Autodoc's B2B Surge: A Catalyst for Value in Europe's Automotive Market

Autodoc SE, Europe's leading digital automotive parts platform, is poised to unlock significant valuation upside through its aggressive B2B expansion. The company's upcoming listing on the Frankfurt Stock Exchange's Prime Standard in Q2 2025 marks a pivotal moment for investors to capitalize on its growth trajectory. At the heart of this opportunity lies AUTODOC PRO, the company's B2B division, which has delivered a staggering 280% revenue surge since 2023 and now accounts for 4% of total sales. This article explores how B2B growth could propel Autodoc's valuation—and why investors should pay close attention.

The B2B Growth Engine

Autodoc PRO's rapid expansion is no accident. Launched in France in 2022, the division now operates in six key markets, including Germany and Italy, with plans to add 10+ more by 2026. The strategy focuses on two core levers: geographic penetration and product diversification.

• Market Expansion: By leveraging its modular digital platform, Autodoc can enter new regions with minimal capital outlay. In France, all 106 designated zones are operational, and order volumes from garage partnerships have surged.
• Product Mix: The shift toward EV parts and tools aligns with Europe's electrification trend. With 6.7 million SKUs from 2,500 brands, Autodoc is well-positioned to dominate adjacent markets.

The results are striking. In Q1 2025, B2B revenue jumped 174% year-on-year, contributing to a 21% overall revenue rise. This outperformance underscores the segment's scalability and the company's ability to capitalize on fragmented aftermarket demand.

A visual comparison showing B2B's exponential growth trajectory versus the broader business, highlighting its outsized contribution.

Financial Fortitude and Listing Catalysts

Autodoc's financials support its B2B ambitions. In 2024, the company reported €1.6 billion in revenue, a 17.5% CAGR since 2022, with a 10% EBITDA margin and 93% cash conversion—a strong foundation for reinvestment.

The Frankfurt listing adds critical momentum:
- Valuation Range: At a mid-range €2.4 billion valuation (based on the €58-€61 per share price range), Autodoc's B2B segment is still undervalued. With B2B revenue at €68 million in 2024 (up from €18 million), the division's growth could justify a premium once it scales further.
- Capital Raising: The private placement, involving shares from founders and Apollo Global Management, creates liquidity without dilution. Barclays, Citigroup, and other top-tier banks as bookrunners signal institutional confidence.
- Management Alignment: Executives must hold shares equivalent to 100% of their salaries, ensuring their interests align with long-term shareholder value.

A graph showing the company's robust cash flow generation, reinforcing its ability to fund expansion.

Risks and Considerations

While the B2B story is compelling, risks remain:
- Execution Challenges: Scaling logistics and supplier networks in new markets could strain resources.
- Competition: Traditional distributors and regional players may resist disruption.
- Regulatory Hurdles: Compliance with evolving standards like the CSRD adds complexity.

However, Autodoc's modular infrastructure, Apollo's strategic support, and its 93% cash conversion mitigate these risks. The company's focus on high-margin B2B (vs. lower-margin B2C) also positions it to improve profitability over time.

Investment Thesis: A High-Growth Digital Disruptor

Autodoc's B2B expansion is a high-conviction catalyst for valuation upside. Key arguments for investors:
1. Market Opportunity: The €109 billion European automotive aftermarket is highly fragmented, offering ample room for consolidation via digital platforms.
2. Scalability: The asset-light model and partnerships with 2,500 brands enable rapid growth with low capital intensity.
3. Valuation Multipliers: At €2.4 billion, Autodoc trades at ~1.5x sales—well below software peers. B2B's potential to grow into a €500 million+ segment by 2026 could justify a premium.

Investment Advice:
- Buy on Listing: The Frankfurt listing offers a rare chance to invest in a high-growth, digitally native European company with a clear B2B tailwind.
- Watch for B2B Penetration: Monitor quarterly updates on new markets entered and B2B revenue contributions. A 20% B2B revenue share by 2026 would significantly elevate valuations.
- Risk Management: Pair the stock with broader exposure to EV infrastructure or fragmented market consolidators.

Conclusion

Autodoc's B2B division is more than a side project—it's the company's most powerful lever for unlocking value. With a well-funded listing, a proven track record of execution, and a market ripe for disruption, Autodoc is primed to redefine Europe's automotive parts landscape. For investors willing to look beyond the headline revenue numbers, the B2B surge offers a compelling entry point into a high-growth story with asymmetric upside.

Stay tuned for the Frankfurt listing on June 25—this could be the start of a multiyear growth story.