Growth momentum slows down, but retail GPU hits FY 2023 target; remains BUY

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AUTO1 Group (AUTO1) reported a good Q2. In line with the pre-released numbers, all major KPIs continued to report yoy growth, despite a high comparable base from last year. However, the momentum slowed down, but this was amid a very challenging market backdrop, as core market volumes were down 19% yoy in Q2, with Germany below the COVID-19 bottom of Q2 2020. Notably, the company showed an encouraging development of gross profits per unit (GPU), with retail GPU reaching EUR 1,035, which is above the FY 2023 target of EUR 1,000 per unit. Moreover, AUTO1 increased its market share in Europe to 2.6% in Q2 2022 vs 1.9% in Q1 2021, demonstrating good execution. We maintain our BUY rating with an unchanged PT of EUR 18.00.

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