Europcar: Oddo still a buyer
(CercleFinance.com) - On Thursday morning Oddo has said that it is maintaining its “buy” rating on the Europcar share, along with its target price of 13.
90 euros, despite "contrasting quarterly results."
After trading yesterday the group unveiled Q1 2018 revenues of 556 million euros, up 28% y-o-y at constant exchange rates (+3.9% like-for-like).
However, excluding the impact of New Mobility, corporate EBITDA fell sharply, reaching -21.4 million euros, compared to -6.3 million euros in Q1 2017 at constant exchange rates.
For 2018, the group has renewed its guidance for organic growth of at least 3%, which the broker thinks makes sense. The group's target for corporate EBITDA excluding New Mobility of over 350 million euros seems cautious (Oddo expects 354.4 million euros).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
90 euros, despite "contrasting quarterly results."
After trading yesterday the group unveiled Q1 2018 revenues of 556 million euros, up 28% y-o-y at constant exchange rates (+3.9% like-for-like).
However, excluding the impact of New Mobility, corporate EBITDA fell sharply, reaching -21.4 million euros, compared to -6.3 million euros in Q1 2017 at constant exchange rates.
For 2018, the group has renewed its guidance for organic growth of at least 3%, which the broker thinks makes sense. The group's target for corporate EBITDA excluding New Mobility of over 350 million euros seems cautious (Oddo expects 354.4 million euros).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.