Porsche Automobil Holding FRANKFURT: PAH3, P911

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Re: Porsche Automobil Holding FRANKFURT: PAH3

Postautor: slayer74 » 27 wrz 2022 12:42

BERLIN (Reuters) -Porsche AG shares are poised to price at the top end of the previously announced range, potentially valuing the sports car brand at up to 75 billion euros ($72 billion) in one of Europe's biggest ever listings.

Several bookrunners involved in the deal said Porsche's books were covered multiple times ahead of the company's market debut on Sept. 29.

Volkswagen (ETR:VOWG_p), Europe's largest carmaker and Porsche's owner, said earlier this month it would price preferred shares at 76.50-82.50 euros, giving a valuation of up to 75 billion euros.

Orders below the top end of the range risk missing out, as indicated demand has exceeded the full deal size, bookrunners said, with one describing demand as "incredibly robust".

Books will close at 1200 GMT on Sept. 28, with shares in Porsche AG, maker of the iconic 911 model, expected to start trading on the Frankfurt stock exchange on Sept. 29.

The strong demand comes despite the fact that valuations of other luxury carmakers, such as Aston Martin and Ferrari (NYSE:RACE), have fallen recently.

At the upper end of the valuation, the listing could be Germany's second-largest on record and the biggest in Europe since 1999, Refinitiv data showed.

The bumper flotation, generating between 18.1 billion and 19.5 billion euros, comes at a time when instability in European markets has meant almost no other share sales have taken place.

A total of 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million ordinary shares.

Up to 113,875,000 preferred shares, carrying no voting rights, will be sold to investors over the course of the initial public offering.
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Re: Porsche Automobil Holding FRANKFURT: PAH3

Postautor: slayer74 » 28 wrz 2022 11:01

Porsche's blockbuster IPO is no 'gamechanger' for Europe's battered markets

LONDON (Reuters) - Porsche's landmark listing is defying market turmoil giving a welcome boost to a battered pipeline of share sales but the deal is unlikely to open the floodgates, bankers and analysts say, with European listings facing their worst year since 2009.

As market volatility persists amid Europe's energy crisis and worsening economic forecasts, companies are holding off on their plans to go public.

Volkswagen (ETR:VOWG_p)'s decision to press ahead with the IPO of Porsche is perceived as a one-off deal whose success is closely linked to the appeal of its brand.

"One transaction alone cannot re-open the floodgates of IPO executions. This requires more predictable macro and reduced equity market volatility," said Antoine de Guillenchmidt, co-head of EMEA Equity Capital Markets at Goldman Sachs (NYSE:GS).

European companies have so far raised $44 billion, of which only $4.5 billion comes from IPOs, the lowest amount since the global financial crisis in 2009, according to Refinitiv data.

Graphic: Europe's frozen capital market- https://graphics.reuters.com/GLOBALQ3-R ... /chart.png

In the third quarter of the year proceeds from ECM deals in Europe dropped 82% to $8 billion from $46 billion in the same quarter last year – making it the worst quarter on record. Globally, proceeds from ECM transactions were down to $108 billion from $262 billion in the same period last year.

The slowdown means investment banking fees from European ECM deals have plunged 77% to $1.14 billion, the weakest figure in a decade, according to Refinitiv data.

Dealmakers are in the process of wrapping up orders for the long-awaited Porsche float, a deal that could see Volkswagen raising up to 9.4 billion euros.

The deal, backed by a cohort of cornerstone investors including Qatar Investment Authority and Norges Bank Investment Management, has so far garnered strong investor support.

Graphic: Can Porsche’s IPO revive investor interest?- https://graphics.reuters.com/GLOBALQ3-R ... /chart.png

Fees paid to banks have been capped to 1% of the total money raised from investors in the IPO, which is a small reward given underwriting fees for IPOs in Europe are on average 2% to 3% of the proceeds, according to Refinitiv.

"The positive response to the listing of Porsche is clearly helpful to the overall sentiment, but is not necessarily transformative in terms of activity levels in the near-term," said Martin Thorneycroft, head of EMEA cash equity capital markets at Morgan Stanley (NYSE:MS).

