(Bloomberg) — Porsche AG may be worth little more than two-thirds of the value being touted ahead of the luxury carmaker’s initial public offering, according to an analysis from Quest, a unit of Canaccord Genuity Ltd.
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Volkswagen, the German group which owns the Porsche sports car brand, is seeking a valuation of 70 billion euros to 75 billion euros ($67.9 billion to $72.8 billion). But Quest analysts James Congdon and Veena Anand assessed Porsche’s equity value at between 48 billion and 50 billion euros.
The current IPO valuation range does not fully price current risks, Congdon and Anand told clients Friday. “Porsche’s customer demand is untested against rapidly rising interest rates and high inflation pressures.”
They added that their calculations had taken into account factors such as “weak corporate governance” and exposure to China.
“Current premarket indications above 90 euros per share suggests the market is willing to pay for a better-than-flawless execution of management targets,” the analysts said.
The shares traded at at 92.5 euros a share in unregulated gray market trading early on Friday, but slipped to 89.5 euros a piece as of 4:10pm central European time.
Read: Porsche’s Gray Market Trading Points to Bumper Debut Next Week
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Source: https://finance.yahoo.com/news/porsche-may-worth-33-less-151737172.html