Ayvens : Optically in line...but details that raise questions
>Optically in line, but underlying elements with gaps - Q3 appears to be line broadly speaking, but with positive and negative gaps for some lines.Fleet: at 3,332 vehicles, down -1.6% over 1 year, and -1.2% on a sequential basis, of which -1.2% for the fleet financed on a sequential basis (and -0.9% in fleet management). This is beyond the unexpected downturn (we and the consensus were expecting a slight increase to better reflect the commercial determination), ...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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