Announcement • May 11
Dr. Ing. h.c. F. Porsche AG, Annual General Meeting, Jun 23, 2026 Dr. Ing. h.c. F. Porsche AG, Annual General Meeting, Jun 23, 2026, at 10:00 W. Europe Standard Time. Live News • May 09
Porsche Refocuses on Core Business With Board Restructuring and Over 500 Job Cuts Porsche is restructuring its Executive Board by folding the Car IT division into Research & Development and cutting the number of board divisions from eight to seven.
The company is closing three subsidiaries focused on battery technology, e-bike drive systems, and software, which will remove over 500 jobs.
Management frames these moves as part of a refocus on the core automotive business, with attention on margins and profitability during a period of weaker sales and electric vehicle challenges.
For you as an investor, both announcements point to a clear tightening of focus. Folding Car IT into Research & Development centralises responsibility for vehicle-related software and could simplify decision making, especially as software and electronics remain key for modern premium cars. Having Dr. Michael Steiner lead the expanded R&D area may also give you a clearer line of accountability for product and technology choices going forward.
The closure of Cellforce Group, Porsche eBike Performance and Cetitec signals a pullback from adjacent ventures and side projects. Management is prioritising capital and management time toward the core vehicle business after a period of declining sales and pressure around electric vehicle development. That can mean lower complexity and cost, but also fewer optional future growth avenues. When you assess Porsche, it is worth watching how these changes affect reported margins, headcount trends and any commentary on product pipelines, especially in higher-end combustion and electric models. Reported Earnings • Apr 30
First quarter 2026 earnings: Revenues miss analyst expectations First quarter 2026 results: Revenue: €8.40b (down 5.2% from 1Q 2025). Net income: €399.0m (down 23% from 1Q 2025). Profit margin: 4.8% (down from 5.8% in 1Q 2025). Revenue missed analyst estimates by 1.7%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Apr 26
Dr. Ing. h.c. F. Porsche AG announces Annual dividend, payable on June 26, 2026 Dr. Ing. h.c. F. Porsche AG announced Annual dividend of EUR 1.0100 per share payable on June 26, 2026, ex-date on June 24, 2026 and record date on June 25, 2026. Price Target Changed • Mar 23
Price target decreased by 7.3% to €41.99 Down from €45.27, the current price target is an average from 21 analysts. New target price is 13% above last closing price of €37.31. Stock is down 28% over the past year. The company is forecast to post earnings per share of €1.75 for next year compared to €0.47 last year. New Risk • Mar 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 213% Cash payout ratio: 192% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Buy Or Sell Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €37.25. The fair value is estimated to be €47.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 36%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Reported Earnings • Mar 12
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: €0.47 (down from €3.94 in FY 2024). Revenue: €36.3b (down 9.5% from FY 2024). Net income: €431.0m (down 88% from FY 2024). Profit margin: 1.2% (down from 9.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 8.3%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year whereas the company’s share price has fallen by 31% per year. Announcement • Jan 30
Dr. Ing. h.c. F. Porsche AG Announces Executive Changes Dr. Ing. h.c. F. Porsche AG announced that Tobias Sühlmann (46) will take over as Head of Design at Porsche from 1 February 2026. He succeeds Michael Mauer (63), who has been responsible for Porsche design for more than two decades. Sühlmann comes from the British sports car manufacturer McLaren. He had been Chief Design Officer there since 2023. With this change, Porsche is undergoing a generational change. Michael Mauer started in 2004 as the fourth Head of Design in Porsche’s long history. His predecessors were Ferdinand Alexander Porsche, Anatol Lapine and Harm Lagaay. Mauer studied automotive design at the Pforzheim University of Applied Sciences and came to Porsche via stations at Mercedes, Smart and Saab. At the beginning of his tenure at Dr. Ing. h.c. F. Porsche AG, he was responsible for the revision of the Cayenne, the new Panamera and the 918 Spyder super sports car. Michael Mauer also transferred the unmistakable Porsche design into the electric age. His more than two decades of work illustrate the exceptional position of the native of Hesse at Porsche. Announcement • Nov 12
Dr. Ing. H.c. F. Porsche AG to Present Its Second All-Electric SUV to the World on 19 November Dr. Ing. h.c. F. Porsche AG will present its second all-electric SUV to the world on 19 November. The Cayenne Electric debuts during a digital world premiere that will be broadcast from 15:00 CET. Three days later, international media and fans of the brand will be able to discover the new model live for the first time at the Icons of Porsche Festival in Dubai. More than two decades ago, Porsche succeeded in transferring the legend of the sports car brand to a new market segment with the Cayenne. Since 2002, the SUV has represented the ideal blend of performance, versatility and everyday practicality. With the Cayenne Electric, Porsche is now opening a new chapter in the success story of the model series - with outstanding driving dynamics, excellent long-distance comfort, uncompromising off-road capability and the efficiency of modern e-mobility. Based on Porsche's latest electric vehicle architecture, the Cayenne Electric sets new standards in the SUV segment - both in terms of performance and charging capability as well as comfort and digital connectivity. The Cayenne Electric complements the existing range of combustion-engined and plug-in hybrid variants. Reported Earnings • Oct 26
