Porsche Automobil Holding SE (PAH3) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Porsche Automobil Holding SE stock €37.65, price €26.13, upside +44.1%, quality 67 out of 100. Rating: undervalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €24.46 – €74.66 · fair‑value band €31.82 – €44.15 · the €26.13 price screens below the €37.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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.
Stock analysis
Porsche Automobil Holding SE (PAH3) currently trades at €26.13, while our model-based Fair Value estimate is €37.65, implying the stock looks roughly 31% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €301.86 per share, and 11 of the 12 models we run sit above the €26.13 price.
Bear case: the Dividend Discount group reads lowest at €31.20, and 1 of the 12 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €31.82 (bear) to €44.15 (bull), the price of €26.13 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap €8.0B Mid · P/E ratio 80.6 · P/S ratio 77.9 · EPS (TTM) €0.3100 · Dividend yield 5.8% · Net margin 96.6% · Return on equity 0.3% · Return on assets (EBIT) −4.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 33% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 8% fair-value upside, at 44%, PAH3 screens cheaper than that median.
Fair Value models
Bear€31.82Fair Value €37.65Bull€44.15
Price €26.13 · Upside +44.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income€98.43€102.78€113.1473
Growth DCF€22.69€61.82€120.5169
Rev-Margin DCFn/a€9.35€22.6466
All 12 models by family
DCF Models
5Y P/E Exit€86.85€200.63€339.9064
10Y P/E Exit€65.47€161.91€315.4357
Earnings-Based
Graham-Dodd€58.86€335.17€465.9159
Lynch FV€94.22€134.61€174.9957
Dividend Discount
Gordon GGM€16.78€33.48€50.7862
DDM Multi-Stage€16.78€28.91€35.3362
Multiples
P/E Multiple€142.83€190.44€238.0561
P/B Multiple€309.95€413.27€516.5853
Asset-Based
NCAV (Graham)€51.66€69.22€103.3252
Growth DCF
Growth DCF€22.69€61.82€120.5169
Rev-Margin DCFn/a€9.35€22.6466
Economic Profit
Residual Income€98.43€102.78€113.1473
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−19.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+91.3%
Start year 2020 (pandemic)
Revenue growth 21 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−3.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +52.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +46.2%
Dividend (yield on the price)5.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 46.2% / 9.2%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−46% → 98%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 2.60 per share, median 7.60 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +5.4% a year for the price.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
AI conclusion: The Porsche brand's higher-margin model mix and pricing power deliver resilient profitability, yet the complex holding structure and dependence on investee performance restrict transparency and control.
Main risk: Chinese manufacturers such as BYD and Xiaomi could capture more premium EV customers in China with lower-priced, tech-advanced models, hitting Porsche AG volumes, pricing power and margins that flow to the holding via its stakes.
Bull case: Porsche AG could refocus on high-margin combustion and hybrid halo models while selectively advancing EVs only where demand exists, preserving brand exclusivity and restoring cash generation for the holding despite China headwinds.
Bear case: If Chinese rivals continue gaining share and tariffs plus regulations constrain options, Porsche AG volumes and margins could stay depressed for years, materially reducing the dividends and value of the stakes that form the core of Porsche SE's business model.
Porsche SE's results are closely tied to Volkswagen, whose largest profit contributor remains the Porsche brand. That operating company just reported a strong rebound in operating profit to 1.74 billion euros for the first nine months through higher-margin model mix and pricing, even as volumes fell sharply in China. Does the retreat from volume-driven growth in key markets build more durable profitability than it risks missing a potential demand recovery?
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Peer Groupⓘ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.Auto Manufacturers · 106 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside+44.1% · Above median
Profitability
Return on equity (12 months)0.3% · Below median
Return on assets5.9% · Top 25%
Net margin (12 months)96.6% · Top 25%
Operating margin (12 months)0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)71.6% · Top 25%
Dividend yield (12 months)5.8% · Top 25%
Balance sheet
Debt / equity0.18× · Above median
Valuation Multiplesvs Auto Manufacturers median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Porsche Automobil Holding SE Fair Value". https://www.fairvalue-calculator.com/stock/PAH3
Frequently asked questions
Is Porsche Automobil Holding SE (PAH3) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €37.65 versus a price of €26.13, about +44% upside (undervalued).
What is the fair value of PAH3?
Our model-based fair value for Porsche Automobil Holding SE is €37.65 (as of Nov 8, 2026), built from audited fundamentals. The current price: €26.13.
What is the quality score of PAH3?
Porsche Automobil Holding SE has a Quality Score of 67/100. 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 price target for Porsche Automobil Holding SE (PAH3)?
Our model-based price target is the fair value of €37.65 (as of Nov 8, 2026) from 12 valuation models. Cautious scenario €31.82, optimistic scenario €44.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Porsche Automobil Holding SE stock forecast for 2026?
Our models put fair value at €37.65, about +44% upside versus a price of €26.13 (undervalued). Cautious scenario €31.82, optimistic scenario €44.15. The calculation is refreshed regularly with new filings.
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 Nov 8, 2026).
Does Porsche Automobil Holding SE pay a dividend?
Porsche Automobil Holding SE currently shows a dividend yield of 5.78% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Porsche Automobil Holding SE (PAH3) and when is the ex-dividend date?
