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    AUTO   BMG0670A1099

AUTOSTORE HOLDINGS LTD.

(AUTO)
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Real-time Oslo Bors  -  05/25 10:25:01 am EDT
18.90 NOK   -2.02%
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AutoStore wins latest battle in 'robot war' with Ocado

01/28/2022 | 04:17am EDT

OSLO, Jan 28 (Reuters) - A German court has halted proceedings against warehouse robot maker AutoStore in the company's latest patent row with British rival Ocado Group , the Norwegian firm said in a statement on Friday.

Shares of AutoStore, which last month suffered a legal setback https://www.reuters.com/business/retail-consumer/ocado-wins-patent-infringement-trial-itc-against-autostore-2021-12-14 in the United States in a lawsuit of its own against Ocado, surged 15% in early Oslo trade before paring gains to trade up 2.4% at 0913 GMT.

The companies, both of which provide labour-saving storage technology to the fast-growing online shopping industry, have for years been locked in a series of legal battles https://www.reuters.com/article/uk-autostore-ocado-lawsuit-idUSKBN26M5VO over intellectual property (IP) rights.

"The Munich District Court yesterday stayed proceedings brought by Ocado for orders blocking the sale of AutoStore's B1 robot in Germany, noting that Ocado's utility model IP rights in the action were likely to be invalid," AutoStore said.

"The court's view was that Ocado were trying to claim technology they had not invented," it added.

Ocado was not immediately available for comment when contacted by Reuters. The company's shares traded down 4.3% in London.

A third patent case between the two rivals is still ongoing in Britain.

AutoStore, whose biggest owner is Japan's SoftBank, went public in October and its shares initially rose sharply. They have since fallen, however, partly as a result of the U.S. legal setback, and is down 47% from its November peak. (Reporting by Terje Solsvik in Oslo and James Davey in London; editing by Jason Neely)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUTOSTORE HOLDINGS LTD. -2.02% 18.9 Real-time Quote.-45.67%
OCADO GROUP PLC 11.54% 858.4 Delayed Quote.-48.84%
SOFTBANK GROUP CORP. 4.73% 5399 Delayed Quote.-6.11%
All news about AUTOSTORE HOLDINGS LTD.
05/19AutoStore - Minutes from Annual General Meeting
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05/18AUTOSTORE : Mandatory notification of trade by primary insider
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05/17AUTOSTORE : Election of members to the nomination committee
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05/17AutoStore Holdings Ltd. Announces Election of Members to the Nomination Committee
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05/13AUTOSTORE : Mandatory notification of trade by primary insider
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05/12AutoStore Holdings Ltd. Reports Earnings Results for the First Quarter Ended March 31, ..
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05/12AUTOSTORE : Presentation material for Capital Markets Day 2022
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05/12Autostore Predicts Revenue Growth in FY22 on Record-high Order Intake
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05/12AutoStore shares fall 12% on worries over growth
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Analyst Recommendations on AUTOSTORE HOLDINGS LTD.
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Financials (USD)
Sales 2022 581 M - -
Net income 2022 131 M - -
Net Debt 2022 226 M - -
P/E ratio 2022 52,2x
Yield 2022 -
Capitalization 6 565 M 6 565 M -
EV / Sales 2022 11,7x
EV / Sales 2023 8,12x
Nbr of Employees 575
Free-Float 94,5%
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 1,97 $
Average target price 4,01 $
Spread / Average Target 104%
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Managers and Directors
Karl Johan Lier President & Chief Executive Officer
Bent M. Skisaker Chief Financial Officer
Jim C. Carlisle Co-Chairman
Samuel J. Merksamer Co-Chairman
Anette Matre Chief People & Information Officer
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