(CercleFinance.com) – Oddo BHF maintains its ‘neutral’ rating on Volkswagen shares with a price target raised from 110 to 115 euros.
The manufacturer published its preliminary results on Friday with a turnover of €87 billion in the 4th quarter, better than expected (E80 billion). The results will be published on March 13.
The 2024 outlook stands out beyond a consensus that remains cautious on turnover and EBIT, which suggests upward revisions (nevertheless already integrated since pre-close call – PCC)
‘The pre-close call had suggested a solid end to the year which was therefore confirmed but the disappointment came from the 2024 objectives which seem more cautious than what the comments during this same pre-close call suggested, hence the negative reaction (-4.9%)’, underlines the analyst.
For 2024, the manufacturer is targeting turnover growth of up to 5%, i.e. turnover significantly higher than expectations (338 ME vs consensus 318 ME), driven by growth in volumes and product launches.
The significantly higher turnover suggests an EBIT in the middle of the range at €24.5 billion (vs consensus at €22.5 billion).
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