LOXAM - 4Q15 RESULTS

​LOXAM, the French leader in construction equipment rentals, reported strong 4Q15 results, outpacing our expectations. Revenues in 4Q15 were up +2.4% l-f-l to €227m. In the context of a struggling French construction market reporting sales down -1.3% for FY15, revenues in France were unexpectedly up by +1.7% l-f-l (76% of revenues). We expect next year’s revenues to improve slightly more compared to the market growth currently forecasted at an ambitious +3.9% (source: Euroconstruct). International activities grew by 3% l-f-l in a context of different growth dynamics in foreign countries, as the market in the Netherlands grew by 6% in FY15, UK by 3.7%, Denmark by +1.3%, and Spain was up 2.4%.