ALD Automotive : Feedback from the conference call: a few pointers and updates on market trends - Rating and target price unchanged
>Pick-up in leasing contract margin - The margin on leasing contracts improved due to a reduction in depreciation, linked to used car resale expectations. This resulted in an adjustment of € 63m in Q2 and € 67m in Q3 for leasing contracts and -€ 38m on UCS result. The group performed a revaluation of its vehicle fleet twice a year and is still very cautious about reducing depreciation. For Q4, it seems likely to see a similar impact in terms of magnitude on the leasi...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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