Autins has reported 1H26 results today which show lower sales volumes but much improved margins and profitability. The FY outlook has been reaffirmed so no changes to FY26 numbers. But we’ve increased our FY27 estimates (adj. EBITDA +16%) given the positive operational momentum in the business and supported by £16m (TCV) of new contract wins. This is a tremendous achievement, given the substantial disruptions across the UK automotive supply chain in recent months, and testament to management’s efforts to build a more resilient and agile group. As such, we remain comfortable with our thesis that there is scope for significant shareholder value creation from successful execution of the group’s “Survive & Thrive” strategy. BUY, TP up from 12p to 15p (3.5x EBITDA).
