I didn't. This is no different than when Fiat breaks out Ferrari as a separate listing.
VAG as a whole was valued pretty much like any other car company. With Porsche inside as just another cog.
But with Porsche coming out as a separate listing, investors suddenly wanted to value it separately at a much higher multiplier, a la Ferrari. Which is the whole point of VAG wanted to spin it out in the first place, to copy Fiat/Ferrari.
Porsche is still the same company before and after. Weird investor mentality, but it is what it is. That same market also valued TSLA at a unreal multiplier too. I digress.
To say the rest of the VAG is worth a negative number just because Porsche suddenly got a much higher multiplier is a misused of numbers. It doesn't work that way, it's not like the day the Porsche listing go live, the VAG listing will suddenly go negative.
I don't have the exactly percentage of the float and how much VAG will retain ownership of Porsche stock, also can't be bothered to go find, but I will not be surprised the day the Porsche listing go live the VAG listing will also go up in price to reflect the higher multiplier of Porsche.
What if the VAG listing gained an extra 2 billion or 40 billion valuation the day Porsche listing go live? Say Porsche was supposed to be a 20 billion part of VAG, but it because a 80 billion company overnight once listed and VAG retained 50% ownership, that 10 billion worth of Porsche suddenly becomes 40 billion. Can I use the same logic saying VAG without Porsche inside is worth more than with it inside? The likes of Audi Seat etc is suddenly worth 30 billion more without Porsche?
--