Auto1/CMD, Informa-Scout24/AGM, DHER/SK update, HTG

Research evidence excerpt

Auto1/CMD, Informa-Scout24/AGM, DHER/SK update, HTG

Deutsche Bank

Research

Europe Industry Date

Germany 18 June 2026

United Kingdom DB Media & Online

Periodical

Media and Online #what's appening

Auto1/CMD, Informa-Scout24/AGM,

DHER/SK update, HTG

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Gareth, Nizla, +44-20-754-73770

Steve or Annabel. Our contact details are listed in the right-hand margin.

Nizla Naizer

Auto1 (Buy, last close: EUR 25.44): Share was up +8% following the publication

+44-20-754-12403

of its long-term targets yesterday (see here) and the company hosted a short but

comprehensive virtual Capital Markets event later in the afternoon. On the call, Gareth Davies

management detailed its plans to reach the ambitious unit targets and the resulting Research Analyst

EBITDA targets which could generate meaningful cash for the company. Three +44-20-754-11560

points to make: Steve Liechti

1. The “milestone” targets of reaching ~1.2m Merchant units annually (from +44-20-7541-1549

741k in 2025) and 300k Autohero units (from 102k in 2025) reflect the Annabel Hames

business in its current set up (i.e., with no additional geographies added for Research Analyst

sourcing cars or selling Autohero cars). Management is confident that they +44-20-754-11574

can leverage the physical infrastructure they have built over the past 14

years to achieve these targets. Tarun Mittal

Research Associate

2. When queried if these milestone targets could be reached by 2029E

(assuming the mid-point of the long-term growth corridors as a CAGR from

2025), management did not commit but we expect it is a possibility. We Shrishti Shubham