Third quarter 2025 earnings: Revenues miss analyst expectations Third quarter 2025 results: Revenue: €8.71b (down 4.4% from 3Q 2024). Net loss: €599.0m (down 198% from profit in 3Q 2024). Revenue missed analyst estimates by 3.5%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 22% per year. Announcement • Oct 18
Porsche AG Announces CEO Changes The Supervisory Board of Porsche AG has appointed Dr. Michael Leiters as CEO of Porsche AG, effective as of January 1, 2026. Dr. Oliver Blume, who has led Porsche AG as CEO for ten years, will continue to serve as CEO of Volkswagen Group. As CEO of Porsche AG, Oliver Blume paved the way for record financial years, the IPO of Porsche AG, and the expansion into further international markets, as well as historic motorsport successes. He prepared the generational change in the Porsche Executive Board in a long-term and strategic manner. Dr. Oliver Blume's successor will be Dr. Michael Leiters. Leiters has been CEO of McLaren Automotive since July 2022, having previously served as CTO for Ferrari for more than eight years. Leiters is no stranger to Porsche AG. Before taking up his position at Ferrari, he held positions at Porsche for more than 13 years, most recently with responsibility for the Porsche Macan and Porsche Cayenne series. Major Estimate Revision • Oct 17
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.858 to €0.717 per share. Revenue forecast steady at €37.2b. Net income forecast to shrink 33% next year vs 21% growth forecast for Auto industry in Germany . Consensus price target of €44.53 unchanged from last update. Share price rose 3.8% to €42.29 over the past week. Announcement • Sep 24
Dr. Ing. h.c. F. Porsche AG(XTRA:P911) dropped from Germany DAX Index (Performance) Dr. Ing. h.c. F. Porsche AG has been dropped from the Germany DAX (Performance) Major Estimate Revision • Sep 23
Consensus EPS estimates fall by 39% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €1.68 to €1.02 per share. Revenue forecast steady at €37.1b. Net income forecast to shrink 26% next year vs 22% growth forecast for Auto industry in Germany . Consensus price target down from €46.82 to €45.27. Share price fell 6.3% to €41.45 over the past week. Announcement • Sep 22
Dr. Ing. h.c. F. Porsche AG Reaffirms Earnings Guidance for the Year 2025 Dr. Ing. h.c. F. Porsche AG reaffirmed earnings guidance for the year 2025. For the year, the company expects sales revenue to be between EUR 37 billion and EUR 38 billion (previous forecast: EUR 37 billion to EUR 38 billion). New Risk • Jul 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 141% Dividend yield: 5.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 141% Minor Risk Profit margins are more than 30% lower than last year (5.6% net profit margin). Reported Earnings • Jul 31
Second quarter 2025 earnings: Revenues in line with analyst expectations Second quarter 2025 results: Revenue: €9.30b (down 11% from 2Q 2024). Net income: €207.0m (down 83% from 2Q 2024). Profit margin: 2.2% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Auto industry in Germany. Buy Or Sell Opportunity • May 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to €42.27. The fair value is estimated to be €53.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • May 23
Dr. Ing. h.c. F. Porsche AG Approves Ordinary Dividend for the Financial Year 2024, Payable on May 26, 2025 Dr. Ing. h.c. F. Porsche AG approved a dividend of EUR 2.3 per ordinary share for the 2024 financial year. The dividend will be paid on 26 May 2025. Upcoming Dividend • May 15
Upcoming dividend of €2.31 per share Eligible shareholders must have bought the stock before 22 May 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 59% and the cash payout ratio is 89%. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.4%). Lower than average of industry peers (6.0%). Announcement • May 07
Dr. Ing. h.c. F. Porsche AG announces Annual dividend, payable on May 26, 2025 Dr. Ing. h.c. F. Porsche AG announced Annual dividend of EUR 0.8168 per share payable on May 26, 2025, ex-date on May 22, 2025 and record date on May 23, 2025. Price Target Changed • May 06
Price target decreased by 8.8% to €53.03 Down from €58.14, the current price target is an average from 18 analysts. New target price is 19% above last closing price of €44.39. Stock is down 48% over the past year. The company is forecast to post earnings per share of €2.14 for next year compared to €3.94 last year. Price Target Changed • Apr 30
Price target decreased by 7.6% to €55.31 Down from €59.87, the current price target is an average from 18 analysts. New target price is 25% above last closing price of €44.09. Stock is down 47% over the past year. The company is forecast to post earnings per share of €2.26 for next year compared to €3.94 last year. Buy Or Sell Opportunity • Apr 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to €44.09. The fair value is estimated to be €55.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 29
