Global autos OEMs and associated technology companies are facing stiffening headwinds as tariffs bite. Last week US tariffs were extended and further retaliations are likely: Tariffs On Imports of Autos & Parts into the USA. We believe ABD is not immune. The positive attributes of ABD are well-rehearsed, and, for housekeeping, we apply minor upgrades to our FY25E estimates following the recent trading update. But it is time to look at the big picture and consider whether the Group is too highly ....
