Auto1: Helpful CME, consistent delivery needed and we see fundamental upside potential

研报英文原文证据摘录

Auto1: Helpful CME, consistent delivery needed and we see fundamental upside potential

Equity Research

18 June 2026

Auto1

Helpful CME, consistent delivery

needed and we see fundamental

AG1G.DE/AG1 GY OVERWEIGHTupside potential

Unchanged

On remodelling divisions, EBITDA barely moves in '26/27E but EMEA Internet POSITIVE

clearly increases in the outer years. Extra detail from CME is Unchanged

helpful; key now is to deliver on growth numbers in coming Price Target raised 8% fromEUREUR38.0035.20

quarters and on Retail unit economic inflection as we Price (17-Jun-26) EUR 25.44

approach the 'milestone' period. Stay OW, raise PT to €38. Potential Upside/Downside +49.4% Source: Bloomberg, Barclays Research

Highlights of CME. We felt this was a helpful session that gave lots of detail around the building Market Cap (EUR mn) 5639

blocks of margin expansion. In particular, we found reassuring 1) the growth outlook in Shares Outstanding (mn) 221.66

Merchant (suggesting that double-digit growth will continue for quite a few years) and Retail Free Float (%) 58.57

(suggesting that 20%+ growth will continue for quite a few years – clearly, the current run rate is 52 Wk Avg Daily Volume (mn) 0.5

much higher), 2) the increase in mid-term GPU expectations in Retail (prior GPU of €3.0k in 2030, Dividend Yield (%) N/A

now €3.3k in 'milestone' year, which we model during 2030 but think could be sooner), 3) the Return on Equity TTM (%) 10.70

level of detail on how to get to the milestone and long-term margins. Current BVPS (EUR) 3.36

Source: Bloomberg

Changes to forecasts. We nudge up units in both Merchant and Retail. We are still assuming the

‘milestone’ year in terms of volumes is reached during 2030 for both, but we think our base

Price Performance Exchange-FRA