Börsipäev 20. september
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Balti põhinimekirjas tehti esmaspäeval 3563 tehingut ning käive oli 1,193 miljonit eurot, millest Tallinna börsi käive moodustas 630 tuhat eurot ning Vilniuse börsi käive 536 tuhat eurot. Tehinguid tehti vastavalt 2461 ning 1026.
Enimkaubeldud aktsiad olid:
Suurimad tõusjad ja langejad olid:
Uudised:
Eile sõlmisid Eften Real Estate Fund III EFT1T kui ühendav fond ja Eften Kinnisvarafond AS kui ühendatav fond vastavate nõukogude otsuste alusel lepingu, mille eesmärgiks on fondid ühendada. Kahe fondi ühinemisel tekkiva kinnisvarafondi bilansimaht on peaaegu 400 miljonit eurot. Ühineva fondi nimeks saab ühinemise järgselt Eften Real Estate Fund AS ning selle aktsiad jäävad noteerituks Tallinna börsil. Ühinemine viiakse lõpule peale seda, kui finantsinspektsioon on andnud vastava loa ning mõlema fondi aktsionäride üldkoosolekud on ühinemise heaks kiitnud. Ühinemise bilansipäevaks on 1. jaanuar aastal 2023. Eeldatavalt viiakse ühinemine lõpuni järgmise aasta märtsis. -
USA aktsiaturul selja taha jäänud halvim nädal alates juuni keskpaigast oli osade turuosaliste jaoks juba piisav argument, et proovida esmaspäeval õngitseda miskit võimalikuks põrkeks. Ehkki päev algas miinuspoolel, aitasid populaarsemate suurfirmade aktsiad S&P 500 indeksil tänu rallile viimasel tunnil lõpetada sessiooni 0,7% võiduga. Nasdaq 100 kerkis 0,8%, kuid Euroopas jõudis Stoxx 600 sulguda 0,1% punases.
Aasia aktsiaturud suundusid öösel samuti kõrgemale, kerkides Jaapanis 0,4%, Hiinas 0,4%, Hongkongis 1,4%, Lõuna-Koreas 0,6%, Austraalias 1,2% ja Indias 1,3%. Brenti toornafta kallines 0,1% 92,1 dollarile, Bitcoin odavnes 0,8% 19 376 dollarile ja Ethereum kerkis 0,4% 1362 dollarile. Unts kulda maksis 1672,2 dollarit (–0,2%).
Tänastest majandusuudistest võiks esile tõsta Rootsi keskpanga istungi, mille raames peaks intressimäär kerkima 75 baaspunkti võrra 1,50% peale ning oleks sellega suurim tõstmine ligi kolmekümne aasta jooksul. Välistatud pole 100baaspunktine tõstmine, mida spekuleeritakse võimaliku sammuna homme ka Föderaalreservi puhul. Samuti võiks huvi pakkuda USAs augustis alustatud elamuehituste ning väljastatud ehituslubade arvud.
09.00 Saksamaa tootjahinnaindeks (august)
10.30 Rootsi keskpanga intressimäära otsus
15.30 USA alustatud elamuehitused ja väljastatud ehitusload (august)
15.30 Kanada inflatsioon (august) -
Saksamaa tootjahinnaindeksi kasv jätkab pidurdamatus hoos, kiirenedes augustis 37,2% pealt 45,8%le ja ületades sellega analüütikute 36,8% ootust
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Rootsi keskpangalt oodatust suurem 100baaspunktine intressimäära kergitamine 1,75% peale
Sweden’s central bank says policy rate will continue to be raised in the coming six months, according to statement.
* By raising the policy rate more now, the risk of high inflation in the longer term is reduced, and thereby the need
for greater monetary policy tightening further ahead
* Development of inflation going forward is still difficult to assess and the Riksbank will adapt monetary policy as necessary to ensure that inflation is brought back to the target
* Asset purchases will continue in accordance with the decision in June but are expected to cease at the end of the year
* The asset holdings will thus gradually decrease through maturities and halve during the forecast period -
Nõudlust Porsche aktsiate järele näib olevat
Porsche initial public offering books are multiple times covered on the full deal size, base plus greenshoe, throughout the price range, according to terms seen by Bloomberg.
