Volkswagen: Execution Visibility Improves (Buy Confirmed)

Product cycle momentum (20+ launches, EV push) and improving order intake support a ~5% EBIT margin trajectory despite conservative guidance and macro headwinds. Better working capital management, lower inventories, and ongoing cost-cutting (€6bn target by 2030) underpin improved cash generation and industrial liquidity. At ~5x P/E with limited earnings volatility and optionality from assets, offer a compelling entry point. We remain buyers.