MIDDLE EAST FRENZY

The STOXX 600 pan-European index of shares is down around 20% year-to-date, while key volatility trackers remain elevated above levels usually seen as adequate to launch an IPO.

While the pipeline in continental Europe has dried up, the Middle East - which is less exposed to the energy crisis - has been more active, said Barclays (LON:BARC)' head of EMEA ECM Lawrence Jamieson, who pointed to six listings currently in the works.

"In the Middle East, there will continue to be a relatively healthy supply, with up to half a dozen or so possible IPOs", he said.

The European pipeline is thinner, with a maximum of three deals to come, Jamieson said.

"All of them are larger, liquid, more defensive type of names that have been in the pipeline for a while and who hadn't completely put pens down on preparatory work over the summer," Jamieson added.

Some European companies such as EQT-backed skincare firm Galderma and Spain's Mecalux have done most of the pre-work to launch their listing but they are waiting for a better environment to come to market.

"Specific IPO windows will only be open for top notch IPOs, or if there is a clear thesis why to do the listing," said Thorsten Pauli, head of ECM for Germany, Switzerland and Austria at Bank of America (NYSE:BAC).

"The pipeline is still there and a lot of companies still want to come to market, they recognise that they will have to be patient and wait for 2023 or look for alternatives", said Suneel Hargunani, co-head of EMEA capital markets at Citi.

Going forward, as interest rates continue to rise and companies look for financially efficient ways of refinancing their balance sheets, equity capital markets are likely to see a surge in convertible bond activity.

Convertible bonds offer companies an alternative to equity placements and bond issues to tap investors for fresh cash.

"We will see many more convertibles and mandatory convertible instruments because some issuers don't have many alternatives, and investors are still very keen," said Andreas Bernstorff, head of equity capital markets at BNP Paribas (OTC:BNPQY).

"There are two reasons: companies raising capital to finance acquisitions are going to be very careful about issuing straight stock and, secondly, because the hybrid market is so difficult", Bernstorff added.
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Re: Porsche Automobil Holding FRANKFURT: PAH3

Postautor: slayer74 » 29 wrz 2022 11:09

Porsche AG Shares Debut on Frankfurt Boerse

Investing.com -- Shares in Dr. Ing. h.c. F. Porsche AG Preferred (F:P911_p) debuted on the Frankfurt Stock Exchange on Thursday, as owner Volkswagen (ETR:VOWG_p) hopes to raise about €9.4 billion in one of the largest European initial public offerings on record.

VW priced 12.5% of preference shares in the famous car brand at €82.50 per share, hitting the top end of its previously estimated range and valuing the company at approximately €75 billion. These stakes do not hold any voting rights.

The listing will also see the Porsche-Piëch families snap up 25% plus one share in ordinary shares in the Stuttgart-based group at a 7.5% premium. The move will allow the powerful clan to regain direct control over a former family enterprise through its investment vehicle, Porsche Automobil Holding SE (ETR:PSHG_p).

In a statement, VW Group chief financial officer Arno Antlitz said the IPO grants greater autonomy to Porsche. He added that VW will also be able to use the funds garnered by the flotation to boost its transition to electric vehicles and digitalization.

"Today is a good day for Porsche and for Volkswagen," Antlitz said.

VW has also pledged to use half of the proceeds to deliver a one-time special dividend, with the rest dedicated to its electrification goals.

Shares in Porsche AG edged up marginally in early trading, while VW and Porsche SE fell.

VW has moved ahead with the float of Porsche despite deep concerns over the current macroeconomic backdrop. Supply chain constraints and soaring inflation have recently placed heavy pressure on automakers' ability to both produce and sell their vehicles.

However, Porsche's backers have argued that it can weather these headwinds thanks in part to the resilient recent demand for luxury brands from wealthy car buyers. In 2021, peers like Bentley and Rolls-Royce reported record revenues.
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Re: Porsche Automobil Holding FRANKFURT: PAH3

Postautor: slayer74 » 04 paź 2022 13:10

nvesting.com -- Porsche stock climbed back above its IPO price on Tuesday after the newly-listed German sports car manufacturer reported solid sales numbers from its key U.S. market in the third quarter.

