Report
Roland Pfaender,MBA,CFA,CCRA

Grenke : Grenke targets growth acceleration after soft start to year

>Q1 24 results below expectations - Grenke reported group pre-tax profit of € 24.9m, up 22% y-o-y for Q1 2024, missing the € 27.8m consensus and our € 30.0m estimate. The negative deviation was triggered by lower NII than expected and higher-than-expected operating costs. The cost of risk was benign with a 1.1% loss rate in the quarter, slightly better than we expected. Grenke management reiterated the outlook for 2024 to generate a consolidated group net profit (pre ...
Underlying
GRENKE AG

Grenkeleasing is engaged in providing financial services in three business segments: Leasing, Banking and Factoring. Leasing: Co.'s financing activities are focused on small-ticket IT leasing. Co. finances a wide range of goods, primarily in the area of information technology on IT equipment and systems and software. Banking: Through GRenke Bank AG, Co. provides financing products for small and medium sized enterprises focused on German customers, including lower-volume receivables (factoring) and car leasing. Co. also offers payment transactions and investment products. Factoring: Co. performs traditional factoring services in Germany and is a financial service provider. .

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Roland Pfaender,MBA,CFA,CCRA

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