EUROPCAR - 4Q15 RESULTS
​Europcar, the recently listed European car rental leader, reported solid 4Q15 results albeit still under our optimistic expectations. Total revenues delivered a +3.7% yoy organic growth to €489m, which is in line with our estimate of €487m. From a pricing perspective, we value Europcar’s resilience. Indeed, the company reported a - 0.6% decline in revenue per day ‘RPD’ against the -4.0% reported by its closest competitor Avis. We are convinced of Europcar’s ability to continue delivering operational improvements. Next year’s organic growth will be in the 3%-5% range as guided by the company.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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