The Porsche-Volkswagen Valuation Anomaly

[@azizkash286]

Yay no masterscam sponsorship

[@tobiasmmueller]

😂👌

[@PipoBones]

Thanks for getting rid of masterscams

[@ricksmith2127]

I can’t wait for his video on the collapse of Masterworks

[@matthiasbowie3844]

Bro there was a dragons den where they were pitched master works and they all laughed it off as a scam. That was years before and yet somehow someone did it anyways

[@idontactuallykno]

We said this before but they brought it back

[@leksa3459]

As soon as one of these content creators especially in the finance niche do their masterworks pitch they lose all credibility in my eyes. No self respecting person could pitch that with premise that the people they are pitching it to will profit from investing with them. When you look in to it properly you get peanuts when they do liquidate a painting and masterworks makes the lions share..

[@CHMichael]

Not coffeezilla but similar already did a video in them. It's fees and commissions that will eat up any profits. .... otherwise it's not that horrible of an idea if properly disclosed.

[@bravosierra2447]

15:05 very insightful contrast between tencent, alibaba, softbank and porsche. Keep up the good work.

[@Entertainment-]

0:25 Seat is pronounced differently that the English word "seat", they also own its performance brand Cupra

[@kennethcoenen7643]

Indeed. It is more pronounced as "say-at"

[@PromisePleasantl]

Fiat

[@ItsJonnyRock]

"Porsh” is also wrong and it's what he said all video long 😖

[@enteralterego7707]

Well he pronounced Audi adowee at 5:33......

[@TheCrusher72]

@@ItsJonnyRocktwo syllables!!!!

[@hermannabt8361]

You didn’t mention how the 20% government share is a controlling share. By law the government can block all decisions with their 20% share.

[@denisflorian2431]

He probably didnt know lol since its kind of a uniquely german thing

[@RadekPogoda]

It's more small mistakes in this material, but this omission is critical. Please, people, do more homework before you invest based on a 20 minute video.

[@dasemifake]

American comment

[@Pqndchannel]

Porsche se owns 31.4 percent of the shares and 53.3 percent of the votes and the state of lower Saxony owns 11.8 percent of the shares and 20 percent of the votes as of 2021. So your comment is bogus and the Porsche family maintains tight control over the company.

[@ProfAzimov]

​@@Pqndchannel The government of lower saxony can block transactions that require supermajorities

[@jorgemiguelsantosrodrigues8473]

Excellent video with a comprehensive explanation. Good work!

[@cosmo1084]

thank you for these very informative videos. i dont care about sponsorship drama, just hope you make more.

[@Henry_D]

Pretty sure the Holding owns 25% +1 Stock of the AG also giving them blocking power

[@Theguyinthefez]

Those guys at 12:54 desperately need to be donated pants that actually fit them.

[@Cincy32]

Seat = Say-at. Porsche pronounces the e at the end.

[@chichangwu]

hyundai tukson😅

[@SebtorDude]

Still not correct for English speaking pronounciation. The correct way to pronounce it is "Porsch-uh".

[@massafelipe8063]

It's a surname, it should be pronounced authentically if possible, otherwise we can all butcher each others names and last names the way letters are spoken in our native languages.

[@krmr]

You might want to consider using a de-esser plugin to control sibilance and get rid of those sharp artifacts in your audio.

[@haplomage]

I've actually held this for a while. I'm down on the position so it's just sitting in the filing cabinet

[@off1tenth438]

Wall street millennial- The Collapse of MasterWorks

[@CrazyPupil70]

Great video are always but Adoowi? 5:33

[@bicotmary7176]

Thanks for making the video.😀 I read Porsche AG's IPO prospectus. After a long period head scratching, I couldn't make up my mind about the convoluted ownership between Porsche SE, VW AG, Porsche AG, and Porsche GmbH. (The last one is essentially an LLC wholely owned by VW AG for the purpose of holding shares in Porsche AG.) That's before we get to common (voting) vs preferred (non-voting) share classes. The only thing I can think of is that Porsche and Piech families must be a control freak. Which is probably true. While I agree with your analysis that VW AG and Porsche SE shares are undervalued, I take issues with the control or rather the lack thereof. How else could dieselgate came about? There are many recent examples of how egomaniac majority-vote-owning shareholders wrecked the company by refusing to listen to anyone else. I hope VW will engage in genuine reform after dieselgate. After a period of cover-ups, there are signs that's happening. They just have the first ever female on board. Think about that.

