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VW trucks division targets strong profitability gain in 2017

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03/20/2017 | 03:20pm CET
The Volkswagen logo is seen during the 87th International Motor Show at Palexpo in Geneva

Volkswagen's (>> Volkswagen AG) truck division aims to significantly increase its profitability this year as deepening cooperation between the MAN and Scania brands and improving overseas markets spur business, it said on Monday.

Volkswagen's (>> Volkswagen AG) truck division aims to significantly increase its profitability this year as deepening cooperation between the MAN and Scania brands and improving overseas markets spur business, it said on Monday.

Volkswagen (VW), which launched a new truck & bus division in 2015 to challenge global rivals Daimler (>> Daimler AG) and Volvo (>> Volvo AB), is targeting a long-term operating margin target of 9 percent, up from 6.1 percent last year.

"We are not striving to become a volume champion, we want to be the most profitable ones," chief executive Andreas Renschler told journalists, referring to improving markets in Western Europe, Russia and China.

But finance chief Matthias Gruendler made clear a significant improvement in financial results requires a rebound in the key Brazilian market where the VW division commands a 37-percent share of the country's commercial-vehicles market.

Overall truck and bus sales in Brazil have been falling for four years but demand is expected to rebound slightly in the second half of the year amid the improving economy with a chance for stronger growth in 2018, Gruendler said.

"Brazil has always been an important market and is characterized by a high degree of cyclicality," chief executive Andreas Renschler said.

Under Renschler, who ran Daimler Trucks before joining VW in February 2015, Europe's largest automotive group has also been seeking to expand its footprint in international truck markets.

Last year, VW announced a stake purchase in U.S. truck maker Navistar International Corp (>> Navistar International Corp) which may earn the German group access to the vast North American truck market, and is also in talks about finding a new partner in China.

"We are currently in discussions about different opportunities," Renschler said. "All options are open" including a possible increase in MAN's (>> Man SE) stake in China's Sinotruk (>> Sinotruk (Hong Kong) Limited) and finding a new partner.

(Reporting by Andreas Cremer and Irene Preisinger; Editing by Maria Sheahan)

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Financials (€)
Sales 2017 163 B
EBIT 2017 14 547 M
Net income 2017 9 885 M
Finance 2017 17 426 M
Yield 2017 5,06%
P/E ratio 2017 7,47
P/E ratio 2018 7,55
EV / Sales 2017 0,35x
EV / Sales 2018 0,39x
Capitalization 73 787 M
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 76,5 €
Spread / Average Target 11%
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Managers
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Dieter Zetsche Chairman-Management Board
Manfred Bischoff Chairman-Supervisory Board
Jan Brecht Chief Information Officer
Ola Kaellenius Head-Group Research
Clemens A. H. Boersig Member-Supervisory Board
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