First quarter 2025 earnings: Revenues exceed analyst expectations First quarter 2025 results: Revenue: €8.86b (down 1.7% from 1Q 2024). Net income: €517.0m (down 44% from 1Q 2024). Profit margin: 5.8% (down from 10% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Auto industry in Germany. Buy Or Sell Opportunity • Apr 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to €44.02. The fair value is estimated to be €55.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 97%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Announcement • Apr 08
Dr. Ing. h.c. F. Porsche AG, Annual General Meeting, May 21, 2025 Dr. Ing. h.c. F. Porsche AG, Annual General Meeting, May 21, 2025, at 10:00 W. Europe Standard Time. Buy Or Sell Opportunity • Mar 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €45.95. The fair value is estimated to be €58.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 97%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Mar 27
Porsche Announces Product Launch Porsche is improving the digital user experience in the 911, Taycan, Panamera and Cayenne model series for the change of the model year, starting in June. The fundamentally revised Porsche Communication Management (PCM) system is more performant and offers access to the Porsche App Center. Other new features include Dolby Atmos®? for an improved sound experience, the Amazon Alexa®? digital assistant and an expanded Porsche Connect package. This applies not only to powertrain and chassis technology, but also to the digital experience the sports car manufacturer offers. With the start of the new model year, the 911, Taycan,Panamera and Cayenne model series will benefit from significant improvements in infotainment technology and an expanded range of new functions in this area. Thanks to new hardware, the PCM system is now more responsive. As well as optimised computing power, it offers additional capabilities, such as direct access to a large number of third-party apps for native use directly in the PCM. To ensure a reliable digital user experience, the Porsche Connect package is included as standard for 10 years. The Porsche App Center, which will be available from the model year change, offers direct access to a large number the example of well-known app stores from the smartphone or tablet sector1. Porsche presented the App Center for the first time with the introduction of the all-electric Macan and is now extending the convenient and contemporary concept to other model series. Alexa is activated via the voice command "Alexa" or via an individually configured button, or icon switch tile in the PCM. With the PCM update, Porsche is also perfecting the sound experience for customers. For the first time, cars equipped with premium and high-end audio systems from brand partners Bose®? and Burmester®? feature the Dolby Atmos immersive sound technology, which creates a spatial sound experience for the occupants. The vast majority of the world's biggest music artists have already released their work in Dolby Atmos. Through its fundamentally improved PCM, Porsche is underlining its ambition to continuously expand the range of services offered to all model series and to offer its customers a contemporary, inspiring driving experience.ars from the new model year can be ordered now and will be delivered to distribution partners from June.1 Apps are offered by the respective app providers. Announcement • Mar 13
Dr. Ing. h.c. F. Porsche AG Proposes Dividend for the Year 2024 The supervisory board of Dr. Ing. h.c. F. Porsche AG will propose a dividend payment of EUR 2.1 billion to the year 2024 to the Annual General Meeting. That's EUR 2.30 per ordinary share. New Risk • Mar 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 12
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: €3.94 (down from €5.66 in FY 2023). Revenue: €40.1b (down 1.1% from FY 2023). Net income: €3.59b (down 30% from FY 2023). Profit margin: 9.0% (down from 13% in FY 2023). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 8.8%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Auto industry in Germany. Announcement • Mar 06
Dr. Ing. h.c. F. Porsche AG (XTRA:P911) completed the acquisition of an unknown majority stake in V4DRIVE Battery GmbH from Varta AG (XTRA:VAR1). Dr. Ing. h.c. F. Porsche AG (XTRA:P911) entered into a non-binding term sheet to acquire an unknown majority stake in V4DRIVE Battery GmbH from Varta AG (XTRA:VAR1) on July 4, 2024. In the run-up to the implementation of Porsche's investment, it is planned in a first step to transfer VARTA's V4Drive business to V4Drive Battery GmbH and then to have Porsche participate via a capital increase. In the context of which VARTA AG and its participating subsidiaries will contribute the business unit for large-format lithium-ion cells and an operating property and Porsche will contribute certain equipment, patents and receivables belonging to the business unit for large-format lithium-ion cells. On October 9, 2024, Dr. Ing. h.c. F. Porsche AG signed an agreement to acquire V4DRIVE Battery GmbH. The transaction is subject to approval of bankruptcy court, approval of offer by target shareholders, consummation of due diligence investigation and antitrust approvals in various countries and the successful implementation of the financial restructuring of Varta AG under the German Corporate Stabilization and Restructuring Act. The transaction is expected to close in the first quarter of 2025.
