Thanks for the hint, I've managed to write a little bit more sophisticated autosizing function now.
But there are two more issues, this time concerning WordWrap property:
1. When WordWrap is set to true, I cannot centre the text on the label. I suppose "it is not implementted yet"
2. When I assign some text to SomeLabel.Caption, WordWrap wraps the text properly. Now, when I resize this labell with my AutoSize implementation, text is not re-wrapped for the label's new dimensions. I worked around this problem simply (but definetely not neatly) by re-assigning the text to the label (setting WordWrap to false and then back to true did not work).