Volkswagen: Jefferies still a seller
(CercleFinance.com) - Jefferies maintains its sell rating on Volkswagen (VW) shares, along with a target price of 115 euros.
The analyst notes that the range published by VW for the Porsche Car Prefs IPO (76.5-82.5 euros) values 100% of the shares at 72.3-78.0 billion euros (midpoint: 75.1 billion euros), including a 7.5% premium for them.
The range is narrow - as predicted by Jefferies - with a midpoint in line with various press reports of between 60-85 billion euros. The broker said that this is despite apparently high investor interest.
Jefferies notes that no accounting coverage or reference shareholder information impacted the allocation. It assumes that the deal will close at the end of the month.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The analyst notes that the range published by VW for the Porsche Car Prefs IPO (76.5-82.5 euros) values 100% of the shares at 72.3-78.0 billion euros (midpoint: 75.1 billion euros), including a 7.5% premium for them.
The range is narrow - as predicted by Jefferies - with a midpoint in line with various press reports of between 60-85 billion euros. The broker said that this is despite apparently high investor interest.
Jefferies notes that no accounting coverage or reference shareholder information impacted the allocation. It assumes that the deal will close at the end of the month.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.