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Porsche Automobil Holding SE (PAH3) Fair Value & Analysis

Consumer Cyclical · DE · Market cap €8.3B · ISIN DE000PAH0038

What is Porsche Automobil Holding SE really worth?

PA Porsche Automobil Holding SE PAH3 · XETRA
Price€29.01
Fair Value€41.54
Upside+43.2%
Quality74/100

A solid business, trading 30% below our fair value of €41.54.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +91.3 %/yr)
!Thin margins · 0.0% net margin
!Mixed vs. peers (8/14)
!Narrow moat 37/100
!Evidence only medium, so the estimate is less certain

For context

·5.21% dividend yield
Evidence: Medium Range €21.54 – €51.93

Fair value as of: Aug 29, 2026

From 12 valuation models · updated 7 days ago

Fair value updated Aug 29, 2026, revised from €48.79 to €41.54 (−14.9%) since Aug 27, 2026. Share price −0.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • A fairly wide model range (€21.54 to €51.93) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€74.66 €26.96 Fair Value €41.54 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range €26.96 – €74.66 · fair‑value band €21.54 – €51.93 · the €29.01 price screens below the €41.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Porsche Automobil Holding SE (PAH3) currently trades at €29.01, while our model-based Fair Value estimate is €41.54, implying the stock looks roughly 30.2% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of €294.32 per share, and 11 of the 12 models we run sit above the €29.01 price. Bear case: the Growth DCF group reads lowest at €17.72, and 1 of the 12 models stay below the price. Evidence for this calculation is medium.

Trailing-twelve-month revenue stands at €4.6B. Revenue grew 71.6% year over year. It earns a return on equity of 7.8%. Net debt stands at €6.0B. Fundamentals as of Aug 29, 2026

Our scenario range runs from €21.54 (bear case) to €51.93 (bull case); at €29.01, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −17% fair-value upside, at 43%, PAH3 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €5.18 per share, which is 12.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income best evidence €196.74 €205.38 €215.94 72
Growth DCF €30.35 €92.04 €191.42 67
Rev-Margin DCF €17.72 €60.29 65
All 12 models by family
DCF Models
5Y P/E Exit €193.78 €532.34 €1,003 62
10Y P/E Exit €149.30 €460.04 €991.06 54
Earnings-Based
Graham-Dodd €117.73 €821.00 €1,152 59
Lynch FV €424.16 €605.94 €787.73 57
Dividend Discount
Gordon GGM €33.50 €66.74 €101.07 63
DDM Multi-Stage €33.50 €57.68 €70.45 63
Multiples
P/E Multiple €285.66 €380.88 €476.10 63
P/B Multiple €220.74 €294.32 €367.89 55
Asset-Based
NCAV (Graham) €123.48 €165.47 €246.97 54
Growth DCF
Growth DCF €30.35 €92.04 €191.42 67
Rev-Margin DCF €17.72 €60.29 65
Economic Profit
Residual Income best evidence €196.74 €205.38 €215.94 72

Widest divergence: Earnings-Based (€605.94) versus Growth DCF (€17.72). Highest evidence: Residual Income (72).

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Key figures & financial health

P/E ratio 3.6 as of May 31, 2026
P/S ratio 3.45 P/E × margin
EPS (TTM) €9.17 price ÷ EPS = P/E 3.6
Dividend yield 5.2% payout 16.5%
Net margin 96.6% FY2025
Return on equity 7.8% TTM
More key figures
Profitability
Return on assets (EBIT) −4.6% avg 5y
Growth
Revenue (TTM) €4.6B TTM
Revenue growth (YoY) +71.6% 3y avg −19.6%
EPS growth (YoY) +34.6%
Balance sheet & cash flow
Free cash flow €700M FY2025
Net debt €6.0B FY2025 · ≈ 8.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 72 · Market factors (momentum, volatility) 40

Profitability 39
Margins and returns on capital today
Quality Growth 90
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 60
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Porsche Automobil Holding SE, through its subsidiaries, operates as an automobile manufacturer worldwide. It operates in two segments, Core Investments and Portfolio Investments. The company is involved in investments in the areas of mobility and industrial technology.

