Almost no turnover, almost no employees, no operative business: Porsche Automobil Holding SE is a novelty for the Dax. There has never been anything like this in Germany's premier stock market league.

A company that produces nothing, sells nothing, does not provide any services to customers.

Mind you, this is not about Porsche AG, the automaker from Zuffenhausen.

It is a subsidiary of the VW Group and is no longer listed itself.

Daniel Mohr

Editor in the economy of the Frankfurter Allgemeine Sonntagszeitung.

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The Porsche Holding, which is now in the Dax, is a pure financial holding. However, with a huge market value. The small company with its only 35 employees makes a large financial stake valuable: the majority of voting rights in VW. They keep the Porsche and Piëch families in the Porsche Holding. Nobody can have a say. The common shares with voting rights are held by the Porsches and Piëchs alone. Only the preferred shares can be traded on the stock exchange and will now be listed on the Dax on Monday. The value of the VW stake has risen high enough for that.

Has such a share lost something in the Dax? According to the rules of the stock exchange, yes. It wants to display the most valuable stocks listed on the Frankfurt Stock Exchange. There is no mention of a minimum turnover or a minimum number of employees. But why buy this share and not the VW shares right away? The main business purpose of the holding company is to collect the VW dividend and pass it on to its shareholders. With part of the money, however, she also makes her own smaller investments. And the share is valued cheaper than the VW share. Still unresolved legal disputes from the time when Porsche tried to take over VW weigh on the course. Anyone who believes in a clarification in favor of Porsche can benefit. Otherwise, the weal and woe depends largely on VW's stock market success.

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