The PAH3 discount trade involves Porsche SE, the holding company with pretty much just one asset, being the 53.3% voting stake in VW Group, with the operating business Porsche AG fully owned by VW Group.
#Vw stock squeeze free
“VOW3 is the share class that most investors seek to own/trade,” Ellinghorst noted, as the free float is circa 90%, with Qatar also owning 11.2% of these. The majority of VOW shares are owned by Porsche, with the state of Lower Saxony owning 20% and the Qatar Investment Authority holding a 17% stake, leaving a small free float at around 10%. VW has two share classes: 295mln ordinary voting shares under the VOW ticker and 206mln preference shares under the VOW3 ticker, which are non-voting.
With the performance of VW shares having "raised a lot of questions, excitement and concerns", Bernstein analyst Arndt Ellinghorst said it was worth clarifying a "couple of basic things". "Porsche shares are only +11% vs the VW ords +58% since Thursday night, offering a big revaluation opportunity, in our view." The mark-to-market of this holding would put its fair value at €146 per share vs the current price of €84, said Barclays in a note to clients on Friday. READ: VW's emergence as top 'Tesla fighter' drives shares to highest since emissions scandal Porsche owns a 53.3% voting stake in VW Group. With shares in Volkswagen Group ( XETRA:VOW) surging in recent weeks, analysts Barclays and Bernstein among others have highlighted how canny investors are taking advantage of a discount available via Porsche Automobil Holding (ETR:PAH3).
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