Porsche Automobil Holding SE (POAHY)

Comment l'entreprise gagne de l'argent

The company earns almost no operating revenue of its own. Its results consist of dividends received from Volkswagen and Porsche AG, plus its share of their annual profit recognized under equity accounting because it holds a large enough stake to exert significant influence, minus its own financing costs and holding-company expenses. A small portfolio of direct technology investments adds a minor, separate income stream.

The company has no product or operating business of its own to defend; its value depends entirely on the competitive position of Volkswagen and Porsche AG, whose moats — if any — belong to those companies, not to the holding.

Results move with the automotive cycle at Volkswagen and Porsche AG — new-vehicle demand, factory utilization, and the heavy investment both companies are making in electrification — since the holding's earnings are just a pass-through of theirs.

Principaux risques

• Diesel-emissions investor litigation — The company faces investor lawsuits in Germany alleging it failed to disclose the share-price impact of Volkswagen's diesel-emissions scandal in a timely way while it held a controlling stake in Volkswagen; German courts have referred key questions about a holding company's disclosure liability to the European Court of Justice.