Porsche SE Holding valuation

Undetailed Valuation: Holding company owns porsche and volkswagen (25%)both companies are not so underpriced, about fair value. So it includes some risks involved in it when we take into account the expectation about automobile industry and the european economy.

on this valuation I did not cover all details due to lack of time because of my studies: Instead of using reinvestments and roe, I used growth years of past years for future growth rate assumption. I used exit multiplies method for finding terminal value, and I assumed that amortization and reinvestment have the constant growth rate as the average growth rates of past years, in more comprehensive valuations, percentages of amortizations and reinvestments regarding sales should be used.

valuation is attached with excel file: