Changing to the fast lane

Following the H1/24 results and the announced acquisitions during the
first 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.