Dr. Ing. h.c. F. Porsche AG Bearer Shares

P911: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€83.00	Vqrhgp	Yphdgpj

Porsche Earnings: Sales and Margins Decline

Dawit Woldemariam

Apr 29, 2024

Porsche reported lower first-quarter earnings, leading us to decrease our fair value estimate by 1.5% to EUR 93 per share, down from EUR 94. The decline in our fair value estimate is largely attributable to our lower margin expectation for 2024. We now forecast the adjusted operating margin to land at 16% (midpoint of guidance) this year.

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