Dr. Ing. h.c. F. Porsche AG Bearer Shares
P911: XETR (DEU)
| Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
|---|---|---|---|
| €56.00 | Gygcsdj | Tbnxdcxhx |
Porsche Earnings: Revenue and Margin Disappoint, but Management Maintains Guidance
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Narrow-moat-rated Porsche reported second-quarter earnings per share of EUR 1.49, EUR 0.08 less than the EUR 1.57 FactSet consensus estimate and down EUR 0.15 from pro forma EUR 1.64 last year. Consolidated revenue rose 5% to EUR 10.3 billion from EUR 9.9 billion a year ago despite a 12% increase in unit volume to 86,587 from 77,434 in the prior year. Stable pricing and favorable mix were partially offset by currency and model cycle changes. The 2-star-rated shares of Porsche currently trade at 23% premium to our unchanged EUR 90 fair value estimate.