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Buy Porsche; Has 40% Upside, Legal Discount Excessive: Berenberg 2014-02-04 08:34:04.510 GMT
By Brian Lysaght Feb. 4 (Bloomberg) -- More than 90% of Porsche’s value is in VW holding (32% equity/51% voting), and VW is “very cheap” at ~6.1x 2015 P/E, says Berenberg in note initiating coverage on Porsche. * SOTP legal discount of ~25%, or EU7.4b, looks excessive, div. yield ~4.5%-5.5% attractive: Berenberg * PT EU100 (~40% upside from yday) * Feb. 2: Porsche, Piech Sued in Frankfurt by Hedge Funds Over VW Deal * Earlier: EU New Car Pipeline Is Key; VW Cut, BMW Raised, Says HSBC * Porsche has 9 buys, 10 holds, 4 sells; avg PT EU77.63: Bloomberg data Link to Company News:PAH3 GR <Equity> CN <GO> Link to Company News:VOW GR <Equity> CN <GO>
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To contact the editor responsible for this story: Brian Lysaght at +44-20-7330-7908 or blysaght@bloomberg.net