We downgraded AB Dynamics (ABD) to SELL in March citing the acute disruption faced by global autos OEMs and associated technology companies, from well reported macroeconomic and geopolitical issues. We said a share price of c. £19 and forward PE of >25x was unjustified given these headwinds. The share price has now adjusted, and ABD has soothed investor concerns with a cautiously positive pre close update issued last week for the year to 31 August (FY25E). Revenue will be slightly lower than we ....
