European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Intention to Float Porsche AG: A Good Deal for Porsche Automobile Holding SE

Event-Driven

<ul>
<li>Volkswagen bags €9.8 bn for its EV, the Porsches &amp; Pïechs have again (some) direct control over Porsche AG and there'll be a c.€19.05 extraordinary dividend for Volkswagen's shareholders. </li>
<li>A €75 billion valuation implies 7.7x EV/2023e EBITDA and 13.9x Fwd 2023e P/E, a discount to Ferrari's 19.3x EV/2023 EBITDA of 20.2x and 32.3x Fwd 2023e P/E. </li>
<li>The shares have potential to race towards Ferrari's multiples. Also, in the medium term, the discount to NAV of Porsche SE (currently 34.2%) should tighten.</li>
</ul>


Volkswagen bags €9.8 bn for its EV, the Porsches &amp; Pïechs have again (some) direct control over Porsche AG and there'll be a c.€19.05 extraordinary dividend for Volkswagen's shareholders. 
A €75 billion valuation implies 7.7x EV/2023e EBITDA and 13.9x Fwd 2023e P/E, a discount to Ferrari's 19.3x EV/2023 EBITDA of 20.2x and 32.3x Fwd 2023e P/E. 
The shares have potential to race towards Ferrari's multiples. Also, in the medium term, the discount to NAV of Porsche SE (currently 34.2%) should tighten.


Dr Ing hc F Porsche

Porsche AG Starts Trading