Staying on the fast lane; post-CMD thoughts

研报英文原文证据摘录

Staying on the fast lane; post-CMD thoughts

Deutsche Bank

Research

Rating Company Date

Buy Auto1 Group SE 29 June 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 26 Jun 2026 (EUR) 24.84

AG1G.DE AG1 GR GER AG1G

Price Target (EUR) 32.00

Retail

52-week range (EUR) 31.24 - 14.63

Retail - Non Food

Staying on the fast lane; post-CMD

Valuation & Risks thoughts

Nizla Naizer

We remain positive on Auto1's ability to drive scale and reap the benefits Research Analyst

Auto1 provided a significant strategy update in its inaugural CMD on 17th June. +44-20-754-12403

Management outlined ambitious long-term targets but included more attainable

Silvia Cuneo

"milestone" targets for both Merchant and Autohero. Reaching the "milestone" Research Analyst

targets could lead to material EBITDA expansion (potentially exceeding EUR700m +44-20-754-73770

by 2030E). Given Auto1 achieved EBITDA breakeven only in 2024, these targets are

Tarun Mittal

impressive in our view. Post CMD, we update our model and now expect the

Research Associate

Merchant milestone target for ~1.2m units can be reached by 2029E (~13% volume

CAGR over 25-29E) while the Autohero target of 300k units could be reached by

2030E (~26% CAGR over 25-30E). To achieve these targets, Auto1 needs to scale its

Price/price relative

inventory sourcing and grow the Merchant & Retail customer base which it has

been successfully doing through network expansion and sales efforts in the past

two years. In the near term, we remain at the upper end of the 2026E guidance range 20

with ~995k units and adj. EBITDA of EUR275m (margins of 2.8%). We believe the

successful execution of its growth targets should be better-rewarded. Buy. 0

2024 2025 2026