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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
  Report
Real-time Estimate Tradegate  -  09:03 2022-12-01 am EST
139.50 EUR   -0.29%
08:08aVolkswagen Considers Canada for First North American Battery Cell Factory
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07:43aVOLKSWAGEN VORZÜGE : RBC gives a Buy rating
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06:26aVW eyes Canada in search for first North America cell plant - source
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Porsche AG's Blume 'very positive' about opening price

09/29/2022 | 05:21am EST
Porsche IPO in Frankfurt

FRANKFURT (Reuters) - Chief Executive Oliver Blume said he felt very positive about Porsche AG's opening price of around 84 euros ($81.14) on its market debut on Thursday, as the sportscar brand listed in Germany's biggest initial public offering (IPO) in over 25 years.

Speaking to Reuters in an interview, Blume brushed aside concerns about his dual role as the head of parent company Volkswagen, saying it was not unusual to lead a brand and a company simultaneously.

"We made this decision very consciously - there is no time horizon in which it will be re-evaulated," he said, speaking next to a Porsche Taycan parked outside the Frankfurt stock exchange.

Porsche AG is now valued nearly as much as its former parent Volkswagen Group, at around 75 billion euros to Volkswagen's 84 billion.

Though the carmaker is targeting 80% electric vehicle production by 2030, Blume denied that Porsche AG was heading towards being a pure-play electric vehicle carmaker, which traditionally do better on stock market lists.

"We have a very flexible strategy - we offer combustion engine cars, hybrids, and electric cars ... this mix is what defines Porsche," he said.

($1 = 1.0353 euros)

(Reporting by Victoria Waldersee and Emma-Victoria Farr; writing by Matthias Williams; editing by Rachel More and Miranda Murray)

By Victoria Waldersee and Emma-Victoria Farr


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
PORSCHE AG -2.15% 106.95 Delayed Quote.0.00%
VOLKSWAGEN AG -0.17% 139.66 Delayed Quote.-21.17%
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Analyst Recommendations on VOLKSWAGEN AG
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Financials
Sales 2022 279 B 287 B 287 B
Net income 2022 16 858 M 17 385 M 17 385 M
Net cash 2022 37 783 M 38 963 M 38 963 M
P/E ratio 2022 4,21x
Yield 2022 6,29%
Capitalization 82 864 M 85 454 M 85 454 M
EV / Sales 2022 0,16x
EV / Sales 2023 0,15x
Nbr of Employees 645 868
Free-Float 56,8%
Chart VOLKSWAGEN AG
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Technical analysis trends VOLKSWAGEN AG
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 139,90 €
Average target price 188,44 €
Spread / Average Target 34,7%
EPS Revisions
Managers and Directors
Oliver Ingo Blume Chairman-Management Board
Arno Antlitz Director-Controlling & Accounting
Hans Dieter P÷tsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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