Porsche is pitching its initial public offering as a chance to invest in a luxury automaker. The problem is, not all investors are buying it. They have concerns.
In early meetings with portfolio managers, theAG unit compared itself to the French handbag maker and Cartier owner Richemont as businesses that generate healthy profits and significant sales volumes, according to people familiar with the matter. It also cited Ferrari, which boasts industry-leading margins but ships only a fraction of the more than 300,000 cars Porsche makes every year.
“Porsche isn’t a safe bet in a recession because it’s not as exclusive as Ferrari,” said Daniel Roeska, an auto analyst at Bernstein. “And if you don’t change the governance and allow Porsche to decide what’s best for itself rather than making decisions at the group level, then you’re not maximizing shareholder value.”VW
While VW didn’t provide specific numbers or a valuation target in the meetings in Europe and the US, fund managers who attended were left with a positive impression about the brand’s potential to lift margins in the medium term, the people said. Porsche is holding a capital markets day Monday where it could map out a renewed profit push.
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