Autostore (Sell, TP: NOK12.00) - Further downside potential
Ahead of the Q3 results, we have cut our already below-consensus estimates; we model for continued soft order intake in Q3 (at USD145m) and have lowered our 2024e order intake by 6%. We continue to see downside risk to consensus (we are 17% below on adj. net income for 2024e). Thus, we reiterate our SELL and have cut our target price to NOK12 (14), corresponding to a 2024–2025e adj. P/E of 21–17x.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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