Major Operationals and Valuation comparison

Updated : September 26, 2022



2022 (in million)	VW	MBG	BMW	Tesla	Ford	GM
	€	€	€	$	$	$
Price ordinary shares	€ 191.35	€ 53.99	€ 71.56	$ 275.33	$ 12.31	$ 35.48
number of shares	295.1	1069.8	602.0	3249.0	4022.0	1449.0
Price preferent shares	€ 140.48		€ 67.15
number of shares	206.2		57.7
Market Cap	85,434	57,759	46,954	894,547	49,511	51,411
Net Cash car	28,209	19,140	29,535	18,304	-47,212	-38,063
Enterprise Value (EV)	57,225	38,619	17,419	876,243	96,723	89,474


Revenue
in million	VW	MBG	BMW	Tesla	Ford	GM
2021 Q1	62,376	32,525	26,778	10,389	36,228	32,474
2021 Q2	67,293	34,480	28,582	11,958	26,752	34,167
2021 Q3	56,931	31,647	27,471	13,757	35,683	26,779
2021 Q4	63,600	35,241	28,408	17,719	37,678	33,584
2022 Q1	62,742	34,858	31,142	18,756	29,830	35,979
2022 Q2	69,543	36,440	34,770	16,934	40,190	35,759
2022 H1	132,285	71,298	65,912	35,690	70,020	71,738
TTM	252,816	138,186	121,791	67,166	143,381	132,101


EBIT
in million	VW	MBG	BMW	Tesla	Ford	GM
2021 Q1	4,812	4,789	3,757	594	3,942	4,417
2021 Q2	6,188	4,374	5,979	1,312	735	3,524
2021 Q3	2,595	2,899	3,417	2,004	1,885	2,538
2021 Q4	5,322	3,966	3,948	2,613	-2,037	3,818
2022 Q1	8,323	5,229	12,227	3,603	1,323	4,044
2022 Q2	4,735	4,622	3,426	2,464	2,888	2,343
2022 H1	13,058	9,851	15,653	6,067	4,211	6,387
TTM	20,975	16,716	23,018	10,684	4,059	12,743


Net Income
in million	VW	MBG	BMW	Tesla	Ford	GM
2021 Q1	3,414	3,489	2,833	1,052	3,262	3,022
2021 Q2	4,390	3,704	4,790	1,616	561	2,745
2021 Q3	2,903	2,024	2,584	2,093	1,832	2,386
2021 Q4	4,071	1,833	2,256	2,879	7,775	1,866
2022 Q1	6,724	3,677	10,185	3,318	-3,110	2,939
2022 Q2	3,914	3,107	3,047	2,259	667	1,692
2022 H1	10,638	6,784	13,232	5,577	-2,443	4,631
TTM	17,612	10,641	18,072	10,549	7,164	8,883
Total number of shares	501.3	1069.8	659.7	3249.0	4022.0	1449.0
2022 H1 per share	€ 21.22	€ 6.34	€ 20.06	$ 1.72	$ -0.61	$ 3.20
TTM per share	€ 35.13	€ 9.95	€ 27.39	$ 3.25	$ 1.78	$ 6.13


Valuation multiples TTM
	VW	MBG	BMW	Tesla	Ford	GM
Prices as of September 26, 2022
Market Cap	85,434	57,759	46,954	894,547	49,511	51,411
Net Cash car	28,209	19,140	29,535	18,304	-47,212	-38,063
Enterprise Value (EV)	57,225	38,619	17,419	876,243	96,723	89,474

TTM in million	€	€	€	$	$	$
Revenue	252,816	138,186	121,791	67,166	143,381	132,101
EBIT	20,975	16,716	23,018	10,684	4,059	12,743
Net Income	17,612	10,641	18,072	10,549	7,164	8,883

EV/Revenue	0.23	0.28	0.14	13.05	0.67	0.68
EV/EBIT	2.73	2.31	0.76	82.01	23.83	7.02
PE ratio	4.85	5.43	2.60	84.80	6.91	5.79
Adjusted PE ratio (EV/E) ¹⁾	3.25	3.63	0.96	83.06	13.50	10.07

¹⁾ Adjusted for Net Cash per share
Price ordinary shares	€ 191.35	€ 53.99	€ 71.56	$ 275.33	$ 12.31	$ 35.48
Net Cash per share	€ 57.21	€ 17.89	€ 47.59	$ 5.63	$ -7.56	$ -26.27
in percentage of share price	29.9%	33.1%	66.5%	2.0%	-61.4%	-74.0%
Net Price (EV) per share	€ 134.14	€ 36.10	€ 23.97	$ 269.70	$ 19.87	$ 61.75

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)
	VW	MBG	BMW	Tesla	Ford	GM
EV/Revenue	+58%	+95%	min = 0.14	+9022%	+372%	+374%
EV/EBIT	+261%	+205%	min = 0.76	+10738%	+3049%	+828%
PE ratio	+87%	+109%	min = 2.60	+3164%	+166%	+123%
aPE ratio	+237%	+277%	min = 0.96	+8518%	+1301%	+945%

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