Changing to the fast lane
Following the H1/24 results and the announced acquisitions during thefirst half of the year, we have reviewed and updated our model and
forecasts. We continue to believe, that AutoWallis will be able to achieve
a stupendous growth trajectory amidst the rapid changes and
considerable uncertainty coming from the European auto industry. We
maintain our BUY rating and set our 12-m TP at HUF 230 per share,
implying a 64% upside potential from the current share price. Based on
our forecasts, we see AutoWallis trading at FY24/25/26 P/E ratios of
8.5x/7.0x/6.0x, respectively. In our view, AutoWallis stands out from the
Hungarian equity market with its impressive growth potential, while
gradually becoming a regional exposure, as around 60% of its revenues
come from export sales.
AutoWallis Nyrt Formerly known as Altera Vagyonkezelo Nyrt. AutoWallis Nyrt, formerly known as Altera Vagyonkezelo Nyrt, is a Hungary-based investment company, with a focus on the automotive sector. The Company is engaged in retail and wholesale trade, service, short and long-term car rental. The Company is active in Central and Southeast Europe.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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