Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

Equity Bottom-Up

<ul><li>The number 911 is significant to Porsche as it represents their iconic first edition launched in 1963</li><li>Porsche focuses on drivability, handling, and performance in their sports cars</li><li>Porsche has built an iconic brand over seven decades with a focus on fulfilling customers' dreams of driving a sporty, exclusive car</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The number 911 is significant to Porsche as it represents their iconic first edition launched in 1963Porsche focuses on drivability, handling, and performance in their sports carsPorsche has built an iconic brand over seven decades with a focus on fulfilling customers' dreams of driving a sporty, exclusive carThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Porsche and Volkswagen CEO: Leadership, iconic cars & Chinese competition

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Porsche SE is trading at a 35.3% discount to NAV, vs. 32.4% long-term average, implying a 68% probability that Porsche SE will be liable for c. €6.5 billion legal claims.</li>
<li>I think this is too harsh. Shares are trading at a Fwd P/E of 2.5x and a dividend yield of 7.8%, which I consider very attractive. </li>
<li>Porsche SE presents an attractive opportunity to gain exposure to Volkswagen and Porsche AG. Porsche SE is focusing on deleveraging which should drive a reduction in the discount.</li>
</ul>


Porsche SE is trading at a 35.3% discount to NAV, vs. 32.4% long-term average, implying a 68% probability that Porsche SE will be liable for c. €6.5 billion legal claims.
I think this is too harsh. Shares are trading at a Fwd P/E of 2.5x and a dividend yield of 7.8%, which I consider very attractive. 
Porsche SE presents an attractive opportunity to gain exposure to Volkswagen and Porsche AG. Porsche SE is focusing on deleveraging which should drive a reduction in the discount.


Porsche Automobile Holding: H1, Model Update, Discount to NAV

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

CK Infrastructure Holdings / Event-Driven

<ul>
<li>The Aussie Tax-Loss Selling Baskets worked very well on the sell side from 30 April through end-June 2024. What now?  Unwind.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a> has now submitted an application for a secondary listing, not a dual-primary listing, on the London stock exchange. Admission expected on the 19th August. </li>
<li>The right trade is to buy <a href="https://www.smartkarma.com/entities/jtower-inc" target="_blank" data-smartkarma-citation="entities:31042:1" rel="noopener">JTower (4485 JP)</a> below terms. The really right trade is to already be an owner. IF you're an arbitrageur, you know what to do.</li>
</ul>


The Aussie Tax-Loss Selling Baskets worked very well on the sell side from 30 April through end-June 2024. What now?  Unwind.

CK Infrastructure Holdings (1038 HK) has now submitted an application for a secondary listing, not a dual-primary listing, on the London stock exchange. Admission expected on the 19th August. 
The right trade is to buy JTower (4485 JP) below terms. The really right trade is to already be an owner. IF you're an arbitrageur, you know what to do.


Last Week in Event SPACE: Aussie Tax Loss Basket, CK Infra, JTower, Porsche

<ul>
<li>Net debt improved by around €1 billion to c. €5.8 billion. Prioritising deleveraging and allocations to new venture investments over dividends seem to have a negative impact on valuation.</li>
<li>Porsche SE is viewed as a holding company of Volkswagen Group, which should warrant a discount of 15%-25% on the stock, instead of the massive 44.6% discount to NAV.</li>
<li>Assuming a typical company holding discount of 15-25% range, the current share price indicates Porsche SE is liable for the whole c. €6.5 billion legal claims.</li>
</ul>


Net debt improved by around €1 billion to c. €5.8 billion. Prioritising deleveraging and allocations to new venture investments over dividends seem to have a negative impact on valuation.
Porsche SE is viewed as a holding company of Volkswagen Group, which should warrant a discount of 15%-25% on the stock, instead of the massive 44.6% discount to NAV.
Assuming a typical company holding discount of 15-25% range, the current share price indicates Porsche SE is liable for the whole c. €6.5 billion legal claims.


Preference for Deleveraging, Model Update

Germany

Dr. Ing. h.c. F. Porsche Aktiengesellschaft manufactures passenger vehicles. The Company offers sports cars, SUVs, and other motor vehicles, as well as provides finance services. Dr. Ing. h.c. F. Porsche serves customers worldwide.

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Dr Ing hc F Porsche (P911 GR)

Porsche and Volkswagen CEO: Leadership, iconic cars & Chinese competition

The Porsche brand is synonymous with success in motorsport, focusing on drivability, innovation, and a commitment to achieving the best performance...

In Good Company with Nicolai Tangen

Porsche Automobile Holding: H1, Model Update, Discount to NAV

Porsche SE is trading at a 35.3% discount to NAV, vs. 32.4% long-term average, implying a 68% probability that Porsche SE will be liable for c....

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Aussie Tax Loss Basket, CK Infra, JTower, Porsche

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Preference for Deleveraging, Model Update

Porsche SE's focus on reducing debt and investing in new ventures impacts valuation, leading to a significant discount on stock price compared to...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Porsche and Volkswagen CEO: Leadership, iconic cars & Chinese competition

The Porsche brand is synonymous with success in motorsport, focusing on drivability, innovation, and a commitment to achieving the best performance...

In Good Company with Nicolai Tangen

Porsche Automobile Holding: H1, Model Update, Discount to NAV

Porsche SE is trading at a 35.3% discount to NAV, vs. 32.4% long-term average, implying a 68% probability that Porsche SE will be liable for c....

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Aussie Tax Loss Basket, CK Infra, JTower, Porsche

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Preference for Deleveraging, Model Update

​Porsche SE's focus on reducing debt and investing in new ventures impacts valuation, leading to a significant discount on stock price compared to...

Jesus Rodriguez Aguilar

Porsche SE's focus on reducing debt and investing in new ventures impacts valuation, leading to a significant discount on stock price compared to...