Ayvens shares fall after 'mixed' Q3

Ayvens SA

03/11/2023 09:27

** Shares in Ayvens, formerly ALD,  ALDA.PA  drop more than
4% after Societe Generale's  SOGN.PA  car leasing unit reported
"mixed" Q3 results
    ** "Ayvens reported a particularly dirty set of numbers
which require adjustment for a large number of non-operating
revenue and expense items," says ING
    ** The broker points to an unexpected 81.8 million euro mark
to market charge on derivates and currency hedging which was
inherited from LeasePlan
    ** Q3 leasing contract and services margins came in at 741.0
million euros, missing consensus expectations of 829.2 million
euros, according to ING
    ** J.P.Morgan sees the results as "mixed",
with gross operating income 3% weaker than consensus and leasing
and services margins (excluding one-offs) 1% lower, but flags
good cost control
    ** "Overall, the better cost control is welcomed but remains
difficult to fully extrapolate given the headwinds from
inflation and Leaseplan IT costs," its says
    ** The stock is the second-worst performer of France's SBF
120 Index  .SBF120 
 
($1 = 0.9408 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))