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Porsche (NR): FY23 Results

CONSUMER CYCLICALS

Small negative overall but shouldn’t move spreads.

  • Revenue in line with expectations, EBITDA ahead by 3%.
  • FCF beat consensus by 6% at €3.97bn. Automotive net cash 10% lower than expected.
  • Flagging lower than consensus margins for 2024: operating return on sales 15-17% vs 17.4% consensus.
  • Further evidence of weak macro environment for OEMs in 2024, although some of the drag here is coming from new model launches. Medium term targets maintained.

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