Volkswagen Stock: A Heavily Discounted Treasure Trove

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The next section was excerpted from this fund letter.


VW has an fairness market capitalisation of ~€73billion, apportioned roughly 65/35 to strange and most popular shares, which have equal financial rights, however the latter haven’t any voting

profitability of the JV’s has been in gradual decline since peaking in 2015

holding

shares

worth

€ worth

Carry worth

Notes

QuantumSpace

21.5%

68.24m

US$8.19

€ 559m

€1123m

Per listed worth 31 Mar 23

Gotion HiTech

24.7%

440.6m

¥29.81

€1,776m

€1021m

Per listed worth 31 Mar 23

Northvolt AB

23.6%

€ 911m

€ 911m

Per VW annual report Word 15 & p296

Northvolt AB c/observe

€ 240m

€ 240m

Per VW annual report p296

TOTAL

€3,486m

€3,296m

Demand for cars and high residuals are responsible for the significant lift in profits in VWFS during 2021 and 2022 illustrated in the table

€million

Est “mother or father” internet money

47,100

Contains receivables from associates, P911 and Traton totally adjusted for P911 float

75% P911 at market worth

80,623

Assumes NO premium on voting shares

88.3% Traton at market worth

7,868

China JV’s

11,500

3.5x proportionate earnings

Related (battery) corporations at market worth

3,486

See dialogue

Lamborghini at worth

11,000

See dialogue

VWFS at worth

23,000

See dialogue

Inexperienced Mobility

1,685

66% – owns Europcar Mobility

Pension liabilities (“mother or father”)

(20,738)

Web page 362 of 2022 Annual Report much less attributable to P911 and Traton

Diesel litigation

(4,200)

Word 38 2022 Annual Report and pages 420427 for detailed evaluation

NET VALUE OF NON-VW CORE BUSINESS

161,324

“Residual” ICE[6] enterprise earnings after overhead together with CARAID bills (€2bn)

19,025

€7,610 estimate at 2.5x EV/Working earnings – Skoda, VW, SEAT, Cupra, Audi,

Bentley

TOTAL EQUITY VALUE

180,349

Versus present €73billion

Attributable Worth (€bn)

Shares ((mn))

Attributable/ share

Present worth

low cost

Atypical

117.2

295.1

€397

€158.00

60%

Most popular

63.1

206.2

€306

€125.64

59%

Shares

Value

Worth (€mn)

VW strange shares

157.283m

€158.00

24,851

P911 strange shares

113.875m

€118.00

13,437

Assumes no voting premium

Different portfolio investments

116

Inrix, ETS

Money and receivables

1,067

Debt at 31.12.2022

(7,093)

Different liabilities

(276)

EQUITY AT MARKET PRICE

32,102

€104.84/share

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