Despite strong share price performance since the Q3 report, we continue to expect positive estimate revisions as confidence around both backlog quality and the market backdrop improves. For Q4 (due 12 February), we expect revenues of USD 152m (+9% q/q), EBITDA adj. of USD 69m (+4% vs consensus), and an order intake of USD 152m. While the stock has re-rated (now trading 20x our ’27e cEPS), AUTO still trades at a ~20% discount to peers in 2026-27e. With Q4 likely to show a sequential improvement i ....
