Volkswagen AG manufactures and sells automobiles primarily in Europe, North America, South America, and the Asia-Pacific. The company operates in four segments: Passenger Cars and Light Commercial Vehicles, Commercial Vehicles, Power Engineering, and Financial Services. The Passenger Cars and Light Commercial Vehicles segment develops vehicles, engines, and vehicle software; and light commercial vehicles; and produces and sells passenger cars and related parts. The Commercial Vehicles segment develops, produces, and sells trucks and buses; and offers parts and related services. The Power Engineering segment offers large-bore diesel engines, turbomachinery, and propulsion components. The Financial Services segment provides dealer and customer financing, leasing, banking and insurance, fleet management, and mobility services. The company also offers motorcycles. It provides its products under the Volkswagen Passenger Cars, Audi, KODA, SEAT, Bentley, Porsche, Volkswagen Commercial Vehicles, Scania, MAN, Lamborghini, Ducati, and Bugatti brands. Volkswagen AG was founded in 1937 and is based in Wolfsburg, Germany. Volkswagen AG operates as a subsidiary of Porsche Automobil Holding SE.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	279,050	322,284	324,656	324,973.3	331,666.8	341,359.3	341,359.3	341,359.3
Revenue % Chg.	11.5%	15.5%	0.7%
EBIT	23,068	24,099	22,918	9,784	17,647	20,828.2	20,828.2	20,828.2
EBIT Margin	8.3%	7.5%	7.1%
Tax Rate	28.2%	22.7%	26.2%
NOPAT	16,569.6	18,635.3	16,902.5	6,824.9	12,960.7	15,567.6	15,567.6	15,567.6
NOPAT Margin	5.9%	5.8%	5.2%	2.1%	3.9%	4.6%	4.6%	4.6%
D&A	12,907	11,415	12,440	23,167.5	22,310.5	21,932.3	21,932.3	21,932.3
D&A / Revenue	4.6%	3.5%	3.8%
Capex	-12,948	-14,653	-17,202	-25,891.1	-25,626.2	-23,786.8	-23,786.8	-23,786.8
Capex / Revenue	-4.6%	-4.5%	-5.3%
Chg. NWC	-19,886	-28,741	-28,898	-27,021.9	-27,578.5	-28,384.4	-28,384.4	-28,384.4
Chg. NWC / Revenue	-7.1%	-8.9%	-8.9%
Unlevered FCF (UFCF)	-3,357.4	-13,343.7	-16,757.5	-22,920.6	-17,933.5	-14,671.3	-14,671.3	-14,671.3
UFCF % Chg.	-126.3%	297.4%	25.6%	36.8%	-21.8%	-18.2%	—	—
PV of UFCF	—	—	—	-22,418.8	-17,156.8	-13,728.5	-13,428	-13,133.9
Sum of PV of UFCF	—	—	—	-22,418.8	-39,575.5	-53,304.1	-66,732	-79,866

Cost of Debt
Tax Rate
After Tax Cost of Debt	1.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.8%
Total Debt	254,081
Market Cap	46,306.2
Total Capital	300,387.2
Debt Weighting	84.6%
Equity Weighting	15.4%
WACC	2.2%

Exit Multiple EV/FCF
Terminal Value	226,914.5
PV of Terminal Value	198,689.6
Cumulative PV of UFCF	-79,866
Net Debt	195,937
Equity Value	-77,113.4
Shares Outstanding	501.3
Implied Share Price	-153.8
Current Share Price	107.5
Implied Upside / (Downside)	-243.1%