Porsche AG Preferred Equity 🚗 - P911

Updating my DCF, it’s complex but I believe Porsche keep 49% of gross proceeds with the rest going to VW. That is $9.55b. Comes to €103 per share at a weighted discount rate of 9.7%.

I was wrong, VW get all proceeds. That lowers fair value quite a bit to €94.

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