Porsche (PAH3) is now the cheapest major German automotive, trading at a 3x P/E and offering a 5.5% yield despite recent dividend cuts. Sales declines, especially in China and across all regions, reflect operational challenges, but management's focus on 'value over sales' is a positive strategic shift. DCF and peer-based valuations suggest massive upside, but I conservatively maintain a €75 fair value and set a €60/share price target, rating Porsche a 'Buy.'
Sales were dented by the end of production of the gasoline-powered 718, strong demand for the all-electric Macan in the same period last year, and the end of U.S. tax incentives.
The sportscar maker is in talks with employee representatives as it pushes ahead with a broader streamlining plan.
| Automobiles Industry | Consumer Discretionary Sector | Hans Dieter Pötsch CEO | XSTU Exchange | US73328P1066 ISIN |
| DE Country | 46 Employees | 29 Jun 2026 Last Dividend | - Last Split | - IPO Date |