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Porsche Automobil Holding

SWX:PAH3
Snowflake Description

Undervalued with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PAH3
SWX
€21B
Market Cap
  1. Home
  2. CH
  3. Automobiles
Company description

Porsche Automobil Holding SE, through its subsidiaries, operates as an automobile manufacturer worldwide. The last earnings update was 104 days ago. More info.


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PAH3 Share Price and Events
7 Day Returns
0%
SWX:PAH3
-3.4%
Europe Auto
-0%
CH Market
1 Year Returns
-0.4%
SWX:PAH3
4.8%
Europe Auto
14.6%
CH Market
PAH3 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Porsche Automobil Holding (PAH3) 0% 0% 0% -0.4% 27.1% -20.7%
Europe Auto -3.4% 3.6% 17.9% 4.8% 11.6% -2.5%
CH Market -0% 3.2% 5.4% 14.6% 22.7% 13.2%
1 Year Return vs Industry and Market
  • PAH3 underperformed the Auto industry which returned 4.8% over the past year.
  • PAH3 underperformed the Market in Switzerland which returned 14.6% over the past year.
Price Volatility
PAH3
Industry
5yr Volatility vs Market

Value

 Is Porsche Automobil Holding undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Porsche Automobil Holding to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Porsche Automobil Holding.

SWX:PAH3 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year CH Government Bond Rate 3.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:PAH3
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate 3.3%
Equity Risk Premium S&P Global 6%
Auto Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.615 (1 + (1- 30%) (0.19%))
0.743
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 3.28% + (0.8 * 5.96%)
8.04%

Discounted Cash Flow Calculation for SWX:PAH3 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Porsche Automobil Holding is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:PAH3 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 8.04%)
2020 811.38 Analyst x4 750.98
2021 1,064.90 Analyst x2 912.25
2022 1,187.84 Est @ 11.54% 941.82
2023 1,295.50 Est @ 9.06% 950.71
2024 1,390.42 Est @ 7.33% 944.41
2025 1,475.39 Est @ 6.11% 927.53
2026 1,553.00 Est @ 5.26% 903.64
2027 1,625.45 Est @ 4.66% 875.39
2028 1,694.50 Est @ 4.25% 844.64
2029 1,761.53 Est @ 3.96% 812.69
Present value of next 10 years cash flows €8,864.00
SWX:PAH3 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €1,761.53 × (1 + 3.28%) ÷ (8.04% – 3.28%)
€38,154.80
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €38,154.80 ÷ (1 + 8.04%)10
€17,602.84
SWX:PAH3 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €8,864.00 + €17,602.84
€26,466.84
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €26,466.84 / 306.25
€86.42
SWX:PAH3 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in SWX:PAH3 represents 0.9467x of XTRA:PAH3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9467x
Value per Share
(Listing Adjusted, CHF)
= Value per Share (EUR) x Listing Adjustment Factor
= € 86.42 x 0.9467
CHF81.82
Value per share (CHF) From above. CHF81.82
Current discount Discount to share price of CHF63.94
= -1 x (CHF63.94 - CHF81.82) / CHF81.82
21.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Porsche Automobil Holding is available for.
Intrinsic value
22%
Share price is CHF63.94 vs Future cash flow value of CHF81.82
Current Discount Checks
For Porsche Automobil Holding to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Porsche Automobil Holding's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Porsche Automobil Holding's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Porsche Automobil Holding's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Porsche Automobil Holding's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:PAH3 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €12.90
XTRA:PAH3 Share Price ** XTRA (2019-11-19) in EUR €67.54
Europe Auto Industry PE Ratio Median Figure of 15 Publicly-Listed Auto Companies 9.66x
Switzerland Market PE Ratio Median Figure of 171 Publicly-Listed Companies 19.26x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Porsche Automobil Holding.

SWX:PAH3 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= XTRA:PAH3 Share Price ÷ EPS (both in EUR)

= 67.54 ÷ 12.90

5.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Porsche Automobil Holding is good value based on earnings compared to the Europe Auto industry average.
  • Porsche Automobil Holding is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Porsche Automobil Holding's expected growth come at a high price?
Raw Data
SWX:PAH3 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.24x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
10.3%per year
Europe Auto Industry PEG Ratio Median Figure of 10 Publicly-Listed Auto Companies 1.12x
Switzerland Market PEG Ratio Median Figure of 124 Publicly-Listed Companies 2.12x

*Line of best fit is calculated by linear regression .

