Porsche: AlphaValue still a buyer

(CercleFinance.com) - AlphaValue confirms its "add" rating on Porsche shares, with a six-month target price of 83.
6 euros (current price 70 euros, +0.5%).

The analyst says that the group's CMD "seemed convincing on the commercial level," although did not provide answers about the company's governance.

Indeed, the analyst reports that the envisaged IPO would see VW retain 75% of Porsche AG, Porsche would buy 12.5% + 1 share and the remaining 12.5% would be free float, for a total valuation of 80 to 90 billion euros.

Nevertheless, according to AlphaValue, investors' fears of VW remaining too much involved in Porsche AG are "logical".

Commercially, the broker also reports that Porsche is targeting sales of 38 to 39 billion euros in 2022, with a 17%-18% return on sales.

In the medium term, the company is targeting average sales growth of 7% to 8% p.a., with a return on sales of between 17% and 19%.

AlphaValue adds that Porsche is aiming for its EV sales to represent over 50% (including PHEVs, i.e. plug-in hybrids) by 2025 and more than 80% of sales of BEVs (battery electric vehicles) alone by 2030.


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