Dr. Ing. h.c. F. Porsche AG (XTRA:P911) completed the acquisition of an unknown majority stake in V4DRIVE Battery GmbH from Varta AG (XTRA:VAR1) on March 4, 2025. The sports car manufacturer is the new majority shareholder of the company, while VARTA AG will retain a minority stake without any operational influence. V4Drive is being rebranded as V4Smart to reflect the realignment of the company. Announcement • Feb 26
Dr. Ing. h.c. F. Porsche AG Announces Board Changes Dr. Ing. h.c. F. Porsche AG initiates a long-planned change to its Executive Board: on 26 February 2025, Jochen Breckner (47) will take over responsibility for Finance and IT, with Matthias Becker (54) becoming responsible for Sales and Marketing. They succeed Lutz Meschke (58) and Detlev von Platen (61), who are leaving the company by mutual agreement. Breckner previously headed Porsche’s General Secretariat and Corporate Development. Becker was most recently Head of the Overseas and Emerging Markets region at Porsche AG and has successfully developed it into one of Porsche’s strong sales pillars. Lutz Meschke is leaving the company after 24 years of service. He moved from Hugo Boss to Porsche AG in 2001, where he was initially responsible for accounting and later for controlling. In 2009, Meschke was appointed Board Member for Finance and IT, and from 2015 he also served as Deputy Chairman of the Board of Management. Meschke’s period of activity saw numerous milestones in the company’s development. The IPO of Porsche AG in 2022 is of historic importance. Lutz Meschke has also been a member of the Executive Board of Porsche Automobil Holding SE since July 2020. Detlev von Platen joined Porsche AG in 1997. He started his career with the company as CEO of Porsche France before being appointed President and CEO of Porsche Cars North America in 2008, later becoming a member of the Executive Board for Sales and Marketing in 2015. Von Platen actively shaped the transformation of Porsche’s sales. The expansion of the business in America, with the Porsche headquarters in Atlanta, and the market launch of the all-electric Taycan and Macan are among the special achievements. He has also earned recognition for his close and trusting collaboration with the global dealer network. The new members of the Executive Board of Porsche AG have been associated with the sports car manufacturer from Zuffenhausen for many years: Jochen Breckner has worked for Porsche since 2000 – first as an intern and diploma student, later as a doctoral student. The Stuttgart-born Doctor of Business Administration became assistant to the Chairman of the Executive Board in 2008. From 2010 to 2012, he was Head of Controlling for Sales, Marketing and Financial Services. From 2012, he reported directly to the Board of Management as Head of Product Controlling and later as Head of Controlling. Since September 2018, Breckner has been Head of the General Secretariat and Corporate Development at Porsche. In this role, the proven finance and strategy expert was responsible for several broad-based projects. For example, he led the management of Porsche’s IPO and the long-term efficiency programme with which the company systematically optimises its financial resilience. Breckner’s successor in that role will be Christian Pantel, who is responsible for a model series in his current role at Porsche. Matthias Becker has worked for Porsche AG since 2015. As Head of the Overseas and Emerging Markets region, he has developed sales regions such as Southeast Asia, Australia, the Middle East, Africa and Central and South America – totaling more than 70 markets – into a central pillar of the Porsche sales network. Previously, Becker held several management positions within the Volkswagen Group. He proved himself for Audi in various leading sales functions in Europe and China, at the Group subsidiary Škoda and in Volkswagen marketing in Germany. Jochen Breckner takes over from Lutz Meschke as Board Member for Finance and IT with effect from 26 February 2025. Matthias Becker takes over from Detlev von Platen as Board Member for Sales and Marketing with effect from 26 February 2025. Price Target Changed • Feb 13
Price target decreased by 7.8% to €68.79 Down from €74.61, the current price target is an average from 19 analysts. New target price is 20% above last closing price of €57.54. Stock is down 27% over the past year. The company is forecast to post earnings per share of €4.33 for next year compared to €5.66 last year. Buy Or Sell Opportunity • Feb 07
