Grenke : Worsening credit cycle triggers lower estimates and target price
>Grenke lowered its outlook on rising cost of risk - Grenke reported Q3 2024 results in line with its reduced outlook for 2024, triggered by rising cost of risk in Q3 2024. Group net profit attributable to shareholders came to € 13.4m which compares to an earlier consensus estimate of € 25.7m and our estimate of € 25.8m. The negative deviation was driven by higher cost of risk than expected and by a goodwill write-down of € 4.4m related to Spain. We have revisited our...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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