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CONSUMER CYCLICALS: Volkswagen (VW A3/BBB+/A-): 2Q Revenue Preview

CONSUMER CYCLICALS
  • Volkswagen reports revenue numbers on Wednesday. Consensus sees YoY growth just shy of 3%. FY revenue estimates have held steady since 1Q results.
  • Having built up inventory for key product launches, the market will want to see targets hit here for reassurance. Margins will be a bigger focus once 2Q results drop in a few weeks’ time, having missed last time out.
  • Spreads are 8bp tighter over 3 months, outperforming the sector average of 1bp.

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