Porsche AG IPO 2022 Find Out More From Atlantic Capital Markets
发布时间 2022-08-30 20:04:05 来源
摘要
Porsche AG currently has six core models available. These are the 718 Cayman and long standing iconic 911 sports cars, the recently launched and critically acclaimed electric sports car Taycan, the luxury Panamera four door, and the SUV offerings of both Macan and Cayenne.
Porsche are going from strength to strength especially since the brand expanded their range. In 2021 the firm produced over 300,000 vehicles, marking a new record for the company Porsche AG is profitable. The company has grown sales and profits for at least three consecutive years and generated over EUR33bn in sales and EUR4bn in pre-tax profit in 2021 Porsche AG, like the wider automotive industry, is currently battling against rampant inflation, supply chain bottlenecks and production disruption. Despite this Porsche AG has demonstrated its ability to keep growing despite the major headwinds considering the record delivery numbers seen in 2021.
‘Demand remains high and our order books are looking very robust, so we start 2022 full of momentum and confidence in all regions of the world,’ Porsche AG said earlier this year.
Looking towards the longer-term, the company is currently pursuing its ‘Porsche Strategy 2030’ that aims to ensure the company addresses the significant change happening within the automotive industry, whether it be the move to electric cars or the steady move toward autonomous driving.
Notably, around 25% of all the cars it sold in 2021 were electric, with the sales proportion in Europe and China coming in noticeably higher. Although Porsche AG has made its entry into the world of electric vehicles, management have previously said that Porsche will always offer combustion engines going forward. The way it plans to counter this is by making its balance sheet ‘CO2 neutral’ and by investing in plants to create new eFuels to make petrol cleaner.Porsche AG is currently owned by Volkswagen Group. The Volkswagen group has built up a strong portfolio of brands over the years and the two companies have worked together since the 1960s. Volkswagen acquired a 49.9% stake in Porsche AG back in 2009 before buying the rest of the business a few years later.
The overall ownership structure of Porsche SE, Volkswagen AG and Porsche AG is not the simplest and some will ask “How can Porsche IPO” when they are already listed. It is important to understand the overall shareholder structure of Volkswagen Group. Volkswagen is controlled by an entity named Porsche Automobil Holding SE (Porsche SE), which owns a 31.4% stake in the business, but over half of all the voting rights. Porsche SE is also a listed entity. All of Porsche SE’s ordinary shares are in the hands of members of the Porsche and Piëch families, although it does also have preference shares that are roughly split 50/50 between foreign institutional investors and German-based private investors.
The Porsche and Piëch families are descendants of Ferdinand Porsche, who founded Porsche back in April 1931 but only released his first branded automobile, the Type 365, much later in 1948.
Below is a breakdown of the ownership stake and voting rights held in Volkswagen:Media reports suggest Porsche AG could target a valuation of up to EUR90bn, which would make it one of Germany’s largest-ever listings. However, this is just media reports and a clearer valuation will be sought closer to the date.
If we use the EUR90bn valuation and work on 12.5% of its overall shares being floated, the IPO would raise somewhere in the region of EUR11bn. Volkswagen has said it plans to pay out 49% of total gross proceeds from the listing to shareholders via a special dividend, with the rest being used Volkswagen have said it was exploring the potential of spinning-off Porsche through its own IPO in February 2022, stating a listing ‘would provide more entrepreneurial freedom to Porsche AG, while crystalizing the company’s value for Volkswagen shareholders’.
Volkswagen also believe listing Porsche would help fuel the next step in Volkswagen’s transformation from brand manufacturer to a vertically integrated mobility group. This should(if all goes to plan) help provide additional flexibility to accelerate the group’s new auto strategy that will see it invest heavily in areas like software for autonomous driving, battery technology and recycling, and charging infrastructure.
Although Volkswagen is a world-renowned brand, the company is made up of a large range of brands. They cater for the whole spectrum of consumers from everyday brands like Skoda and Seat right through to premium brands like Lamborghini, Porsche, Ducati, Audi and Bentley. Within this mix of brands, Porsche AG has been one of the most successful by focusing on quality and serving the top-end of the market. While Porsche accounted for just 3.5% of all the deliveries made by Volkswagen in 2021, the brand generated 12% of the company’s overall revenue and 26% of its operating profit.Gareth Hazelden
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