Ayvens : The EV residual value issue remains but the risk/return ratio looks favourable: Outperform vs Neutral, target price € 12 vs € 6
Although the uncertainty surrounding EV residual values has not disappeared, this risk is now less critical thanks to the conservative pricing policy adopted since the end of 2023, versus an EPS CAGR of +24% over 2024-2027. Coupled with the successful execution of synergies, we have significantly upgraded our target price to € 12 from € 6.0 (lower cost of capital) and our rating to Outperform from Neutral.ALD is a service leasing and vehicle fleet management group with a fleet of more than 1,375,000 vehicles in 41 countries. Under a full-service lease, the client pays the leasing company a regular monthly lease payment to cover financing, depreciation of the vehicle and the cost of various services provided in relation to the use of the vehicle (such as maintenance, replacement car, tyre management, fuel cards and insurance). Fleet management services include the provision of outsourcing contracts to clients under which the vehicle is not owned by Co., but is managed by Co. and for which the client pays fees for the various fleet management services provided.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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