Berenberg Updates Model for Porsche AG Post-Q3 Results

10:45 AM EST, 11/03/2026 (MT Newswires) -- Berenberg revised its model for Porsche AG (P911.F) following the German automaker's "solid" third-quarter results and reaffirmed full-year 2026 outlook. "Q326 results comprised well-flagged cEUR400m headwinds from strategic realignment, but Porsche's delivery of close to double-digit group margins at a trough volume run-rate is clearly supportive of the mid-term recovery plan. Cash generation and liquidity remained strong in Q3. Management is not yet willing to comment on a potential special dividend linked to recent disposals, but we believe the 2026 payout may land comfortably above 50%," analysts said in a note published Tuesday. "We forecast another year of declining volumes in 2027, reflecting the final run-out of the ICE Macan, which will weigh on fixed-cost absorption. Lower supplier compensation costs are expected to fade only gradually, providing limited relief to margins, while D&A activation and underutilised Leipzig platforms are headwinds." Taking this into account, the research firm made changes to its 2027 sales outlook and 2027 and 2028 EPS estimates. The hold recommendation on the stock and price target of 46 euros remain unchanged, with Berenberg noting that it still sees the company's mid-term plan as "credible."