Stock Analysis Report

Executive Summary

Volkswagen AG manufactures and sells automobiles primarily in Europe, North America, South America, and the Asia-Pacific.

Snowflake Analysis

Established dividend payer and good value.

Similar Companies

Share Price & News

How has Volkswagen's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: VOW3's share price has been volatile over the past 3 months.

Market Performance

7 Day Return




DE Auto


DE Market

1 Year Return




DE Auto


DE Market

Return vs Industry: VOW3 exceeded the German Auto industry which returned -33% over the past year.

Return vs Market: VOW3 underperformed the German Market which returned -20.9% over the past year.

Shareholder returns

7 Day24.0%15.2%9.1%
30 Day-6.9%-4.6%-1.0%
90 Day-33.9%-27.5%-20.7%
1 Year-16.2%-18.9%-19.5%-22.8%-10.6%-13.1%
3 Year0.2%-6.6%-14.3%-21.9%-10.7%-18.1%
5 Year-43.4%-48.4%-39.4%-47.5%-10.7%-22.8%

Price Volatility Vs. Market

How volatile is Volkswagen's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Volkswagen undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: VOW3 (€112.96) is trading below our estimate of fair value (€443.35)

Significantly Below Fair Value: VOW3 is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: VOW3 is good value based on its PE Ratio (4.2x) compared to the Auto industry average (8.5x).

PE vs Market: VOW3 is good value based on its PE Ratio (4.2x) compared to the German market (16.5x).

Price to Earnings Growth Ratio

PEG Ratio: VOW3 is poor value based on its PEG Ratio (1.5x)

Price to Book Ratio

PB vs Industry: VOW3 is overvalued based on its PB Ratio (0.5x) compared to the DE Auto industry average (0.5x).

Next Steps

Future Growth

How is Volkswagen forecast to perform in the next 1 to 3 years based on estimates from 22 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: VOW3's forecast earnings growth (2.8% per year) is above the savings rate (-0.4%).

Earnings vs Market: VOW3's earnings (2.8% per year) are forecast to grow slower than the German market (14.1% per year).

High Growth Earnings: VOW3's earnings are forecast to grow, but not significantly.

Revenue vs Market: VOW3's revenue is expected to decline over the next 3 years (-0.2% per year).

High Growth Revenue: VOW3's revenue is forecast to decline over the next 3 years (-0.2% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: VOW3's Return on Equity is forecast to be low in 3 years time (10.6%).

Next Steps

Past Performance

How has Volkswagen performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: VOW3 has high quality earnings.

Growing Profit Margin: VOW3's current net profit margins (5.3%) are higher than last year (5%).

Past Earnings Growth Analysis

Earnings Trend: VOW3's earnings have grown significantly by 21.2% per year over the past 5 years.

Accelerating Growth: VOW3's earnings growth over the past year (12.8%) is below its 5-year average (21.2% per year).

Earnings vs Industry: VOW3 earnings growth over the past year (12.8%) exceeded the Auto industry -8.9%.

Return on Equity

High ROE: VOW3's Return on Equity (11.3%) is considered low.

Next Steps

Financial Health

How is Volkswagen's financial position?

Financial Position Analysis

Short Term Liabilities: VOW3's short term assets (€187.5B) exceed its short term liabilities (€167.9B).

Long Term Liabilities: VOW3's short term assets (€187.5B) do not cover its long term liabilities (€196.5B).

Debt to Equity History and Analysis

Debt Level: VOW3's debt to equity ratio (162.9%) is considered high.

Reducing Debt: VOW3's debt to equity ratio has increased from 148.6% to 162.9% over the past 5 years.

Debt Coverage: VOW3's debt is not well covered by operating cash flow (8.9%).

Interest Coverage: VOW3's interest payments on its debt are well covered by EBIT (19.7x coverage).

Balance Sheet

Next Steps


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


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: VOW3's dividend (5.81%) is higher than the bottom 25% of dividend payers in the German market (1.69%).

High Dividend: VOW3's dividend (5.81%) is in the top 25% of dividend payers in the German market (4.85%)

Stability and Growth of Payments

Stable Dividend: VOW3's dividend payments have been volatile in the past 10 years.

Growing Dividend: VOW3's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (24.6%), VOW3's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: VOW3's dividends in 3 years are forecast to be well covered by earnings (28.2% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Herbert Diess (61yo)





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 Cha ...

CEO Compensation Analysis

Compensation vs Market: Herbert's total compensation ($USD10.77M) is above average for companies of similar size in the German market ($USD5.20M).

Compensation vs Earnings: Herbert's compensation has increased by more than 20% in the past year.

