Autostore (Sell, TP: NOK14.00) - Near-term estimates largely unchanged
Ahead of the Q4 results, we have made only minor near-term estimate revisions, and forecast only a modest order intake improvement in Q4 (at USD155m), but have raised our 2024–2025e order intake by 2–4% on stronger demand from the US. However, we continue to see downside risk to consensus; we are 13% below on 2024e net income. We reiterate our SELL, but have raised our target price to NOK14 (12), corresponding to a 2024–2025e adj. P/E of 25–21x.
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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