Major Operationals and Valuation comparison
Updated : July 4, 2022      
 
2021 (in million)VWDaimlerBMWTeslaFordGeneral Motors
€€€$$$
Price ordinary shares€ 174.55€ 53.88€ 73.10$ 681.79$ 11.32$ 32.19
number of shares 295.1 1069.8 602.0 1083.0 4022.0 1449.0
Price preferent shares€ 127.48€ 67.95
number of shares 206.2 57.7
Market Capitalization77,79657,64147,927738,37945,52946,643
Net Cash car25,64219,65822,38716,065-29,911-19,063
Enterprise Value (EV)52,15437,98325,540722,31475,44065,706
 
Revenue Q162,37632,52526,77810,38936,22832,474
Revenue Q267,29334,48028,58211,95826,75234,167
Revenue Q356,93131,64727,47113,75735,68326,779
Revenue Q1-Q3186,60098,65282,83136,10498,66393,420
 
EBIT Q14,8124,7893,7575943,9424,417
EBIT Q26,1884,2945,9791,3127353,524
EBIT Q32,5952,8993,4172,0041,8852,538
EBIT Q1-Q313,59511,98213,1533,9106,56210,479
 
Net Income Q13,4143,4892,8331,0523,2623,022
Net Income Q24,3903,1294,7901,6165612,745
Net Income Q32,9032,0242,5842,0931,8322,386
Net Income Q1-Q310,7078,64210,2074,7615,6558,153
 
Total number of shares 501.3 1069.8 659.7 1083.0 4022.0 1449.0
Net Income Q1-Q3 per share€ 21.36€ 8.08€ 15.47$ 4.40$ 1.41$ 5.63
 
Valuation multiples (for the year 2021)
Prices as of July 4, 2022VWDaimlerBMWTeslaFordGeneral Motors
EV/Revenue 2021e 0.21 0.29 0.23 15.00 0.57 0.53
EV/EBIT 2021e 3.84 3.17 1.94 184.73 11.50 6.27
PE ratio 2021e 5.45 5.00 3.52 116.32 6.04 4.29
Price ordinary shares€ 174.55€ 53.88€ 73.10$ 681.79$ 11.32$ 32.19
Net Cash per share€ 51.15€ 18.38€ 33.94$ 14.83$ -7.44$ -13.16
in percentage of share price29.3%34.1%46.4%2.2%-65.7%-40.9%
Net Price (EV) per share€ 123.40€ 35.50€ 39.16$ 666.96$ 18.76$ 45.35
adjusted PE ratio or EV/E 1) 2) 4.33 3.30 1.90 113.79 10.01 6.04

1) Thus adjusted for Net Cash per share
2) Adjusted PE ratio or EV/E offers a far more precise valuation comparison than plain 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 (m)
VWDaimlerBMWTeslaFordGeneral Motors
EV/Revenuem=0.21+38%+10%+7058%+174%+152%
EV/EBIT+98%+63%m=1.94+9414%+492%+223%
PE ratio+55%+42%m=3.52+3203%+71%+22%
aPE ratio+128%+74%m=1.90+5894%+427%+218%
 

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