Autostore shares reverse course as "reality becomes more obvious"
18/08/2022 11:57
(Adds reverse course, recasts)
** Shares in Autostore AUTO.OL reversed course, after
rising as nearly 13%, and are now down almost 4%
** Analysts say a key investor concern on Thursday was the
2023 guidance provided by the company in connection with its Q2
report, stating initial estimate for 2023 revenue between
$700-800 million
** Sparebank1 analyst Øyvind Mossige contributes the high
share rise during the morning to results being better than
feared but adds that "then the reality becomes more obvious"
** He says that Autostore had good revenue growth, but that
there is big pressure on margins as well as declining backlog
and a high risk on expectations for 2024
** ABG Sundal Collier analyst Daniel Vårdal Haugland state
that investors might question if the 2023 guidance will
materialise given the weak sentiment for retailers
** Pareto Securities analyst Carl Jørgen Flaen echoes this
comments: "Given the more challenging times for eCommerce
retailers, a larger share of the customers in the pipeline will
likely put investment decisions on hold,"
(Reporting by Marie Mannes)
((Marie.mannes@thomsonreuters.com))