Autostore (Sell, TP: NOK12.00) - Guidance cut likely overlooked
AutoStore reported improved order intake QOQ in Q3, but we believe the USD60m cut to its 2023 revenue guidance and its implication for 2024 revenue growth were probably overlooked by the market. We continue to see downside risk to consensus, as we are 16% below on adj. net income for 2024e. Thus, we reiterate our SELL and NOK12 target price, corresponding to 2024–2025e adj. P/Es of 21–18x.
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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