Volkswagen AG is looking to raise as much as 9.4 billion euros ($9.4 billion) from the initial public offering of its iconic sports-car maker Porsche AG in what could be Europe’s largest listing in more than a decade.
The German carmaker said late Sunday it is seeking a valuation of 70 billion to 75 billion euros for the listing, below an earlier top-end goal of as much as 85 billion euros, with the deal going ahead at a time of deep market upheaval.
At the mid-valuation point for the preference shares, the IPO would value Porsche at 10.2 times earnings before interest, tax, depreciation and amortization, according to Jefferies. This compares to Ferrari’s EBITDA multiple of 23.1 times. Still, Porsche’s upper valuation almost matches VW’s total market value -- comprising Audi, Skoda, the VW brand as well as Seat among others -- of 88 billion euros. -
Täpsustuseks, et Porsche aktsiate 9,4 mld euro suurune pakkumine sai tundidega kaetud
Qatar Investment Authority, Norway’s sovereign wealth fund, T. Rowe Price and ADQ are set to subscribe to preferred shares of as much as 3.7 billion euros. -
Ei compute ära: Porsche saab ca sama suure turuväärtuse kui kogu Volkswagen, Volkswagen saab 20 miljardit 25% müügist, jätab 75% endale, maksab 10 jardi välja 2023 ja maksab ikka sama palju, mis teeks kogu ülejäänud firma nagu tasuta kauba peale.
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"Erko Rebane"
Saksamaa tootjahinnaindeksi kasv jätkab pidurdamatus hoos, kiirenedes augustis 37,2% pealt 45,8%le ja ületades sellega analüütikute 36,8% ootust
See võib rahus edasi tõusta, Saksamaa tööstusriik ja kõige aluseks oli odav gaas, mis andis konkurentsi eelise.
Lõpuks hakkavadki riigid tootma asju tegelike hindadega, kus on "aus" konkurents ja Hiina ei pea ka enam oma kräpile sala urgastest toetusi maksma, et nende asjad odavad oleks. -
Igaks juhuks nendele, keda VW tickerid segausse ajavad:
VLKAF - Common Stock traded OTC
VLKPF - Preferred Stock traded OTC
VWAGY - ADR representing 1/10th Common Stock
VWAPY - ADR representing 1/10th Preferred Stock
VOW - Common Stock traded in Frankfurt
VOW3 - Preferred Stock traded in Frankfurt -
USA alustatud elamuehituste arv oodatust parem aga ehituslubasid väljastati vähem
US Housing starts Aug 2022 1.575m vs 1.445 exp: Pr 1.446m.
-Permits 1.517m vs 1.610m exp. Pr 1.685m. -
THE LAWSUIT ALLEGES MORGAN STANLEY , BARCLAYS AND OTHER BANKS
PLACED 10’S OF THOUSANDS OF $SPX OTM OPTION ORDERS AND CANCELLED WITHIN SECONDS AS THEY HAD NO INTENTIONS OF BUYING THEM.
THIS RESULTED IN ARTIFICIALLY RASING THE IMPLIED VOLATILITY WHICH MANIPULATED THE $VIX INDEX -
"Lenzer"
Igaks juhuks nendele, keda VW tickerid segausse ajavad:
VLKAF - Common Stock traded OTC
VLKPF - Preferred Stock traded OTC
VWAGY - ADR representing 1/10th Common Stock
VWAPY - ADR representing 1/10th Preferred Stock
VOW - Common Stock traded in Frankfurt
VOW3 - Preferred Stock traded in Frankfurt
Tänasest on Porche AG siis kaubeldav sümboli al P911.DE
Mingil põhjusel on VOW3.DE ja PAH3.DE (Porschede perefirma, millel on nüüd enamus kontrollist nii Volkswagenis kui Porsches) suure müügisurve all, võibolla oodati rohelisemat starti. -
Koos DAX'iga tulevad alla lihtsalt.