Full company description

Porsche Automobil Holding SE, through its subsidiaries, operates as an automobile manufacturer worldwide. It operates in two segments, Core Investments and Portfolio Investments. The company is involved in investments in the areas of mobility and industrial technology. It offers its products under the Volkswagen, Audi, SEAT, "KODA, Cupra Bentley, Lamborghini, Ducati, and Porsche brand names. 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 was incorporated in 2007 and is headquartered in Stuttgart, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Porsche Automobil Holding SE reported revenue of €2.7B in FY2025 versus €3.0B in FY2021, a compound −2.0%/yr. Reported net income was €2.7B in FY2025, compounding +33.9%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€2.7B
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−19.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+91.3%
Avg. revenue growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+51.4% (46.2 + 5.2)
Revenue −2.0%/yr
FY21 €3.0B
FY22 €5.3B
FY23 €5.2B
FY24 −€19.8B
FY25 €2.7B
Net income +33.9%/yr
FY21 €824M
FY22 €5.5B
FY23 €5.1B
FY24 −€20.0B
FY25 €2.7B
Character of growth · EPS growth decomposed (2014-2025) +9.9 % p.a.
Revenue per share +9.0 %

of which total revenue +5.5 % · buybacks/dilution +3.2 %

EBIT margin +0.5 %
Tax rate +0.6 %
Residual (interest, one-offs) −0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Porsche Automobil Holding SE Fair Value". https://www.fairvalue-calculator.com/stock/PAH3

Peer Group

Auto Manufacturers · 115 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 74 · Top 25%
Fair Value upside +43% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 0% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 72% · Top 25%
Dividend yield (TTM) 5.2% · Top 25%
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Auto Manufacturers median · lower = cheaper

P/E (TTM) 3.6× · Cheaper than 75% of peers
P/B 0.26× · Cheaper than 75% of peers
P/S (TTM) 2.09× · Pricier than 75% of peers
P/FCF 13.8× · Pricier than 75% of peers
PEG 0.05× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE91 · sector 24
FUTURE100 · sector 27
PAST31 · sector 22
HEALTH91 · sector 94
DIVIDEND100 · sector 51

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Auto Manufacturers stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
Toyota Motor Corporation TM $191.84 $247.83 +29%
BYD Company 81211 HK$76.90 HK$48.59 −37%
Hyundai Motor Company 005380 418,500 KRW 567,393 KRW +36%
Ferrari N.V RACE €355.50 €167.67 −53%
General Motors Company GM $86.27 $52.69 −39%
Ford Motor Company F $13.88 $11.51 −17%
Mercedes-Benz Group MBG €46.95 €106.16 +126%
Dr. Ing. h.c. F. Porsche AG P911 €43.91 €17.34 −61%
Maruti Suzuki India Limited MARUTI ₹12,694 ₹8,236 −35%
Volkswagen AG VOW3 €77.42 €248.34 +221%

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Frequently asked questions

Is Porsche Automobil Holding SE (PAH3) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of €41.54 versus a price of €29.01, about +43% upside (undervalued).
What is the fair value of PAH3?
Our model-based fair value for Porsche Automobil Holding SE is €41.54 (as of Aug 29, 2026), built from audited fundamentals. The current price: €29.01.
What is the quality score of PAH3?
Porsche Automobil Holding SE has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Porsche Automobil Holding SE (PAH3)?
Porsche Automobil Holding SE reported trailing-twelve-month revenue of about €4.6B (latest available figure, as of Aug 29, 2026).
What is the net profit margin of PAH3?
The net profit margin of Porsche Automobil Holding SE is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
Does Porsche Automobil Holding SE pay a dividend?
Porsche Automobil Holding SE currently shows a dividend yield of about 5.21% relative to its recent price (as of Aug 29, 2026).
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