Leadership Team

Herbert Diess
Chairman of Management Board2yrs€9.96mno data
Frank Witter
CFO, Head of IT & Member of Board of Management4.5yrs€5.22mno data
Andreas Hermann Renschler
Head of Truck & Bus and Member of the Board of Management5.17yrs€9.56mno data
Hiltrud Werner
Head of Integrity & Legal Affairs and Member of the Board of Management3.17yrs€5.35mno data
Oliver Blume
Member of the Board of Management2yrs€5.30mno data
Gunnar Kilian
Member of Management Board & Head of Human Resources2yrs€5.27mno data
Stefan Sommer
Member of the Management Board and Head of Components & Procurement1.58yrs€5.55mno data
Markus Duesmann
Member of Board of Managementno datano datano data
Oliver Larkin
Head of Investor Relations4.25yrsno datano data
Kurt Michels
Chief Compliance Officer3yrsno datano data


Average Tenure


Average Age

Experienced Management: VOW3's management team is considered experienced (3 years average tenure).

Board Members

Hans-Peter Fischer
Member of Supervisory Board7.25yrs€107.00kno data
Hans Pötsch
Chairman of Supervisory Board4.5yrs€925.50kno data
Wolfgang Porsche
Member of Supervisory Board12yrs€433.50kno data
Hans Piëch
Member of Supervisory Board10.67yrs€289.00kno data
Peter Mosch
Member of Supervisory Board14.25yrs€390.50kno data
Ferdinand Porsche
Member of Supervisory Board10.67yrs€435.00kno data
Bernd Osterloh
Member of Supervisory Board15.25yrs€387.00kno data
Hussain Al-Abdulla
Member of Supervisory Board10yrs€105.00kno data
Jörg Hofmann
Member of Supervisory Board4.42yrs€289.00kno data
Bernhard Maier
Chairman of Koda4.42yrsno datano data


Average Tenure


Average Age

Experienced Board: VOW3's board of directors are seasoned and experienced ( 10.3 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Volkswagen AG's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Volkswagen AG
  • Ticker: VOW3
  • Exchange: XTRA
  • Founded: 1937
  • Industry: Automobile Manufacturers
  • Sector: Automobiles
  • Market Cap: €64.515b
  • Shares outstanding: 501.30m
  • Website: https://www.volkswagenag.com

Number of Employees


  • Volkswagen AG
  • Berliner Ring 2
  • Wolfsburg
  • Lower Saxony
  • 38440
  • Germany


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VLKA.FOTCPK (Pink Sheets LLC)Common StockUSUSDJan 1975
0P6NLSE (London Stock Exchange)Common StockGBEURJan 1975
VWSWX (SIX Swiss Exchange)Common StockCHCHFJan 1975
VWORDBDL (Bourse de Luxembourg)Common StockLUEURJan 1975
VWAENXTBR (Euronext Brussels)Common StockBEEURJan 1975
VOWDB (Deutsche Boerse AG)Common StockDEEURJan 1975
VOWXTRA (XETRA Trading Platform)Common StockDEEURJan 1975
VOWDBATS-CHIXE (BATS 'Chi-X Europe')Common StockGBEURJan 1975
VOWG-UETLX (Eurotlx)Common StockITEURJan 1975
VWBRSE (Berne Stock Exchange)Common StockCHCHFJan 1975
0P6OLSE (London Stock Exchange)YesPreferred StockGBEURJan 1992
VW-VSWX (SIX Swiss Exchange)YesPreferred StockCHCHFJan 1992
VOW3DB (Deutsche Boerse AG)YesPreferred StockDEEURJan 1992
VWPRVBDL (Bourse de Luxembourg)YesPreferred StockLUEURJan 1992
VWAPENXTBR (Euronext Brussels)YesPreferred StockBEEURJan 1992
VLKP.FOTCPK (Pink Sheets LLC)YesPreferred StockUSUSDJan 1992
VOW3XTRA (XETRA Trading Platform)YesPreferred StockDEEURJan 1992
VOW3DBATS-CHIXE (BATS 'Chi-X Europe')YesPreferred StockGBEURJan 1992
VOW3 NBMV (Bolsa Mexicana de Valores)YesPreferred StockMXMXNJan 1992
VW-VBRSE (Berne Stock Exchange)YesPreferred StockCHCHFJan 1992
VOW3BIT (Borsa Italiana)YesPreferred StockITEURJan 1992
VOWWBAG (Wiener Boerse AG)YesPreferred StockATEURJan 1992
VOWSEP (The Stock Exchange Prague Co. Ltd.)YesPreferred StockCZCZKJan 1992
VOLKSWAGENBUSE (Budapest Stock Exchange)YesPreferred StockHUHUFJan 1992


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 and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars and Light Commercial Vehicles segment develops vehicles and engines, and light commercial vehicles; and produces and sells passenger cars and related parts. The Commercial Vehicles segment develops, produces, and sells 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. Volkswagen AG is a subsidiary of Porsche Automobil Holding SE. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/09 20:56
End of Day Share Price2020/04/09 00:00
Annual Earnings2019/12/31

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.