BNP Paribas downgrades Aramis to 'neutral' on M&A risks

AUTO1 SE

04/12/2025 07:49

** BNP Paribas cuts French secondhand car group Aramis  ARAMI.PA to "neutral" from "outperform", cuts PT by half to 5 euros, citing risks on its M&A driven expansion

** The broker says acquisitions in the UK and Austria in 2021-22 have weighed on performance due to operational issues following the departure of founders of the acquired businesses

** Aramis forecasts adjusted EBITDA of 55 million euros for 2026, down from 67.8 million euros reported for 2025

** The broker prefers German competitor Auto1 AG1G.DE, noting its strong fundamentals while shares have fallen around 20% since early November

** The brokerage says Auto1 gained market share in 2025 while Aramis lost ground, despite a stable European used-car market

** Out of 6 analysts that cover Aramis Group SAS, three rate the stock "strong buy" or "buy," and ​three rate "hold" - LSEG data

 (Reporting by Lucie Barbier)

 ((Email: lucie.barbier@thomsonreuters.com))