Grenke : NII headwind coming to an end, but macro headwinds persist
>We increase estimates for FY 2023 post Q3 2023 - Grenke reported Q3 2023 results modestly ahead of our and consensus estimates. Group net profit (before hybrid dividend and minorities) came to € 24.0m vs our and the consensus estimate of € 22.6m and € 21.5m. The better-than-expected result was driven by low cost of risk, better NII and cost control. We have increased our estimate for 2023e group net profit from € 81m to € 87m (in line with updated guidance to reach ...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. .
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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