Volkswagen listed Porsche at 75 billion euros, nearly matching its own market cap. That makes the rest of VW look cheap. Unfortunately for shareholders, a complex spinoff and muddied governance mean that discount is there for a reason, writes Unmack1
A technical employee fixes a VW sign at the production line for the electric Volkswagen model ID.5 car in Zwickau, Germany, January 27, 2022. REUTERS/Matthias Rietschelinvestors should be cheering. The German carmaker’s listing of its Porsche subsidiary has been a rip-roaring success: it priced at the top end of the range amid a volatile market. By selling a 25% stake parent VW will raise 19.
spinoff did with Fiat Chrysler, now Stellantis . Yet so far, the benefits seem modest. Porsche’s market capitalisation nearly matches that of its parent, which was 81 billion euros on Thursday morning. , or 1.4 times 2023 operating profit. That’s around 17 billion euros on Berenberg numbers. The total carmaking operations would be worth 92 billion euros, using a 75 billion enterprise value for Porsche, and the cash raised through the IPO.Now throw in the book value of its financial services unit, worth 39 billion euros. And add the Chinese joint ventures, which could be worth 17.
The disconnect is likely down to VW’s own governance. Its largest shareholder is the Porsche and Piëch family vehicle, Porsche Automobil Holding SE
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