Status: 06.12.2022 09:15 a.m
Around two months after the IPO, the sports car manufacturer Porsche is already included in the leading index DAX. The share of the Volkswagen subsidiary replaces the Franconian sporting goods group Puma.
The Porsche share will replace Puma’s shares in the DAX on December 19. The stock exchange operator Deutsche Börse announced that the Franconian sporting goods group would be relegated to the MDAX small-cap index. “We are very pleased about the quick, direct entry into the DAX,” said Porsche CFO Lutz Meschke. “Our leap into the top 40 in Germany is the result of our hard work over the past few years.”
Porsche AG is the third company from the Volkswagen environment in the leading index. In addition to the Wolfsburg parent company, its major shareholder is also recorded there: Porsche Automobil Holding SE, which is backed by the Porsche and Piech families. With BMW, Mercedes-Benz, Daimler Truck and the supplier Continental, a total of seven of the 40 DAX stocks will come from the automotive industry.
The sports car manufacturer went public on September 29, the first price was 84 euros. The listing is currently more than 105 euros. Porsche is now worth a good 98 billion euros on the stock exchange. For comparison: the market capitalization of Volkswagen is almost 84 billion euros. Since the IPO, which was successful despite adverse circumstances, the share has gained almost 30 percent.
Varta has to give way in the MDAX
In addition to the DAX relegated Puma, the Leipzig-based Verbio Vereinigte Bioenergie is also new to the MDAX. The manufacturer of biodiesel and bioethanol is benefiting from the boom in fuels from renewable energy sources. The company, which was previously listed in the small-cap index SDAX, has a market value of 4.6 billion euros.
The Swabian battery manufacturer Varta, whose share has lost 54 percent of its value in the past three months and is only worth 1.18 billion euros on the stock exchange, and Deutsche Wohnen have to make way for Puma and Verbio. The real estate group is 87 percent owned by the housing company Vonovia.
The changes in the SDAX
There are also two climbers in the SDAX. The Dortmund chip developer Elmos Semiconductor made headlines because the federal government had forbidden him from selling a small production subsidiary to China. The stock is up about half in the past three months and recently hit its highest level in 21 years.
The glass fiber specialist Adva Optical Networking will be represented in the SDAX practically twice in the future. The US parent company Adtran Holdings, which holds 65 percent of Adva, is already listed there. The online fashion retailer About You, the special pharmaceuticals company Medios and the real estate company Instone Real Estate have to drop out of the SDAX.
Market value is crucial
The changes will take effect on Monday, December 19. They are important for funds that track indices because they then have to reallocate accordingly. The stock market value is the main factor determining the rise and fall of companies in the German stock market barometer. The index provider measures this based on the proportion of freely tradable shares in the individual companies.
The volume-weighted average price in the last 20 trading days before the indices are checked is taken into account.