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Aston Martin: Credit Suisse initiates coverage with 'buy'

(CercleFinance.com) - This morning Credit Suisse has begun its coverage of the share of British upmarket carmaker Aston Martin with a buy rating ("outperform"), following its recent flotation on the London Stock Exchange.


The broker's target price of 2,012 pence suggests upside potential of around 25%.

"We think Aston Martin's (AML) Second Century Plan (recently presented by the group that was founded in 1913, ed.) will enable it to grow its top-line and margins significantly," the report states. Credit Suisse therefore forecast a 22% CAGR in unit sales by 2022 (i.e. from 5,098 units in 2017 to 14,000 by 2022), "making Aston Martin the world's fastest-growing automotive brand," Credit Suisse expects, in particular as the group's capital intensity is low.

This robust trend would boost the group's operating margin, which, after 13.2% in 2018, would rise to 20.2% in 2022, analysts predict.



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