Porsche SE released solid FY21 net earnings, evidently determined by the strong operating performance of its core investment VW which was led by strong pricing and product mix effects, more than offsetting the negative volume impact from the semiconductor shortage. The announcement of the potential IPO of the OEM Porsche AG is bound to dominate the equity story in FY22. We see this as a clear positive as the HoldCo is likely to a great deal for its 12.5% stake.