Porsche said on Monday that it sold 16,581 cars in the U.S. in the three months through September, up 8.5% from a year ago as the supply bottlenecks that have hurt it over the last year eased, allowing it to meet robust customer demand.

As a result, sales for the first nine months of the year are now down only 4.9% on the year at 49,110 units.

Porsche said that the all-electric Taycan was its fourth most popular model during the period, after the Macan, 911 and Cayenne.

By 06:00 ET (1000 GMT), Porsche (F:P911_p) stock was up 1.5% at 83.02 euros in Frankfurt. It had slipped below its 82.50 euro price on Monday amid a broader selloff and lingering concerns that the IPO - which priced at the top of the bookbuilding range - had been priced too ambitiously.

Porsche's parent company Volkswagen (ETR:VOWG_p) raised 9.4 billion euros from the sale, which it intends to plow into its transition to electric carmaking.
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Re: Porsche Automobil Holding FRANKFURT: PAH3, P911

Postautor: slayer74 » 24 lis 2022 13:56

Porsche slips after AllianceBernstein gives carmaker "underperform" rating

Investing.com -- Shares in Dr Ing hc F Porsche AG Preferred (ETR:P911_p) fell on Wednesday after AllianceBernstein initiated its coverage of the sports car maker with an "underperform" rating.

In a note to clients, analysts at the global asset manager predicted the company, which was listed by majority owner Volkswagen (ETR:VOWG_p) at a $72 billion evaluation in September in Germany's second-largest market debut ever, will not post earnings growth next year due to weak consumer demand, cost headwinds and product delays.

They also noted that recent trading on Porsche's stock - now more than 30% above its IPO price of €82.5 (€1=$1.0336) a share - invites comparison more to a luxury goods business than a car manufacturer. But the analysts still set their price target at €85 a share, flagging that the current valuation ignores the "automotive risks" surrounding the Stuttgart-based firm.

"Near-term inflation will impact its automotive supplier and cost base, and inflation, as well as rising interest rates will cut into demand for its products," the analysts said.

"The pull of Porsche's brand may tide the higher-priced sports and [battery electric vehicle] cars through 2023, but the majority of Porsche's annual volumes are deep in the 'premium' price range (below €100k) and subject to greater cyclicality than true luxury cars."

They added that "a more realistic" price discovery of the stock will likely happen when a six-month lock-up of shares - a period after a flotation during which company insiders are prohibited from selling their holdings - ends in March.
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Re: Porsche Automobil Holding FRANKFURT: PAH3, P911

Postautor: slayer74 » 06 gru 2022 10:48

Porsche AG (ETR:P911_p) stock rose 0.8% after exchange operator Deutsche Boerse said on Monday the sportscar manufacturer will join the German blue-chip DAX index on Dec. 19, just over two months after its market debut.
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Re: Porsche Automobil Holding FRANKFURT: PAH3, P911

Postautor: slayer74 » 17 kwie 2023 10:52

Porsche posts record Q1 sales rise boosted by China

(Reuters) -Porsche AG posted a record year-on-year sales increase of 18% in the first quarter, boosted by China sales, the company said on Monday.

The German luxury carmaker delivered 21,365 cars in China, its largest single market, representing 21% growth over the previous year. The result there, which is the biggest among regions, was driven by the post-pandemic surge in demand.

Peer Mercedes delivered 191,000 vehicles in China in the first three months of 2023, which is 3% higher over the previous year.

Premium brands are benefiting from the rebound in demand in China, the biggest market for luxury products, after its harsh COVID-19 lockdown policy was scrapped in late 2022.

Worldwide, Porsche delivered 80,767 cars during the period, with an increase posted in every region. SUV models such as the Macan and Cayenne, as well as the iconic 911 sports car, were the most popular among Porsche customers.

