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 del...