Download full report with analyst certification and important disclosures
Feb 9 2022, 06:50 GMT
AUTO1 Group SE (AG1) has executed well operationally and constructed an exciting multi-faceted B2B and B2C business model that plays to the growing online dynamic around used car buying and selling in Europe. FY21 performance has been robust, but the limited free float at IPO and subsequent equity placings have not played well in this market and will hinder future equity performance in our opinion. We initiate with a ‘Neutral’ rating and a price target of €21.