reports
Availability of the 2023 Universal Registration Document
Availability of the 2023 Universal Registration Document Ayvens informs the public that the 2023 Universal Registration Document was filed with the French Financial Markets Authority (AMF) on 12 April 2024. The 2023 Universal Registration Document is made available to the public, free of charge, in accordance with the conditions provided for by the regulations in force and may be consulted in the “Regulated information” section of Ayvens’ corporate website (/en-cp/investors/publications-and-documents/regulated-information/) and on the AMF’s website. About Ayvens Ayvens i...
ALD: 1 director
A director at ALD bought 3,700 shares at 5.440EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Clo...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Geoffroy Michalet
Ayvens : Q4 in sharp decline, a tad more than expected, the question n...
>Q4 in sharp decline, Opex and UCS surprise on the downside - For Q4, Ayvens posted sharply lower earnings vs Q3, under pressure from the following factors: Leasing contract and service margins: negatively impacted by PPA and less positive non-recurrent items (Turkey, Ukraine), as well as the MtoM on derivatives.Used car sales: a negative result of -€ 10m, substantially short of our expectations and the consensus, due to PPA and the rapid downswing in resale...
- Geoffroy Michalet
Ayvens : Un T4 en forte baisse, un peu plus qu’attendu, la question po...
>Un T4 en baisse marquée, les Opex et le UCS surprennent négativement - Au titre du T4, Ayvens publie des résultats en forte baisse en séquentiel par rapport au T3, principalement impactés sur les éléments suivants : Leasing Contract & service Margins : impacté négativement par le PPA et des éléments non-récurrents moins positifs (Turquie, Ukraine), ainsi que le MtoM des dérivés.Used Car Sales : résultat négatif à -10 M€, un niveau assez significativement i...
- ING Helpdesk
Benelux Morning Notes
ArcelorMittal: 4Q23 EBITDA beats by 5%, solid FCF. Ayvens: Messier than expected. Barco: 2H23 results, less topline decline, weak cash generation. Flow Traders: Low Flow. KBC: 4Q reasonable, DPS low, new targets show cost drive, NII 2024 guidance in line. Lotus Bakeries: Opening of its first production facility for Näkd. Montea: FY results in line, further fiscal one-offs might drive more generous dividend. Ontex: Out of the shadow, into the light. Recticel: Peer Rockwool FY23 re...
Ayvens reports FY 2023 results
Ayvens reports FY 2023 results Press release Ayvens1 reports FY 2023 results2 Paris, 8 February 2024 FY 2023 RESULTS Earning assets3 up 14.2% vs. end December 2022, underpinned by the sharp increase in vehicle value Leasing contract and Services margins at EUR 2,616.1 million, up 38.0% vs. 2022 and stable on a like-for-like basis4. Consolidation of LeasePlan, impact of reduction in depreciation costs (EUR +514.6 million) and marked to market (MtM) of hedging derivatives (EUR -186 million) Used car sales (UCS) result per unit at EUR 2,4005 in 2023 (vs. EUR 3,269 in 2022). ALD’s U...
Ayvens publishes the Purchase Price Allocation of LeasePlan
Ayvens publishes the Purchase Price Allocation of LeasePlan Ayvens progressed further in the integration of LeasePlan, which is proceeding according to plan. The allocation of LeasePlan’s purchase price to acquired assets and assumed liabilities as at the date of acquisition closing (22 May 2023)1 led Ayvens to revise upwards the value of LeasePlan’s net assets by c. EUR 230 million, as a result of the assessment of LeasePlan’s assets and liabilities at fair value2: Lease assets: c. EUR +380 million;Customer relationship: c. EUR +150 million3;Software: c. EUR -200 million;Other assets and...
- ING Helpdesk
- Reg Watson
- CFA
Ayvens/Aye then/BUY - REVISED VERSION: The P&L has been adjusted for a...
Following the publication of Ayvens' third quarter results, we update our forecasts and valuation. The higher-than-expected IT and balance sheet costs, along with the accounting treatment which excludes LeasePlan's 2023 used car sales (UCS) profit results in a 40% reduction to our 2023 adjusted EPS forecast. Our 2024 adjusted EPS forecast declines by 18% due to the higher costs. Our underlying long-term RoE forecast for Ayvens is c.10% which justifies a P/BK multiple of 1x but we apply a discoun...
