Aramis Group (AO) | Buy | Pre-reg headwinds trigger guidance cut

研报英文原文证据摘录

Aramis Group (AO) | Buy | Pre-reg headwinds trigger guidance cut

Aramis Group Buy | Target Price: EUR7.00

Company description Management

Aramis Group is a fully vertically integrated and asset-light online used car Nicolas Chartier, Co-Founder

retailer with 20 years of experience in the market and its own operations in Guillaume Paoli, Co-Founder

France, Spain, Belgium, the UK, Italy, and Austria. It sources cars from C2B, B2B, Fabien Geerolf, CFO

and Stellantis (its majority shareholder), refurbishes them in its own Key shareholders

refurbishment centres, and sells them mostly online. Aramis offers high-quality Free float 22.00%

used cars to its customers, as reflected in its return rate of below 2%. Stellantis 60.54%

Founders 17.84%

Investment case Valuation methodology

Aramis is a leading European player in online used cars, a We value Aramis using a multiples-based valuation.

massive and underpenetrated market. It is a best-in-class player, We cross-check using a standard DCF valuation (11.6% WACC,

capitalising on its 20 years of experience and a vertically 2% terminal growth).

integrated business model. At our TP, Aramis would trade at 0.3x EV/sales 2026E, still below

We view Aramis as a compelling investment proposition, with its European peers.

rebounding used car volumes, combined with sustained GPU Risks to our rating

improvement and cost efficiencies, set to fuel positive earnings Affordability issues weighing on customers' purchasing

and FCF momentum, a rare setup in the sector currently. decisions.

Its reference shareholder, Stellantis, offers Aramis further Used car prices normalising at a much faster pace than

business and funding opportunities, hence we do not expect expected.

any liquidity issues.