Accelerating order growth ahead

Orders +9% vs. cons, +11% y-o-y. +30% y-o-y growth in Q2 expected. Soft sales on fewer project deliveries: Q2e to show stronger growth. '22-'26e EPS CAGR of 22%, 25/26 P/E of 15.5x: BUY.

Time to stack up those orders

Q1 orders +4% vs. cons. and up 5% y-o-y. Orders set to accelerate further in next quarters (+26% y-o-y). '22-'26e EPS CAGR of 23%: BUY, TP NOK 24.

Capturing megatrends

Orders +4% vs cons and up 7% y-o-y. Improvement set to continue. Excellent position in a growing global market. '22-'26e EPS CAGR of 23%: BUY, TP NOK 24 (unch.)

4% better order intake / EBITDA

Q4 adj EBITDA 4% above on higher sales. Orders 4% better. Solid coverage for '24. Slightly more upbeat outlook

Heads-up for report 14 February

Bracing for a beat

BUY ahead of Q4 on better earnings and orders. Market improving; Customers more likely to invest. '24e EBIT up 2.9%, BUY TP up to NOK 24 (23).

Storing smarter, not harder

~70% GM not far-fetched,as competitors have slim margins. Improved CF for end-customers should lift orders. Upgrade to BUY (Hold), TP NOK 23 (14).

EBITDA 11% below, orders 2% better

EBITDA 11% below, orders 2% better. Orders 2% better. '23 sales guidance 9% below cons

Weak Q3 expected

Q3: We are 12-13% below cons on sales and EBITDA. Orders expected at USD 138m, down 11% y-o-y and 9% below cons. '24e EBIT down 5.6%; HOLD, TP NOK 14 (18).

Low visibility

Q2: adj EBITDA 8% better, orders 12% below and down 15% y -o -y. Limited visibility for '24. '24 EBIT down 15% on lower sales : HOLD, TP NOK 18 (20).

Orders 12% below, '24 estm down

Q2 adj EBITDA 8% better on higher GM and lower costs, but focus is orders: 12% below.

Settlement with Ocado

AutoStore and Ocado enters a complete settlement. Creation a oligopoly. Risk reduced, marginally pos

6% below for Q2

Q2e: 6% below cons on EBITDA due to lower sales. We reiterate the H2'23 and 2024 earnings risk. HOLD, TP of NOK 20.

Q1 first take: potential turning point

No big changes expected in Q1

AutoStore has reported declining orders throughout 2022 and we expect this trend to continue into Q1.