Autostore (Sell, TP: NOK14.00) - Not out of the woods yet
AutoStore reported improved order intake QOQ in Q4, but we believe the lack of revenue guidance for 2024 supports our estimate of flattish YOY growth, with what appears to be a continued muted outlook. Thus, we still see downside risk to consensus; we are 15% below on 2024e adj. OpFCF. We reiterate our SELL and NOK14 target price, corresponding to 2024–2025e adj. P/Es of 25–18x.
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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