Table of Contents

Quick Stock Overview
Volkswagen by the numbers.

1. Executive Summary
A brief discussion of Volkswagen and its potential appeal to value investors.

2. Extended Summary
A more detailed explanation of Volkswagen’s business and competitive position.

3. The Electrification Challenge
Why electrification is Volkswagen’s chance to take the lead.

4. Re-learning to Innovate
Turning VW into an industrial tech company

5. Porsche IPO, Risks and Valuation
The upcoming Porsche IPO, a potential limit to VW’s investment thesis, and a discussion of its current valuation

6. Conclusion
Why Volkswagen is worth a closer look.