SWX:PAH3 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.24x ÷ 10.3%

0.51x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Porsche Automobil Holding is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Porsche Automobil Holding's assets?
Raw Data
SWX:PAH3 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €110.40
XTRA:PAH3 Share Price * XTRA (2019-11-19) in EUR €67.54
Europe Auto Industry PB Ratio Median Figure of 23 Publicly-Listed Auto Companies 0.88x
Switzerland Market PB Ratio Median Figure of 214 Publicly-Listed Companies 1.65x
SWX:PAH3 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= XTRA:PAH3 Share Price ÷ Book Value per Share (both in EUR)

= 67.54 ÷ 110.40

0.61x

* Primary Listing of Porsche Automobil Holding.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Porsche Automobil Holding is good value based on assets compared to the Europe Auto industry average.
X
Value checks
We assess Porsche Automobil Holding's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Auto industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Auto industry average (and greater than 0)? (1 check)
  5. Porsche Automobil Holding has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Porsche Automobil Holding expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Porsche Automobil Holding expected to grow at an attractive rate?
  • Porsche Automobil Holding's earnings growth is expected to exceed the low risk savings rate of 3.3%.
Growth vs Market Checks
  • Porsche Automobil Holding's earnings growth is expected to exceed the Switzerland market average.
  • Porsche Automobil Holding's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:PAH3 Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:PAH3 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 10.3%
SWX:PAH3 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 11.4%
Europe Auto Industry Earnings Growth Rate Market Cap Weighted Average 9.8%
Europe Auto Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 9.9%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:PAH3 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:PAH3 Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 144 1,083 4,998 5
2020-12-31 121 907 4,326 9
2019-12-31 114 732 4,011 10
2019-11-19
SWX:PAH3 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 108 722 3,950
2019-03-31 106 640 3,712
2018-12-31 103 558 3,473
2018-09-30 92 557 3,395
2018-06-30 81 556 3,316
2018-03-31 58 403 3,297
2017-12-31 34 250 3,278
2017-09-30 18 250 2,769
2017-06-30 1 249 2,260
2017-03-31 1 76 1,817
2016-12-31 1 -97 1,374
2016-09-30 1 3 198

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Porsche Automobil Holding's earnings are expected to grow by 10.3% yearly, however this is not considered high growth (20% yearly).
  • Porsche Automobil Holding's revenue is expected to grow by 11.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:PAH3 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Porsche Automobil Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:PAH3 Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 16.30 17.70 15.00 4.00
2020-12-31 14.15 16.00 11.70 9.00
2019-12-31 13.12 14.30 11.53 9.00
2019-11-19
SWX:PAH3 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 12.90
2019-03-31 12.12
2018-12-31 11.34
2018-09-30 11.08
2018-06-30 10.83
2018-03-31 10.77
2017-12-31 10.70
2017-09-30 9.04
2017-06-30 7.38
2017-03-31 5.93
2016-12-31 4.49
2016-09-30 0.64

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Porsche Automobil Holding is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Porsche Automobil Holding's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Porsche Automobil Holding has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Porsche Automobil Holding performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Porsche Automobil Holding's growth in the last year to its industry (Auto).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Porsche Automobil Holding's year on year earnings growth rate has been positive over the past 5 years.
  • Porsche Automobil Holding's 1-year earnings growth exceeds its 5-year average (19.1% vs 15.4%)
  • Porsche Automobil Holding's earnings growth has exceeded the Europe Auto industry average in the past year (19.1% vs 3.2%).
Earnings and Revenue History
Porsche Automobil Holding's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Porsche Automobil Holding Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:PAH3 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 108.00 3,950.00 83.00
2019-03-31 105.50 3,711.50 83.50
2018-12-31 103.00 3,473.00 84.00
2018-09-30 92.00 3,394.50 77.00
2018-06-30 81.00 3,316.00 70.00
2018-03-31 57.50 3,297.00 52.50
2017-12-31 34.00 3,278.00 35.00
2017-09-30 17.50 2,769.00 24.00
2017-06-30 1.00 2,260.00 13.00
2017-03-31 1.00 1,817.00 13.50
2016-12-31 1.00 1,374.00 14.00
2016-09-30 0.50 197.50 14.00
2016-06-30 -979.00 14.00
2016-03-31 -643.50 14.50
2015-12-31 -308.00 15.00
2015-09-30 1,319.50 14.50
2015-06-30 2,947.00 14.00
2015-03-31 2,991.00 14.50
2014-12-31 3,035.00 15.00
2014-09-30 2,856.50 16.00
2014-06-30 2,678.00 17.00
2014-03-31 2,543.00 16.50
2013-12-31 2,408.00 16.00
2013-09-30 5,332.50 14.00
2013-06-30 8,257.00 12.00
2013-03-31 8,094.50 13.00
2012-12-31 7,932.00 14.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Porsche Automobil Holding has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Porsche Automobil Holding used its assets more efficiently than the Europe Auto industry average last year based on Return on Assets.
  • It is difficult to establish if Porsche Automobil Holding improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Porsche Automobil Holding's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Auto industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Porsche Automobil Holding has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Porsche Automobil Holding's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Porsche Automobil Holding's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Porsche Automobil Holding is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Porsche Automobil Holding's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Porsche Automobil Holding's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 33.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Porsche Automobil Holding Company Filings, last reported 4 months ago.