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €55.56. The fair value is estimated to be €74.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Announcement • Feb 07
Dr. Ing. h.c. F. Porsche AG Provides Earnings Guidance for the Year 2025 Dr. Ing. h.c. F. Porsche AG provides earnings guidance for the year 2025. For the year, the company forecasts sales revenues of €39 billion to €40 billion. Buy Or Sell Opportunity • Jan 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.7% to €61.28. The fair value is estimated to be €76.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Announcement • Jan 20
Dr. Ing. h.c. F. Porsche AG to Report Fiscal Year 2024 Results on Mar 12, 2025 Dr. Ing. h.c. F. Porsche AG announced that they will report fiscal year 2024 results on Mar 12, 2025 Buy Or Sell Opportunity • Nov 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €57.22. The fair value is estimated to be €71.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Oct 27
Third quarter 2024 earnings: Revenues in line with analyst expectations Third quarter 2024 results: Revenue: €9.11b (down 6.1% from 3Q 2023). Net income: €612.0m (down 48% from 3Q 2023). Profit margin: 6.7% (down from 12% in 3Q 2023). Revenue was in line with analyst estimates. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Auto industry in Germany. Buy Or Sell Opportunity • Sep 21
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to €65.00. The fair value is estimated to be €84.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €67.56. The fair value is estimated to be €85.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Aug 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €66.52. The fair value is estimated to be €84.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Jul 25
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: €1.35 (down from €1.49 in 2Q 2023). Revenue: €10.4b (up 1.1% from 2Q 2023). Net income: €1.23b (down 9.9% from 2Q 2023). Profit margin: 12% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Auto industry in Germany. Upcoming Dividend • Jun 03
Upcoming dividend of €2.31 per share Eligible shareholders must have bought the stock before 10 June 2024. Payment date: 12 June 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (6.2%). Reported Earnings • Apr 28
First quarter 2024 earnings: Revenues miss analyst expectations First quarter 2024 results: Revenue: €9.01b (down 11% from 1Q 2023). Net income: €927.0m (down 34% from 1Q 2023). Profit margin: 10% (down from 14% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.3%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Auto industry in Germany. New Risk • Mar 14
New minor risk - Dividend sustainability The company has a short dividend paying track record. Continuous dividend paying years: 1 Dividend yield: 2.7% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 13
Full year 2023 earnings: Revenues in line with analyst expectations Full year 2023 results: Revenue: €40.5b (up 7.7% from FY 2022). Net income: €5.16b (up 4.2% from FY 2022). Profit margin: 13% (in line with FY 2022). Revenue was in line with analyst estimates. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Auto industry in Germany. Announcement • Mar 04
Dr. Ing. h.c. F. Porsche AG to Report Fiscal Year 2023 Final Results on Mar 12, 2024 Dr. Ing. h.c. F. Porsche AG announced that they will report fiscal year 2023 final results on Mar 12, 2024 Announcement • Jan 19
Dr. Ing. h.c. F. Porsche AG, Annual General Meeting, Jun 07, 2024 Dr. Ing. h.c. F. Porsche AG, Annual General Meeting, Jun 07, 2024. Reported Earnings • Oct 26
Third quarter 2023 earnings: Revenues exceed analyst expectations Third quarter 2023 results: Revenue: €9.70b (up 10.0% from 3Q 2022). Net income: €1.17b (down 1.0% from 3Q 2022). Profit margin: 12% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.8%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Auto industry in Germany. Announcement • Jul 29
Dr. Ing. h.c. F. Porsche AG (XTRA:P911) Signed an agreement to acquire Remaining stake in MHP Management- und IT-Beratung GmbH. Dr. Ing. h.c. F. Porsche AG (XTRA:P911) Signed an agreement to acquire Remaining stake in MHP Management- und IT-Beratung GmbH on July 28, 2023. Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS in line with expectations, revenues disappoint Second quarter 2023 results: EPS: €1.49 (down from €16.45 in 2Q 2022). Revenue: €10.3b (up 4.6% from 2Q 2022). Net income: €1.36b (down 9.1% from 2Q 2022). Profit margin: 13% (down from 15% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto industry in Germany. Reported Earnings • May 05
