In this pitch, analysts Felix Stenström and Jonathan Höglander present a comprehensive investment assessment of Auction Technology Group (ATG), a global technology company that powers online marketplaces for curated auctions. ATG connects thousands of auction houses with millions of bidders across more than 170 countries, enabling the resale of second-hand goods and driving the growth of the circular economy. Using a multi faceted valuation approach, including DCF, trading comparables, precedent transactions, and a reversed LBO, the analysts estimate ATG’s enterprise value in the range of USD 700–1,734 million. The following section outlines the key assumptions behind this valuation and presents the rationale for the investment case.
Key Takeaways
● ATG benefits from strong network effects and a capital light, scalable model that has established it as critical infrastructure in a fragmented global auction market increasingly shifting online
● The company drives profitable growth through value-added services (VAS) such as atgPay, atgShip, and atgAMP, boosting monetization per transaction and increasing the Group’s take rate from 3.3% to 4.2% in two years ● Strategic acquisitions, an integrated tech platform, and alignment with long-term sustainability trends position ATG to expand its market share and deliver durable shareholder value