Europcar: Oddo still a buyer after takeover of Buchbinder.

(CercleFinance.com) - Oddo has confirmed its buy rating on Europcar, with a target price of 12.
40 euros, after the group's announcement of an acquisition this morning.

Europcar has announced the acquisition of Buchbinder group, one of the largest car rental companies in Germany, which has a network of 152 branches including 18 in airports and a fleet of over 20,000 vehicles.

"From a strategic point of view, this deal represents an excellent opportunity, as it strengthens Europcar's positions: 1/ in the low-cost market segment, where Buchbinder is a leading player (around 2/3 of its revenues) 2/ in Vans & Trucks (1/3 of sales)," Oddo says.

The broker's analysts believe that the group's target of additional sales of 500 million euros by 2020 should be achieved without difficulty.


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