLKA.F Common Stock Pink Sheets LLC US USD 06. Jan 1975
OTCPK VWAP.Y UNSPON ADS EACH REP 0.1 PREF SHS Pink Sheets LLC US USD 19. Nov 1992
DB VOWA UNSPON ADS EACH REP 0.1 ORD SHS Deutsche Boerse AG DE EUR 28. Dec 1990
XTRA VOW Common Stock XETRA Trading Platform DE EUR 06. Jan 1975
LSE 0P6N Common Stock London Stock Exchange GB EUR 06. Jan 1975
SWX VW Common Stock SIX Swiss Exchange CH CHF 06. Jan 1975
ENXTBR VWA Common Stock Euronext Brussels BE EUR 06. Jan 1975
BDL VWORD Common Stock Bourse de Luxembourg LU EUR 06. Jan 1975
BATS-CHIXE VOWD Common Stock BATS 'Chi-X Europe' GB EUR 06. Jan 1975
Number of employees
Current staff
Staff numbers
665,260
Volkswagen employees.
Industry
Automobile Manufacturers
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 20:47
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.