While below our estimates, Porsche SE posted a solid net profit of €4.8bn in 2022, €0.2bn above the FY21 level and €2.2bn above FY20. The results were, as usual, driven by the performance of VW accounted for at equity of €4.5bn. The most significant highlight of 2022 was the successful IPO of Porsche AG, which should boost the HoldCo’s future earnings. Given the promising outlook for VW and Porsche AG in 2023, we maintain a positive view on the stock.
