Oddo BHF downgrades its opinion from 'outperform' to 'neutral' on Ayvens (ALD's new name following the acquisition of LeasePlan) with a price target reduced from 17 to six euros, citing 'a confidence issue despite the downgraded valuation'.

Despite a yield of around 9.2% for 2024 and 10.8% for 2025, we are not reassured by the company's lack of guidance at the time of its CMD on how to get to the 52% C/I (cost-to-income ratio) in 2026", says the analyst.

Moreover, he believes that 'the additional costs mentioned at the CMD are disproportionate and could reflect a strategy to buy out minority shareholders (former LeasePlan shareholders and/or free float) at an artificially low price in the years to come'.

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