Report
Geoffroy Michalet

ALD Automotive : Q1 post-view: difficult to gauge exact impact of crisis on ALD Automotive but group is adjusting to its environment

>Additional forward-looking data - positive and negative - Cost of risk: the group indicated that it was possible, but not certain, to see its cost of risk return to 2008-2009 levels, i.e. around 40bp (of the operational assets), vs just over 20bp in 2018 and 2019. The group did not publish its balance sheet, but we expect the Q1 trend to be close to 30bp, related more to provisions based on future statistics for SMEs and individuals (IFRS 16) than a significant incre...
Underlying
ALD SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Geoffroy Michalet

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