PORSCHE AU­TO­MO­BIL HOLD­ING

Finweek English Edition - - INVESTMENT -

Bel­mont As­set Man­age­ment v i ews Porsche Au­to­mo­bil Hold­ing (PAH) as a cost-ef­fec­tive means of buy­ing the VW Group for off­shore client port­fo­lios, ow­ing to its hold­ing com­pany dis­count of some 25%. The group houses a port­fo­lio of world-class brands cur­rently en­joy­ing dom­i­nant mar­ket po­si­tions – in­clud­ing Porsche, Bent­ley, Audi and Lam­borgh­ini – as well as sev­eral lowlier bread-and-but­ter brands. De­spite re­cent head­winds, Volk­swa­gen is well-placed in China through its 50/50 JV ar­range­ment, which has proved to be a suc­cess­ful means of ac­cess­ing this mar­ket. More­over, it boasts sound man­age­ment and trades at less than book value, while many of its peers are trad­ing at nearly t wice book value. Bel­mont rates the stock as a longterm buy.

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