ALD is a service leasing and vehicle fleet management group with a fleet of more than 1,375,000 vehicles in 41 countries. Under a full-service lease, the client pays the leasing company a regular monthly lease payment to cover financing, depreciation of the vehicle and the cost of various services provided in relation to the use of the vehicle (such as maintenance, replacement car, tyre management, fuel cards and insurance). Fleet management services include the provision of outsourcing contracts to clients under which the vehicle is not owned by Co., but is managed by Co. and for which the client pays fees for the various fleet management services provided.
  • TickerA2DSXM
  • ISINFR0013258662
  • ExchangeEuronext Paris
  • SectorSupport Services
  • CountryFrance

Analysts

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2019

Un examen objectif des moteurs de progression des indices (anticipations de croissance macroéconomique, dynamique des BPA, évolution des conditions monétaires et coût du capital) nous amène à penser que la dynamique observée depuis le début de l’année ne peut se maintenir à court terme. Bref, le marché (Stoxx 600) est en avance sur ses temps de passage et devrait entrer dans une bande de fluctuation que nous estimons comprise entre 355 et 384 points. En conséquence, l’attitude la plus...

Jean Sassus ...
  • Steven Gould

ODDO : The ECB helps those who help themselves - or does it?

>Normalisation of rates: the banks will have to wait… for longer - The ECB is now ruling out a normalisation of deposit rates by end-2019. What is more, Mr Draghi seems to be making this conditional on the inflation target. This might spark fears of a prolonged status quo since the ECB forecasts inflation of 1.5-1.6% in 2020-2021. Mr Draghi did not mention any measures intended to mitigate the impact of the negative rates on the sector. The cost for the entire sector ...

Jean Sassus ...
  • Steven Gould

ODDO : Aide-toi, la BCE t’aidera… ou pas

>Normalisation des taux : les banques attendront… encore - La BCE exclut dorénavant une normalisation des taux de dépôts d’ici fin 2019. De plus Mr Draghi semble la conditionner à l’objectif d’inflation. Cela peut faire craindre un statu quo prolongé puisque la BCE table sur une inflation de 1.5% à 1.6% en 2020-2021. Mr Draghi n’a pas évoqué de mesures destinées à mitiger l’impact des taux négatifs pour le secteur. Le coût pour l’ensemble du secteur serait d’environ 7...

Baptiste Lebacq ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2019

...

Jean Sassus ...
  • Steven Gould

ODDO : The ECB helps those who help themselves - or does it?

>Normalisation of rates: the banks will have to wait… for longer - The ECB is now ruling out a normalisation of deposit rates by end-2019. What is more, Mr Draghi seems to be making this conditional on the inflation target. This might spark fears of a prolonged status quo since the ECB forecasts inflation of 1.5-1.6% in 2020-2021. Mr Draghi did not mention any measures intended to mitigate the impact of the negative rates on the sector. The cost for the entire sector ...

Jean Sassus ...
  • Steven Gould

ODDO : Aide-toi, la BCE t’aidera… ou pas

>Normalisation des taux : les banques attendront… encore - La BCE exclut dorénavant une normalisation des taux de dépôts d’ici fin 2019. De plus Mr Draghi semble la conditionner à l’objectif d’inflation. Cela peut faire craindre un statu quo prolongé puisque la BCE table sur une inflation de 1.5% à 1.6% en 2020-2021. Mr Draghi n’a pas évoqué de mesures destinées à mitiger l’impact des taux négatifs pour le secteur. Le coût pour l’ensemble du secteur serait d’environ 7...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/04/2019

...

Geoffroy Michalet ...
  • Jean Sassus

ALD Automotive : Acquisition of SternLease in the Netherlands (13k vehicles; <1% of the fleet)

>Completion of a small-scale acquisition in the Netherlands: Stern Lease - ALD announced in a press release on Friday evening that it had finalised a deal with SternLease B.V., a subsidiary of Stern Groep (primarily a listed automotive concession operator in the Netherlands), representing a fleet of 13,000 vehicles (less than 1% of ALD’s total fleet), principally for SME clients and private individuals. The group was present via a network of 85 Stern concessions, an e...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Bruno Cavalier
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Corby
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/03/2019

...

1 director bought

A director at ALD Sa bought 2,000 shares at 11.688EUR 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 Close periods where trading activity is restricted under listing rules. The names of board member...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2019

An objective examination of the growth drivers of indices (macroeconomic growth expectations, EPS momentum, monetary conditions and the cost of capital) leads us to believe that the momentum observed since the start of the year cannot be maintained in the short term. In short, the market (Stoxx 600) is ahead of its transition times and should enter a fluctuation band that we estimate at between 355 and 384 points. Consequently, the most rational attitude consists in a total or partial...

Alfred Glaser ...
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Jean Sassus
  • Jerôme Bodin
  • Manuel Martin
  • Michael Foundoukidis
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Effler
  • Valentin Pernet
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2019

Un examen objectif des moteurs de progression des indices (anticipations de croissance macroéconomique, dynamique des BPA, évolution des conditions monétaires et coût du capital) nous amène à penser que la dynamique observée depuis le début de l’année ne peut se maintenir à court terme. Bref, le marché (Stoxx 600) est en avance sur ses temps de passage et devrait entrer dans une bande de fluctuation que nous estimons comprise entre 355 et 384 points. En conséquence, l’attitude la plus...

Baptiste Lebacq ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 03/04/2019

...

Baptiste Lebacq ...
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Geoffroy Michalet
  • Jean Sassus
  • Jean-François Granjon
  • Nicolas David

ODDO BHF Small & MIDCAP MORNING NEWS - 04/03/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • François Maury
  • Geoffroy Michalet
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/08/2019

In the face of macroeconomic turbulence, office and retail real estate investment companies are “safe haven” stocks due to the durability of their dividends and their capacity to create value via their project pipelines. We particularly appreciate stocks which have adapted/clarified their strategies to fit new trends in the market. As such, we confirm our Buy recommendations on Gecina, Klépierre and Carmila and have upgraded Icade and Unibail-Rodamco-Westfield to Buy. Cf. report publi...

Richard Sbaschnig

Any Speed Bumps in the Fast Lane?

ALD - Assemblée générale des actionnaires du 22 mai 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Matthieu DRIOL

Analyse court terme - ALD SA : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 12,43 €. La tendance baissière serait remise en cause au-dessus de 16,64 €.

Matthieu DRIOL

Short term view - ALD SA : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €12.43. The bearish trend would be challenged above €16.64.

Matthieu DRIOL

Short term view - ALD SA : The movement goes on.

The trend is bearish. The movement goes on. The next target is at €12.43, then €12.06. Passing €16.64 would question the continuation of the fall.

Matthieu DRIOL

Analyse court terme - ALD SA : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 12,43 €, puis 12,06 €. Le franchissement de 16,64 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Analyse moyen terme - ALD SA : La tendance est haussière.

La tendance est haussière. La baisse récente gagne en vigueur. Le prochain support est à 12,43 €. La tendance serait remise en cause par la rupture de 11,08 €.

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