Ayvens: Oddo BHF downgrades stock

(CercleFinance.com) - Oddo BHF has downgraded Ayvens (ALD's new name following the acquisition of LeasePlan) shares from "outperform" to "neutral", slashing its target price from E17 to E6 (cp: E6.
2, -5.1%), citing a confidence problem, despite the stock's lower valuation.

Despite a yield of around 9.2% for 2024 and 10.8% for 2025, analysts are not reassured by the company's lack of guidance at the time of its CMD on how reach the 52% C/I (cost-to-income ratio) in 2026, the analyst says.

Moreover, he believes that the additional costs mentioned in the CMD are disproportionate and could reflect a strategy to buy out minority shareholders (former LeasePlan shareholders and/or free float) at an artificially low price in the years to come.


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