[@jhutt8002]

Truth to be told, dieselgate was only really an issue for ecofools crying about emissions. And sadly those are the people EU bows to. Being able to not choke the engine with regulation means better durability, economy and performance. It's good for car buyers just like it's good for manufacturer. It's a win/win situation. If I had bought one of those cars, I would never have allowed them to "fix" it.

[@georgebalan6201]

@@jhutt8002 They’re not eco fools. The environment is a real issue, and there’s no evidence of your BS increased durability claims. When the planet is underwater thanks to people like you, I can guarantee you that those “increased durability” engines won’t be working since they’re under water. If you’re 80 and don’t care about the future of the planet then that’s fine; a shallow grave is waiting

[@weird-guy]

So you defend lying to consumers and regulators, also dieselgate was/is very expensive for them, that they are making cheap feeling car, they don’t even crack top ten in my country.

[@jhutt8002]

@@weird-guy When the regulation is making the product worse, and bypassing it makes the resulting product better for the consumer? Yes, I appreciate that. Sure it was bad for their business, but it also shows their dedication to the craft. They took a risk in behalf of their clients in this case, and they got burned. That was the only negative aspect of it. That they got caught. I wonder how many people in EU are currently driving vehicles they've illegally modified, because the overzealous regulatory systems have started to cause problems in their almost new vehicles. My -96 Audi has none of those troubles. Now has 630 000 in meter and counting.

[@weird-guy]

@@jhutt8002 Dedication to the craft , more like dedication to the money. Probably a bunch of people need the car to go from a to b , so most probably keep the cars, I don’t think they give the full value of the car in exchange but I’m not share.

[@qudizzle1]

ur not right about Naspers, the valuations has closed to some degree, though not fully yet, Naspers is selling Tencent to buy back Naspers shares

[@pieroft]

having dificulty understanding and finding the ticket symbols. care to explain?

[@djayjp]

12:49 Those pants look extremely uncomfortable 😂

[@BlackJesus8463]

It amazxes me that a man who made $12 billion could lose it all in one trade.

[@ominollo]

Very interesting! Thanks!

[@samsonsoturian6013]

3:20 You mean BYZANTINE ownership structure. Archane means super old.

[@Shreendg]

Arcane means mysterious. Not old.

[@discobacon5160]

Archaic = super old/outdated

[@samsonsoturian6013]

@@Shreendg Both. Arcane is from Archaic, referring to the bronze age of Greece which was a mysterious period to the Romans. See Acheaen.

[@truth.speaker]

Which company is the correct one to buy?

[@sourcecode5273]

i enjoy these videos.

[@dilancapt2691]

5:33 , why did you say adui? You using an AI voice?

[@dimagass7801]

Lamborghini also owns Ducati too

[@macharlem]

I think 🤔 telling investors not to short VW is good financial advice, even if it’s not financial advise 🤫

[@misapisa519]

the way you said audi at 5:33

[@ivanbakhvalov4731]

Aussie guys never seen those European Audi’s, Seats and Porsches

[@Prositon1]

I think bugatti is owned by rimac isn’t it

[@stavas05]

Yes but vw owns a large part of rimac

[@Prositon1]

@@stavas05 true… but listing Bugatti and not rimac then doesn’t make sense to me. But I might be nitpicking

[@cwaddle]

I thought rimac was majority owned by porsche

[@wellwonky]

You forgot them owning Ducati !!

