Avis Budget Shares Get Upgrade: Analyst Applauds Lean Cost Base, Lower EV Exposure, Younger Fleet Mix
Avis Budget Shares Get Upgrade: Analyst Applauds Lean Cost Base, Lower EV Exposure, Younger Fleet Mix
Goldman Sachs analyst Lizzie Dove upgraded Avis Budget Group, Inc (NASDAQ:CAR) shares to Neutral from Sell, raising the forecast to $130 from $118.
高盛分析師麗茲·多夫將安飛士預算集團公司（納斯達克股票代碼：CAR）的股票從賣出上調至中性，將預期從118美元上調至130美元。
According to the analyst, Avis Budget will fare better than its peers given its lean cost base, lower exposure to EVs and slightly younger fleet mix.
根據分析師的說法，鑑於其精益的成本基礎、較低的電動汽車敞口以及車隊結構稍微年輕一些，Avis Budget的表現將好於同行。
Though estimates for the year have troughed, the analyst still saw some downside to 2025 estimates, pending further proof points on the stabilization of pricing.
儘管今年的估計已經過低了，但分析師仍然認爲2025年的估計有一些下行空間，尚待定價穩定的進一步證據。
Dove also projected the gap between used and new vehicle pricing to narrow in 2025, given lower supply and new vehicle prices trending lower, which should also mean a slower rate of DPU growth (i.e., less of a headwind) for Avis Budget.
多芬還預計，鑑於供應減少和新車價格呈下降趨勢，2025年二手車和新車定價之間的差距將縮小，這也應意味着Avis Budget的DPU增長率放緩（即不利因素較小）。
The company has $4.1 billion of vehicle debt which will mature this year, and another $6.7 billion which will mature in 2025.
該公司有41億美元的汽車債務將於今年到期，另外67億美元將於2025年到期。
As such, the analyst saw ~$200 million interest expense pressure in 2024, and ~$75 million in 2025 as the company refinances at higher rates.
因此，由於公司以更高的利率進行再融資，該分析師在2024年看到了約2億美元的利息支出壓力，到2025年將有約7500萬美元的利息支出壓力。
Avis had a ~30% increase in pricing since 2019, and while the analyst believed this strength to decelerate, the ability to sustain a level of pricing growth above historical averages could create additional tailwinds to Avis's earnings.
自2019年以來，安飛士的定價上漲了約30％，儘管分析師認爲這種勢頭將減速，但維持高於歷史平均水平的定價增長水平的能力可能會給安飛士的收益帶來額外的不利影響。
In addition, a more benign competitive environment may provide upside and further cost efficiencies.
此外，更溫和的競爭環境可以提供上行空間和進一步的成本效率。
The analyst expects the company's FY25 revenue to be $12.025 billion.
該分析師預計，該公司25財年的收入爲120.25億美元。
According to Benzinga Pro, Avis Budget Group stock lost more than 33% in the past year. Investors can gain exposure to the stock via SPDR S&P Transportation ETF (NYSE:XTN) and Royce Quant Small-Cap Quality Value ETF (NASDAQ:SQLV).
根據Benzinga Pro的數據，Avis Budget Group的股票在過去一年中下跌了33％以上。投資者可以通過SPDR標普交通ETF（紐約證券交易所代碼：XTN）和羅伊斯量化小型股質量價值ETF（納斯達克股票代碼：SQLV）獲得股票敞口。
CAR Price Action: Avis Budget Group shares are trading higher by 1.88% to $123.39 at last check Thursday.
汽車價格走勢：在週四的最後一次檢查中，安飛士預算集團股價上漲1.88％，至123.39美元。
Photo: Rafapress via Shutterstock
照片：來自 Shutterstock 的 Rafapress
譯文內容由第三人軟體翻譯。