Porsche AG : Still solid outlook but forecasts are ambitious
>Q3 in line and guidance confirmed, but consensus forecasts look ambitious - Porsche’s results released yesterday morning (first take here) broadly met expectations (EBIT in line but on a lower margin and FCF far above). The group’s sales growth remains dynamic (+10% year-on-year) but the operating margin (17.0%, -80bp y/y and -250bp q/q) suffered from supply disruptions (mostly notably on new Cayenne) and rising costs. Following this release, the group reiterated 20...
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