Major Operationals and Valuation comparison

Updated : June 10, 2023



2022 (in million)	VW	MBG	BMW	Tesla	Ford	GM
	€	€	€	$	$	$
Price ordinary shares	€ 145.00	€ 70.50	€ 102.50	$ 244.40	$ 13.74	$ 36.23
number of shares	295.1	1069.8	602.0	3249.0	4022.0	1449.0
Price preferent shares	€ 117.84		€ 97.00
number of shares	206.2		57.7
Market Cap	67,088	75,421	67,302	794,056	55,262	52,497
Net Cash car	31,553	23,303	31,405	18,915	-49,110	-34,356
Enterprise Value (EV)	35,535	52,118	35,897	775,141	104,372	86,853


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 Q3	70,712	37,716	37,176	18,692	39,392	38,703
2022 Q1-Q3	202,997	109,014	103,088	54,382	109,412	110,441
TTM	266,597	144,255	131,496	72,101	147,090	144,025


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 Q3	4,039	5,344	4,603	3,688	504	4,287
2022 Q1-Q3	17,097	15,195	20,256	9,755	4,715	10,674
TTM	22,419	19,161	24,204	12,368	2,678	14,492


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 Q3	2,133	3,998	3,175	3,292	-930	3,305
2022 Q1-Q3	12,771	10,782	16,407	8,869	-3,373	7,936
TTM	18,623	11,724	18,535	10,715	5,999	8,189
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
	VW	MBG	BMW	Tesla	Ford	GM
Prices as of June 10, 2023
Market Cap	67,088	75,421	67,302	794,056	55,262	52,497
Net Cash car	31,553	23,303	31,405	18,915	-49,110	-34,356
Enterprise Value (EV)	35,535	52,118	35,897	775,141	104,372	86,853

TTM in million	€	€	€	$	$	$
Revenue	266,597	144,255	131,496	72,101	147,090	144,025
EBIT	22,419	19,161	24,204	12,368	2,678	14,492
Net Income	18,623	11,724	18,535	10,715	5,999	8,189

EV/Revenue	0.13	0.36	0.27	10.75	0.71	0.60
EV/EBIT	1.59	2.72	1.48	62.67	38.97	5.99
PE ratio	3.60	6.43	3.63	74.11	9.21	6.41
Adjusted PE ratio (EV/E) ¹⁾	1.91	4.45	1.94	72.34	17.40	10.61

¹⁾ Adjusted for Net Cash per share
Price ordinary shares	€ 145.00	€ 70.50	€ 102.50	$ 244.40	$ 13.74	$ 36.23
Net Cash per share	€ 62.94	€ 21.78	€ 47.60	$ 5.82	$ -12.21	$ -23.71
in percentage of share price	43.4%	30.9%	46.4%	2.4%	-88.9%	-65.4%
Net Price (EV) per share	€ 82.06	€ 48.72	€ 54.90	$ 238.58	$ 25.95	$ 59.94
EPS per share	€ 37.15	€ 10.96	€ 28.10	$ 3.30	$ 1.49	$ 5.65
Adjusted PE ratio (EV/E)	1.91	4.45	1.94	72.34	17.40	10.61

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	min = 0.13	+171%	+105%	+7966%	+432%	+352%
EV/EBIT	+7%	+83%	min = 1.48	+4126%	+2528%	+304%
PE ratio	min = 3.60	+79%	+1%	+1957%	+156%	+78%
aPE ratio	min = 1.91	+133%	+1%	+3691%	+812%	+456%

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