Porsche Automobil Holding SE (PSE) earned more in the first half of the year. Thanks to the increasing profits at VW, profit after tax increased to 3.24 billion euros. What does the stock make of it?
The main business of Porsche Holding, in which the VW-owning families Porsche and Piëch have bundled their shares in the Wolfsburg car giant Volkswagen, is the cutting off of VW. Porsche SE holds 53.3 percent of the voting rights in VW. This corresponds to 31.9 percent of the capital. Through these shares, the Stuttgart-based company posted earnings of 3.10 billion euros in the first six months, after 2.51 billion a year ago. VW had last week reported a 27 percent increase in profit attributable to shareholders to 10.30 billion euros for the first six months.
The bottom line at Porsche SE was a profit after taxes of 3.24 billion euros in the first half of the year. That is 31 percent more than in the same period last year. For the year as a whole, the company continues to anticipate post-tax earnings of EUR 4.1 to 6.1 billion.
The families want to regain direct influence on the sports car manufacturer through a planned IPO of Porsche AG, which has so far been fully under the Wolfsburg group umbrella. 25 percent plus one share of the original shares are to go to Porsche SE in the transaction. Up to 25 percent of the preference shares to be issued are also to be placed on the market.