ALD Automotive : Road show feedback: still convinced by the model despite short-term risks
>The main risks: 1/ resale value and 2/ the cost of risk - First risk: the resale margin on second-hand vehiclesThe resale margin on second-hand vehicles has been on a downtrend over recent years, in terms of both margin per vehicle and absolute contribution. The situation is therefore less critical than it would have been several years ago (favourable comparison base).Resale margin on second-hand vehicles FY 16FY 17FY18FY19Q1 ...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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