"The good start makes us confident for the rest of the year - at the same time, we remain vigilant and flexible in an environment that remains challenging," said Detlev von Platen, Porsche's executive board member for sales and marketing.
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slayer74
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Re: Porsche Automobil Holding FRANKFURT: PAH3, P911

Postautor: slayer74 » 16 lip 2023 16:40

Obrazek

Niemcy: VfB Stuttgart zamienia Mercedesa na Porsche

Niemcy: VfB Stuttgart zamienia Mercedesa na PorscheKlub ze Stuttgartu uzgodnił z producentem luksusowych samochodów, Porsche, szeroko zakrojoną umowę sponsorską obejmującą również prawa do nazwy swojego stadionu. Jak tylko szczegóły porozumienia zostaną ostatecznie uzgodnione, to z nazwy obiektu zniknie dotychczasowy sponsor, również trudniący się sprzedażą aut sektora premium, Mercedes-Benz.

http://stadiony.net/aktualnosci/2023/06 ... na_porsche
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Re: Porsche Automobil Holding FRANKFURT: PAH3, P911

Postautor: slayer74 » 26 lip 2023 15:59

BERLIN (Reuters) -Porsche AG warned on Wednesday that supply chain problems were hampering battery-electric vehicle (BEV) production and pointed to slower growth in Europe and China, but kept its BEV sales target on the basis that luxury demand was more resilient to downturns.

The carmaker is facing "major challenges" in securing special parts like high voltage heaters, casting a shadow over its ability to hit its target for BEVs to account for around 12-14% of total sales, Chief Financial Officer Lutz Meschke said on a media call following half-year results.

"There is no week where we have no supply chain issue," Chief Executive Oliver Blume said. "We have to be very flexible." Hitting its EV target would require a far better supply situation in the second half, Meschke added.

Porsche shares were down 1.5% at 0815 GMT.

The company reported a 10.7% rise in operating profit to 3.85 billion euros ($4.25 billion) for the first half of the year, with revenue up 14% to 20.43 billion euros.

Deliveries were 14.7% higher than last year, signalling a recovery from the dent to output in the same period last year caused in part by lockdowns in China.

Looking ahead, Porsche said the recovery in the Chinese market was not progressing as expected, and that it foresaw a slowdown in the German market despite strong growth this year so far.

Still, the luxury market was more resilient than the mass market, Blume said, and the company had so far managed to offset higher costs by keeping pricing consistent on rising sales.

Its operating return on sales was 19.5% in the second quarter but 18.9% for the first half overall, below last year's 19.4%, Wednesday's statement showed.
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Re: Porsche Automobil Holding FRANKFURT: PAH3, P911

Postautor: slayer74 » 13 paź 2023 19:01

Porsche (ETR:PSHG_p) stock rose 0.2% after the German auto manufacturer said deliveries worldwide for the first nine months of 2023 were up 10% on the year, with growth seen in every region but China.
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Re: Porsche Automobil Holding FRANKFURT: PAH3, P911

Postautor: slayer74 » 16 paź 2023 15:37

Bernstein upgraded their coverage of German automaker, Porsche (OTC:POAHY) to a Market-Perform rating (From Underperform) and cut their 12-month price target by €1 to €90.00 as analysts see the company shifting its strategy from model-driven volume growth to a pricing-led model.

“The company's margins have trended in the upper teens, and we see the current strategy to reach 17% to 19% EBIT margin as a realistic outcome,” wrote the analysts at Bernstein in a note.

Nevertheless, Bernstein predicts a more sluggish increase in both volume and pricing, ranging between 4% and 6% per annum, in contrast to the company's projected 7% to 8% growth and the even loftier consensus expectations.

All major markets are showing signs of weaker consumer demand. Due to the importance of pricing and residual values in their strategy, Porsche is expected to limit its growth in the near future.

The delay of the electric Macan in 2024 will add to this challenge. While this delay will help Porsche avoid excessive discounts and continue to benefit from their price increases in 2023, it will also restrict their revenue growth in 2024 and 2025.

Bernstein’s forecast leads to a 5% EPS growth in 2024 and 2025, reaching €5.99 EPS in '24 and €6.33 EPS in '25. These figures fall 5% and 7% below the general consensus.

The company is aiming for a 50% dividend payout, and despite elevated capex, there should be no difficulty in achieving the target. The main risk could arise from any additional technology delays by Volkswagen (ETR:VOWG_p), potentially affecting Porsche's product cycle and necessitating increased investment by the company.
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