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1. Company Snapshot

1.a. Company Description

ALD S.A. provides service leasing and vehicle fleet management services.Its products and services include full service leasing, fleet management, outsourcing solutions, and sale and lease back; fleet consultancy; tools and services for fleet managers and drivers; and services for maintenance, assistance, availability of a vehicle.The company is also involved in trading used cars and light commercial vehicles; and the retail sale of vehicles.


As of December 31, 2021, it operated a fleet of 1.726 million vehicles.The company operates in Western Europe, Central and Eastern Europe, Northern Europe, South America, Africa, and Asia.ALD S.A. was founded in 1946 and is based in Rueil-Malmaison, France.


ALD S.A. operates as a subsidiary of Société Générale Société anonyme.

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1.b. Last Insights on ALD

ALD S.A. (AYV) experienced a -20.0% decline in the past three weeks, likely due to the company's name change and ticker symbol update, which may have caused market uncertainty and volatility. The rebranding to Ayvens and the subsequent trading under the new ticker symbol 'AYV' could have led to temporary market jitters, contributing to the stock's decline.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Change of Company name and ticker symbol on Euronext Paris

May -30

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Description of the share buyback programme

May -14

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Ayvens: Integration proceeding well and Q1 2024 financial results in line with plans

May -03

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Availability of the 2023 Universal Registration Document

Apr -12

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Ayvens reports FY 2023 results

Feb -08

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Ayvens publishes the Purchase Price Allocation of LeasePlan

Jan -10

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Ayvens reports third quarter and nine months 2023 results

Nov -03

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ALD Automotive shares plunge following revised cost-to-income ratio forecast

Sep -18

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.12%)

6. Segments

Leasing Contracts

Expected Growth: 5%

ALD S.A.'s leasing contracts growth driven by increasing demand for mobility solutions, expansion into new markets, strategic partnerships, and a shift towards sustainable and digitalized fleet management. Additionally, favorable regulatory environments, growing corporate focus on cost optimization, and rising popularity of alternative mobility options contribute to the 5% growth.

Cars Sold

Expected Growth: 4%

The 4% growth in cars sold from ALD S.A. is driven by increasing demand for mobility solutions, expansion into new markets, and a growing fleet of electric and hybrid vehicles. Additionally, ALD's digitalization efforts and strategic partnerships have improved operational efficiency, leading to higher sales volumes.

Service

Expected Growth: 7%

ALD S.A.'s 7% growth is driven by increasing demand for mobility services, expansion into new markets, and a growing fleet of electric and hybrid vehicles. Additionally, the company's focus on digitalization, cost optimization, and strategic partnerships contribute to its growth momentum.

7. Detailed Products

Full Service Leasing

A comprehensive fleet management solution that includes vehicle procurement, financing, maintenance, and disposal.

Finance Lease

A financing solution that allows businesses to use a vehicle while paying for its depreciation over a set period.

Operating Lease

A flexible rental solution that provides use of a vehicle for a set period in exchange for a monthly rental payment.

Fleet Management

A comprehensive solution that includes vehicle maintenance, repair, and management services.

Vehicle Rental

A short-term vehicle rental solution for businesses and individuals.

Used Vehicle Sales

A platform that offers a wide range of used vehicles for sale.

8. ALD S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for ALD S.A. is moderate due to the presence of alternative transportation methods, but the company's strong brand and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong market position and the lack of alternative options for customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the company's dependence on a few key suppliers, but the company's strong relationships with suppliers mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the industry, including regulatory hurdles and the need for significant capital investment.

Intensity Of Rivalry

The intensity of rivalry is high due to the competitive nature of the industry, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 83.06%
Debt Cost 3.95%
Equity Weight 16.94%
Equity Cost 8.30%
WACC 4.68%
Leverage 490.28%

11. Quality Control: ALD S.A. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Sixt

A-Score: 6.4/10

Value: 7.9

Growth: 7.4

Quality: 6.1

Yield: 5.6

Momentum: 6.5

Volatility: 4.7

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Andritz

A-Score: 5.9/10

Value: 5.8

Growth: 5.4

Quality: 6.2

Yield: 7.5

Momentum: 4.0

Volatility: 6.7

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FTAI Aviation

A-Score: 5.6/10

Value: 3.0

Growth: 4.7

Quality: 8.5

Yield: 6.0

Momentum: 5.0

Volatility: 6.7

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Konecranes

A-Score: 5.5/10

Value: 4.5

Growth: 7.1

Quality: 7.2

Yield: 5.6

Momentum: 5.5

Volatility: 3.0

1-Year Total Return ->

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FTAI Aviation

A-Score: 4.9/10

Value: 3.0

Growth: 4.7

Quality: 8.5

Yield: 5.0

Momentum: 6.5

Volatility: 2.0

1-Year Total Return ->

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ALD

A-Score: 4.7/10

Value: 7.6

Growth: 4.6

Quality: 2.1

Yield: 8.1

Momentum: 4.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.86$

Current Price

6.87$

Potential

-0.00%

Expected Cash-Flows