AutoStore’s Q4 performance was better than our expectations. Management has improved FY22 sales guidance while maintaining the mid-term outlook. An almost 300% surge in the order backlog (on a yoy basis) is a reassuring development. We expect a higher contribution from APAC in the forecast years. While the stock price might remain sideways in the near term (pessimism due to legal tussle with Ocado), we reiterate the attractiveness of the warehousing automation entity. Positive recommendation is ....