[@maxbeancounter]

Glad to see no more masterscams sponsorship

[@ClimateKiller]

took a look at volkswagen before and always hated those cross ownership structures. 2x porsche and 1x vw companies involved and everybody owns each other with old money families and the government involved for good measure. thanks for the analysis of porsche SE, that looks quite interesting indeed. However, i don't quite understand the math on the current dividend yet: So VW AG will pay out 7,56€ this year and costs 124€ per share currently, which comes out to a 6% dividend yield. Porsche SE has a discount of about 20% vis a vis VW AG, pays out 90% of their received dividend and costs 50€ per share. as such i would expect a dividend of roughly (50/124 * 7,56) * 1,25 * 0,9 = 3,42€ per Porsche SE share, for a dividend yield of about 7% before taxes. However, Porsche SE only plans on paying out 2,56€ of dividend, which is about 5% yield, lower than VW AG's. Where is that difference coming from? Did i fuck up the math?

[@juresusnik4392]

As far as i know the Porsche SE pays the dividend that it recived from VW a year ago. In the future they wont pay 90% of VW dividend, because now they also have to pay of debt that they incured when they purchased a 12,5% stake in Porsche AG

[@jjww8949]

Here for the Masterclass comments

[@davec8921]

It's not the same as getting a free iPad with your phone, you can't just throw away the other parts, and they could also become liabilities potentially Nobody remembers DieselGate, not even the governments, Canada just gave them CAD$14b to build a battery plant

[@felixrotbuche5852]

What about the 7bn debt on their balance sheet that magically appeared last year?

[@niemandkeinmensch]

7bn debt are due to the takeover of 25% of Porsche AG, there's nothing magical about that. Buying shares costs money.

[@felixrotbuche5852]

@@niemandkeinmensch Nvm, you’re right

[@ArthurMoore-ii8nn]

And there's like 5 different ticker symbols for just Volkswagen. What a hot mess!

[@c0nconc0n18]

You don't have to deduct 26% KapEStG - see Sec. 8(b) KStG. 1.5% WH tax only for I/C dividends. But that just makes your point stronger.

[@qwaszxerdfcvtyghvb]

thank you very much, such a great analysis in really short time, but i would advice you to make separate videos for those like me who would like to understand deeply and get more knowledge of yours. I'm your faithful subscriber and will always be. great job great content great content creator

[@Noah_E]

I know plenty of people who have bought a VW, once. They have consistently been maintenance heavy trash that were replaced with Japanese or Korean brands that didn't fall apart and cost a fortune to keep running due to exorbitant parts costs and anti-indepent garage practices.

[@sierraalphaalphabravo934]

Other than mispronouncing “Porsche” every time you said it… interesting video

[@dontcallmezoo]

After hearing the pronunciation of Audi, I am seriously wondering if the voice is real or a program.

[@wyw876]

@@dontcallmezoo I almost spat out my coffee at the "ah-woooody"!

[@IIDave]

That is how the brand name is said in British English, US tend to pronounce the final vowel, close to how it is correctly said in German. Saying Porsch wasn't offensive to me, but Seet and Ah-doo-wee definitely need some work. 😂

[@MrVirus9898]

Unfortunately, Robinhood wont let me Yolo Porsche SE, so ima have to pass on this one.

[@TheRealJellyBomb]

Valuations aren't cheap or expensive, they're high or low.

[@Emi-du8mt]

Adui? What is adui? Is this some guy reading a script? 😀

[@touchofgrey5372]

Yo; it's PORSCHEEEEEEE .......NOT PORSCH!

[@rightwingsafetysquad9872]

So there's a bit of a misunderstanding of what Porsche AG is. It is not technically a car manufacturer, it is an automotive engineering consulting company that reserves the right to build all designs under it's own brand if the client backs out. They've built cars for Mercedes, VW, Audi, Toyota, and probably a lot more. And until the Byzantine co-ownership structure with VW evolved, the only long running model in their lineup was the 911. Obviously, since this Porsche/VW relationship has become very tight, they've effectively become a car manufacturer. Also, it was incredibly painful to hear one of the top 3 names in motoring mispronounced so many times.

