Sell Volkswagen; Value Trap With Slowing Returns, Goldman Says
2014-08-08 06:49:55.322 GMT
By Brian Lysaght
Aug. 8 (Bloomberg) -- Volkswagen facing “bumpy road” with
limited benefit from MQB savings and modest organic growth,
Goldman Sachs says in note.
* Stalling returns, higher investment to lead to value
destruction over next 12 months
* VW pfd cut to sell from neutral; PT cut to EU179 from EU215
* 2014/15/16 oper profit ests. are 0%/4%/7% below consensus:
Goldman
* NOTE: VW has 25 buys, 13 holds, 3 sells; avg PT EU215
implies 29% upside: Bloomberg data
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To contact the editor responsible for this story:
Brian Lysaght at +44-20-7330-7908 or
blysaght@bloomberg.net
2014-08-08 06:49:55.322 GMT
By Brian Lysaght
Aug. 8 (Bloomberg) -- Volkswagen facing “bumpy road” with
limited benefit from MQB savings and modest organic growth,
Goldman Sachs says in note.
* Stalling returns, higher investment to lead to value
destruction over next 12 months
* VW pfd cut to sell from neutral; PT cut to EU179 from EU215
* 2014/15/16 oper profit ests. are 0%/4%/7% below consensus:
Goldman
* NOTE: VW has 25 buys, 13 holds, 3 sells; avg PT EU215
implies 29% upside: Bloomberg data
Link to Company News:{VOW GR <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the editor responsible for this story:
Brian Lysaght at +44-20-7330-7908 or
blysaght@bloomberg.net