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Ratio of Porsche's Market Cap to its Volkswagen assets value

PAH3*0.30625/(0.31*VOW3*0.5013)  
joaomdfn  
PAH3*0.30625/(0.31*VOW3*0.5013)  
Trend Analysis
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Chart with the ratio of Porsche Holding market cap to its assets on Volkswagen (31% of equity). This ratio should be (at least) 1 if Porsche Holding is priced to net assets value, but the market has been given a discount of about 25% to the assets that Porsche owns as the chart shows through the 980 days moving average of the ratio.
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