Porsche Automobil Holding SE pays a dividend of €1.51 per share a year, a dividend yield of 5.8%. The last ex-dividend date was Jun 26, 2026. A dividend has been paid every year since at least 1997. Free cash flow covers the dividend 3.03 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Porsche Automobil Holding SE (PAH3)?
For today's price to be fair in a discounted-cash-flow model, Porsche Automobil Holding SE would have to grow free cash flow by +7.7 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +91.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of PAH3 use?
Our models discount Porsche Automobil Holding SE at 9.5 %: a base by market capitalisation (mid), damped by beta 0.99, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Porsche Automobil Holding SE that is +7.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Porsche Automobil Holding SE (PAH3) delivered so far?
Over the past 5 years revenue at Porsche Automobil Holding SE grew +91.3 % a year. The price currently implies free-cash-flow growth of +7.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Porsche Automobil Holding SE (PAH3) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Porsche Automobil Holding SE (+7.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Porsche Automobil Holding SE (PAH3)?
The free-cash-flow yield on the price is 8.75 %: that much free cash flow Porsche Automobil Holding SE produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Porsche Automobil Holding SE (PAH3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Porsche Automobil Holding SE it is €37.65 per share (as of Nov 8, 2026), against a price of €26.13. It is the blended result of 12 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Porsche Automobil Holding SE stock overvalued or undervalued in 2026?
As of Nov 8, 2026, PAH3 trades below its calculated fair value: price €26.13, fair value €37.65, a gap of about +44% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PAH3?
No. The price is what the market pays today (€26.13); the fair value is what the company's own numbers justify (€37.65). For Porsche Automobil Holding SE the two are €11.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is Porsche Automobil Holding SE worth?
The market values Porsche Automobil Holding SE at about €8.0B (market capitalisation, as of Nov 8, 2026). Per share that is €26.13; our models calculate a fair value of €37.65 per share.
What do the bullish and bearish scenarios say about PAH3?
Our models span a range for Porsche Automobil Holding SE: cautious scenario €31.82, base €37.65, optimistic €44.15 per share (as of Nov 8, 2026, price €26.13). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAH3?
Porsche Automobil Holding SE trades at a price-to-earnings ratio of 80.6 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €37.65 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 6.5. Other multiples: PEG 0.1.
What is the PEG ratio of PAH3?
The PEG ratio of Porsche Automobil Holding SE is 0.05 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Porsche Automobil Holding SE (PAH3)?
Balance-sheet figures for Porsche Automobil Holding SE (as of Nov 8, 2026): return on equity 0.3%, debt of 0.18 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is PAH3 from its 52-week high?
Porsche Automobil Holding SE trades at €26.13, about 33% below its 52-week high of €38.98 and 7% above the low of €24.46 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €37.65 is for.
Which stocks are comparable to Porsche Automobil Holding SE?
From the same area (Consumer Cyclical) we also value Tesla, Inc, Toyota Motor Corporation, BYD Company, Ferrari N.V, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Porsche Automobil Holding SE stock attractive at the current price?
The data as of Nov 8, 2026: price €26.13, calculated fair value €37.65 (+44%), Quality Score 67/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PAH3 calculated?
We run Porsche Automobil Holding SE through 12 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of €37.65 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Porsche Automobil Holding SE currently trades 31% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Porsche Automobil Holding SE (PAH3)?
The closing price on Nov 6, 2026 was €26.13. Our model-based fair value is €37.65, about +44% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Porsche Automobil Holding SE right now?
The price is below even our cautious bear case (€31.82). The market is more pessimistic than our downside scenario. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Porsche Automobil Holding SE (PAH3) come from?
Earnings per share at Porsche Automobil Holding SE grew +9.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.0 %, EBIT margin +0.5 %, tax rate +0.6 %, residual (interest, one-offs) −0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Porsche Automobil Holding SE
How large is the market capitalisation of Porsche Automobil Holding SE (PAH3)?
The market capitalisation of Porsche Automobil Holding SE is €8.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Porsche Automobil Holding SE (PAH3)?
The price-to-sales ratio of Porsche Automobil Holding SE is 77.9 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Porsche Automobil Holding SE (PAH3)?
Earnings per share at Porsche Automobil Holding SE are €0.3100 (price ÷ EPS = P/E 80.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Porsche Automobil Holding SE (PAH3)?
The dividend yield of Porsche Automobil Holding SE is 5.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Porsche Automobil Holding SE (PAH3)?
The net margin of Porsche Automobil Holding SE is 96.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Porsche Automobil Holding SE (PAH3)?
The return on equity (ROE) of Porsche Automobil Holding SE is 0.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Porsche Automobil Holding SE (PAH3)?
On an EBIT basis the return on assets of Porsche Automobil Holding SE is −4.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Porsche Automobil Holding SE (PAH3)?
Revenue at Porsche Automobil Holding SE is growing +71.6% versus a year earlier (3y avg −19.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Porsche Automobil Holding SE (PAH3)?
Earnings per share at Porsche Automobil Holding SE are growing +34.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Porsche Automobil Holding SE (PAH3) carry?
The net debt of Porsche Automobil Holding SE is €6.0B (fiscal year 2025, ≈ 8.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 8, 2026