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: €1.54. Revenue: €10.1b (up 13% from 1Q 2022). Net income: €1.41b (up 13% from 1Q 2022). Profit margin: 14% (in line with 1Q 2022). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Announcement • Jan 10
Porsche Automobil Holding SE (DB:PAH3) completed the acquisition of 25% stake plus one share in Dr. Ing. h.c. F. Porsche AG from Porsche Holding Stuttgart GmbH. Porsche Automobil Holding SE (DB:PAH3) intended to acquire 25% stake plus one share in Dr. Ing. h.c. F. Porsche AG from Porsche Holding Stuttgart GmbH on September 5, 2022. Porsche Automobil Holding SE entered into a share purchase agreement to acquire 25% stake plus one share in Dr. Ing. h.c. F. Porsche AG from Volkswagen AG) on September 18, 2022. In a related deal, 113,875,000 preferred shares of Dr. Ing. h.c. F. Porsche AG are to be placed with institutional and private investors in the course of the IPO, including 14,853,260 preferred shares (corresponding to 15% of the base offer) to cover possible over-allotments. Under the terms of the share purchase agreement, the consideration will be paid at the placement price of the preferred shares plus a premium of 7.5%. Depending on the final offer price for the preferred shares, the gross proceeds from the transfer of the ordinary shares vary between €9.36 billion and €10.10 billion.
The consideration for the acquisition is decided on September 28, 2022, as approximately €10.1 billion from the sale of 25% plus one ordinary share in the ordinary share capital of Porsche AG to Porsche Automobil Holding SE. This is based on purchase price of €88.69 per ordinary share corresponding to a premium of 7.5% to the IPO placement price for the preferred shares. Porsche SE will finance the acquisition of the ordinary shares in Porsche AG with debt capital of up to €7.9 billion. Currently, Porsche Automobil Holding SE holds approx. 53.3 % of the ordinary share capital and in aggregate approx. 31.9 % of the share capital of Volkswagen AG, with the latter holding 100 % of the shares in Porsche Holding Stuttgart GmbH. Hence, Porsche Automobil Holding SE is deemed to be a related party to transaction. Pursuant to the Share Purchase Agreement, Porsche Automobil Holding SE acquires the ordinary share package from Porsche Holding Stuttgart GmbH in two tranches of 17.5 % (plus one ordinary share) and 7.5 % of the ordinary share capital in Dr. Ing. h.c. F. Porsche AG.
The supervisory board of Porsche SE approved the conclusion of the share purchase agreement on September 18, 2022. The consummation of the share purchase agreement and the transfer of the ordinary shares are still subject to various conditions precedent. The closing of the first tranche is subject to the condition precedent that the preferred shares be fully placed in the course of the IPO within the price range and that the placement shares be delivered in book-entry form against payment of the offer price. The closing of the second tranche of ordinary shares is subject to the condition precedent that the first tranche be closed and that the special dividend of 49 % of the total gross revenue from the placement of the preferred shares (including potential over-allotments) and the sale of the ordinary shares be paid out. Under the Share Purchase Agreement, Volkswagen AG as warrantor provides several warranties to Porsche Automobil Holding SE, putting Porsche Automobil Holding SE substantially in the same position as the future holders of the preferred shares from the IPO. In addition, Volkswagen AG provides a few other warranties that are customary in the market and most of which are limited to Volkswagen AG’s positive knowledge. The Goldman Sachs Group, Inc. (NYSE:GS) acted as the financial advisor to Volkswagen. Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) acted as financial advisor to Porsche AG.
Porsche Automobil Holding SE (DB:PAH3) completed the acquisition of 25% stake plus one share in Dr. Ing. h.c. F. Porsche AG from Porsche Holding Stuttgart GmbH on January 9, 2023. Buying Opportunity • Oct 10
Now 24% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €115, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last year. Earnings per share has grown by 23%. 
