Volkswagen (VOW3 GR/VOW GR): Prefs/Ords: Buy/Buy: Everlence divestment moves forward

Research evidence excerpt

Volkswagen (VOW3 GR/VOW GR): Prefs/Ords: Buy/Buy: Everlence divestment moves forward

ng latest actual book value (minus Porsche iv) Legal risks related to Diesel gate and hardware

FinCo’s book value) using an unchanged price/book multiple of 0.7x, in line retrofits of diesel cars in Europe: Uncertainty

with our multiples of other OEMs, resulting in a slightly higher EUR31.1bn regarding the total costs of the emission scandal has

(previously: EUR30.5bn) value for the business. declined but still poses some downside risk. The main

downside risk which continues is damages claims from

Stakes and joint ventures:

VW shareholders, for which the company has not yet set

Porsche AG: We value VW’s 75% stake in Porsche AG at our new target aside any provisions.

price of EUR40.0 (previously: EUR45.0) which results in a fair value of

EUR27.3bn (previously: EUR30.7bn) for this business.

Quantumscape (QS US, Hold, USD7.00): Value this in line with its current

market cap.

Traton (8TRA GR, NR, EUR31.78): We value VW’s 87.5% stake at its

current market capitalisation.

Xpeng (XPEV US, Buy, USD19.29): We value VW’s 5% stake in XPeng at

its current market capitalisation.

The value of the Quantumscape, Traton and Xpeng stake is together at

EUR15.9bn (previously: EUR15.4bn) based on their latest market caps.

China JVs: We value China JVs using a summation of the forecast

dividend cash inflow from the JVs, leading to a EUR1.2bn (previously:

EUR1.5bn) value.

Holding discount: We apply an unchanged holding discount of 40% for

PAG, Traton, Quantumscape, XPeng and China JV businesses as we

believe the market does not give VW full credit for these businesses.

Cash with the business: We deduct P911 net cash number from VW’s

1Q26a reported net cash (4Q25a), resulting in a total value of EUR27.3bn