“This is not a car. It’s a social status, a jewel that we wear and of which we are proud, in short, a luxury product.


It sometimes takes a lot of heart to follow the bends of a mountain road at the wheel of a Porsche Carrera (especially if you’re a passenger). We must also not be afraid of tight turns and vertiginous slopes when we want to go public today. Besides, few risk it. And that should last for some time, as long as central banks do not get inflation under control. But that does not scare the descendants of Ferdinand Porsche, happy inventor of the Volkswagen Beetle and the Porsche 911.

The German manufacturer will be listed on the stock market on September 29 at a stratospheric valuation of more than 70 billion dollars (70 billion euros), or 80% of the total valuation of its parent company, Volkswagen, which nevertheless produces thirty times more of cars, including the luxurious Audis. It will be one of the largest stock market transactions in Europe and the largest in Germany since the launch of the telephone operator Deutsche Telekom in 1996.

Liquidity and governance

The financial conditions of the IPO do not win the enthusiasm of analysts, who question liquidity and governance. The free float accessible to ordinary investors will be limited to 12.5% ​​of the capital. In addition, a part is already reserved for the faithful, such as the sovereign wealth fund of Qatar, already a large shareholder of Volkswagen, as well as that of Norway, that of Abu Dhabi and the American fund T. Rowe Price. Finally, the company will be very little independent, since, for the moment at least, its boss will be the same as that of its parent company, Oliver Blume, newly appointed head of Volkswagen.

Yes, but here it is, as the painter René Magritte would have said about his famous canvas this is not a pipeif you look at a Porsche Cayenne, tell yourself that this is not a car. It is a social status, a perfect piece of jewelry that we wear and of which we are proud, in short, a luxury product. Not even high end. The firm will be worth on the stock market one and a half times more expensive than stars of the field like Mercedes or BMW. And twice as expensive as behemoths like Toyota or Stellantis. Its only comparable rival might be Ferrari, but this one inhabits yet another world, that of ultra-luxury. Twenty times smaller than Porsche, the Italian firm, whose smallest car sells for 250,000 euros, is worth more than 30 billion euros on the stock market. It is expensive to turn.

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