Report
Emilie Krutnes Engen
EUR 465.57 For Business Accounts Only

Autostore (Sell, TP: NOK14.00) - Set for slow start to the year

While we forecast a continued sequential order intake improvement, we are 4% and 6%, respectively, below consensus on Q1e sales and adj. EBITDA, as we expect a slow start to the year. This is supported by AutoStore US imports, indicating a substantial drop in Q1 sales. In our view, the soft revenue growth could raise concerns about top-line growth for 2024, potentially alleviated by a strong order intake. Thus, we reiterate our SELL and NOK14 target price, corresponding to a 2024–2025e adj. P/E of 23–20x.
Underlying
AUTOSTORE HLDGS LTD

Provider
DnB Markets
DnB Markets

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.

 

Analysts
Emilie Krutnes Engen

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