According to a report by Sutu on February 27, volkswagen group officially issued a statement, mentioning that volkswagen and porsche holding boards have reached a framework agreement to ensure that jets will be listed independently. However, some decisions need to be supplemented later, and eventually after the signing of the boards of directors of Volkswagen and Porsche Holdings.
According to public information, Porsche AG is a subsidiary of the Volkswagen Group, which completed the acquisition of 100% control of Porsche in 2012, and the Porsche Piech family directly and indirectly holds 53.3% of the voting rights of the entire Volkswagen Group.
It is worth noting that according to Wall Street forecasts, once Porsche Auto is successfully listed independently, its valuation may reach between 60 billion and 85 billion euros, while the current market value of the entire Volkswagen Group is about 112 billion euros, close to rebuilding a Volkswagen company. As a result, there are also people who laugh and say: "This could become one of the largest IPOs in Europe".
Porsche cars have always been regarded as the "treasure" of the Volkswagen Group. Among traditional car manufacturers, Porsche is almost the only brand that can maintain a profit margin of more than 15%. It can be said that Porsche is one of the few "high-quality assets" among Volkswagen's many subsidiaries. In fact, the Volkswagen Group sells about 9 million cars a year, with Porsche deliveries accounting for 1/30 (about 300,000 units) but a quarter of the group's profits.
Speaking of the world's luxury car brand, Porsche is undoubtedly a very famous one, but no one thought that it was this very famous luxury car manufacturing giant, but it was going to be independently listed from its parent company Volkswagen, many people will be very surprised that Porsche is trying to do what it wants to do, others are relying on the tree to cool off, Porsche is going to get away from the public, what is the reason for this?
First of all, we must admit that German Volkswagen is indeed a very successful automobile manufacturing enterprises, from the current development of the entire market, German Volkswagen has actually maintained a very clear and steady development model of the entire market over the years, in the international market, German Volkswagen has always maintained a relatively stable market development, among the world's auto giants, the market logic and market development of German Volkswagen are actually very stable. Is a market development logic of the German Volkswagen itself, if placed in the traditional capital market, the development logic of the German Volkswagen is no problem, and Porsche in the German Volkswagen system, backed by the tree is also a good choice, after all, as a luxury car brand, if you want to live independently in the market, it is actually not a particularly easy thing, backed by the Choice of the German Volkswagen is actually a good business model.
Secondly, let's look at why Porsche announced its independent listing at this time. This is because the German public is too stable, so that it has always been in a state of relatively stagnant or slow market development. At present, the market value level of German Volkswagen itself is actually relatively low, only 112 billion euros, then in this case, Porsche is in this system, in fact, the advantage is not obvious, especially in the recent period of Porsche's electric sports car in the market has achieved good market development results, in such a new energy vehicle is optimistic about the market background, Porsche is fully qualified to break out of their own performance, and even get a good market performance, So in such a situation, it is very uneconomical to stay in the volkswagen, for Porsche, it can fully use its advantages in the new energy vehicle market, and constantly enhance its market influence, so as to obtain enough market value of the capital market.
Third, Porsche's independent listing this time is likely to give a lot of luxury car brands a revelation, that is, the current car market actually has two completely different sets of valuation logic system, one is and Volkswagen, General Motors, Ford such as the valuation of traditional car companies, the overall level of its valuation is relatively low, and the other set is tesla as the representative of the Valuation of Internet companies, its valuation is very high, and for many luxury car brands may need to move closer to the latter, This is the logic of Porsche, and it may also become the logic of other luxury car brands.