Positioning for the auto sector recovery
This is a transfer of coverage, and we reviewed our model and earnings
forecasts. We are convinced that AutoWallis will continue its outstanding
growth story, with estimated FY24 revenues of HUF 398 bn, an EBITDA of
HUF19.7 bn, and an EPS of HUF 22.53. Based on our 2024 earnings
estimates, AutoWallis is trading at an EV/EBITDA and P/E multiples of 5.7x
and 4.9x, respectively, that we think is a very pleasing valuation for the
company. We set our 12-m TP at HUF 218 per share, implying a 71%
upside potential from the current share price. We reiterate our BUY rating.
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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