EU AUTOMOTIVE: Volkswagen: 3Q25 Results
Oct-30 07:34
(VW; Baa1/BBB+/A-neg)
Overall neutral. Results are marginally positive, while flagging chips supply risk is a concern.
- Revenue 5% ahead of BBG consensus, up 1% YTD.
- Adj. EBIT beat by 60%, with margin 120bp ahead at 4.2%. Tariff impact was 70bp. Core brands outperformed.
- Reported EBIT margin was -1.3% following Porsche impairment.
- Reported auto net cash flow firm at €3.2bn.
- Auto net cash increased from €28.4bn to €31bn QoQ.
- VW FS RoE 3ppts better YTD at 12.9%.
- FY25 guidance confirmed, assuming semiconductor availability. Restructuring is on track.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURIBOR OPTIONS: Mid Curve Call Spread
Sep-30 07:29
0RV5 98.00/98.0625cs, bought for 1.25 in 5k.
SONIA OPTIONS: Ratio Put Spread
Sep-30 07:23
SFIF6 96.25/96.15ps 1x2, bought for 1.5 in 1k.
SILVER TECHS: Bull Cycle Extends
Sep-30 07:12
- RES 4: $49.444 - 3.236 proj of the Sep 4 - 16 - 17 price swing
- RES 3: $49.000 - Round number resistance
- RES 2: $47.857 - 2.618 proj of the Sep 4 - 16 - 17 price swing
- RES 1: $47.251 - 2.382 proj of the Sep 4 - 16 - 17 price swing
- PRICE: $46.666 @ 08:11 BST Sep 30
- SUP 1: $44.601/42.933 - Low Sep 26 / 20-day EMA
- SUP 2: $40.619 - 50-day EMA
- SUP 3: $38.580 - Low Aug 28
- SUP 4: $36.965 - Low Aug 20
Trend signals in Silver remain bullish. The metal traded higher on Monday as the bull cycle extends. Note that moving average studies are in a bull-mode position too, reinforcing current conditions. Sights are $47.251 next, a 2.382 projection of the Sep 4 - 16 - 17 price swing. Clearance of this level would pave the way for a climb towards $47.857, the 2.618 projection. Initial firm support to watch lies at $42.933, the 20-day EMA.
