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The Aston Martin stock debuted on the London Stocks Exchange on Wednesday as the UK's leading auto maker for almost three decades, but luxury brand names slid in the face of questions over its ambitious challenge to the stock market. European rivals Porsche and Ferrari.
The price of Aston Martin shares was finally £ 19 per share before the start of the LSE negotiations, giving the group based in Gaydon, England a market value of £ 4.33 billion ($ 5.6 billion). $). The main Italian and Kuwaiti investors, as well as other private stakeholders, having sold about 25% of their holdings in the market, no new money will be drawn from the listing, which could have affected the starting price lower than expected. . and the 4% decrease in the shares listed at the beginning of the London negotiations.
"The listing on the London Stock Exchange today is a historic milestone for Aston Martin Lagonda," said CEO Andy Palmer in a statement. "We are delighted with the positive response we have received from investors around the world and are very pleased to welcome our new shareholders to the register."
Aston Martin shares rose slightly against the IPO price in the early trading minutes, from £ 19.14 to £ 19.14 each, before fading to £ 18.38. values the builder at around £ 4.2 billion ($ 5.5 billion). This is the first London entry of a British car manufacturer since Jaguar, which made its debut in 1984 and left the market after its acquisition by Ford Motor Co. (F) in 1990.
A memorable day in the 105 years of Aston Martin's history #AstonMartinLagonda pic.twitter.com/zKw4644Y09
– Aston Martin (@astonmartin) October 3, 2018
Palmer has revived the luxury brand – which has gained worldwide fame thanks to its position in the James Bond film franchise – since being named CEO in 2014. Aston Martin hopes to change up to 6,400 units this year and reach a profit margin of about 23%, figure that he hopes to reach 30% in the short term.
It also plans to launch the DBS Superleggera, which will cost £ 225,000, in hopes of challenging the dominance of the luxury brand on the Ferrari (RACE) 812 Superfast model.
Investors worry about Aston Martin's ability to face rival Ferrari, the iconic Italian luxury car maker that was listed on the New York Stock Exchange in 2015, and the uncertainties surrounding the auto sector British in preparation for life outside the European Union next year. .
Ferrari has a market value of $ 26 billion and annual sales of approximately $ 4.2 billion, nearly double the estimated target of Aston Martin at £ 1.2 billion. The average selling price of Ferrari, about € 219,000, is also slightly higher than that of Aston Martin, as is its operating margin and its debt ratio.
The Aston Martin IPO prospectus, which aims to expose both the risks and potential of any new investment, warned that a restriction of sales to the EU, generating about one-fifth of its revenues, in the case of such a block Brexit would have a "significant negative effect" on the group's results.
He also said that a majority of its suppliers are located in EU member states and indicated that "tax or other restrictions" on the free movement of goods could affect its chain of custody. # 39; s supply. He also referred to the threat of US President Donald Trump's duties, although his promise to remove a 25% tax on European-made cars has been stalled since the opening of trade talks with the president. from the European Commission, Jean Claude Juncker, this summer.
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