Auto Trader Group (AUTO LN) - Pullback creates buying opportunity - BUY

Auto Trader, the UK’s leading automotive marketplace, has released FY25 results that were broadly in line with Zeus’s revenue expectations and slightly ahead on EBIT and EPS. The Group has continued to increase average revenue per retailer (ARPR) and EPS, with significant runway, in our view, for future product development to drive these higher. FY25 results were impacted by reducing average days to sell vehicles, meaning retailers could sell more units using fewer advertising slots. This dynamic of the Stock lever of ARPR was flagged at the interims in November and is expected to continue int...

Auto Trader Group (AUTO LN) - Quality holding - BUY

Since our positive October 2022 initiation note, Auto Trader’s share price has increased by over 50%, outperforming the FTSE 350 by more than 25% on a total return basis. We moved to a neutral recommendation following the FY24 results in June after the share price exceeded our valuation estimate. However, we now revisit our valuation analysis for Auto Trader and our assessment of its long-term earnings growth potential, concluding that the Group has a substantial runway to expand average revenue per retailer (ARPR) and earnings per share. As a result, even though the shares trade above the 201...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/08/2024

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L’économie US six mois après Liberation Day

Il y a six mois, Donald Trump révélait ses droits de douane soi-disant "réciproques". Même si tout le monde connaissait son obsession tarifaire, ce fut un choc car il n’était pas prévu une hausse si forte et générale. Les marchés d’actions ont corrigé pendant un temps et les prévisions économiques ont intégré une prime de stagflation (moins d’emploi et plus d’inflation). Aujourd’hui, les marchés sont au plus haut et l’économie US n’a pas flanché. Elle montre des facettes fort différentes. Les dépenses d’investissement des entreprises sont très dynamiques, en lien évident avec la révolution de ...

The US economy six months after Liberation Day

Six months ago, Donald Trump unveiled his so-called ‘reciprocal’ tariffs. While everyone was aware of his obsession with tariffs, it came as a shock because such a sharp and widespread increase had not been anticipated. Equity markets corrected for a while and economic forecasts incorporated a stagflation premium (lower employment and higher inflation). Today, the markets are at all-time highs and the US economy has not faltered. It is showing very different facets. Business investment spending is very dynamic, clearly linked to the AI revolution. But employment, the foundation of household in...

Oddo’s 2 Weeks Ahead_Friday 03 October 2025