ALD Automotive : T2 supérieur à nos attentes, un peu en dessous du Css. Guidance 2020 solide sur le C/I, prudente sur la revente de véhicule.
>Leasing Margin moins mauvais que prévu, Opex sous contrôle - Flotte : à 1 765 k véhicules, la flotte est un peu en dessous de nos estimations de 1 789 k véhicules. La croissance sur l’année est de 3.8%, en décélération par rapport au T1 (+5.6% avec le confinement). Leasing Contract Margin : est très supérieur à nos attentes à 131 M€ vs 111 M€ attendu, mais en dessous du Css (141 M€). Nous avions ajouté environ 40 M€ de dépréciations complémentaires aux dépréciat...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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