Major Operationals and Valuation comparison
Updated : September 30, 2023      
 
2022 (in million)VWMBGBMWTeslaFordGM
€€€$$$
Price ordinary shares€ 125.00€ 67.41€ 97.89$ 276.04$ 12.62$ 33.66
number of shares 295.1 1069.8 602.0 3249.0 4022.0 1449.0
Price preferent shares€ 109.70€ 89.60
number of shares 206.2 57.7
Market Cap59,50872,11564,100896,85450,75848,773
Net Cash car31,55323,30331,40518,915-49,110-34,356
Enterprise Value (EV)27,95548,81232,695877,93999,86883,129
 
 
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 Q370,71237,71637,17618,69239,39238,703
2022 Q1-Q3202,997109,014103,08854,382109,412110,441
TTM266,597144,255131,49672,101147,090144,025
 
 
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 Q34,0395,3444,6033,6885044,287
2022 Q1-Q317,09715,19520,2569,7554,71510,674
TTM22,41919,16124,20412,3682,67814,492
 
 
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 Q32,1333,9983,1753,292-9303,305
2022 Q1-Q312,77110,78216,4078,869-3,3737,936
TTM18,62311,72418,53510,7155,9998,189
Total number of shares 501.3 1069.8 659.7 3249.0 4022.0 1449.0
2022 Q1-Q3 per share€ 25.48€ 10.08€ 24.87$ 2.73$ -0.84$ 5.48
EPS per share€ 37.15€ 10.96€ 28.10$ 3.30$ 1.49$ 5.65
 
 
Valuation multiples TTM
VWMBGBMWTeslaFordGM
Prices as of September 30, 2023
Market Cap59,50872,11564,100896,85450,75848,773
Net Cash car31,55323,30331,40518,915-49,110-34,356
Enterprise Value (EV)27,95548,81232,695877,93999,86883,129
 
TTM in million€€€$$$
Revenue266,597144,255131,49672,101147,090144,025
EBIT22,41919,16124,20412,3682,67814,492
Net Income18,62311,72418,53510,7155,9998,189
 
EV/Revenue 0.10 0.34 0.25 12.18 0.68 0.58
EV/EBIT 1.25 2.55 1.35 70.98 37.29 5.74
PE ratio 3.20 6.15 3.46 83.70 8.46 5.96
Adjusted PE ratio (EV/E) 1) 1.50 4.16 1.76 81.94 16.65 10.15

1) Adjusted for Net Cash per share

Price ordinary shares€ 125.00€ 67.41€ 97.89$ 276.04$ 12.62$ 33.66
Net Cash per share€ 62.94€ 21.78€ 47.60$ 5.82$ -12.21$ -23.71
in percentage of share price50.4%32.3%48.6%2.1%-96.8%-70.4%
Net Price (EV) per share€ 62.06€ 45.63€ 50.29$ 270.22$ 24.83$ 57.37
EPS per share€ 37.15€ 10.96€ 28.10$ 3.30$ 1.49$ 5.65
Adjusted PE ratio (EV/E) 1.50 4.16 1.76 81.94 16.65 10.15

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/Revenuemin = 0.10+223%+137%+11512%+548%+450%
EV/EBITmin = 1.25+104%+8%+5593%+2891%+360%
PE ratiomin = 3.20+92%+8%+2519%+165%+86%
aPE ratiomin = 1.50+177%+18%+5358%+1009%+576%
 

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