Porsche: Oddo BHF lowers TP
(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Porsche shares, with a target price trimmed from E92 to E90.
The analyst reports that Porsche published lower-than-expected quarterly results on Friday, with EBIT 5% below consensus and 11% below Oddo BHF forecasts.
The group reports a contraction in sales (E9.1bn, -6% y-o-y) as well as a sharp erosion in EBIT margin (10.7%, -630 bp y-o-y) and FCF (E118m), impacted by model launches (911 & eMacan, volume and cost impact) and continued weakness in China.
Q3 was weak, but this was expected, and does not fundamentally change the annual vision, which continues to be based on a recovery in Q4, the broker says.
Following this publication, the manufacturer confirmed its new 2024 guidance, which had been revised downwards on 22/07, and forecasts sales of between E39bn and E40bn (css E39bn), with an EBIT margin of between 14% and 15% (css 14.4%) and Auto FCF/Sales of 7-8.5% (css 7.1%).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
The analyst reports that Porsche published lower-than-expected quarterly results on Friday, with EBIT 5% below consensus and 11% below Oddo BHF forecasts.
The group reports a contraction in sales (E9.1bn, -6% y-o-y) as well as a sharp erosion in EBIT margin (10.7%, -630 bp y-o-y) and FCF (E118m), impacted by model launches (911 & eMacan, volume and cost impact) and continued weakness in China.
Q3 was weak, but this was expected, and does not fundamentally change the annual vision, which continues to be based on a recovery in Q4, the broker says.
Following this publication, the manufacturer confirmed its new 2024 guidance, which had been revised downwards on 22/07, and forecasts sales of between E39bn and E40bn (css E39bn), with an EBIT margin of between 14% and 15% (css 14.4%) and Auto FCF/Sales of 7-8.5% (css 7.1%).
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.