Porsche SE

The presentation on Porsche SE at VALUEx in June 2024, delivered by Drew Dickson of Albert Bridge Capital, delved into the intricate web of companies under the Porsche SE umbrella, including Volkswagen AG, Porsche AG, Traton SE, and the family-controlled Porsche SE. Despite its complex structure, the presentation sought to demystify Porsche SE’s setup, highlighting its status as a holding company with significant stakes in Volkswagen and Porsche AG, operating independently of automaking activities. Emphasizing the undervaluation of Porsche SE, the presentation explored the intertwined relationships and market dynamics shaping these entities, with a notable focus on dissecting the distinct valuations and potential synergies within the Porsche SE ecosystem.

With a meticulous breakdown of the market caps, shareholder stakes, and intrinsic values associated with Porsche SE, Volkswagen, Porsche AG, and Traton, the presentation underscored the discrepancy between the market prices of these entities and their underlying assets. By examining the market undervaluation relative to the underlying stakes and core brand businesses, the narrative unfolded around the intriguing investment proposition offered by Porsche SE as a gateway to access discounted assets within the Volkswagen conglomerate. Beyond the evident disparities in market valuations, the presentation hinted at the potential for astute investors to leverage Porsche SE as a vehicle for gaining exposure to Volkswagen’s intrinsic value, amplifying the allure of this often overlooked large-cap asset within the capital markets.

Presentation summary generated by ChatGPT