Major Operationals and Valuation comparison
Updated : January 21, 2022      
 
2021 (in million)VWDaimlerBMWTeslaFordGeneral Motors
$$$
Prices voting shares€ 258.60€ 71.67€ 95.43$ 996.27$ 21.65$ 54.65
number of shares 295.1 1069.8 602.0 1083.0 4022.0 1449.0
Prices preferent shares€ 187.64€ 79.00
number of shares 206.2 57.7
Market Capitalization 115004 76673 62007 1078960 87076 79188
Net Cash car, 25642.0, 19658.0, 22387.0, 16065.0, -29911.0, -19063.0
Enterprise Value (EV) 89362 57015 39620 1062895 116987 98251
 
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 Profit Q13,4143,4892,8331,0523,2623,022
Net Profit Q24,3903,1294,7901,6165612,745
Net Profit Q32,9032,0242,5842,0931,8322,386
Net Profit 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 Profit 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 January 21, 2022VWDaimlerBMWTeslaFordGeneral Motors
EV/Revenue 2021e 0.36 0.43 0.36 22.08 0.89 0.79
EV/EBIT 2021e 6.57 4.76 3.01 271.84 17.83 9.38
P/E 2021e 8.06 6.65 4.56 169.97 11.55 7.28
Prices voting shares€ 258.60€ 71.67€ 95.43$ 996.27$ 21.65$ 54.65
Net Cash per share€ 51.15€ 18.38€ 33.94$ 14.83$ -7.44$ -13.16
in percent of share price19.8%25.6%35.6%1.5%-34.4%-24.1%
Net Price (EV) per share€ 207.45€ 53.29€ 61.49$ 981.44$ 29.09$ 67.81
adjusted P/E or EV/E 1) 2) 7.28 4.95 2.98 167.44 15.52 9.04

1) Thus adjusted for Net Cash per share
2) Adjusted P/E or EV/E offers a far more precise valuation comparison than pure P/E since it is obviously far more attractive to pay for example 10 times earnings in case price is actually sharply 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 having generated substantial free cash flows for many successive years).
On the other side it much more risky is to pay substantial PEs for highly indebted companies, e.g. after companies used cheap money to blow up share price.

 
Surplus against minimum
VWDaimlerBMWTeslaFordGeneral Motors
EV/Revenue+0%+21%min=0.36+6055%+148%+120%
EV/EBIT+118%+58%min=3.01+8924%+492%+211%
P/E+77%+46%min=4.56+3630%+153%+60%
aP/E+144%+66%min=2.98+5517%+420%+203%
 

© Beurszout.nl This Overview provided for free, we can take no responsibility for errors