PBefore going public, orsche is wooing investors with continued rapid growth. For the current year, the Stuttgart-based sports car manufacturer, which the parent company Volkswagen intends to list on the stock exchange in the fourth quarter, is aiming for sales growth of 15 to more than 18 percent. From the previous year’s record figure of 33.1 billion euros, sales are expected to rise to 38 to 39 billion euros, said CFO Lutz Meschke in a video conference with journalists on Monday. He indicated that the first half of the year – although the sports car maker sold fewer cars – was economically successful. The press conference by Meschke and CEO Oliver Blume took place on the occasion of a capital market day where Porsche presented itself to analysts and investors.
The margins should also continue to rise. In March, Porsche had forecast a return on sales of more than 15 percent. Meschke now expects 17 to 18 percent. In the long term, however, he wants to break the 20 percent mark.
The IPO, in which a total of 12.5 percent of the shares are to be placed, is also attracting great international interest due to its dimensions. Some observers even consider the company to be valued at 100 billion euros. The IPO could thus become one of the largest in German economic history. Even the unfavorable market environment does not seem to be stopping her for the time being. There is high demand on the market, Blume repeated a statement from an interview with the FAZ in June. Investors longed for good investment opportunities. Whether financial crisis, corona pandemic or semiconductor shortage, Porsche has been robust in every crisis.
The comparison with Ferrari
Blume thinks that Porsche is “ideally positioned between the luxury and sports segments” and, with more than 300,000 cars sold each year, is not a niche producer. The number of the super-rich is increasing, said Meschke. With the change to e-mobility, they want to earn more money in the future. The margin is still lower than for cars with combustion engines. In the future, however, it should surpass that of combustion engines.
Both board members referred to the competitor Ferrari, which is currently worth almost 40 billion euros on the stock exchange, which often serves as a point of comparison for the valuation of Porsche. Part of its own portfolio is “well comparable” to that of Ferrari, said Blume. However, the Italians’ cars are significantly more expensive on average, which is why Ferrari is treated more like a luxury company. Porsche achieves sales of around 100,000 euros per car, but is significantly larger: Ferrari wants to achieve sales of almost five billion euros this year, almost an eighth of Porsche’s target. Blume and Meschke did not want to talk about a specific valuation or other details of the IPO on Monday. They repeatedly referred to the parent company Volkswagen, which ultimately makes the decision to go public and wants to invest the proceeds from the IPO in its transformation.
Porsche cites the corona measures in China as the reason for the 5 percent lower sales figures in the first half of the year. But Meschke said that “a fairly strong second half of the year” is now expected there. The number of orders has reached record levels. On average, customers in China are significantly younger, at 35, and half are female, added Blume.
