Porsche Is Worth Much Less Than What’s Being Touted, HSBC Says

Analysts at HSBC Holdings Plc poured cold water on the lofty valuations being assigned to Volkswagen AG’s Porsche unit ahead of a share sale by the sportscar-maker that’s set to be one of Europe’s biggest initial public offerings.

Porsche is worth between 44.5 billion euros ($45.1 billion) and 56.9 billion euros, analysts including Edoardo Spina said in a note. That’s lower than the 60 billion euros-to-85 billion euros ballpark being talked about in the media, they wrote.

READ: Porsche Attracts IPO Demand at Up to $85 Billion Valuation

The analysts cautioned that pricing power may wane as supply recovers ...