ALD Automotive : Q2 above our forecasts, slightly below the consensus. 2020 guidance solid for C/I and cautious regarding vehicle resales.
>Leasing margin better than expected, opex under control - Fleet: at 1,765 k vehicles, the fleet is slightly below our estimates of 1,789 k vehicles. Growth over the full year totalled 3.8%, down vs Q1 (+5.6% with the lockdown). Leasing contract margin: well above our expectations at € 131m vs € 111m forecast, but below the consensus (€ 141m). We had added around € 40m of additional depreciations to the normal depreciations; in the end, € 30m have been recorded)....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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