Volkswagen: Oddo confirms ratint after results
(CercleFinance.com) - Following the announcement of VW's 2018 results, Oddo confirms its buy rating on the share, with a target price of 182 euros.
Oddo says that performance by division has overall been in line with the group's guidance, with the exception of the VW brand, whose underlying OM is 3.8%, against the bottom of the 4% to 5% range, while the Audi brand has just missed its target range of 8% to 10% (7.9%).
Underlying Operating profit excluding diesel-related charges (3.2 billion euros) increased slightly to 17.1 billion euros (+0.4%), with an OM of 7.3%, at the top of its guidance range (6.5%-7.5%).
For 2019, despite uncertain market conditions, the group expects a slight increase in volumes and top-line growth of up to 5%, thanks to its numerous new models and the pursuit of its SUV offensive. It again aims for an underlying operating margin of 6.5% to 7.5% with H2 better than H1, Oddo says.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Oddo says that performance by division has overall been in line with the group's guidance, with the exception of the VW brand, whose underlying OM is 3.8%, against the bottom of the 4% to 5% range, while the Audi brand has just missed its target range of 8% to 10% (7.9%).
Underlying Operating profit excluding diesel-related charges (3.2 billion euros) increased slightly to 17.1 billion euros (+0.4%), with an OM of 7.3%, at the top of its guidance range (6.5%-7.5%).
For 2019, despite uncertain market conditions, the group expects a slight increase in volumes and top-line growth of up to 5%, thanks to its numerous new models and the pursuit of its SUV offensive. It again aims for an underlying operating margin of 6.5% to 7.5% with H2 better than H1, Oddo says.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.