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Arusaadav aga hetkel pakutakse siis PAH3-e (€20B eest) mis omab suurosalust ja kontrolli nii Volkswagenis (€80B) kui ka Porsches (€80B) ja maksab 4% aastas dividende.
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Jah, nüüd märkasin ka, et PAH3 teeb -10% täna.
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Intervjuus niiöelda saksa Buffett Karl Ehlerding arvab, et
KE: There are always opportunities in public markets. Take the example of Porsche Holding SE, the publicly listed holding company of the Porsche family.
Porsche Holding (ISIN DE000PAH0038, DE:PAH) consists solely of equity, i.e. it has zero debt. Its biggest asset is a 53% voting stake in Volkswagen (voting share ISIN DE0007664005, DE:VOW). If you purchase two shares of Porsche Holding, you indirectly own one voting share of Volkswagen. It's easy to figure out that the stock price of Porsche Holding should really be trading at twice what it is trading for today.
However, there is more to it. The market cap of Volkswagen is currently just EUR 80bn. This includes a 100% stake in Porsche AG, the company that produces the Porsche sports cars. Volkswagen is valuing its stake in Porsche AG at just EUR 12bn. In comparison, Ferrari (ISIN NL0011585146, NYSE:RACE) has a market cap of EUR 35bn, even though it produces just a tenth the number of cars as Porsche. This will become more apparent once Volkswagen launches the planned spin-off and IPO of Porsche AG.
You also need to compare Volkswagen to Toyota Motor (ISIN JP3633400001, JP:7203). Toyota doesn't own a crown jewel of the kind that Volkswagen owns with Porsche AG. It's much more of a mass producer. If you deduct the value of Porsche AG from the market cap of Volkswagen, then you conclude that Volkswagen is currently valued at just EUR 10bn, 20bn or 30bn. Toyota is about the same size as Volkswagen, but it has a market cap of EUR 240bn.
Volkswagen has a large hidden reserve.
All of this will become more widely known once Porsche AG gets listed on the stock market. It will be reported in every single major newspaper, which will draw attention to it. It's all very simple, anyone can do the math.
However, it gets even better. Dr. Hans Michel Piëch is the largest owner of voting shares in Porsche Holding. All outstanding voting stock of Porsche Holding are worth just EUR 10bn at today's price. Put another way, for just EUR 5bn, you could theoretically buy control of Porsche Holding, which in turn gives you control over Volkswagen. For just EUR 5bn, you get to control a company with EUR 250bn in annual sales, 670,000 employees, and 160 factories.
What if someone offered Dr. Hans Michel Piëch an additional EUR 10bn for his voting shares in Porsche Holding? Would he be tempted? For EUR 15bn, you would then get control of Volkswagen. This would give the stock of Porsche Holding a value of EUR 196 per share, or twice what it is currently trading for on the stock exchange.
I have bought stock in Porsche Holding for prices of EUR 70, EUR 80, and EUR 88. I recently bought more for a price of EUR 68. Porsche AG currently has problems in China, but this will prove temporary. At some point, the market will realise that Porsche Holding has a much higher underlying value.
I have now been invested in Porsche Holding for a year. It's fine by me if I have to stay invested another one, two or three years. After all, I am being paid to wait. Porsche Holding is paying my family a dividend yield of 4.25% per annum.
Porsche AG is a world-class company with great products. Once they do their IPO, the company will probably enter Formula 1. This makes for a very interesting constellation.
When I first began investing, I started with Volkswagen. Now, I have come back to Volkswagen. 60 years later, it's gone full circle! -
Aktsia ei ole hinnastatud kallilt, aga täna lihtsalt jätkab poolteist aastat kestnud langustrendi.
