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    ALD   FR0013258662

ALD

(ALD)
  Report
Real-time Euronext Paris  -  11:35:28 2023-02-02 am EST
12.12 EUR   +2.02%
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01/27BNP Paribas, Credit Agricole Ready Bids for ALD-LeasePlan Car-Rental Assets, Les Echos Reports
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ALD CEO: most existing shareholders fully subscribing to capital increase

12/09/2022 | 08:23am EST

LONDON (Reuters) - Most of ALD's existing shareholders are participating in a 1.2 billion euro ($1.27 billion) capital increase launched to finance its purchase of Dutch rival LeasePlan, the French car leasing company's top executive said on Friday.

"We have done two weeks of roadshows and the interest is fantastic," ALD Chief Executive Tim Albertsen told Reuters. "Most of our existing shareholders are subscribing to all their rights."

Societe Generale unit ALD launched the capital increase on Nov 29 to help fund the 4.9 billion euro deal with LeasePlan announced in January.

European Union antitrust regulators cleared the deal last month, on condition that ALD and LeasePlan sell off leasing businesses in some markets.

Albertsen said the deal should close in the first quarter once the EU approves the sales agreements for those units. The deal will give ALD a fleet of 3.3 million vehicles leased to corporate fleets.

Around 30% of the vehicles in both companies' fleets are electrified - either full electric vehicles (EVs) or plug-in hybrids - and buying LeasePlan gives ALD more scale as the leasing market goes electric.

LeasePlan has targeted 100% electrification by 2030. ALD has targeted a lower level of 50%, but has already exceeded its goal of 30% electrification by 2025.

"We were a bit more conservative and we were wrong," Albertsen said.

But targeting a 100% electrified fleet by 2030 is a "bit too bold" because of lagging EV charging infrastructure and would require buying only EVs and plug-in hybrids by 2027 - every year ALD replaces roughly a quarter of its fleet.

"We definitely expect double-digit EV growth for the next five years," Albertsen said. "After the closing with LeasePlan we will have a new electrification target."

"It will be more than 50%, but less than 100%."

($1 = 0.9477 euros)

(Reporting by Nick Carey, Editing by Louise Heavens)

By Nick Carey


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALD 2.02% 12.12 Real-time Quote.12.64%
SOCIÉTÉ GÉNÉRALE 0.46% 27.5 Real-time Quote.17.12%
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Analyst Recommendations on ALD
More recommendations
Financials
Sales 2022 10 787 M 11 794 M 11 794 M
Net income 2022 1 173 M 1 282 M 1 282 M
Net Debt 2022 23 103 M 25 260 M 25 260 M
P/E ratio 2022 4,26x
Yield 2022 11,2%
Capitalization 4 884 M 5 340 M 5 340 M
EV / Sales 2022 2,59x
EV / Sales 2023 2,16x
Nbr of Employees 6 627
Free-Float 54,7%
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Technical analysis trends ALD
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 6
Last Close Price 12,12 €
Average target price 18,39 €
Spread / Average Target 51,7%
EPS Revisions
Managers and Directors
Tim Torben Albertsen Chief Executive Officer & Director
Gilles Momper Chief Financial Officer
Diony Lebot Chairman
Hans van Beeck Chief Administrative Officer
Xavier Pascal Durand Independent Director
Sector and Competitors