(CercleFinance.com) – AlphaValue raises its advice on Porsche shares, going from ‘add’ to ‘buy’, with a price target of 67.8 euros, suggesting an upside potential close to 40.4%.
The broker revises downwards its DCF (discounted cash flow) estimate on Porsche by 26% (from 117 to 86 euros), the value of financial assets having been reduced by around €6 billion since the last update ( from around 36 BnE to around 30 BnE).
EPS are also slightly revised downwards, expected for 2023 at 19.8 euros (vs. 20.9 euros previously) and for 2024 at 19 euros (vs. 19.1 euros previously).
‘The change in our EPS forecasts mainly comes from the change in estimate for Volkswagen, which was revised downwards by our automotive analyst following the announcement of a non-cash impact of €2.5 billion linked to the revaluation hedging transactions outside of hedge accounting’, specifies the broker.
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