Standard Profil - comment

Standard Profil will hold their Q1 call on Wednesday at 1 pm, and we expect management to strike an upbeat tone on future revenue growth. This is reiterated by this morning’s news which shows German passenger car registrations rising by 19%, which is accelerated by strong demand in the commercial owner segment. Car registration is a backwards-looking indicator for Standard Profil, but it does reiterate the wider confidence in the auto segment for FY23 and FY24.