SWX:PAH3 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 33,812.00 40.00 1,307.00
2019-03-31 33,812.00 40.00 1,307.00
2018-12-31 33,399.00 13.00 879.00
2018-09-30 33,399.00 13.00 879.00
2018-06-30 32,120.00 12.00 988.00
2018-03-31 32,120.00 12.00 988.00
2017-12-31 31,292.00 13.00 952.00
2017-09-30 31,292.00 13.00 952.00
2017-06-30 30,114.00 0.00 1,263.00
2017-03-31 30,114.00 0.00 1,263.00
2016-12-31 27,894.00 300.00 1,601.00
2016-09-30 27,894.00 300.00 1,601.00
2016-06-30 26,762.00 300.00 1,621.00
2016-03-31 26,762.00 300.00 1,621.00
2015-12-31 27,077.00 300.00 2,000.00
2015-09-30 27,077.00 300.00 2,000.00
2015-06-30 30,789.00 300.00 2,372.00
2015-03-31 30,789.00 300.00 2,372.00
2014-12-31 29,187.00 300.00 2,567.00
2014-09-30 29,187.00 300.00 2,567.00
2014-06-30 29,320.00 300.00 2,843.00
2014-03-31 29,320.00 300.00 2,843.00
2013-12-31 30,470.00 300.00 2,912.00
2013-09-30 30,470.00 300.00 2,912.00
2013-06-30 29,617.00 300.00 2,946.00
2013-03-31 29,617.00 300.00 2,946.00
2012-12-31 28,504.00 300.00 2,862.00
  • Porsche Automobil Holding's level of debt (0.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (1% vs 0.1% today).
  • Debt is well covered by operating cash flow (1805%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Porsche Automobil Holding's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Porsche Automobil Holding's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Porsche Automobil Holding has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Porsche Automobil Holding's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.27%
Current annual income from Porsche Automobil Holding dividends. Estimated to be 4.88% next year.
If you bought CHF2,000 of Porsche Automobil Holding shares you are expected to receive CHF65 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Porsche Automobil Holding's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (1.84%).
  • Porsche Automobil Holding's dividend is below the markets top 25% of dividend payers in Switzerland (3.6%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:PAH3 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Europe Auto Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 4.3%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 163 Stocks 2.9%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.2%
Switzerland Bottom 25% Dividend Yield 25th Percentile 1.8%
Switzerland Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:PAH3 Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 4.04 6.00
2020-12-31 3.24 12.00
2019-12-31 2.95 11.00
2019-11-19
SWX:PAH3 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-03-19 2.210 3.690
2018-03-20 1.760 3.023
2017-03-21 1.010 1.760
2016-04-25 1.010 2.082
2015-03-18 2.010 3.737
2014-03-19 2.010 2.786
2013-03-20 2.010 3.033
2012-03-09 0.760 1.585
2012-02-27 0.760 1.577
2011-08-01 0.500 1.188
2011-02-28 0.500 0.991
2010-10-13 0.100 0.181
2009-09-29 0.050 0.121
2008-11-27 2.700 5.996

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Porsche Automobil Holding's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.1x coverage).
X
Income/ dividend checks
We assess Porsche Automobil Holding's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Porsche Automobil Holding afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Porsche Automobil Holding has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Porsche Automobil Holding's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Hans Pötsch
COMPENSATION €874,791
AGE 68
TENURE AS CEO 4 years
CEO Bio

