ALD Automotive : Unsurprising CMD, except for the increase in payout, ambitions for 2025 consistent. Increase in our resale margin estimates, target price € 13.5 vs € 11.2
>Fleet growth CAGR of 4.5% in 2019-2025, in line with our expectations, new countries and additional EV - The group expects 2.3m (vs 1.8m 2019) of vehicles in the fleet by 2025, i.e. CAGR of +4.5%. Around 1% will come from bolt-ons, in line with history. Naturally, if a more structuring opportunity were to arise, the group would position itself without hesitation as long as value creation is present. Among the segments which will drive growth, there are in partic...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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