Investing.com — Porsche Automobil Holding SE (ETR:), a major shareholder in both Volkswagen (ETR:) and Porsche AG, has been downgraded to Hold from Buy by analysts at Stifel in a note dated Monday.
This change in outlook reflects shifts in Porsche Automobil’s investment case, driven primarily by reduced dividend inflows from Volkswagen and limited prospects for near-term deleveraging.
Stifel’s analysts cited growing concerns over Volkswagen’s financial outlook, governance issues at Porsche Automobil, and the ongoing complexity of its investment portfolio as key reasons for the downgrade.
Central to the downgrade of Porsche Automobil is a revision in their estimates for Volkswagen’s earnings per share (EPS) and dividend payout ratio.
The new forecast suggests that Porsche Automobil’s dividend income from Volkswagen could be reduced by approximately EUR 500 million…