Dr. Hans Dieter Pötsch, M.Sc., has been Chairman of the Supervisory Board at Traton SE since January 2019. He has been the Chief Financial Officer of Porsche Automobil Holding SE since September 2009 and has been its Chairman of the Executive Board since November 1, 2015 and Member of the Executive Board since November 25, 2009. Dr. Pötsch worked at BMW AG, Munich in 1979. He served as Manager of Finances and Administration at tool machine manufacturers Trumpf GmbH & Co in Ditzingen since 1987. Dr. Pötsch served as the President of Dürr Inc. He served as the Chief Financial Officer and Member of Management Board of Volkswagen Aktiengesellschaft from January 1, 2003 to October 7, 2015 and as its Head of Controlling and Accounting until October 7, 2015 and Treasurer since November 12, 2004. He serves as the Chairman of Behr Systems Inc. He has been the Chairman of Supervisory Board and Member of Supervisory Board of Volkswagen Aktiengesellschaft since October 7, 2015. He serves as the Chairman of Supervisory Board at Porsche Retail GmbH, Salzburg, Austria, Porsche Austria Gesellschaft m.b.H., Salzburg, Austria and Porsche Holding Gesellschaft m.b.H., Salzburg, Austria. He served as the Chairman of Supervisory Board and Member of Supervisory Board at Volkswagen Financial Services AG until October 6, 2015 and also served as its Director. He served as the Chairman of Management Board and Member of the Board of Management of Dürr Aktiengesellschaft. He served as the Chairman of Supervisory Board and Member of Supervisory Board at Volkswagen Leasing Gesellschaft Mit Beschrankter Haftung until May 12, 2012. He served as the Chairman of Supervisory Board and Member of the Supervisory Board at Carl Schenck AG. He served as the Chairman of Supervisory Board and Member of Supervisory Board at Volkswagen Bank GmbH and LeasePlan Corporation N.V., until September 2007. He served as the Chairman of the supervisory board at VfL WOLFSBURG-Fußball GmbH since July 1, 2007 until May 31, 2009. He served as Chairman of the board at Traub AG in Swabia Reichenbach/Fils since 1991. He served as the Chairman of the board at paint finishing and system constructors Dürr AG, Stuttgart since 1995. He served as Vice Chairman at Porsche Holding GmbH. He has been Vice Chairman of Supervisory Board at VfL Wolfsburg-Fußball GmbH since June 1, 2009 and has been its Member of Supervisory Board since July 1, 2007. He has been a Member of the Supervisory Board at Audi AG since April 25, 2003 and Bertelsmann SE & Co. KGaA since May 30, 2011. He serves as a Member of Supervisory Board at Porsche Cars North America, Inc. He serves as a Member of Advisory Board of Baden-Württembergische Bank AG. He serves as a Member of Advisory Board at Landesbank Baden-Württemberg. He serves as Chairman of the Supervisory Board at Autostadt GmbH. He served as a Member of Central Advisory Board at Commerzbank AG. He served as a Member of the Supervisory Board of MAN SE from April 20, 2012 to September 9, 2015. He served as an Independent Director of Scania AB (publ) from 2007 to June 26, 2015. He served as a Member of Supervisory Board at BASF SE since 2004. He served as a Member of Supervisory Board at Porsche Automobil Holding SE since April 2010. Dr. Pötsch studied Industrial Engineering at the Technical University of Darmstadt, Germany in 1974. In connection with his duties of Group steering and governance within the Volkswagen Group, this member of the Supervisory Board holds further supervisory board seats at Group companies and significant participations as Membership of statutorily constituted domestic supervisory boards and Membership of comparable domestic and foreign regulatory bodies.

