Porsche AG (P911_p.DE): How can the 'Sportwagenschmiede' regain its mojo? - CMD preview

Porsche's upcoming CMD on October 7th comes at a pivotal moment. After years of declining China volumes, weaker-than-expected BEV execution and repeated earnings downgrades, investors are looking for evidence that management has a credible plan to rebuild value creation through factors largely within its own control. We expect the CMD to focus on five key pillars: 1) premiumization & portfolio simplification, 2) productivity improvements and 3) rightsizing the organization, 4) stronger capital efficiency and free cash flow generation, 5) supporting increased shareholder returns. A key topic will likely also be Porsche's profitability framework. We believe management may anchor expectations around a more realistic low-double-digit EBIT margin ambition in the midterm, either by adjusting the corridor (10-12% or 11-13%) or pointing towards the lower half of the existing 10-15% target corridor, with the focus shifting from peak margins towards the quality and sustainability of earnings and