Overview of Autodoc
- Business Activity: Autodoc was founded in 2008 in Berlin and operates in 27 European countries. The company primarily sells directly to consumers and is increasingly expanding its business into the B2B market.
- Financial Performance: In 2024, Autodoc achieved a revenue of approximately 1.6 billion euros with an average growth of 25% since 2018. In the first quarter of 2025, the company reported a 21% increase in revenue compared to the previous year.
IPO and Strategy
- Stock Market Placement: A listing on the Frankfurt Stock Exchange in the Prime Standard is planned for the second quarter of 2025. This will be a secondary stock placement.
- Strategic Partners: Apollo Global Management holds a minority stake worth 2.3 billion euros, acquired in 2024, providing strategic advantages.
Investment Arguments
- Growth Potential: Access to a growing B2B market with a revenue growth of 174% in the first quarter of 2025 compared to the previous year.
- Operational Stability: A high cash conversion rate of 93% and minimal capital expenditures.
- No Dilution: The secondary placement means no issuance of new shares.
Market Positioning
- Competitive Advantages: An asset-light model allows for higher gross margins, helping Autodoc to further strengthen its market position.
- Valuation: The planned valuation of up to 10 billion euros appears appropriate compared to other companies in the sector.
The IPO of Autodoc offers investors the opportunity to invest in a growing company in the European automotive aftermarket. The partnership with Apollo Global Management and the strength of the financial metrics are additional positive aspects.