Despite the strong quarterly figures and a raised profit targets by the online use car dealer Auto1, the stock broke on on Wednesday after a multi-year high. At the start of the trade, it jumped to 25.10 euros and thus to the highest level since November 2021, but was constantly moving downwards. At the end of the Xetra trade, a course of the course was 15.25 percent to 19.17 euros, while the MDAX as an index of medium-sized companies gave up by 0.6 percent. Since the beginning of the year, however, the share still has an increase of almost 23 percent.
In the event of interest, taxes, taxes and depreciation (EBITDA) adjusted for special effects, Auto1 management expects 150 to 180 million euros in the current year. That would be an increase of up to 65 percent. So far, the group had expected 135 to 165 million euros. Experts had considered the old goal to be too low anyway: they had already had an increase at the top of the new range on the note.
The profit climbs by 242 percent in the first quarter
In the first three months of the year, the operational profit climbed by 242 percent to 58 million euros compared to the previous year – the highest value in the company’s history. Sales also increased by 34 percent to 1.94 billion euros thanks to attractive used car prices. Both values were significantly higher than experts expected. “The first quarter was outstanding. Thanks to the high demand for our products in all business areas and the excellent work of our teams, we achieved strong results,” said CEO and co -founder Christian Bertermann.
He also confirmed the sales forecast. According to this, Auto1 wants 735,000 to 795,000 in the current year Cars sell. That would be an increase of up to 15 percent compared to 2024. “In the coming months, we will continue to invest in the expansion of our digital trading platform, innovative technologies, our Autohero used car production and the expansion of our branch network,” said Bertermann.
Rich profit margins in business with private customers
Auto1 makes the majority of its business with commercial dealers, but has also expanded private customer business (Authero, activeaufendeinauto.de) in the past with high investments across Europe.
The sold vehicle makes Auto1 a higher gross gain with private customers, because the company usually prepares the cars in its own workshops. In the private customer area, Auto1 achieved an average difference from sales and purchase price of 2569 euros in the first quarter- an increase of almost a third. In professional dealers, the gross profit per vehicle was 990 euros, which was an increase of 12 percent. Auto1 sold significantly more cars in both sales lines.
Analysts praise the numbers
“Auto1 has presented a very robust figure, and clearly exceeded the expectations with its sales and EBITDA, JPMorgan analyst Marcus Diebel wrote. Drivers are strong sales quantities and a strong gross profit per unit, both in the dealer business and the online platform for used vehicles. he emphasized.
The analysts of Barclays also praised the strong profit dynamics, and RBC analyst Wassachon Udomsilpa wrote that the strong results of the first quarter should strengthen confidence in the ability of the company to fulfill the consensus expectations for the overall year. However, these are already at the top of the EBITDA target range.
Auto1 now worth 4 billion euros
Auto1 started spectacularly on the stock exchange in February 2021. From the issue price of 38 euros, it quickly went up to almost 57 euros. The stock market value was temporarily at more than twelve billion euros. But the joy of the investors did not last long. Already from the first day of trading it went down à peu – at least until the beginning of 2024. At that time, Auto1 was worth less than a billion euros; In the meantime it is just over four billion euros.
The largest shareholder is the Japanese technology investor Soft bank With almost 16 percent, before the investment company Cadian (14 percent). CEO and co -founder Bertermann holds 12.5 percent. Another around 9 percent belong to Hakan Koç, who founded the company together with Bertermann. He is no longer active, but is still heading the Auto1 supervisory board.