Independent equity research
Is Volkswagen AG (preference) (VOW3) a Buy, Hold or Sell?
Volkswagen AG (preference) — our independent, AI-built valuation and rating, in brief.
BUY (accumulate)
12-mo fair value
€95.40
To fair value
+18%
By · report dated 2026-09-03 · fair value derived independently of the market price.
The thesis, in brief
Volkswagen's stakes in Porsche AG and TRATON are worth EUR 46.2bn against a correctly measured group market value of EUR 37.3bn, so the market pays minus EUR 9bn for a business holding EUR 32.7bn of automotive net cash; we are wrong if the Supervisory Board refuses the 2030 restructuring
How we value it
We value Volkswagen AG (preference) using Sum of the parts: listed stakes marked, finance arm on book, industrial stub capitalised. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Volkswagen AG (preference) report
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