Aston Martin - comment

Our first look at Aston Martin’s results for Q322 vindicates our decision to be cautious about the unwinding of working capital indicated by management on the Q2 call. Supply chain issues are taking longer to fix than expected, and the bubble of near-finished cars awaiting parts is 400. Aston hopes the backlog will reverse in Q4, and we do expect some relief as port congestion is easing. The company cut FY guidance with the lower band being in line with our model which predicts cash of over £500m on the balance sheet by year-end. We have not changed our thesis on the company for now.