[@tfv205]

Adui 😂😂

[@ForcefighterX2]

The value of a stock does not follow the implicit gains of a corporation. Just look at Black Rock, Vanguard and State Street. In theory, buying a few of these three stocks pretty much bought you the entire Wall Street. But in truth, those stock values will not change much, even if other corporations they own gain or lose value.

[@joedennehy386]

Its at a discount becsuse you are riding on their bus

[@Tential1]

Rope took too long. Used train

[@ClimateKiller]

His creditworthiness was too low for a $rope loan, so he used public transportation instead without buying a ticket.

[@Arun14741]

Holding company always have low valuation ...

[@MrEnkelmagnus]

I have a headache now....

[@cwaddle]

Vw is at risk of meltdown, its most famous brands audi and vw now suck

[@orenalbertmeisel3127]

Goes to show how nonsense the efficient market hypothesis is

[@samsonsoturian6013]

The markets sure as hell are more efficient than YOU.

[@orenalbertmeisel3127]

@@samsonsoturian6013 ad hominem

[@samsonsoturian6013]

@@orenalbertmeisel3127 It's no insult, it's true for everyone. Get over it.

[@orenalbertmeisel3127]

@@samsonsoturian6013 argumentum ad populum

[@samsonsoturian6013]

@@orenalbertmeisel3127 You keep throwing out Latin to sound smart even though what you're saying makes no sense. Also, how much have you lost trading so far?

[@PaulWinkle]

Oliver Blume failed and is destroying Porsche now

[@mok822]

but dividends from germany pay tax in germany and in your country, so more than 50% is taxes

[@JanBruunAndersen]

Only if you let your local government tax you. In most civilized countries, if you can show the local tax authorities that you have already paid tax on the income in another country, they will refund you so that your total tax equals the local tax. Or you could do what I and many other do: Invest in non-local dividend stocks through an intermediary, like a pension fund. It is then the task of the intermediary to handle the refund process. Only downside is that it can take up to a year for the refund to come through, but if you are a long-term investor, a year is not long.

[@mok822]

@@JanBruunAndersen as European investor that works for US stocks, I dont pay double tax, but doesnt work for European stocks. Which is stupid

[@Name-lt2tz]

it is annoying to hear this is not finantial advice. We want a finantial advice and even if it is not advice, we do not care then and we are able to see ourselves when it is advice or not.

[@nicholasdean3467]

So basically VW is a classic example of a valuation trap?

[@isbestlizard]

Seat! lol

[@peterrabson3383]

Say the name correctly, Porsche with a ER onthe end!

[@VamboraSingapore]

Pawshuh. Dang Yankees hehe

[@helvetiaresearch9973]

It is pronounced Porsch e

[@reggieduquesnoy]

Beware of nazis bearing gifts...undervaluation does not make frei...

[@davidbeppler3032]

If you want to throw money away you invest in one of these stocks. VW is going bankrupt, Porsche will go down with it.

[@jhutt8002]

Why? How?

[@TheYaq]

hahahahaha

[@davidbeppler3032]

@@TheYaq Yep, pretty funny. Watching a giant fall.

[@TheYaq]

@@davidbeppler3032 ok when you say it its 100% true i guess ….

[@davidbeppler3032]

@@TheYaq You said it was 100%? I figured about 90, but I like your number better.

[@86_osuzu45]

Mispronounced seat

[@dracorex426]

Porsche has two syllables.

[@amochswohntet99]

Looks a lot like jewish math to me.

[@zybon777]

Oops, well I guess you fucked up

[@darkjudge8786]

Ever consider the low valuation is because deep down everyone knows electric vehicles are a stupid idea relying on state subsidies that will end in tears when the money runs out?

[@ProfAzimov]

I am pretty sure volkswagen isn't an electric car company