Porsche is promoted to the Dax – Economy

“This is a historic moment for Porsche,” said Oliver Blume at the end of September when the sports car manufacturer from Stuttgart-Zuffenhausen made it public. The omens were extremely bad back then for one of the largest IPOs in Europe: war in Europe, lousy mood on the stock markets, reluctance on the part of investors, doubts about Porsche’s true independence from VW. And yet the share placement was a success, which is now – unexpectedly quickly – included in the German share index (dax) ends.

Late on Monday evening, Deutsche Börse announced that Porsche AG would be promoted to the top stock exchange league, the Dax-40 – and will replace the sporting goods group Puma from Herzogenauach there. The change will take effect on December 19th. come into effect. “We are very pleased about the quick, direct entry into the Dax,” said Lutz Meschke, CFO of Porsche. His explanation: That company just convince with his “definition of modern luxury”.

In the future there will be a double flower

The rapid transport of the sports car manufacturer is also historic and new in a completely different respect. Because probably for the first time, a man will now lead two large Dax companies in a personal union. Oliver Blume is CEO of Porsche and from Volkswagen – the double flower as double part-time CEO. It was only in autumn that he surprisingly replaced Herbert Diess at the top of Volkswagen, but he did not give up his job as Porsche boss. He’s a lot more adamant about it — despite criticism from investors who fear conflicts of interest and believe Blume doesn’t have enough time for two such demanding chief posts in the auto industry, which is in the midst of fundamental upheaval. Even after the IPO, VW is a major shareholder in Porsche, and Blume is his own boss, so to speak.

Porsche: Successful on the stock exchange: Porsche CEO Oliver Blume (left) and CFO Lutz Meschke.

Successful on the stock exchange: Porsche CEO Oliver Blume (left) and CFO Lutz Meschke.

(Photo: Arne Dedert/dpa)

The Porsche shares came for 82.50 euros I went public almost ten weeks ago. Today, the paper with the stock market abbreviation “P911” – based on the legendary 911 sports car with its roaring boxer engine, which has so far only been available as a petrol version and not with an electric motor – is close to the 107 euro mark. That is an increase of almost 30 percent. This means that Porsche as a whole is worth more to Böse than the parent company VW. The Stuttgart-based company produces around 300,000 vehicles a year, a fraction of what VW, one of the largest car manufacturers in the world, produces. However, Porsche’s profit margins are significantly higher than those of VW. And investors assume that luxury always works, even in times of crisis. Porsche is just a myth.

Porsche will catch up with Linde, SAP and Siemens

What’s more: Porsche, with a total value of almost 100 billion euros, will in future even be number four in the Dax in terms of market capitalization. Number one is currently Linde with a market value of 157 billion euros, followed by SAP (129 billion euros) and Siemens (115 billion euros). The VW group as a whole is valued at 84 billion euros. Linde had last already announced his departure from the Dax and only wants to be listed in the USA in the future – among other things, this was seen as a bad signal for the attractiveness of the German stock market.

The shareholders at Porsche don’t have much to say anyway: Only 25 percent of the non-voting Porsche preferred shares are listed. The ordinary shares and thus the power at Porsche are in the hands of VW and the family holding company Porsche SE (not to be confused with the sports car manufacturer Porsche). Their ordinary voting shares in turn belong entirely to the Porsche and Piëch families.

In any case, three shares from the widely ramified Porsche-Piëch empire will be represented in the Dax in the future: Porsche SE, VW and now Porsche itself. Three Dax shares from one group, otherwise only Siemens can do that. In addition to the parent company Siemens, the medical technology subsidiary Siemens Healthineers is also listed. And Siemens Energy is also represented, Siemens still holds about a third of the papers in the group and wants to get out in the medium term.

The problem for investors who want to invest their money broadly: With Porsche, the Dax-40 becomes even more dependent on car values, the car bias increases and the Dax is now even more a kind of “Auto-Dax”. In addition to VW, Porsche SE and Porsche, BMW, Mercedes-Benz, Daimler-Truck and the automotive supplier Continental are also represented. If the auto industry is doing badly, this would hit the stock market barometer very badly.

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