ALD Automotive : Feedback from road show after Q1: focus on mix rather than strong growth for 2019
>A long-term view across the cycles - We were on a road show in Ireland with the CEO (Mike Masterson) and the IT team (Hans Van Beeck HIR + Clemence Mignot-Dupeyrot IR) of ALD Automotive, an opportunity to look at the key issues facing the group. Our EPS adjustments are small and relate to the service margin on which we factor in more reductions granted to some clients on diesel vehicles in line with Q1 (discount granted to keep some clients not wanting to switch to g...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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