CEO Compensation
  • Hans's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Hans's remuneration is lower than average for companies of similar size in Switzerland.
Management Team Tenure

Average tenure and age of the Porsche Automobil Holding management team in years:

7.3
Average Tenure
61
Average Age
  • The average tenure for the Porsche Automobil Holding management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Hans Pötsch

TITLE
Chairman of the Executive Board & CFO
COMPENSATION
€875K
AGE
68
TENURE
4 yrs

Philip von Hagen

TITLE
Investment Management Member of the Executive Board
COMPENSATION
€1M
AGE
49
TENURE
7.7 yrs

Manfred Döss

TITLE
Legal affairs and Compliance & Member of the Executive Board
COMPENSATION
€2M
AGE
61
TENURE
3.8 yrs

Albrecht Bamler

TITLE
Head of Communications
AGE
61
TENURE
7.3 yrs

Wolfgang Leimgruber

TITLE
Head of Production
TENURE
10.3 yrs

Kapila Perrera

TITLE
Head of After Sales - India
AGE
60
TENURE
6.9 yrs

George Wills

TITLE
CEO, President & MD of Porsche Latin America

Helmut Broeker

TITLE
Executive Officer
AGE
62

Marc Ouayoun

TITLE
Managing Director of Porsche France Sa
AGE
48
TENURE
8.2 yrs
Board of Directors Tenure

Average tenure and age of the Porsche Automobil Holding board of directors in years:

1.5
Average Tenure
60.5
Average Age
  • The average tenure for the Porsche Automobil Holding board of directors is less than 3 years, this suggests a new board.
Board of Directors

Wolfgang Porsche

TITLE
Chairman of the Supervisory Board
AGE
76
TENURE
12 yrs

Hans Piëch

TITLE
Deputy Chairman of the Supervisory board
AGE
77
TENURE
1.9 yrs

Ulrich Lehner

TITLE
Member of the Supervisory Board
AGE
73

Ferdinand Porsche

TITLE
Member of the Supervisory Board
AGE
58
TENURE
14.8 yrs

Günther Horvath

TITLE
Member of Supervisory Board
AGE
67
TENURE
1.7 yrs

Marianne Heiß

TITLE
Member of Supervisory board
AGE
47
TENURE
1.5 yrs

Josef Ahorner

TITLE
Member of Supervisory Board
AGE
59
TENURE
1.3 yrs

Vienna Piëch

TITLE
Member of Supervisory Board
AGE
49
TENURE
1.3 yrs

Peter Porsche

TITLE
Member of Supervisory Board
AGE
46
TENURE
1.3 yrs

Siegfried Wolf

TITLE
Member of Supervisory Board
AGE
62
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Porsche Automobil Holding's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Porsche Automobil Holding has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Porsche Automobil Holding SE, through its subsidiaries, operates as an automobile manufacturer worldwide. The company offers motorcycles, small cars, and luxury vehicles, as well as commercial vehicles, such as pick-ups, buses, and heavy trucks under the Volkswagen, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Scania, and MAN brand names. It also develops software solutions for transport logistics, as well as traffic planning and management, as well as provides dealer and customer financing, leasing, banking, insurance, fleet management, and mobility services. The company was formerly known as Dr. Ing. h.c. F. Porsche Aktiengesellschaft and changed its name to Porsche Automobil Holding SE in November 2007. Porsche Automobil Holding SE is headquartered in Stuttgart, Germany.

Details
Name: Porsche Automobil Holding SE
PAH3
Exchange: SWX
Founded:
€22,694,553,194
306,250,000
Website: http://www.porsche-se.com
Address: Porsche Automobil Holding SE
Porscheplatz 1,
Stuttgart,
Baden-Württemberg, 70435,
Germany
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
XTRA PAH3 Preferred Shares XETRA Trading Platform DE EUR 02. Jan 1992
OTCPK POAH.F Preferred Shares Pink Sheets LLC US USD 02. Jan 1992
DB PAH3 Preferred Shares Deutsche Boerse AG DE EUR 02. Jan 1992
LSE 0JHU Preferred Shares London Stock Exchange GB EUR 02. Jan 1992
SWX PAH3 Preferred Shares SIX Swiss Exchange CH CHF 02. Jan 1992
BATS-CHIXE PAH3D Preferred Shares BATS 'Chi-X Europe' GB EUR 02. Jan 1992
OTCPK POAH.Y UNSP ADR EACH REP 0.1 PRF Pink Sheets LLC US USD 24. Dec 2008
BST PAHA UNSP ADR EACH REP 0.1 PRF Boerse-Stuttgart DE EUR 24. Dec 2008
Number of employees
Current staff
Staff numbers
928
Porsche Automobil Holding employees.
Industry
Automobile Manufacturers
Automobiles
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/19 21:54
End of day share price update: 2019/11/19 00:00
Last estimates confirmation: 2019/11/19
Last earnings filing: 2019/08/07
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.