- Charlotte Vaisse
- Julian Dobrovolschi
- Marc Lavaud
- Charlotte Vaisse
- Julian Dobrovolschi
- Marc Lavaud
- Geoffroy Michalet
Ayvens : Le scenario de l’OPA est crédible, mais uniquement à moyen/lo...
>Aucune raison de s’attendre à une OPA à CT - Suite à notre dernière note de vendredi dernier, nous avons échangé avec la société. La faiblesse du cours donne du crédit à l’hypothèse d’une OPA de SG sur Ayvens (ex-ALD+LeasePlan), mais : 1/ elle ne pourra se faire que dans un horizon moyen/long terme, les contraintes de lock-up et de financement rendant une opération inenvisageable à CT et bien entendu 2/ la faiblesse du cours depuis l’annonce du rachat de LP découle ...
- Geoffroy Michalet
Ayvens : Scenario of a takeover credible, but only in the medium to lo...
>No reason to anticipate a takeover in the short term - Following our flash on Friday last week, we had contact with the company. The weakness of the share price lends credibility to the scenario of SG’s takeover of Ayvens (ex-ALD+LeasePlan), but: 1/ this could only happen on a medium/long term horizon, with the constraints of the lock-ups and financing rendering an operation in the short term very unlikely and, of course 2/ the weakness of the share price since the...
- Benoit Valleaux
- Steven Gould
EURN EURONAV NV
NOEJ NORMA GROUP SE
TPE PVA TEPLA AG
BCP BANCO COMERCIAL PORTUGUES S.A.
COR CORTICEIRA AMORIM SGPS SA
KRN KRONES AG
BRNL BRUNEL INTERNATIONAL N.V.
SIFG SIF HOLDING NV
SPIE SPIE SA
GLPG GALAPAGOS NV
FFARM FORFARMERS
MEL MELIA HOTELS INTERNATIONAL S.A.
DUFN DUFRY AG
ALD ALD SA
NEOEN NEOEN S.A.
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
SYAB SYNLAB AG
- Geoffroy Michalet
ALD Automotive : Q3 misses expectations, our estimates well below cons...
>Q3 revenues shy of our estimates and consensus - Ayvens (formerly ALD) published its Q3 results this morning, the first to include the full contribution from LeasePlan (Q2 included LP only for a few weeks).Leasing contract & service margin: well down at € 741m (ODDO € 885m, consensus: € 807m). The group cited strong pressure on the service margin (although the result is better than expected) due to inflation and contract extensions. The MtoM of derivatives accou...
- Benoit Valleaux
- Steven Gould
EURN EURONAV NV
NOEJ NORMA GROUP SE
TPE PVA TEPLA AG
BCP BANCO COMERCIAL PORTUGUES S.A.
COR CORTICEIRA AMORIM SGPS SA
KRN KRONES AG
BRNL BRUNEL INTERNATIONAL N.V.
SIFG SIF HOLDING NV
SPIE SPIE SA
GLPG GALAPAGOS NV
FFARM FORFARMERS
MEL MELIA HOTELS INTERNATIONAL S.A.
DUFN DUFRY AG
ALD ALD SA
NEOEN NEOEN S.A.
TE TECHNIP ENERGIES NV
ECMPA EUROCOMMERCIAL PROPERTIES NV
SYAB SYNLAB AG
- Geoffroy Michalet
ALD Automotive : T3 sous les attentes, pour 2024 nous sommes largement...
>CA T3 : sous nos attentes et celles du CSS - Ayvens (ex-ALD) a publié ce matin ses résultats T3, les premiers intégrant entièrement la contribution de LeasePlan (le T2 n’intégrait LP que quelques semaines).Leasing contract & service Margin : très en dessous à 741 M€ (ODDO 885 M€ / CSS : 807 M€). La pression est marquée sur la marge de service selon le groupe (pourtant le résultat est supérieur aux attentes) à cause de l’inflation et des extensions de contrat. Le...
- ING Helpdesk
Benelux Morning Notes
Atenor: Q3 trading update – capital increase to be finalized soon. Ayvens: Dirty numbers. Brunel International: 3Q23 in line with strong revenue trends, warns on 4Q23/FY24. Eurocommercial Properties: Strong numbers, guidance now at upper end of the range. ForFarmers: 3Q trading update. GBL: NAV underperforms but new share buybacks supportive. Solvay: 3Q23 sales miss, EBITDA in-line and strong FCF, guidance confirmed
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