Major Operationals and Valuation comparison
Updated : August 9, 2022      
 
2022 (in million)VWMBGBMWTeslaFordGM
$$$
Price ordinary shares€ 189.65€ 59.53€ 77.18$ 871.27$ 15.78$ 37.56
number of shares 295.1 1069.8 602.0 1083.0 4022.0 1449.0
Price preferent shares€ 142.24€ 71.35
number of shares 206.2 57.7
Market Cap85,29663,68550,579943,58563,46754,424
Net Cash car28,20919,14029,53518,304-47,212-38,063
Enterprise Value (EV)57,08744,54521,044925,281110,67992,487
 
 
Revenue
in millionVWMBGBMWTeslaFordGM
2021 Q162,37632,52526,77810,38936,22832,474
2021 Q267,29334,48028,58211,95826,75234,167
2021 Q356,93131,64727,47113,75735,68326,779
2021 Q463,60035,24128,40817,71937,67833,584
2022 Q162,74234,85831,14218,75629,83035,979
2022 Q269,54336,44034,77016,93440,19035,759
2022 H1132,28571,29865,91235,69070,02071,738
TTM252,816138,186121,79167,166143,381132,101
 
 
EBIT
in millionVWMBGBMWTeslaFordGM
2021 Q14,8124,7893,7575943,9424,417
2021 Q26,1884,3745,9791,3127353,524
2021 Q32,5952,8993,4172,0041,8852,538
2021 Q45,3223,9663,9482,613-2,0373,818
2022 Q18,3235,22912,2273,6031,3234,044
2022 Q24,7354,6223,4262,4642,8882,343
2022 H113,0589,85115,6536,0674,2116,387
TTM20,97516,71623,01810,6844,05912,743
 
 
Net Income
in millionVWMBGBMWTeslaFordGM
2021 Q13,4143,4892,8331,0523,2623,022
2021 Q24,3903,7044,7901,6165612,745
2021 Q32,9032,0242,5842,0931,8322,386
2021 Q44,0711,8332,2562,8797,7751,866
2022 Q16,7243,67710,1853,318-3,1102,939
2022 Q23,9143,1073,0472,2596671,692
2022 H110,6386,78413,2325,577-2,4434,631
TTM17,61210,64118,07210,5497,1648,883
Total number of shares 501.3 1069.8 659.7 1083.0 4022.0 1449.0
2022 H1 per share€ 21.22€ 6.34€ 20.06$ 5.15$ -0.61$ 3.20
TTM per share€ 35.13€ 9.95€ 27.39$ 9.74$ 1.78$ 6.13
 
 
Valuation multiples TTM
VWMBGBMWTeslaFordGM
Prices as of August 9, 2022
Market Cap85,29663,68550,579943,58563,46754,424
Net Cash car28,20919,14029,53518,304-47,212-38,063
Enterprise Value (EV)57,08744,54521,044925,281110,67992,487
 
EV/Revenue 0.23 0.32 0.17 13.78 0.77 0.70
EV/EBIT 2.72 2.66 0.91 86.60 27.27 7.26
PE ratio 4.84 5.98 2.80 89.45 8.86 6.13
Adjusted PE ratio (EV/E) 1) 3.77 4.19 1.08 87.71 13.10 10.41

1) Adjusted for Net Cash per share

Price ordinary shares€ 189.65€ 59.53€ 77.18$ 871.27$ 15.78$ 37.56
Net Cash per share€ 57.21€ 17.89€ 47.59$ 16.90$ -7.56$ -26.27
in percentage of share price30.2%30.1%61.7%1.9%-47.9%-69.9%
Net Price (EV) per share€ 132.44€ 41.64€ 29.59$ 854.37$ 23.34$ 63.83

Adjusted PE ratio or EV/E offers a far more precise valuation comparison than PE ratio since it is obviously far more attractive to pay for example 10 times net income in case price is actually substantially reduced when there is much net cash (per share) on the balance sheet (which typically is rather unusual at companies, however not for German car builders, after for many successive years having generated substantial free cash flows).
On the other hand, it is much more risky to pay substantial PEs for (highly) indebted companies, e.g. after companies used cheap money to boost stock price.

 
 
Premiums against minimum (min)
VWMBGBMWTeslaFordGM
EV/Revenue+31%+87%min = 0.17+7873%+347%+305%
EV/EBIT+198%+191%min = 0.91+9373%+2883%+694%
PE ratio+73%+114%min = 2.80+3096%+217%+119%
aPE ratio+249%+288%min = 1.08+8020%+1113%+864%
 

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