1). Despite posting healthy profits, Volkswagen shares trade at a discount to peers due to bad reputation among investors.
2). A disastrous capital hike, an expensive foray into truck business and uncertainty about the reason for a share buyback have in recent years left investors bewildered.
3). The main problem with Volkswagen is the past.
4). Many investors have been disappointed and frightened away.
5). Volkswagen shares trade at about nine times the 2002 estimated earnings, compared to BMW's 19 and are the second cheapest in the sector.
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