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Investing.com - Jefferies initiated coverage on Ayvens SA (EPA:AYV) with a Hold rating and a price target of EUR11.10 on Tuesday.
The research firm identified Ayvens as Europe’s largest independent auto lessor, operating in what it describes as a rare growth area within the automotive sector.
Jefferies’ analysis of the fleet market revealed high competitive pressure facing the company, while also highlighting services input prices and electric vehicle residual values as key risk factors.
The firm’s benchmarking indicates Ayvens has made progress on synergies and cost-income ratios compared to peers in the sector.
Jefferies noted that while incoming CEO Philippe de Rovira may further improve metrics, these improvements would not be sufficient to meaningfully impact core returns, supporting its Hold recommendation.
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